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Ah yes. Paying 80k+ for a used Tesla (probably worth max 50k) makes total sense.
Chief
OP, also bear in mind:
1) You could buy a brand new Model Y for $70k today - why would you buy their used one?
2A) Tax credits. If you bought a new one, you could qualify for tax credits making your net cost $60k instead of $70k
2B) As a corollary of 2A, <they want you to pay them $70k for something they paid $60k for>.
There are a couple of possibilities here and none of them are good. If it was me, even bringing up this preposterous idea would be a serious red flag for my relationship with them, and could risk spilling over into my relationship with my spouse. I’m not exaggerating.
Either:
A) they’re legitimately this clueless about money. I would be seriously concerned about their financial position and ask your spouse to have some hard conversations about elder care. Are they going to move in with you in ten years? Start asking you for loans? Help paying off their debts?
or
B) they know this is a preposterous idea, but hope that YOU DON’T. I.e. they are intentionally taking advantage of you *and their own child* to enrich themselves. As bad as the first option is, I think this is worse.
There are no current tax credits for Tesla (this was wound down over 2020 as Tesla hit its sales threshold for the credit) - there are some states that still currently offer sales tax incentives, none of them come close to $10k in value.
Wtf this is robbery
Dumb af. Nothing like paying 80k+ for a used Tesla worth 50k+. There’s a reason why they are proposing this deal. They may be “family” but their actions say otherwise.
Chicago living begs for beaters… it’ll get beat up by street parking, salt, ice. Not especially sound, if only by that measure.
Not everyone parks on the street
Sounds like a deal to me. You guys are blessed to have parents to do that and to be so well off so young!
Bad deal. For that price, you can buy a solid new car for 35k and have 35k left over for a super fancy ring, wedding, honeymoon, second new car, or combo of these things.
Some grade A bait.
That sounds like a terrible deal in your situation.
Atrocious absolutely DO NOT do this.
Pro
No thank you, we’re good.
let me clarify: this is a brand new car that hasn’t even been delivered yet. pretty much the appealing part is just the fact we get 0% interest loan. is that not a deal? i realize i can get a pretty low interest rate regardless but thought the slow pay off with no interest was worth something.
you know i don’t know how either. i put it all in the 2065 retirement date mutual fund. i think i may be exaggerating and lost all my gains, maybe not negative but still sad to see lol.
- brokerage account: 112k + 30k company stock
- retirement account: 75k + 20k for hsa
- real estate: 350k home in NV, recently sold a place in MI
Can’t they just cancel the order?
Do you have a garage- re-wired and equipped with a 220 charging hookup?
Sounds like they would like to receive some retirement income for 8 years?
You can put it on Turo when not using!
This is a good deal. The in laws are helping you save money on interest by paying half lump sum. They also won’t send some repossession crew to tow your car if you miss payments.
It’s a good deal to spend 85% of one of their income on a car? There are many cars that offer 0% interest, it’s not that special.
If you're planning to pay them back in the next 8 years "interest free" does that mean you're keeping the car for the next 8 years or will you be getting a different car in the near future? Would you have to pay for that new said car then WHILE paying of the Tesla?
My fiancé and I make more than this and felt bad about our $30k car lol
Can you afford to pay for the car in cash two times over? If your answer to this question is no, you shouldn’t be accepting the debt of a depreciating asset regardless of the terms.
Just do it
This is yield farming through Old Tesla by your in laws. Tesla is more like crypto to me. Not worth 70k.
It is a great deal. Recognize the blessing that has come. I think this is super thoughtful by the parents. I own a Tesla and its the best decision ever. No gas prices to worry for, and you will avoid all the other repair and maintenance drama as well. Plus you got it interest free. What a sweet deal is that. Enjoy it.