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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.
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.