{ "media_type": "text", "post_content": "Can I afford a $38k Tesla model 3 on a $77k salary?\nI’ve driven the same beater Toyota for 10 years and it’s starting to die. 26 years old, no debt, $125k in Roth retirement accounts, $25k in cash, no other real assets. Leaving DC to telework from parents’ house for a few months so no rent (temporarily at least). I’d put $10-15k down and the rest would be a 0% loan from Mom & Dad", "post_id": "5f15ac18a0b55f0028e06bbb", "reply_count": 63, "vote_count": 10, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Can I afford a $38k Tesla model 3 on a $77k salary? I’ve driven the same beater Toyota for 10 years and it’s starting to die. 26 years old, no debt, $125k in Roth retirement accounts, $25k in cash, no other real assets. Leaving DC to telework from parents’ house for a few months so no rent (temporarily at least). I’d put $10-15k down and the rest would be a 0% loan from Mom & Dad

likefunny
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

I would say get a cheaper car! Wait a couple of years to get the Tesla. You are very close. Any unexpected changes could happen ex) career, travel, parents etc Better to be safe than sorry. That Tesla will be there in a couple of years I promise! You can get a cheap car and travel more. Or get a cheaper car and put that money towards a home. I like to think long term. Not judging you even if you do get a Tesla. Best of luck OP!

like

With your parents help, assuming they are very much financial stability then yeah could probably afford it. Still don't think it's best purchase in these times, but I also understand you need a car. I would probably buy a used one to carry me over for the next 3 to 4 years. Once hitting a solid threshold of 380K net worth with 20K non emergency cash saved up, I wouldn't feel bad dropping the cash for one, especially if mom and dad will help with a loan still. Delayed gratification can be so satisfying.

Recent IconRecent

0% loan sounds good, but just get a Honda or Toyota dude and drive it to the ground. Depreciating assets are always a bad decision, esp. when they’re close to 50% of your gross salary.

like

Always good to treat yourself once you’ve got the rest of your financials set. Heads up it might come out to a little more then $38k.

like

You can price out the car on Tesla’s website and see how much it comes out to so you’ve got a better idea.

likesmart

Was any of your Roth account inherited? That's an impressive sum

likesmart

Thanks, nothing inherited but I had help that freed up other expenses so I could contribute early. Parents covered cell phone bill for a long time, helped with tuition, I stayed on their health insurance until last year, that sort of thing. I wanna say I’ve maxed the IRA every year since I was 17 and the 401k since I was 23

like

How do you have so much $?

likefunny

Take your PTO and get a used car. Experiences>Things

like

The car will cost you around 45k factoring in the automated self driving, taxes and delivery charges etc. For a 6 year loan it works out to be aroun 650 pm. Id you can afford that, go for it. Its a great car. Very well thought out and trchnologically advanced. You will also need to invest an additional $1500 ( it could be more depending on the city you live in) on getting a charging port installed at home to charge the car.

like

https://forums.tesla.com/forum/forums/cost-electrician-240-volt-outlet-installation Tesla owners discussing the cost. Most people reported 200 to 500. Almost everyone agreed anything over 1,000 is unreasonable or only true for highly unusual circumstances. A few hundred bucks is far more likely than anything over 1k.

To me, if you’re going to Parental Bank Inc. for a loan, it automatically means you can’t afford it. To each their own, but you are taking about buying a car this is half pretax income.

like

Of course a 0% loan is better. Part of my response was projecting my personal stance on borrowing F&F money, which admittedly I shouldn’t push on so apologies for that. As far as the other metrics, yes I read them. Yes Op can “afford” the monthly payments to parents. But let’s not pretend like it makes good financial sense to buy a $40k car when you are making $80k regardless of the interest rate. OP has a good jump on retirement, but admittedly has very little assets outside of that. Any plans on buying a house one day? etc. I’m not a car person, so my advice is to figure out if the intangible benefits are good enough and go for it if so. Sounds like in this case they are. But at least recognize it’s a good portion of post tax cash that is getting poured into a depreciating asset

Buy it yourself when you are ready financially.. you need to learn basic financial management and live in your means ... Even if parents are sweet enough..

like

Everyone has their style. To everyone their own..

Yes, you can afford it.

like

Do it

like

You, mom, and dad can afford a Tesla. You, however, cannot. 🙃

likefunny

If you had taken that 25k and put in TSLA stock, you probably would have enough to buy the car now ...

like

If you really want it and it's not a fleeting want, I'd say get it. If there's some features and other things you'd want that you are sacrificing in the short term then I would say wait a year or 2.

like

No, get a car which is atleast one year old and has low mileage. Build emergency funds and invest the rest.

like

You should get like $10k-$20k car. That Tesla will eat up so much of your cash flow.

like

*already maxing IRA/401k/HSA

like

Lol. This is the biggest flex of this morning.

like

OP - I didn’t mean to make you feel bad, and it is totally okay to ask. Don’t let my insensitive comment give you bad day. It truly wasn’t the intention. I hope you get the Tesla and also enjoy it

Save up and buy cash. You’re almost there anyway

Doesn’t matter. No need for debt in this case so why take on debt. Be free and pay your way

470ish lb ft of torque... sounds like fun... go for it!!!

