Can I buy a Tesla?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
mervinj7
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Re: Can I buy a Tesla?

Post by mervinj7 » Mon Aug 13, 2018 12:58 pm

TomatoTomahto wrote:
Mon Aug 13, 2018 12:06 pm
My brother-in-law just ordered a Model 3 to go with his Model S. He says that charging in California is a snap: at work and elsewhere. He only charges at home on rare occasions.
+1 We also live in CA. We have free charging at my office, cheap charging at my wife's office, and a L2 charger in our driveway (no garage living in a duplex)). Even without those, there are plenty of chargers nearby.

niceguy7376
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Re: Can I buy a Tesla?

Post by niceguy7376 » Mon Aug 13, 2018 1:47 pm

HomerJ wrote:
Sun Aug 12, 2018 10:52 pm
Congrats. Where are you charging it?
Trying to understand the background behind the question.
Is it that he cannot afford power at home to charge the car or that he lives in a remote part of the country (and be a doctor with no patients) where he needs to drive tens of miles without a charging network?

To the OP,
if you had put any other car maker name and said it costs 50K, i would love to see the responses.

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HomerJ
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Re: Can I buy a Tesla?

Post by HomerJ » Mon Aug 13, 2018 3:26 pm

niceguy7376 wrote:
Mon Aug 13, 2018 1:47 pm
HomerJ wrote:
Sun Aug 12, 2018 10:52 pm
Congrats. Where are you charging it?
Trying to understand the background behind the question.
Is it that he cannot afford power at home to charge the car or that he lives in a remote part of the country (and be a doctor with no patients) where he needs to drive tens of miles without a charging network?

To the OP,
if you had put any other car maker name and said it costs 50K, i would love to see the responses.
He said he rents...

Thats why I asked... Im curious how many charging stations most work places have... i think we have 10 in my parking garage... but we have two thousand spots..

Could be a problem as evs become more and more common
The J stands for Jay

Cramerica
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Re: Can I buy a Tesla?

Post by Cramerica » Mon Aug 13, 2018 9:06 pm

redbeard25 wrote:
Mon Aug 13, 2018 6:39 am
Cramerica wrote:
Fri Jun 29, 2018 2:35 pm
32 and I am just starting my career as a specialist physician.

I have about $160k in retirement

About $60k in low interest ( <2%) debt
A doctor you say?? If you don't mind me asking, how much does college really cost to become a doctor?
That is highly variable. It can be free or it can cost hundreds of thousands of dollars. The average loan burden is around 200k. Some graduates have over 500k in loans.

mc7
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Re: Can I buy a Tesla?

Post by mc7 » Fri Sep 14, 2018 12:40 pm

I had been waiting a few years to buy a Tesla. When I finally decided to get a new car, I rented several on Turo for a few days each and ended up getting a Honda Clarity Touring. I love it! I can commute completely on electric power, qualified for a California carpool sticker and Federal tax credit, I like the interior (on the Touring variant) just as much as the Model 3, it has a few of the "Autopilot" features under different names (adaptive cruise control and lane keeping assistance), and I think it rides somewhat smoother (not surprising given Tesla's sporty niche). My previous daily driver was an eighteen-year-old sporty convertible with a manual transmission, which I will keep for occasional use on weekends or whatever. I hadn't really set out to save money on the car purchase, and even eyed the Model S, but it was a great boglehead outcome that the Clarity was also so much cheaper than the Model 3.

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knpstr
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Re: Can I buy a Tesla?

Post by knpstr » Fri Sep 14, 2018 12:55 pm

Do you think it would be crazy for someone making $75,000/year to buy a $16,500 car? Sounds reasonable to me; that is the same price:income ratio as you are talking about.
Very little is needed to make a happy life; it is all within yourself, in your way of thinking. -Marcus Aurelius

amitb00
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Re: Can I buy a Tesla?

Post by amitb00 » Fri Sep 14, 2018 4:59 pm

Physician income is relatively secure. Go for buying your dream car.

epoxyresin
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Re: Can I buy a Tesla?

Post by epoxyresin » Fri Sep 14, 2018 5:18 pm

Congratulations. I hope your new car serves you well.

What's the phrase that gets trotted out? "You can have anything that you want, but you can't have everything that you want". Lots of people, even those making much less than you, can afford to buy a Tesla. The question is what are they (and you) forgoing by doing so (luckily you'll have to forgo less than most).

Nicolas
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Re: Can I buy a Tesla?

Post by Nicolas » Fri Sep 14, 2018 6:09 pm

Congrats! Go for it.

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Dendritic Tree
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Re: Can I buy a Tesla?

Post by Dendritic Tree » Mon Sep 24, 2018 6:34 am

I’m a relatively new attending (~2 years out) who cancelled my model 3 reservation when I got my invite to configure. But we have a LOT more debt than you and we’re focused on living like residents until it’s gone (never should have made the reservation in the first place - can’t afford any new car right now). We’re working on getting our loan payments to 13,000/mo and expect to be paid off late 2021, at which point I may loosen up a bit and buy the Tesla I’ve craved since 2012. If (when) I need a new car before then I’ll probably buy a used Nissan LEAF for dirt cheap as a placeholder (I can’t ever buy a gas burner again after leasing a first generation EV).

That said, I don’t think buying the model 3 was a total bonehead move on your part. Not the single most frugal thing as a new attending but within the spectrum of reasonable choices given your income and debt burden. I do agree with WCI though to avoid the slippery slope of hedonic adaptation that can come along with buying a Tesla and really set you back at the beginning of your career if you start spending big on other stuff too. If I had your income and debt I probably would have pulled the trigger on the model 3 though.

So what do you think about it, now that hopefully you’ve had a chance to drive it? Or are you a victim of Elon Musk’s “delivery logistics hell”?

Cramerica
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Re: Can I buy a Tesla?

Post by Cramerica » Mon Sep 24, 2018 7:10 am

I absolutely love it. The best car I have ever owned. In a class of its own.

PFInterest
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Re: Can I buy a Tesla?

Post by PFInterest » Mon Sep 24, 2018 7:25 am

Cramerica wrote:
Mon Sep 24, 2018 7:10 am
I absolutely love it. The best car I have ever owned. In a class of its own.
thanks for the update!

wrongfunds
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Re: Can I buy a Tesla?

Post by wrongfunds » Wed Oct 17, 2018 3:26 pm

Cramerica wrote:
Mon Sep 24, 2018 7:10 am
I absolutely love it. The best car I have ever owned. In a class of its own.
You said fully loaded but currently M3 comes either as RWD, AWD or Performance version. Which one did you end up buying?

madbrain
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Re: Can I buy a Tesla?

Post by madbrain » Wed Oct 17, 2018 3:47 pm

240U wrote:
Sat Jun 30, 2018 11:45 pm
TimeRunner wrote:
Fri Jun 29, 2018 2:58 pm
Your billable time is too valuable to be hanging around a charging station. Gas and get to work! :D
I say just the opposite. Your billable time is too valuable to be wasted filling an archaic ICE vehicle when it could be charging while you sleep every night.
Also, those gasoline fumes from pumps smell foul, and are noxious. I very much enjoy not being at the gas station anymore.
(I don't drive a Tesla, other EV.)

novemberrain
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Re: Can I buy a Tesla?

Post by novemberrain » Wed Oct 17, 2018 5:25 pm

With 100k NW, it is not advisable. Tesla is a luxury at this point. A $15k corolla will do the trick for now. When your NW reaches 15 or 20x the cost of a 'want' car, then it will be ok. Till then, a 'need' car is advisable.

wrongfunds
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Re: Can I buy a Tesla?

Post by wrongfunds » Wed Oct 17, 2018 5:34 pm

novemberrain wrote:
Wed Oct 17, 2018 5:25 pm
With 100k NW, it is not advisable. Tesla is a luxury at this point. A $15k corolla will do the trick for now. When your NW reaches 15 or 20x the cost of a 'want' car, then it will be ok. Till then, a 'need' car is advisable.
Are you sure about that ratio for a "want" car? For example, for the $60K car, do you think "mere $1.2M net worth" is enough? On BH forum that kind of net worth puts you in to 'barey scrapping by' territory! In my very not so humble opinion you should never spend more than 2% of your net worth on a "want" car. On a need car, you can go much higher because you obviously need it, so we can't apply the same standard as a 'want' splurge.

novemberrain
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Re: Can I buy a Tesla?

Post by novemberrain » Wed Oct 17, 2018 6:40 pm

wrongfunds wrote:
Wed Oct 17, 2018 5:34 pm
Are you sure about that ratio for a "want" car? For example, for the $60K car, do you think "mere $1.2M net worth" is enough? On BH forum that kind of net worth puts you in to 'barey scrapping by' territory! In my very not so humble opinion you should never spend more than 2% of your net worth on a "want" car. On a need car, you can go much higher because you obviously need it, so we can't apply the same standard as a 'want' splurge.
Yes, I stand corrected. A 2% NW is a good metric for a 'want' car. And yes, for a specialist physician, I guess a reliable car is critical. So buying a $2000 car is not advisable. But a reliable corolla or a chevy spark is ok.

Cramerica
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Re: Can I buy a Tesla?

Post by Cramerica » Wed Oct 17, 2018 7:00 pm

You guys are funny. Even Dave Ramsey says a NW of $1M is fine for a 'want' car.

Btw, my NW is closer to 200k now.

I personally think it would have been a mistake to wait on a very conservative NW number just to buy a nice car. I love the car and it is one of the few luxuries that has an effect on me every single day and saves me time and hassle.

wrongfunds
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Re: Can I buy a Tesla?

Post by wrongfunds » Wed Oct 17, 2018 7:27 pm

Cramerica wrote:
Wed Oct 17, 2018 7:00 pm
You guys are funny. Even Dave Ramsey says a NW of $1M is fine for a 'want' car.

Btw, my NW is closer to 200k now.

I personally think it would have been a mistake to wait on a very conservative NW number just to buy a nice car. I love the car and it is one of the few luxuries that has an effect on me every single day and saves me time and hassle.
Did I miss the information about the specific model and options of the car? You said full loaded but did not specify RWD/AWD/Perf etc

Cramerica
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Re: Can I buy a Tesla?

Post by Cramerica » Wed Oct 17, 2018 7:42 pm

wrongfunds wrote:
Wed Oct 17, 2018 7:27 pm
Cramerica wrote:
Wed Oct 17, 2018 7:00 pm
You guys are funny. Even Dave Ramsey says a NW of $1M is fine for a 'want' car.

Btw, my NW is closer to 200k now.

I personally think it would have been a mistake to wait on a very conservative NW number just to buy a nice car. I love the car and it is one of the few luxuries that has an effect on me every single day and saves me time and hassle.
Did I miss the information about the specific model and options of the car? You said full loaded but did not specify RWD/AWD/Perf etc
The Tesla people themselves said RWD is what they would get in my situation (living in Cali etc) so I got that. I got all other available options (long range, autopilot, multicoat paint, etc).

novemberrain
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Re: Can I buy a Tesla?

Post by novemberrain » Wed Oct 17, 2018 8:48 pm

Cramerica wrote:
Wed Oct 17, 2018 7:00 pm
You guys are funny. Even Dave Ramsey says a NW of $1M is fine for a 'want' car.

Btw, my NW is closer to 200k now.

I personally think it would have been a mistake to wait on a very conservative NW number just to buy a nice car. I love the car and it is one of the few luxuries that has an effect on me every single day and saves me time and hassle.
What does Dave Ramsey say about buying a 'want' car at $200k NW?

As someone pointed out, a $1M NW is considered 'barely scraping by' in this forum :)

wrongfunds
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Re: Can I buy a Tesla?

Post by wrongfunds » Thu Oct 18, 2018 8:11 am

Cramerica wrote:
Wed Oct 17, 2018 7:42 pm

The Tesla people themselves said RWD is what they would get in my situation (living in Cali etc) so I got that. I got all other available options (long range, autopilot, multicoat paint, etc).
What was your frame of reference in terms of raw acceleration of RWD Model 3? Even though I come from 20 year old anemic vans and barely adequate 6-cyl sedans, the first test drive of the RWD failed to wow me away. I wonder if something is wrong with me?

Ignore the people giving you hard time about your purchase. The same amount spent on a Lexus would have got you full nod of approval from BH forum except from the guys who would have preferred you to buy my 1999 minivan with only 251K miles on it.

Remember if you ask BH forum can I afford to splurge, the answer mostly comes back as "NO".

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