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Subjective Question: Minimum Annual Salary to Buy Perf 85kWh w/options

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So what do you call something that has intrinsic value but doesn't "put money in your pocket"? Not an asset? Never heard of such nonsense until now.

Buy car now - figure out $$ later :biggrin:
I might be close to 100k this year - family income and hope I can get my wife a Tesla in a couple/few years
I will still be making the close to the same $$ as this year since I had a good chunk of OT in the last few months to my happy D-Day!
Hopefully my wife will be more into jewelry fabrication by then/ selling designs and have an income.

Can't wait for the next cars!
 
I realize I may be being overly conservative, but I'm still apprehensive about making the purchase. Yes, I love the car. And my current ride has ~90k miles on it, so I'm due for an upgrade in the next 1-3 years. I have a short commute and rarely go for long drives, the gas savings are modest, so I'm thinking about the 40Kwh pack. A $60k (all-in) car is surely not unreasonable with a >$400k income and a house that's halfway paid off (in my early 40s), but I've saved very little for my young kids' 3 colleges and the numbers for 4-yr privates are shocking. And if I lost my job, it's not easily replaced (I'm in an industry that lives financing-to-financing). Am I being ridiculously conservative here or are early adopters truly that much more aggressive about buying these expensive cars? I'm not sure I gain much waiting by a year or more for another bonus b/c the novelty of being the first guy with a Tesla isn't what's "driving" my purchase. I'm trying to avoid the temptation of buying it b/c it's cool, since it's a helluva price tag for that aspect and I shouldn't care about that anyway. I dreaded receiving the "It's Time..." email and now that it's here, I'm just not sure. I enjoy the insight on this board, so maybe someone will talk me in (or out!) of this. Cheers!

IMHO it sounds like you should wait. But the only reason I say that is because your post sounds like whether or not you can afford it and whether or not you are TOO conservative or not you seem to be of the conservative mind set to wait. Your post makes it sound like you are really unsure and the fact that things COULD go south is really bothering you. I say since you view yourself as conservative you should err on the side of caution. That being said if I was in your position I would probably get it because I am less conservative and my job etc is more stable. I guess I am reading between the lines that you would prefer to wait :)
 
Not sure where you get those numbers.

Avg household income is about $50k - – USATODAY.com

Avg amount spent on new car is $15k-$25k - What is the average amount of money that is spent on new cars? | CarInsurance.org

So it's about 50% or less.

So your back to $100k yearly income for a stripped S and $200k for a loaded S.

You are comparing apples to oranges - when you compare average household incomes & average new car prices.

You should checkout the average household income of people who buy new cars. A lot of lower income people don't buy new cars.

BTW, avg new car price is about $28k (including SUVs etc).
 
Nobody wants to see Tesla's sell more than an owner/reservation holder. Having said that, I'm pretty conservative (re:cheap) financially. Just my humble opinion but; I feel that financing is OK if you CAN afford to buy the car outright and it's more of a judgement decision about finances. If you don't have and keep the cost of the car you shouldn't buy it. I know that is contrary to all of our dreams. I just think someone in tis situation would be better off waiting for the dream to be more affordable.
 
Another rule of thumb by Suze Orman: if you have to finance the car for more than 3 years to afford the monthly payments, then the car is too expensive to purchase.

That may be a good rule of thumb to decide whether you can afford it, but don't actually do that. My Tesla financing is 2.75% at 8 years. My house financing is 3.5% (fixed rate).

So why do anything less than the maximum term on a car? Rather pay the extra $$ against your higher interest items first and take the longest term you can get on things that have a lower interest rate.

(Well, watch out for prepayment penalties etc. etc.)
 
I am finding this thread a tad disconcerting, as I also am an old-school guy. But, not to sound too much like a financial priss, I'll limit my comments.

Asset or not? I say we should consider a Tesla to be a highly depreciating asset. First, a sound evaluation of the cost of operation need include the cost of replacing the battery pack; second, it is a luxury car from a firm with very little history and a balance sheet less akin to Mercedes or Ford than to DeLorean; and third...as I hope we all agree, we HOPE in 5 and in 10 years the price of new EVs will be very, very much lower than what they are now. All of which means that we as pioneers will be taking it on the financial chin.

I took those factors into consideration when I placed my order: this is a $95,000 expense I shall never recoup....except emotionally. As I am not one to have spent my life purchasing expensive toys, this represents an extreme change for me. I am very grateful my lifestyle - which includes decades of living well below my means - has enabled me to be able to make this purchase.
 
So many factors that go into this beyond salary, that it's a truly arbitrary and fruitless discussion.

also depends on:

- net worth (how much liquid cash/investments you own compared to the debt you have)
- expenses
- goals
- future income potential
- market performance

I could be 35 years old, make $400,000 per year, but have a $1M mortgage, 4 kids to put through college, $150,000 in student loans, and a wife whose job it is to go to Niemann Marcus and buy dumb sh*t. In this instance, I can not afford a P85 Tesla.

~OR~

I could be 35 years old, make $60,000 per year, have a paid off house, $500,000 in my %2
 
You do not buy an expensive luxury car as an investment. Any brand vehicle depreciates big time as soon as you take delivery, I have had many nice cars, they are rewards for working hard and as I see it life is to short not to have some fun once in a while. I retired fairly young, but not because I have tons of money, but because of the above. At my age,you cannot take it with you, so spend it on a Tesla Model S!!!!
 
i guess ill chime in....

im 30yrs old, i only make $58ish CAD a year and im putting down a deposit in June for a Black Model S Performance 85kW max spec except the jump seats (i dont have kids)
the P85 costs $125K+ in canada because we always get the shaft when it comes to car pricing.

so i guess you could do it with my salary, i expect to pay off the car in 2 years after all the paperwork has gone through and im driving the car (ive already been able to pay off the approx price of the tesla in the last 2 years because my mortgage was $111K Dec 2011 and now its under $30K)

the first thing you should do is pay off your house though and that's what i intend to do come June.
5K downpayment to the car, and whatever time in between the deposit and delivery i will shove every dollar i make into the down payment of the car with the addition of selling my current car, genesis coupe (which was paid off 2 years into the financing term, this rapid payment is what triggered the idea that i could do it on a larger scale such as my house)

most of you are wondering how im doing this, its actually quite simple, you just dont dick around with your money, dont buy useless crap, dont smoke, drink, do drugs, go to stupid events like parties or bars, etc. Dont even drink coffee, ive weened myself off coffee after highschool and alcohol half way through college.

cut all useless things leaching at your paycheck and find ways to optimize utility bills.


  • i only have internet at home, no phone, tv, sat, etc, etc.
  • i stopped getting hair cuts and just started shaving my head (so much easier to manage)
  • reduce water consumption, take shorter showers, reduce dishwasher usage, etc (some months i can get away with 2x M³ of water usage, my neighbors use well over 12x M³ )
  • hyper mile your existing car, i have a genesis coupe 2010, its rated for 17MPG in the city and 26MPG on the highway, i can current achieve 25MPG in normal day to day driving
  • don't drive anywhere unnecessary, i can make my car last 1 month on tank by not going unnecessary places
  • i havent gone on vacation for oh i dunno, 12 years?
  • ZERO carry over balance on all credit cards, i use my CCs alot but they are always paid in the grace period, infact i over pay my CC and keep a credit ontop of the credit incase of emergencies (has come in handy before when my POS fridge and dishwasher died at the same time)
  • i was on Rogers wireless for my cell, what a complete rip off, switched to wind, pay $36.75 tax in every month, i save $450 dollars each year.

  • this next one may kill some people but i was able to get away with $480 of food for 9 months, but i have to thank the company i work at for that, i get catered meals every day for lunch :) and alot of other times i will work for food, ill help people move, help people with computer problems, etc and they usually feed me as payment lol
  • dont have any relationships, i understand this is more or less impossible with people but its pretty self explanatory, if i didnt go out with the last 2 girls i would be in a model s RIGHT NOW.
  • everything you come across has a price tag, one mans trash is another mans treasure, i buy and sell like crazy on kijiji to make money, i fix computers mainly and sell them off. i have access to the erecycling bins in a large building so i usually salvage stuff (you wont believe what people throw away, perfectly good dell workstations is one example)

i understand most of you will not go to such lengths, but with the tesla model S, i feel that its the only way to actually make a difference in this world, and all these sacrifices will be worth it when i can kick the addiction to gas/fossil fuels. if i am able to squeeze money from somewhere, ill invest i tesla as well.

please forgive any typos, this ultra book keyboard is a POS.

edit: oh and when i do get it, ill probably turn into one of those annoying fan boys, my city will KNOW ABOUT TESLA.
 
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AC1K - I admire your frugality and your sacrifices to help the environment and make a statement. Following your modus operandi, however, you can accomplish the same things by getting an 85 kWh non-performance without every option. You might be able to put the money saved to better use than the marginal utility it will buy you in a Model S.
 
AC1K - I admire your frugality and your sacrifices to help the environment and make a statement. Following your modus operandi, however, you can accomplish the same things by getting an 85 kWh non-performance without every option. You might be able to put the money saved to better use than the marginal utility it will buy you in a Model S.

AC1K - Very interesting rationale. I was thinking, however, that you could still achieve your goal of getting off fossil fuels with something like an iMiEV since you're so frugal with your use of the car...

i had to look up frugal so i wouldn't be inaccurate in this statement, i dont think im frugal because buying a Tesla P85 is the farthest thing from "thrifty" or "sparing" and spending 260% of my normal paycheck this year doesn't quite line up with "restrained use of money" :biggrin:

as far as i know, there is no 85kW performance in Calgary and there needs to be one so people can see it first hand.
Since Feb ive been spouting how great Tesla is and how fast the far can go so it would be wrong not too get one.

also these reasons would sway me to go with a loaded P85 as well


  • whenever i buy a new car, it must be an upgrade not a downgrade or there would be no point in getting a new vehicle.
  • the new vehicle must beat the old one, so it must be faster, it must have more features, it must be more technologically advance, etc and in the case of the Tesla, the MSP will beat it in all aspects
  • my current car genesis coupe gets a 0-60 of 5.5s as rated by motor trend, no electric vehicle for under $1M can beat it except the tesla (i want a rimac concept one but thats way too crazy)
  • i wont sacrifice my sunroof or the upgraded stereo so that would mean i would have to get both those options in the Tesla.
  • i currently have HIDs so i would have to get the tech package


I got the genesis to prove a point to my old manager who told me it was stupid to get it and that i should get a Jetta instead (yeah right, i freaking hate vw and their Mexican made cars). Also alot of other people said Hyundai was crap and it has no resale, blah blah blah The Genesis coupe has been the best car ive ever had, never got a ticket in it even though i have 300HP under my foot, never got curb rash on my rims, ultra reliable, not a single mechanical glitch of any kind, it has 300+HP but uses regular gas and regular oil!, after 4 years of ownership i've lost around $10K of value, my friend's Audi A4 lost more in 10 months. Whos laughing now right?

oh and uhh that manager
later got fired for being "incompatible" at various client sites (its really bad when they say, we like your company, but we dont like her)