Related Posts

Has anyone at ACN done a self initiated move? I'm going to move to NYC or SF. Do they immediately adjust salary upon date of move? If not, when?

Currently a tech consultant and looking to transition to strategy. Any one want to earn a referral bonus?

like

Is there any chance of a salary bump this year? (For cost of living, time at company, etc.)

Any insight as to the salary jump from consultant to manager?

like

Heard Deloitte lowers ur salary if u transfer to a cheaper city..this true??

My gf is graduating with a nurse degree, her starting salary is $100k and not more than 40hr weeks, why the fuck did I do accounting

like

Why is advisory staff 1 salary at $72k (in NYC) and audit is 60k?! Even a senior1 in audit doesn't make that much! And they don't need to worry about CPA! Some of them never work past 7pm all year!

like

If it weren't for having to repay my signing bonus, I'd be throwing in the towel after these past 6 months

like

Can anyone give me a legit salary range? Sr. Cons, fed practice, 3.5 years experience, financial modeling/cost analysis/data analytics (SoCal)...how much should I be making? Glassdoor isn't reliable

like

Is anyone else hearing more and more complaints from Uber drivers about comp?

like

Studying for FAR is like...Dr: CPA bonus-temporarily restricted; Cr: MY LIFE #nonprofitaccounting

like

Anyone for sure moving public to private this summer? What's your expected pay increase on base salary?

like

Typical raise and bonus from Analyst to Senior Analyst?

Trying to do some financial career planning. Can we state firm, position and salary along with any special circumstances that raised salary (MBA)in the comments for comparison? i.e. Federal BTA, 72.5k

like

Does Deloitte give any salary increases to 4s? Even as little as inflation rate??

💰***MASTER PwC COHORT THREAD***💰For the sake of FB this can be our one stop shop for comp posts... Please post in uniform format (Vertical, Cohort Level, City, Advanced Degree if applicable, Salary)

like

Any new managers have CRT convos yet? M1 salary and market?

like

What is the salary for managers in Hong Kong and Singapore

like

PwC SA3 bonus and tier in NY Metro.

like

Any news on SA2A comp in NYC ???

like

Additional Posts

Ahh it is posting but into middle of feed as opposed to top.

like

Post for push testing

like

Post for tests 2

like

Bbdjdndjdjgsjdjcbbdbxndbdbcghsbxhdbdbbxbbdbdbbdbdhxhdbbdbxjdbxbhebsbxb dbdbdbd Bebe the. Dbdbdbd sehsbevshdvhdbdbdbdbdd dbhsbvdbdvdvdbvduchhcbd dbhsbvdbdvdvdbvduchhcbd and I have love you so too but I

like

Post without company

like

Fhhbbbbjjnnnnnnsn dnnsndjjjd dhjhdjjdjdjdjnd dhjhdjjdjdjdjnd djjfjdjjdndndnnfnd dhjhdjjdjdjdjnd dhjhdjjdjdjdjnd djjfjdjjdndndnnfnd djjfjdjjdndndnnfnd now djjfjdjjdndndnnfnd do. D dndnnfndnnsdhjdjdjdjnd

like

Still not seeing location in the post window when turning it off.

Do you see this post? 12:59am

Ah now it did.

like

Where is a new build???

like

Hdjdjjdjd f hdjdjdjdhjd djdjdjjd d djdjdjjd bend djdjdjjdjjd djdjdjjdjjd djdjdjjdjjd djdjdjdjjdhdhdhdbbd djdjjdjdjdjdhje djdjjdjdjdjdhje djdjjdjdjdjdhje djdjdjjd djdjdjdjjdhdhdhdbbd djdjhdjdjdjdhdhhdj

like

Post new user

like

Do you recommend eating organic to your patients?

like
like

I just got an email from the Marriott I usually stay at saying "We can't wait to see you again!" Am I in too deep?

like
like

When your Midwestern client discovers the remnant henna on your hands from your friends wedding and thinks you have skin disease #cantmakethisup

like

Is anyone interested in transitioning to PE? How do you make that change? Someone told me to go to Bain. Lol

like

Tips for declining but not really declining a project? Think I may have committed career suicide already...

like

I used to read 2 books a month. Work out 3 days a week. Hike, play in an IM soccer team, socialize with friends and have enough energy for a 10 min call with my mom on Sundays. Than I got this job.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal