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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!
Rising Star
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.
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.
Chief
#hedidthemath https://www.youtube.com/watch?v=6RhtiPefVzM
Conversation Starter
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.
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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.
Pro
Was any of your Roth account inherited? That's an impressive sum
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
How do you have so much $?
Take your PTO and get a used car. Experiences>Things
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.
Chief
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.
Rising Star
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.
Rising Star
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..
Everyone has their style. To everyone their own..
Chief
Yes, you can afford it.
Do it
Conversation Starter
For fellow car lovers https://joinfishbowl.com/bowl_ta4ypi
You, mom, and dad can afford a Tesla. You, however, cannot. 🙃
If you had taken that 25k and put in TSLA stock, you probably would have enough to buy the car now ...
Pro
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.
No, get a car which is atleast one year old and has low mileage. Build emergency funds and invest the rest.
You should get like $10k-$20k car. That Tesla will eat up so much of your cash flow.
*already maxing IRA/401k/HSA
Lol. This is the biggest flex of this morning.
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!!!