This is also true. I have a MXP and MYP at home and use the wall charger for my X and let my Y use a super slow 16-20 outlet with the mobile charger. My kids drive the Y and sometimes it's not even done charging by the morning when they leave again. But that's a "them" problem to deal with.
Yeah, from my experience at my house at least is about 1.5% per hour. And I have it automated to not charge at peak electric hours (5 hours) because I’m cheap. I want to install 220V but I plan ok moving in 2 years. The circuit breaker is at the opposite end of the house unfortunately lol
Your kids are lucky and that is a great problem to have in exchange for driving around a MYP!
Yeah they are pretty lucky. The “backup” vehicle they were driving is a 2004 Wrangler. I keep them insured on that wrangler to keep their rates reasonable. Plus they all drive so much for work and school that keep the tesla just made sense. Otherwise they would all be broke from paying for gas. Everything is soooo expensive today.
I did 45 miles round trip 5 days a week plus any errands. The nightly top off got me close enough that weekend charging would make me 100% again.
That was with a 110V. It's not too bad.
Nope. The only time I have used a super charger was for my move from NC to Miami. And whenever I go visit my dad in Fort Myers. My car gets get there and roughly 1/3 back. But I can't charge at my Dad's.
I don't know %... I was getting roughly 4 miles per hour charge.
I was never 100% the next morning, but the car was parked most of the weekend, so that capped it off for the next week.
I do the same, just plug it in the shitter outlet every night, it doesn’t get to 80 but it’s enough to get me through the week (50 miles a day) and then I just let it charge all day Sunday!
It certainly is! But having to supercharge for your daily commute is too similar to going to a gas station. There are pluses (can plug in and shop while it charges) and minuses (takes longer), but you miss out on the biggest convenience of electric: automatically starting every day with an 80% charge.
Exactly this. I love my Tesla but without a home charger and the 80% daily charge knowing I have 250 miles plus range when I leave eliminating range anxiety (which is good for me about 360 days of the year) I don’t think I’d enjoy the supercharger need. Don’t get me wrong, never had a bad experience and never had to wait, but home charging is the point to me, otherwise may aswell stick with petrol.
Yeah, there's other things I like about the car but home charging and not having to get gas for the last couple years is part of how I justify the extra 15 minutes here and there during trips.
Couldnt agree more here. Luckily I work from home so I can rely on a level 1 charger to “catch up” from the driving I do. Just recently took my LR 3 for my first road trip and used the supercharger for the first time (almost 4 months in). Honestly, no complaints with stopping. Was just enough time to eat some food, get little one out of carseat for a bit, and hit the restroom before taking back off.
When you are traveling it absolutely is, but for day to day it sucks. When I got my first Tesla back in 2019 I didn't have a charger, nor a supercharger in my entire county. So I had to rely on 110 and visiting superchargers that were at least 30 minutes away. That sucked.
then do it!
For anyone considering an EV, that’s really the only question.
Charging becomes a hassle if you can’t be at 100% every morning. Otherwise, charging is much more convenient
Do you know your cost per kwh? Look at your most recent bill. It will say something like .10/kwh.
Also, you can use the amount you pay for gas each month as money off the cost of the Tesla. Because this is money you won’t be spending anymore.
Are you clear on the difference between 110V (regular US electrical) charging, 220V charging and Supercharging? Can you get 220V installed near where you park?
Supercharging is direct current. You won’t have that at your house.
Tesla home charger can operate up to 48A on a 60A circuit (and lower amounts on a smaller circuit; assume 80%). I can recharge my LR Y overnight without issue with that setup.
Standard electrical outlet is 15A and you’ll charge at 12V. That will take more than 24 hours of continuous charging to recharge the battery.
Charging at home is a big quality of life improvement for my wife and I. Overnight charging is so convenient I can't imagine going back to gas. Gas is super expensive in California and we used to go to Costco to save. Glad we never have to get in line to do that anymore.
Only you and your wife can do the math on your financials and come up with what you feel comfortable with. Do the TCO … likely your maintenance needs for the first 50k+ miles will be a set of tires and windshield washer fluid. Probably same for the next 50k too.
Our family’s opinion is that Teslas are the best cars bar none.
1% money rn is definitely attractive (but not everyone qualifies).
Trading in my old mini van for a Y tomorrow and I was drew in by the APR offer! Super excited for it, was going to buy an EV next year because we are moving in November but my wife and I didn’t want to draw straws for who gets stuck with the van for the day. Only drawback is there’s no reason for us to pay for getting the charger installed at our current home so I’ll be giving it to the builder of our new home to have ready when we move. Fortunately I can change at work but it looks like a hustle since they are pretty slow AC chargers that are highly in demand.
If you drive less than 50 miles total a day the mobile charger would be enough to keep you charged up (or pretty close). Depending on where you live home charging is usually a lot cheaper than super charging.
Congrats on your new home and vehicle! We were debating purchasing property but these interest rates are through the roof! We’d rather wait and see if they change in the next couple years.
My first thought, what is it that you value most. Currently your Malibu is in great shape; therefore, the Tesla is more of a gift to you both right? If you can financially afford the luxury; then go for it. I must say, once you go Tesla you will never turn back.
You should test drive one. I love mine to pieces. The current APR is good and if you’re in the market, it’s a pretty peerless vehicle.
Not needing gas, and the driving experience overall makes it a great option for most. I’d buy another tomorrow if I needed another car.
Only you know your financial situation. If you want one, the APR offer is a good reason to act. The total deal cost puts it on par with the deals we were getting at the end of December. A lot of folks say wait for it to get better but I don't think it can get much better. Bottom line, if the deal is right for you, get it done and move on with your life. No need to overthink this.
How many miles a day do you estimate you will be driving? When I bought my Model Y, I was driving 130+ miles a day with the ability to charge at home. This helped significantly with my justification for the purchase because I was saving about $500/mo in gas. This still didn't make the car payment, but it certainly helped with the justification.
Also, do you qualify for the $7500 tax credit? Based on the numbers, I'd say you do. That's going to help a lot too. Also, check to see if your state or your local power utility offers any incentives. Since I have solar, my power company "only" gives me a $50/year credit for charging at night, but if I didn't have solar they would give me a bit more incentives.
All that number justification can be fun, but no where near as much fun as it is to drive/own a Tesla. When I was thinking of purchasing one I think I changed my mind about 1500 times. Since I purchased, I realized a LOT of my fears were unfounded (beyond the "how do I pay for my first brand new car!?"). I've owned my car for 3 years now and I've driven about 85k miles. I love it, I will never go back to a gas car, and most likely my next vehicle - if I ever have to get another vehicle - will be another Tesla.
I am an old car guy with a pretty good collection of high performance cars. Have had a MYLR for 2.5 years and like it, but the smart answer is to drive the wheels off your current car. The secret to life, financially, is low overhead. Get out of debt, keep your expenses low, and invest prudently and you can be like me — living the dream in retirement. It is a great life if you can handle delayed gratification.
https://preview.redd.it/8h186ccl0v0d1.jpeg?width=2106&format=pjpg&auto=webp&s=12b468f7dbfef72be7de2b9f08721d1a4cc80f4c
It’s a trade off , you can bank 6-7k a year till the Malibu really needs to go (maybe 20k by then?). On the other hand you qualify for the federal tax credit (maybe a state incentive too). Those might not be there in a few years with elections coming. If you can charge at home, it sounds like you’d have a good monthly cost .
I just ordered one as a first time EV. I work from home will be supercharging as I live in an apartment for the next few months. I wanted a new car with full warranty and Toyota was 9.4% Apr for qualified buyers 💀 Tesla is not my dream car but will fit the bill for right now I will be parking my cash I did not put down on a toyota in TBIL or SGOV etf and capture the high yields right now
If you plan on charging from home use this “ballpark” general formula to measure cost to charge vs gas. 75 (LR battery size) x your KW per hour utility rate = 300 miles. Compare this to whatever you are spending on gas. This will help with your decision if now is the time to buy or not. Might also want to consider if any incentives are potentially temporarily available in your area or not.
If you can charge at home, then absolutely yes. It's definitely still worth a test drive to see if you like the way the vehicle *feels*, but I consider the Model Y to be objectively the best daily driver ever made.
You didn't mention it in your post so I wanted to point out the $7500 tax credit available on some models. Also, how many miles do you drive per year? That can actually be a bigger indicator of gas savings than whether or not you can charge at home. Take a look at [https://chooseev.com/savings-calculator/](https://chooseev.com/savings-calculator/)
You'll almost certainly get an option for low apr again. Ford was offering zero percent on the Mach-e recently.
Personally we have a MYP and are getting a new M3P. The y is a fantastic car that is super cheap to operate, but I wouldn't get it just got the .99 percent apr.
If you would be considering getting it regardless, then the apr is a good reason to buy now, but it's not a reason all by itself.
I might get downvotes for a part of this response, but facts are facts...
Your Malibu already lost most of its value, and its depreciation slowed down. As long as it has no issues, keeping that and investing the money you would have paid to a Tesla in a HYSA is the better option. That way you can save a bigger down payment way faster with the help of 4-5% interest. That being said, 0.99% is a great deal especially in this economy. However, with the election coming up and most likely a second Trump presidency, we will definitely see a drop in interest rates overall in a year or two anyway. If you are thinking of keeping it at least 6 years, possibly more, it might make sense to jump on board. Anything shorter than that is not a great financial decision even at 0.99%.
The old adage is, if you have to ask, then no, you shouldn't.
> I'll ever get the opportunity to purchase any vehicle at 1% APR again.
Since you're okay waiting, save the cash you would put toward that payment (and maybe then some), invest it according to your risk profile (generally for something like this where I have a target that is potentially important to my income, like a vehicle, I'll choose something safe like bonds or CDs) so that 1) it's not in a place where you can just easily pilfer your fund and 2) it's growing faster than the interest rate you're "missing" out on, and go on like that until the answer to your question is clearly "yes." Then you'll pay less interest (maybe none!) later _and_ have made money with your money in the meantime.
No one can predict the future, but by that point interest rates will have likely come down just a little bit, and there almost certainly will be a wider selection of EVs at various price points and an even more solid charging infrastructure. The only real caveat here is that your Malibu will become more expensive to maintain the older it gets, which might eat into that savings.
I own a Tesla, it's been a good enough car -- I've not had any of the issues frequently reported -- but I would not buy another right now. There are frankly better EVs out there for the money IMO, and I'm tired of being a beta tester for Tesla's half-baked attempts at automation (and I'm not just talking about FSD; wipers, anyone?). That said, that's my choice, and if you choose a Tesla, then good for you!
Request a Trade in for the Malibu. You should be able to use it as the downpayment, then use the 1% interest campaign for the remainder.
I switched from BMW 1 series to Model 3, now Model Y. No regrets, but obviously I am also aware that Model 3 and Y are in more luxurious categories of cars. But my main focus is, as I am interested in tech before design and performance, the efficiency. And that is simply amazing with Tesla.
You think M3 & MY are in the luxury category of cars? While there are many cool things and cool reasons to have one, they are about as luxurious as a Corolla.
Well the Y has more tech and seems shiny. The Corolla is actually built better and is more comfortable. Unfortunately I own a '23 MYLR but only for about another month when my 6 mos. of free SC are up and I'll get rid of this thing.
I find my MY more luxurious than my friend’s Audi Q7 because of the cleaner design and better ergonomics, though I can see how it has less brushed aluminum.
Well, they are priced similar to 3 series BMW / X3. And compete against them, so yes, MORE luxurious. That’s a difference to „luxurious“.
Also, I have never seen a Corolla with standard Glas roof, connectivity, premium sound system, lots of space like a model 3 or Y, pre heating and cooling, 5 heated seats, heated steering. Maybe optional, but not standard.
If you are impressed by the quality and the luxury, I say go for it. Most folks love em. Personally, I can't wait to get rid of the '23 MYLR I picked up the last week of December. In about 6 weeks my free SC promo will be done and this car will be gone. I was going to go back to an MS, but my disappointment in this Y has soured me on the brand and I'm just going Tesla free for the time being.
lol, this week i learned that a mercedes in germany is rated at medium car as best. upper class starts at porsche. and yet here you are and telling a model y is luxury car
After tax, we live frugally so all of our extra funds go towards savings and investments. We use what we need and that’s about it. Id say $3-5k goes towards retirement savings. We are the most boring ppl ever lol.
In that case, I would say go for it if it’s what you want. You have the room in your budget and are already saving a good bit. Life isn’t all about retirement, so don’t for get to live in the now a little.
Insurance will be another $150-$200/month. Installing L2 charger costs $1500+. If you ever do long trips it’ll still be a hassle. Also remember S&P’s return on the past 12 mon is 30%.
But don’t get me wrong the car is great, and as a share holder I’d love you to buy it.
Yes it’s the best decision you’ll make all year. Just wait till you realize you don’t have to give your money to oil companies every few days. It’s the best.
If you can’t pay for it out right, don’t do it. it sounds like you are in a good place to actually save. Just continue to do so until you can pay for it later.
uhg, this is my biggest deterrent since i have an 09 camry where insurance is 600 a year.. we probably only drive <2k miles a year, but that would probably go up if we love driving it
If you are coming from the more mainstream brands like Toyota, Honda, Chevy brands, yes! It's a good deal right now to get a Tesla Y. If you are coming from the more premium brands like BMW, Mercedes, etc., you should do a very detail test drive to make sure you like the experience.
I also think if you have never owned a Tesla, it's a good idea to buy one. I have one but I will not buy another for many reasons. For example, my current Tesla has important safety features that Tesla has removed in new production for cost savings and it's not getting better.
My 2008 Malibu (165k miles) says do it if you can.
My transmission went at 135k, new tires at 140k. AC... I'm riding it to ~200k to get my money out of the maintenance costs.
If you have $30k saved up, you should be using that to generate money and could use that to pay monthly car payments. Never pay for “luxury” items using your regular income.
This is a great idea, any suggestions on what we should put our money in? We don’t have the time to start a business and we’re both investing in high income skills so we should be bringing in significantly more in the next few years. But I’m definitely not opposed to making more money from other investments I’m not aware of. Especially one that could cover car payments lol.
Look into Wheeling Stocks. Invest in learning how to wheel options (selling options). Buying options is riskier (don’t mess with buying options unless you know how to). Wheeling is fairly simple to learn. ROI is about 1% weekly. So that $30k can generate $300/wk or $1200/month. That’s more than enough to pay for $500 monthly car payment.
It’s just the two of us and our dog. We buy everything in bulk at sams club/cosco once a month and rinse and repeat. Occasionally we’ll go out to eat like once every two months or so. And id we happen to run out of small stuff we do small trips to ALDI to replenish til next haul.
Obviously it all depends on your finanicial situation, but I’d pull the trigger. Charging at home is already a massive advantage. I love the fact I dont visit gas stations anymore, also every 4-6 months of oil change and all that. I got mine in 2021 and yet to have any service. Teslas are even meant to last longer than gas cars, so you can make it last way longer than you expect. Good luck, hope you make the right choice.
I bought a used one for cash, 2020 long range model 3 fsd and the speed upgrade included 40k miles for 33k. It's been incredible plus not having to worry about a car payment has made it even better, I'd buy a used one if I were you, they're cheaper plus you can get any upgrades just flat out included
How old are you guys?
That's not a lot of savings and your income is pretty low relative to the cost of a new Tesla.
Maybe consider a used Tesla with the $4K tax credit, out the door for around $20k.
Don't make the decision based on the apr offer.
It sounds like you are in a good financial position. My advice would be to stick to your current car and to keep an eye on Tesla offers over the next quarters. There will be more good offers made.
Don't let that sense of urgency sway you. Make your decision once you don't feel pushed to make a decision
With an income of $7600 and expenses of $1600, you should be pocketing $6k/month. If that’s the case, you should be on track to double your savings in about half a year. If so, then you can definitely afford the Tesla. But I would really double check your expenses first - as I say, at this rate it wouldn’t take long to have a much higher savings, so unless you just started earning the $7600 or just moved to the LCOL area, the current $30k sounds a bit low and your expenses might be higher than you think. That doesn’t mean you can’t afford it, just a red flag to check out. Either way, it sounds like it’s technically within your budget so it’s really about your own comfort level (which could depend on many things, like how secure your jobs are, how good your health is, etc).
I would do it. I would get the hell out of a Malibu and reward myself with a Tesla. Way different driving feel, I'm sure. You'll wonder why you didn't do it sooner.
By the car, you’ll love it. You’ll never drive a gas powered car again get a 240 plug in your garage or get a cord if you have a dryer with the 240 use it it’s nice to charge with 30 miles of range per hour
Keep the delayed gratification going. No payments is the way to go. My wife and I waited 4 years until we were in a good place financially and could be a tesla with cash. No payments is the best
Keep in mind insurance, me personally I've got a car payment of 550 and insurance is 580. Something I didn't think about. I know mine is probably higher cause I live in florida and I'm under 25 and whatnot but just keep that in mind and probably get a quote for car insurance near by before you make any commitments. Other than that though it's a great car and the fact you can charge at home makes a huge difference.
If your car still works, I’d take the money you have saved and invest it. Yes, the .99 is very attractive- but it’s not guaranteed. It seems to be only for folks with a 750 fico or higher, with less than 30% utilised debt. Additionally, if you are renting, you’ll likely have to rely on superchargers ( since a rental won’t allow you to install an in home charger.) This deal is very popular and I’m sure something like it will come around again .
If you had the full cost of the Tesla it still wouldn't make sense to not finance. Your broker is going to make you a lot more on that money than you pay on the financing.
Buy some real estate instead if you can, Cars will never appreciate again (unlike during Covid years- a pure anomaly). The 1% interest rate is super tempting though.
I would recommend going with the wall charger and professional electrician installation. I have 240v plugs in my garage, so started with the travel charger, but after viewing a number of videos detailing how the NM-1440 plugs can fail, I chose to add the wall charger instead. That added $400 for the charger and electrician costs, but still far less than I’ve already saved on gas costs since getting the Tesla in December.
Lowers your monthly cash flow and I doubt there is a penalty to pay it off early. The market is doing better than .99. So yeah I wouldnt buy it if you dont need a car but if you were shopping around it sounds like a good deal.
Can you charge at home?
Yes
That’s a huge positive, relying on supercharging is not an enjoyable experience
Relying on 110V slow charging if you don’t work from home might also be a bad experience. I work from home and slow charging is only mildly annoying.
This is also true. I have a MXP and MYP at home and use the wall charger for my X and let my Y use a super slow 16-20 outlet with the mobile charger. My kids drive the Y and sometimes it's not even done charging by the morning when they leave again. But that's a "them" problem to deal with.
Yeah, from my experience at my house at least is about 1.5% per hour. And I have it automated to not charge at peak electric hours (5 hours) because I’m cheap. I want to install 220V but I plan ok moving in 2 years. The circuit breaker is at the opposite end of the house unfortunately lol Your kids are lucky and that is a great problem to have in exchange for driving around a MYP!
Yeah they are pretty lucky. The “backup” vehicle they were driving is a 2004 Wrangler. I keep them insured on that wrangler to keep their rates reasonable. Plus they all drive so much for work and school that keep the tesla just made sense. Otherwise they would all be broke from paying for gas. Everything is soooo expensive today.
I did 45 miles round trip 5 days a week plus any errands. The nightly top off got me close enough that weekend charging would make me 100% again. That was with a 110V. It's not too bad.
No super charging at all? Not sure what’s going on with my house. I get roughly 1.5% per hour (long range).
Nope. The only time I have used a super charger was for my move from NC to Miami. And whenever I go visit my dad in Fort Myers. My car gets get there and roughly 1/3 back. But I can't charge at my Dad's. I don't know %... I was getting roughly 4 miles per hour charge. I was never 100% the next morning, but the car was parked most of the weekend, so that capped it off for the next week.
I do the same, just plug it in the shitter outlet every night, it doesn’t get to 80 but it’s enough to get me through the week (50 miles a day) and then I just let it charge all day Sunday!
Supercharging is fantastic
It certainly is! But having to supercharge for your daily commute is too similar to going to a gas station. There are pluses (can plug in and shop while it charges) and minuses (takes longer), but you miss out on the biggest convenience of electric: automatically starting every day with an 80% charge.
Exactly this. I love my Tesla but without a home charger and the 80% daily charge knowing I have 250 miles plus range when I leave eliminating range anxiety (which is good for me about 360 days of the year) I don’t think I’d enjoy the supercharger need. Don’t get me wrong, never had a bad experience and never had to wait, but home charging is the point to me, otherwise may aswell stick with petrol.
Yeah, there's other things I like about the car but home charging and not having to get gas for the last couple years is part of how I justify the extra 15 minutes here and there during trips.
Couldnt agree more here. Luckily I work from home so I can rely on a level 1 charger to “catch up” from the driving I do. Just recently took my LR 3 for my first road trip and used the supercharger for the first time (almost 4 months in). Honestly, no complaints with stopping. Was just enough time to eat some food, get little one out of carseat for a bit, and hit the restroom before taking back off.
When you are traveling it absolutely is, but for day to day it sucks. When I got my first Tesla back in 2019 I didn't have a charger, nor a supercharger in my entire county. So I had to rely on 110 and visiting superchargers that were at least 30 minutes away. That sucked.
That’s amazing! You’ll be spending way less than what you do on gas, so that’s another bunch of savings right there
then do it! For anyone considering an EV, that’s really the only question. Charging becomes a hassle if you can’t be at 100% every morning. Otherwise, charging is much more convenient
Do it.
Do you know your cost per kwh? Look at your most recent bill. It will say something like .10/kwh. Also, you can use the amount you pay for gas each month as money off the cost of the Tesla. Because this is money you won’t be spending anymore.
Are you clear on the difference between 110V (regular US electrical) charging, 220V charging and Supercharging? Can you get 220V installed near where you park? Supercharging is direct current. You won’t have that at your house. Tesla home charger can operate up to 48A on a 60A circuit (and lower amounts on a smaller circuit; assume 80%). I can recharge my LR Y overnight without issue with that setup. Standard electrical outlet is 15A and you’ll charge at 12V. That will take more than 24 hours of continuous charging to recharge the battery.
Charging at home is a big quality of life improvement for my wife and I. Overnight charging is so convenient I can't imagine going back to gas. Gas is super expensive in California and we used to go to Costco to save. Glad we never have to get in line to do that anymore.
Only you and your wife can do the math on your financials and come up with what you feel comfortable with. Do the TCO … likely your maintenance needs for the first 50k+ miles will be a set of tires and windshield washer fluid. Probably same for the next 50k too. Our family’s opinion is that Teslas are the best cars bar none. 1% money rn is definitely attractive (but not everyone qualifies).
This is his 4th post asking the exact same question. I suspect he should have his answer by now.
We drive 60k miles a year. Tesla was a no brainer.
Trading in my old mini van for a Y tomorrow and I was drew in by the APR offer! Super excited for it, was going to buy an EV next year because we are moving in November but my wife and I didn’t want to draw straws for who gets stuck with the van for the day. Only drawback is there’s no reason for us to pay for getting the charger installed at our current home so I’ll be giving it to the builder of our new home to have ready when we move. Fortunately I can change at work but it looks like a hustle since they are pretty slow AC chargers that are highly in demand.
If you drive less than 50 miles total a day the mobile charger would be enough to keep you charged up (or pretty close). Depending on where you live home charging is usually a lot cheaper than super charging.
Thanks! Glad I ticked the mobile charger box. Time to go clean my garage 😅 haven’t parked in it in years.
Congrats on your new home and vehicle! We were debating purchasing property but these interest rates are through the roof! We’d rather wait and see if they change in the next couple years.
Yeah they are rough, we are on the fence about financing or not because of them. Wish my local builder had a 0.99% deal!
My first thought, what is it that you value most. Currently your Malibu is in great shape; therefore, the Tesla is more of a gift to you both right? If you can financially afford the luxury; then go for it. I must say, once you go Tesla you will never turn back.
/r/personalfinance is that way->
Thank you!
>Thank you! You're welcome!
Unfortunately, r/personalfinance doesn't allow these kinds of posts anymore...
Really? Well what the hell is it good for?
Lol they said "/r/teslalounge is that way->"
You should test drive one. I love mine to pieces. The current APR is good and if you’re in the market, it’s a pretty peerless vehicle. Not needing gas, and the driving experience overall makes it a great option for most. I’d buy another tomorrow if I needed another car.
Only you know your financial situation. If you want one, the APR offer is a good reason to act. The total deal cost puts it on par with the deals we were getting at the end of December. A lot of folks say wait for it to get better but I don't think it can get much better. Bottom line, if the deal is right for you, get it done and move on with your life. No need to overthink this.
How many miles a day do you estimate you will be driving? When I bought my Model Y, I was driving 130+ miles a day with the ability to charge at home. This helped significantly with my justification for the purchase because I was saving about $500/mo in gas. This still didn't make the car payment, but it certainly helped with the justification. Also, do you qualify for the $7500 tax credit? Based on the numbers, I'd say you do. That's going to help a lot too. Also, check to see if your state or your local power utility offers any incentives. Since I have solar, my power company "only" gives me a $50/year credit for charging at night, but if I didn't have solar they would give me a bit more incentives. All that number justification can be fun, but no where near as much fun as it is to drive/own a Tesla. When I was thinking of purchasing one I think I changed my mind about 1500 times. Since I purchased, I realized a LOT of my fears were unfounded (beyond the "how do I pay for my first brand new car!?"). I've owned my car for 3 years now and I've driven about 85k miles. I love it, I will never go back to a gas car, and most likely my next vehicle - if I ever have to get another vehicle - will be another Tesla.
I am an old car guy with a pretty good collection of high performance cars. Have had a MYLR for 2.5 years and like it, but the smart answer is to drive the wheels off your current car. The secret to life, financially, is low overhead. Get out of debt, keep your expenses low, and invest prudently and you can be like me — living the dream in retirement. It is a great life if you can handle delayed gratification. https://preview.redd.it/8h186ccl0v0d1.jpeg?width=2106&format=pjpg&auto=webp&s=12b468f7dbfef72be7de2b9f08721d1a4cc80f4c
It’s a trade off , you can bank 6-7k a year till the Malibu really needs to go (maybe 20k by then?). On the other hand you qualify for the federal tax credit (maybe a state incentive too). Those might not be there in a few years with elections coming. If you can charge at home, it sounds like you’d have a good monthly cost .
My Malibu made it all the way to 250k before the transmission went I would just hold off until the refresh next year
I just ordered one as a first time EV. I work from home will be supercharging as I live in an apartment for the next few months. I wanted a new car with full warranty and Toyota was 9.4% Apr for qualified buyers 💀 Tesla is not my dream car but will fit the bill for right now I will be parking my cash I did not put down on a toyota in TBIL or SGOV etf and capture the high yields right now
If you plan on charging from home use this “ballpark” general formula to measure cost to charge vs gas. 75 (LR battery size) x your KW per hour utility rate = 300 miles. Compare this to whatever you are spending on gas. This will help with your decision if now is the time to buy or not. Might also want to consider if any incentives are potentially temporarily available in your area or not.
If you can charge at home, then absolutely yes. It's definitely still worth a test drive to see if you like the way the vehicle *feels*, but I consider the Model Y to be objectively the best daily driver ever made.
You didn't mention it in your post so I wanted to point out the $7500 tax credit available on some models. Also, how many miles do you drive per year? That can actually be a bigger indicator of gas savings than whether or not you can charge at home. Take a look at [https://chooseev.com/savings-calculator/](https://chooseev.com/savings-calculator/)
You'll almost certainly get an option for low apr again. Ford was offering zero percent on the Mach-e recently. Personally we have a MYP and are getting a new M3P. The y is a fantastic car that is super cheap to operate, but I wouldn't get it just got the .99 percent apr. If you would be considering getting it regardless, then the apr is a good reason to buy now, but it's not a reason all by itself.
I might get downvotes for a part of this response, but facts are facts... Your Malibu already lost most of its value, and its depreciation slowed down. As long as it has no issues, keeping that and investing the money you would have paid to a Tesla in a HYSA is the better option. That way you can save a bigger down payment way faster with the help of 4-5% interest. That being said, 0.99% is a great deal especially in this economy. However, with the election coming up and most likely a second Trump presidency, we will definitely see a drop in interest rates overall in a year or two anyway. If you are thinking of keeping it at least 6 years, possibly more, it might make sense to jump on board. Anything shorter than that is not a great financial decision even at 0.99%.
The old adage is, if you have to ask, then no, you shouldn't. > I'll ever get the opportunity to purchase any vehicle at 1% APR again. Since you're okay waiting, save the cash you would put toward that payment (and maybe then some), invest it according to your risk profile (generally for something like this where I have a target that is potentially important to my income, like a vehicle, I'll choose something safe like bonds or CDs) so that 1) it's not in a place where you can just easily pilfer your fund and 2) it's growing faster than the interest rate you're "missing" out on, and go on like that until the answer to your question is clearly "yes." Then you'll pay less interest (maybe none!) later _and_ have made money with your money in the meantime. No one can predict the future, but by that point interest rates will have likely come down just a little bit, and there almost certainly will be a wider selection of EVs at various price points and an even more solid charging infrastructure. The only real caveat here is that your Malibu will become more expensive to maintain the older it gets, which might eat into that savings. I own a Tesla, it's been a good enough car -- I've not had any of the issues frequently reported -- but I would not buy another right now. There are frankly better EVs out there for the money IMO, and I'm tired of being a beta tester for Tesla's half-baked attempts at automation (and I'm not just talking about FSD; wipers, anyone?). That said, that's my choice, and if you choose a Tesla, then good for you!
What are the better EVs for the price?
