my s.o. and i have a total salary of 210k and we’re 28/25 respectively. her parents ordered a tesla y for 70k and paid off 45k so far. we live in chicago and they are in iowa so they figured it’ll be better use for us to have the car. we’ll pay off the current loan and pay them back the amount they paid throughout the next 8 years interest free. is this even a good deal for us or are we able to get too much car for our age?

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

Ah yes. Paying 80k+ for a used Tesla (probably worth max 50k) makes total sense.

likefunnyhelpfuluplifting

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.

likehelpful

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.

like
Recent IconRecent

Take the car, that’s fine

A car worth 90% of one of their salaries? That’s crazy

What is the opportunity cost? In other words what else can you do with that 70k , and preferably something with ROI…like investing or buying property.

When you each make 105, buying a depreciating asset at 85% of one’s income, is not a smart decision. If you need car, you can get one for less.

Also what are your other stats, savings, properties, investments?

If you can’t buy it twice, you can’t afford it. - Jay Z

So…. The real question here is should you buy a $70k car interest free. The answer is no

I don't think it's a good move for a couple living in Chicago with that combined income.

Related Posts

I am currently working as a PayPal AWF/CW in contractor's payroll for the past 3 months. I heard many got converted from AWF to FTE. So what is the process for FTE conversion? Should I clear some Interviews? Also how much would the salary increment be? On par with regular hiring? Any minimum time limit of being in AWF before FTE conversion?

like

Hi Anyone from US Tax . I recently got an associate 2 offer and they have mentioned phone allowance , mon le connection allowance and bus subsidy, what are these. ?

Also what's the salary you people get

like

Finally have built up an emergency fund after 2 years of working! I’m looking to move most of it to a high yield savings account (and then start investing, woohoo) but not sure which is the best one or if certain ones have better services etc. I’m looking at Marcus just because it seems to have the best rates right now but any info helps! TIA

like

Hi y’all! I’m a financial educator and my job is to help families in need of financial education! I help anyone on learning how money works here in the US & how to get rid of debt! I offer financial products that help you protect and grow your money. I’d love to help you out in reaching your personal financial needs!
I’m also always looking for people to hire!

like

What will be in-hand salary? Position: Consultant in Advisory and will work with KPMG Canada team, Should I go with this offer? Experience: 4.2 years Current CTC : 6.5 LPA KPMG KGS KPMG India

Post Photo
like

To stay or go? Is it time to move on?
I've got 4 years at a staffing agency after getting Masters in HRM and making a complete career change in 2018. Doing full cycle recruiting and account management. I feel I'm doing very well (in the role and with comp $57 base + commission = ~$91k last year) BUT I feel stuck!! I'm feeling undervalued and unchallenged. I think I'd love corporate recruiting/TA Specialist, etc. How do I make the jump? Should I just keep truckin??

like

Hello Brother & Sister fishes,

Please share what would be the my in hand salary as per your experience if you are getting approximately near to 12 - 14 LPA.

Tech Stack : eLearning Consultant
YOE : 5 yrs

Note: No offence, Kindly don’t bully in reply section, I know I am under paid as per my YOE looking to the current market standard.

Post Photo
like

How much salary I Can expect from Salesforce . YOE :8+, Skill - Senior Solution consultant ( RFP/ POC/ Business requirements ) Salesforce

like

How much higher should my 1099 hourly rate be compared to hourly breakdown of annual salary? Like add 30% for taxes, then roughly how much more considering no benefits etc. - like 10-15%?

like

Hi does hsbc gives joining bonus how much salary band we can expect for gcb 5 ? This is my 3rd post on fishbowl but not a single reply I am getting ..

like

Has your firm restored your pay? Is it worth considering jumping to another firm that is going to pay you what you’re worth? Don’t know about the rest of you, by my student loan interest rates aren’t getting any lower.

like

Are you a Physician Liaison? PI Liaison? Medical Marketer?
💠What is your salary, bonus, & car allowance?

