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

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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.

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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.

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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.

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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.

I would keep driving the Toyota until it literally stopped running. And then if I was in your position, I would buy a used 5yoish car. One day I’d like to buy a Tesla too, but before I do that, I’d want to be more established with a house etc.. such a personal question! There will be ppl who have a lot less who think they can afford it!

I’d also not want to waste money dealing with a shit hole car.

Don’t not buy a car.

Put the 38k cash in a reit and let it buy out monthly $250 and use that to pay them

I wouldn't personally, but here's an interesting analysis from The Money Guy...
https://youtu.be/ImacwGc1w3Y

$10k left is likely enough for a 3 month emergency fund, but why buy a new car when they depreciate so quickly?

The Model 3 is a great car - if you have Volta charging nearby you can get free charging. The included driving mode is great no need for full self driving. Software updates continually improve the feature sets on the car. If you plan on keeping it then great go for it. If you do decide to buy let me know I can give you a referral code for free supercharging. BR Jay

@op what happened? Did you get the car?

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