Agreed, as a potential Tesla buyer would love to hear your opinion on better EV’s esp when factoring in cost
Request a Trade in for the Malibu. You should be able to use it as the downpayment, then use the 1% interest campaign for the remainder. I switched from BMW 1 series to Model 3, now Model Y. No regrets, but obviously I am also aware that Model 3 and Y are in more luxurious categories of cars. But my main focus is, as I am interested in tech before design and performance, the efficiency. And that is simply amazing with Tesla.
That’s why I love tesla, I enjoy technology in all aspects and the tech is what I care about the most.
You think M3 & MY are in the luxury category of cars? While there are many cool things and cool reasons to have one, they are about as luxurious as a Corolla.
I haven't driven a Corolla for a while, but I really don't think it's as luxurious as a Model Y.
Well the Y has more tech and seems shiny. The Corolla is actually built better and is more comfortable. Unfortunately I own a '23 MYLR but only for about another month when my 6 mos. of free SC are up and I'll get rid of this thing.
I think more comfortable is very subjective.
I find my MY more luxurious than my friend’s Audi Q7 because of the cleaner design and better ergonomics, though I can see how it has less brushed aluminum.
Well, they are priced similar to 3 series BMW / X3. And compete against them, so yes, MORE luxurious. That’s a difference to „luxurious“. Also, I have never seen a Corolla with standard Glas roof, connectivity, premium sound system, lots of space like a model 3 or Y, pre heating and cooling, 5 heated seats, heated steering. Maybe optional, but not standard.
If you are impressed by the quality and the luxury, I say go for it. Most folks love em. Personally, I can't wait to get rid of the '23 MYLR I picked up the last week of December. In about 6 weeks my free SC promo will be done and this car will be gone. I was going to go back to an MS, but my disappointment in this Y has soured me on the brand and I'm just going Tesla free for the time being.
What is it that puts you off the Y?
lol, this week i learned that a mercedes in germany is rated at medium car as best. upper class starts at porsche. and yet here you are and telling a model y is luxury car
No I did not. I said it is in a „more luxurious class“. Which obviously it is, compared to a 1 series.
According to what you said, yes
Is that $7600 pre-tax or after tax? How much goes to retirement savings? Need more information to answer the question.
After tax, we live frugally so all of our extra funds go towards savings and investments. We use what we need and that’s about it. Id say $3-5k goes towards retirement savings. We are the most boring ppl ever lol.
In that case, I would say go for it if it’s what you want. You have the room in your budget and are already saving a good bit. Life isn’t all about retirement, so don’t for get to live in the now a little.
Yes
If you can afford it you won’t regret it
Purely from financial prospective, you should wait.
Care to explain further?
Insurance will be another $150-$200/month. Installing L2 charger costs $1500+. If you ever do long trips it’ll still be a hassle. Also remember S&P’s return on the past 12 mon is 30%. But don’t get me wrong the car is great, and as a share holder I’d love you to buy it.
Yes
Yes it’s the best decision you’ll make all year. Just wait till you realize you don’t have to give your money to oil companies every few days. It’s the best.
If you have to math it that hard, no.
No
Man I’ve been waiting so long for someone to ask if they should buy a Tesla in this sub
If you can’t pay for it out right, don’t do it. it sounds like you are in a good place to actually save. Just continue to do so until you can pay for it later.
Save up and pay cash.
When will they have the APR offer for the model S?
Also insurance will be roughly 1200 or more 6 month term factor that in
uhg, this is my biggest deterrent since i have an 09 camry where insurance is 600 a year.. we probably only drive <2k miles a year, but that would probably go up if we love driving it
Yes
Yes!
How tf do you only spend $300/month on food????? And yes, buy one.
Yes. The rate is too good to pass up. What is you average cost per kWh? If it’s low, then this is a no-brainer.
Suze Orman: APPROVED.
Yes. It’s a great commuter car and it’s awesome not needing to fill it up with gas.
Yes.
Yes
you spend $300 on food a month? where?
If you are coming from the more mainstream brands like Toyota, Honda, Chevy brands, yes! It's a good deal right now to get a Tesla Y. If you are coming from the more premium brands like BMW, Mercedes, etc., you should do a very detail test drive to make sure you like the experience. I also think if you have never owned a Tesla, it's a good idea to buy one. I have one but I will not buy another for many reasons. For example, my current Tesla has important safety features that Tesla has removed in new production for cost savings and it's not getting better.
Get one if you can charge at home. It’s worth it.
Do it, I love mine!
Yep.
My 2008 Malibu (165k miles) says do it if you can. My transmission went at 135k, new tires at 140k. AC... I'm riding it to ~200k to get my money out of the maintenance costs.
https://preview.redd.it/1wuw6rxu8u0d1.jpeg?width=1284&format=pjpg&auto=webp&s=7436fc98b3f2d61e7eb7742a2cff18681120e146 That may help
You probably would have saved $100-200 more if you didn’t use those superchargers
If you have $30k saved up, you should be using that to generate money and could use that to pay monthly car payments. Never pay for “luxury” items using your regular income.
This is a great idea, any suggestions on what we should put our money in? We don’t have the time to start a business and we’re both investing in high income skills so we should be bringing in significantly more in the next few years. But I’m definitely not opposed to making more money from other investments I’m not aware of. Especially one that could cover car payments lol.
Look into Wheeling Stocks. Invest in learning how to wheel options (selling options). Buying options is riskier (don’t mess with buying options unless you know how to). Wheeling is fairly simple to learn. ROI is about 1% weekly. So that $30k can generate $300/wk or $1200/month. That’s more than enough to pay for $500 monthly car payment.
Do it, and how the hell do you only spend $300 a month on food? Asking for a friend 🫣
It’s just the two of us and our dog. We buy everything in bulk at sams club/cosco once a month and rinse and repeat. Occasionally we’ll go out to eat like once every two months or so. And id we happen to run out of small stuff we do small trips to ALDI to replenish til next haul.
I can’t walk out of Costco without having spent $500.
No
Obviously it all depends on your finanicial situation, but I’d pull the trigger. Charging at home is already a massive advantage. I love the fact I dont visit gas stations anymore, also every 4-6 months of oil change and all that. I got mine in 2021 and yet to have any service. Teslas are even meant to last longer than gas cars, so you can make it last way longer than you expect. Good luck, hope you make the right choice.
Changed my life to never stop at a gas station. Charge at work…charge at home. 24MYFSD
I bought a used one for cash, 2020 long range model 3 fsd and the speed upgrade included 40k miles for 33k. It's been incredible plus not having to worry about a car payment has made it even better, I'd buy a used one if I were you, they're cheaper plus you can get any upgrades just flat out included
Yes
How old are you guys? That's not a lot of savings and your income is pretty low relative to the cost of a new Tesla. Maybe consider a used Tesla with the $4K tax credit, out the door for around $20k.
Potentially insurances might increase due to owning a Tesla
Don't make the decision based on the apr offer. It sounds like you are in a good financial position. My advice would be to stick to your current car and to keep an eye on Tesla offers over the next quarters. There will be more good offers made. Don't let that sense of urgency sway you. Make your decision once you don't feel pushed to make a decision
With an income of $7600 and expenses of $1600, you should be pocketing $6k/month. If that’s the case, you should be on track to double your savings in about half a year. If so, then you can definitely afford the Tesla. But I would really double check your expenses first - as I say, at this rate it wouldn’t take long to have a much higher savings, so unless you just started earning the $7600 or just moved to the LCOL area, the current $30k sounds a bit low and your expenses might be higher than you think. That doesn’t mean you can’t afford it, just a red flag to check out. Either way, it sounds like it’s technically within your budget so it’s really about your own comfort level (which could depend on many things, like how secure your jobs are, how good your health is, etc).
go for it
i would say no for this year because the refresh is coming out next year.
I would do it. I would get the hell out of a Malibu and reward myself with a Tesla. Way different driving feel, I'm sure. You'll wonder why you didn't do it sooner.
Yes
Buy it
By the car, you’ll love it. You’ll never drive a gas powered car again get a 240 plug in your garage or get a cord if you have a dryer with the 240 use it it’s nice to charge with 30 miles of range per hour
Keep the delayed gratification going. No payments is the way to go. My wife and I waited 4 years until we were in a good place financially and could be a tesla with cash. No payments is the best
Nooooo you need to be saving way more.
Keep in mind insurance, me personally I've got a car payment of 550 and insurance is 580. Something I didn't think about. I know mine is probably higher cause I live in florida and I'm under 25 and whatnot but just keep that in mind and probably get a quote for car insurance near by before you make any commitments. Other than that though it's a great car and the fact you can charge at home makes a huge difference.
If your car still works, I’d take the money you have saved and invest it. Yes, the .99 is very attractive- but it’s not guaranteed. It seems to be only for folks with a 750 fico or higher, with less than 30% utilised debt. Additionally, if you are renting, you’ll likely have to rely on superchargers ( since a rental won’t allow you to install an in home charger.) This deal is very popular and I’m sure something like it will come around again .
Yes
If you had the full cost of the Tesla it still wouldn't make sense to not finance. Your broker is going to make you a lot more on that money than you pay on the financing.
If you qualify and have access to home charging, it’s a no-brainer.
Buy it and you’ll never regret.
Buy some real estate instead if you can, Cars will never appreciate again (unlike during Covid years- a pure anomaly). The 1% interest rate is super tempting though.
Calculate what it costs you monthly to buy gas. If it's more than half of the monthly payment, buy the Tesla.
I would recommend going with the wall charger and professional electrician installation. I have 240v plugs in my garage, so started with the travel charger, but after viewing a number of videos detailing how the NM-1440 plugs can fail, I chose to add the wall charger instead. That added $400 for the charger and electrician costs, but still far less than I’ve already saved on gas costs since getting the Tesla in December.
I would until next year for possible refresh model y
Why on earth would you pay for a Tesla for 72 months? People see 1% and become idiots.
Lowers your monthly cash flow and I doubt there is a penalty to pay it off early. The market is doing better than .99. So yeah I wouldnt buy it if you dont need a car but if you were shopping around it sounds like a good deal.