I work as a Physician Liaison for a 8 clinic practice. I work 2 territories( Northeast & Southwest Houston). I work 40-60 hrs a week- including mandatory after hour networking events.

Im paid 55k base salary + $1 per referral, I bring in. (Average 1,100 a month). $180 bi weekly car allowance.

How does this compare to your salary?

I really want to ask for a raise…should I?

Post Photo
like

Is $100K CAD a reasonable salary for a Senior Art Director in Pharma?

like

Any idea fishes on what's the last client round in EY Parthenon for Deals Strategy - is it a experience discussion/fitment or a proper technical round.

YOE: 8 years
Poaition: Associate Manager

And what's the salary one can demand??

like

Recommendations for how to allocate 401k with Fidelity. Just switched jobs and have to move from Merrill Lynch to Fidelity

like

2017 Lexus IS 200t F Sport for 32k plus taxes...? (33k miles) Yay or Nay?

like

Had an interview today, for RN OnCall position. This is an extremely difficult position, but I bring not only a preference to work the hours they need but the experience and credentials to qualify for the upper range of the salary (RN, MSN, CHPN, 5 years hospice experience). I asked for the range and he gave the range then immediately stated that I would qualify for mid range. My goal is to find a similar position to the one I’m working now and add 20-30% to my income, the high range would meet

like

Sell or keep my old condo? Condo worth around 450k and still 310k balance to pay off. Mortgage is 2200 (adding HOA) and monthly rental is 2300-2400. It's an old condo so maintenance has already ate 50-60k over the course of 3 past years. Should I keep it or ditch it given that the cash flow is so minimal & upcoming maintenance might take me another hit?

like

Hi Fishes,
how's the area around Manesar toll plaza. I see there are multiple societies available in that area including emaar palm, vatika, dlf, etc. Just wanted to get an idea on how's the area and how much property appreciation you guys expect in that area for in next 5 years?

like

I had my kind of hr round with TCS
They did not have a detailed discussion regarding the compensation .
But they told i will be getting link for uploading documents and then hr would be discussing for compensation.
Its been 2 days. No update. Can anyone guide. Why 2 hr rounds ? N how much time it takes?

like

More Posts

U.S. Open Champ??

like

What’s it like being a pregnant freelancer? Is it hard to get jobs when you are far along?

like

McK AMA. On PTO this week and next. What do you want to know?

like

Do people working in IB, PE, Consulting, etc. get any financial aid when applying for top MBA programs (M7 or T15)?

like

I was rejected from a job because I don’t have a big online presence. Why does work have to be my hobby, too? Is this normal?

like

I’m helping a teacher take over her website that’s hosted by FlyWheel and suspect is a template. A designer charges maintenance, but it could really use a do-over. Advice on taking back control?

Need 11 likes to start DM please

like

In my offer letter it stated a signing bonus to be paid on the first available payroll after my start date. Its been a month since my first paycheck and HR and the Payroll team are incredibly unresponsive to my inquiry on where this bonus is. What’s the next course of action? Legal? I’m not at ACN anymore so not looking for ACN-specific advice.

like

Is there a ceiling in BD&L work both in consulting and in industry for those who didn’t do a PhD or MD? I feel like most of the individuals I see in these roles at senior levels have one or both degrees. Am I “wasting” time taking projects in these spaces if I only plan on getting an MBA?

like

Hi Fishes

Does EY GDS give 10% Variable and EY India give 20% variable?

like

Blackrock. Got a informal offer but no follow-up with a contract. Noted they are working on it, but does it really take this long or red flags? How much longer would you wait?

like

I’m struggling with the automation tasks I’m given (primarily Excel) but don’t exactly know what programming skills I’m missing to go learn them.

like

For every Logistics Manager:
What are the top 3 red flags when evaluating hiring a new provider?

like

I just found out how we can solve all the "supply chain problems." Maybe people could... like... order things a week BEFORE they needed them? SMH

likefunny

MId 40's Attractive Divorced Male here 6'1" in Nor Cal. Any attractive female fishes here for casual dating

like

Dear Friends, I am looking for an IT Project Manager job. Let me know if you have any opening for this role. Work experience: I have 13years of experience in the IT industry.

Key Skills: Project Management, Customers and stakeholders management, worked on Cloud migration project, worked on new customer transition, Transitioning project to BAU,IT operations

Technical Skills : AWS, Azure, VMware, Windows Server 2012/2016/2019

like

How much we can expect for 11 Yoe and Sharepoint/power platform developer?

like

Find your why, your why will give you purpose? This is part of your self discovery journey.

Great for business development, career development, this is something I learned in business school (Why statement is a powerful tool) by Simon Sinek

Post Photo
like

Additional Posts in Personal Investment Chatter

Going from 20yr 3.25% fixed to 15 year fixed mortgage rate of 2.125%, non pints. Is this rate good enough in NYC?

like

Have about $200k in savings. Should i move them to a high yield savings account? Popular direct or UFB direct quoting 3.7-3.8% which is not bad. Any other ways to grow? I already have quite a bit more in index funds so don’t want to buy into more stocks

like

Any good bonuses on credit cards right now? (Jan 2022)

Already have Chase Freedom, Amazon (Chase), US Bank Cash+ Discover, AMEX, Wells Fargo 1.5%, all used for different expenditures to maximize cash back.

Thinking about getting the Wells Fargo 2% and closing the Wells Fargo 1.5%, and any others that overlap in cash back categories but at a lower rate.

like

Any tips on how to use up gift cards with <$3 on them? I know some stores won’t accept as a payment method. Don’t live in a state that lets you cash out under a certain amount.

Any stores / websites you’ve had luck with? Hate to throw out free money, even if it’s a few bucks

like

I started a small LLC on the side. My company is getting it's first client this month.

Wondering if any 🐟 have recommended resources on setting up initial consulting business thru an LLC.

Books, websites, tax strategies etc.

My LLC is already incorporated, but looking for guidance with the next steps (creating contracts, invoices, etc)

likeuplifting

Who / what do you list as your contingent beneficiary when your spouse is your primary, you don’t have children, and you don’t have anyone in your family you trust with your finances if something were to happen?

like

How do I legally gets my hands on $100k that my future wife wishes to hand me over for investment purposes (she is outside the US). We won’t be marrying for another two years. Thank you!!

likefunny

Hoping to earn rental income. Any good advice or resources on getting started? What’s your experience been like? Thanks for sharing in advance!

like

Anyone having experience with opening a brokerage account for an organization (single member llc ideally)? I have a question regarding the set up.

like

Is stock market surging tomorrow?

like

Are we allowed to trade crypto on TD Ameritrade?

like

How do they verify your health status when getting life insurance online?

Post Photo
likefunny

When to sell at a loss?

I’m 26 and have a fair chunk of my NW tied to Cloudflare - a tech stock that I believe has the opportunity to 3x and become a $100b+ company over the long term. Similarly, I have a lot in cloud computing etf - WCLD.

Given short term rotation out of growth stocks, I’m confused on what to do. I think we still have some time before growth stocks bottom out, but do I sell?

I would consider myself a “long only” investor, but am unsure what to do given my lack of diversif

like

31, $155 base, expenses 2300mo, 30k investment, only debt is 500k house. Is it too late? How far behind am I? If I throw all of my cash moving forward at investments and mortgage can I recover?

like

How much do you keep in the bank vs brokerage?

like

I have a question on 401k loans. How is the principal repayment reinvested? Monthly? When the loan is fully paid? Do they cash out that portion of my investments or just use then as collateral?

like

Had my sapphire preferred for 4 years. Can I downgrade to a freedom today and re-apply for a sapphire after a couple weeks to get a new bonus?

like

How do people feel about Tesla ? Buy ?

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
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

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal