Opinions on buying both a Tesla and a Lexus

[hachiko]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

My opinion: X is way overpriced for what its worth.
I'd buy lexus (I assume hybrid?)
If I must get another car and dead set on tesla, I'd get a Y not X.

Yes. I bought an X about 7 years ago, when there weren't many options. If I were to do it today, and it had to be a Tesla, it'd be a Y.

I'm still really happy with my 2019 model 3 that I bought new. It's the only car I've ever bought new, but I don't remotely regret the purchase. Although, it does help that I haven't had to spend a cent on maintenance (other than washing/cleaning the car), and the car has held it's value extremely well, in large part due to the current conditions, but also Teslas do generally hold their value.

To the poster who noted the technology changes - I have a friend that just got the 2022 Y and it doesn't seem different technology-wise. Tesla updates its software remotely and (they say) all the current vehicles will be able to run full autopilot from a hardware perspective. I think it's a bad decision to lease a Tesla unless there's some tax or ev credit reason why you're doing it.

[Leesbro63]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

My opinion: X is way overpriced for what its worth.
I'd buy lexus (I assume hybrid?)
If I must get another car and dead set on tesla, I'd get a Y not X.

Yes. I bought an X about 7 years ago, when there weren't many options. If I were to do it today, and it had to be a Tesla, it'd be a Y.

I'm still really happy with my 2019 model 3 that I bought new. It's the only car I've ever bought new, but I don't remotely regret the purchase. Although, it does help that I haven't had to spend a cent on maintenance (other than washing/cleaning the car), and the car has held it's value extremely well, in large part due to the current conditions, but also Teslas do generally hold their value.

To the poster who noted the technology changes - I have a friend that just got the 2022 Y and it doesn't seem different technology-wise. Tesla updates its software remotely and (they say) all the current vehicles will be able to run full autopilot from a hardware perspective. I think it's a bad decision to lease a Tesla unless there's some tax or ev credit reason why you're doing it.

They reported on CNBC today that used Teslas dropped 18% last month due to the big new Tesla price cut.

[Houdini563]

My retirement plan going way back was to retire with two new cars and NO bills. So early last year I paid off my mortgage. Then in April received a nice bonus from work and bought a 2022 Mazda Carbon Edition with it. Then in September traded in my wife’s car plus a $47,000 check for a loaded 2022 Mercedes GLC 300. I retired earlier this month.

[BruDude]

Seconded, but I have never seen a BruDude post that was something other than excellent. All great points. 2 after thoughts: 1. If I had a choice, I would have a 1-car solution. A Plaid S would be that, due to range and interior space. As mentioned, a Taycon probably is not a 1-car solution. If I am to have 2 cars, then (as currently is the case) 1 will be a beater and the other will be something sporty. Maybe an Eray is a better choice for me. 2. There are a couple of ways of looking at the Tesla price cuts. You noted 1, and I agree that it really mauls existing owners. On the other hand, as a buyer, I can now get the exact same car for $10k less, and my guess is that it will not depreciate quite as fast at $10k less than it would have at $10k more. Still, I concede that there is no comparison between the Tesla and Porsche depreciation rates.

Sorry to hijack this thread, but it is all very interesting and relevant to me.

Thank you. I agree that a Plaid is a better one-car solution if no other car available, but usually people with a Plaid have another car too and they just bought the Plaid because it's stupid fast.

Personally I'd take an Eray over a Plaid at a similar price point but they're two very different cars for two different purposes and the Eray can't be driven in electric-only mode over 45mph from my understanding. Pretty cool tech, hopefully they can stuff those electric motors into the Z06 to make the ZR1 an Eray on steroids. Doubt I'll get one at MSRP any time soon but it would definitely have my attention.

Also agree that the price cuts mean there's less downside potential on a new purchase, but the price cut just leaves a bad taste in my mouth for how they treat existing customers. Getting the $7500 tax credit for a Model 3 or Y in addition to the price cut is pretty attractive to buyers though, no doubt, I think the cap for the tax credit is like $55k MSRP or something. $15k for full self-driving also seems absolutely insane to me, but some people are lazy. I'd rather drive the car myself, sitting there while the car drives itself seems pretty boring. I supposed if I had an actual commute to work in traffic I might feel differently.

If Porsche would make an EV Macan with the same performance as a Taycan Turbo S would be a pretty incredible daily driver, but they'll tune it down to not be as fast to avoid poaching Taycan sales. But maybe one day...

On a side note, I just saw a tweet from CarDealershipGuy showing a Lucid Air that went through auction recently and didn't even hit $110k on the bids for a $170k MSRP car with 2500 miles on it. That's some steep depreciation!

[WestCoastLiving1]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

My opinion: X is way overpriced for what its worth.
I'd buy lexus (I assume hybrid?)
If I must get another car and dead set on tesla, I'd get a Y not X.

Yes. I bought an X about 7 years ago, when there weren't many options. If I were to do it today, and it had to be a Tesla, it'd be a Y.

I'm still really happy with my 2019 model 3 that I bought new. It's the only car I've ever bought new, but I don't remotely regret the purchase. Although, it does help that I haven't had to spend a cent on maintenance (other than washing/cleaning the car), and the car has held it's value extremely well, in large part due to the current conditions, but also Teslas do generally hold their value.

To the poster who noted the technology changes - I have a friend that just got the 2022 Y and it doesn't seem different technology-wise. Tesla updates its software remotely and (they say) all the current vehicles will be able to run full autopilot from a hardware perspective. I think it's a bad decision to lease a Tesla unless there's some tax or ev credit reason why you're doing it.

The Model Y is a nice car but I prefer something larger. I've been looking at used Model X's and I think I could get one for around $100K. That would be about $20K less that what I originally thought I would be spending. I have always bought new cars so buying used is new to me and I would need to do some research if I went that route. I still may lease it for approximately $2,000 a month. I could squeeze it into my budget of $13,000 a month. Besides rent which is roughly $7,000 a month, I spend a lot on "wants" which I could still enjoy but less often (such as travel, fashionable clothing, etc).

[hoops777]

Thanks for the replies. I'm not sure how I could reply to everyone. One way I've been thinking about this purchase is that I do not withdraw from my capital. My expenses are within my passive income. Again, the RX would not be for me. For myself, I would like a car that makes me happy and that I enjoy. I think the Tesla would make me happy. I am also looking into other brands and vehicles in the same class but they are also very expensive. Specifically, I like the 2023 Range Rover but it is not much different price wise. I also like the Mercedes G Class a lot but it is very expensive too.

It might make you happy for a month or two then it will probably just be a car, but it is your money.
It will be about 200K when you add tax and license but what’s another 20K.

[cmr79]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

My opinion: X is way overpriced for what its worth.
I'd buy lexus (I assume hybrid?)
If I must get another car and dead set on tesla, I'd get a Y not X.

Yes. I bought an X about 7 years ago, when there weren't many options. If I were to do it today, and it had to be a Tesla, it'd be a Y.

I'm still really happy with my 2019 model 3 that I bought new. It's the only car I've ever bought new, but I don't remotely regret the purchase. Although, it does help that I haven't had to spend a cent on maintenance (other than washing/cleaning the car), and the car has held it's value extremely well, in large part due to the current conditions, but also Teslas do generally hold their value.

To the poster who noted the technology changes - I have a friend that just got the 2022 Y and it doesn't seem different technology-wise. Tesla updates its software remotely and (they say) all the current vehicles will be able to run full autopilot from a hardware perspective. I think it's a bad decision to lease a Tesla unless there's some tax or ev credit reason why you're doing it.

The Model Y is a nice car but I prefer something larger. I've been looking at used Model X's and I think I could get one for around $100K. That would be about $20K less that what I originally thought I would be spending. I have always bought new cars so buying used is new to me and I would need to do some research if I went that route. I still may lease it for approximately $2,000 a month. I could squeeze it into my budget of $13,000 a month. Besides rent which is roughly $7,000 a month, I spend a lot on "wants" which I could still enjoy but less often (such as travel, fashionable clothing, etc).

The Model Y and Mercedes G-Wagon have very similar interior sizes. The Range Rover and Model X are clearly a bit larger than either the Model Y or G-Wagon. When you say you prefer something "larger" than the Model Y but don't give any reason for why you absolutely need to pay twice as much for the extra ~25% of cargo space and are cross-shopping other vehicles that are the same size but similarly more expensive, I am guessing that most of us will just see that as code for you actually just wanting something "nicer" than the Model Y.

[Doctor Rhythm]

You seem to have a need/desire for an expensive lifestyle, based on this post and your earlier one about needing to pay $10K in rent per month. Personally, I don’t think your financial situation is secure enough to buy two luxury cars, if that’s what you’re asking the forum. That’s based on individual risk tolerance and degree of fiscal conservatism.

[Leesbro63]

You seem to have a need/desire for an expensive lifestyle, based on this post and your earlier one about needing to pay $10K in rent per month. Personally, I don’t think your financial situation is secure enough to buy two luxury cars, if that’s what you’re asking the forum. That’s based on individual risk tolerance and degree of fiscal conservatism.

The cost of that need/desire for an expensive lifestyle might be huge, giving up the ability to accumulate wealth. Living that well now might cause living way less well later. At age 63, I’m seeing the piper arrive for a lot of my formerly high flying peers.

[Paullmas]

I will not comment on financial risk as others have.
I will comment on the risk of buying/leasing a Tesla. Tesla that is actively fighting right to repair, has a battery that will die at "some point"(probably sooner than most believe), and can not be repaired by my mechanic, probably best to avoid unless you have money to burn.

[Leesbro63]

I will not comment on financial risk as others have.
I will comment on the risk of buying/leasing a Tesla. Tesla that is actively fighting right to repair, has a battery that will die at "some point"(probably sooner than most believe), and can not be repaired by my mechanic, probably best to avoid unless you have money to burn.

But for $2000/month, it wasn't even to BUY the Tesla. It was TO LEASE it. So future repair and battery costs aren't the issue...that would be cheaper! The original poster wasn't only talking about making a big ticket purchase now, he was talking about entering the "new every few" lifestyle that costs yet even more. Again, so many of my friends were like this in their 30 through 50s and now are either stressed from having to keep running the treadmill or have grudgingly settled for the lower lifestyle that they should have embraced back then. And for financial stress of trying to maintain as much lifestyle as possible, but not really being able to afford it.

[burritoLover]

I will not comment on financial risk as others have.
I will comment on the risk of buying/leasing a Tesla. Tesla that is actively fighting right to repair, has a battery that will die at "some point"(probably sooner than most believe), and can not be repaired by my mechanic, probably best to avoid unless you have money to burn.

These are the typical EV myths. The battery has an expected lifetime of 300k-500k miles. Tesla has a 8-year/120k mile battery and drive unit (i.e. motor) warranty, including a guarantee of 70% retention of battery capacity. Your mechanic can work on the suspension/brakes/wheels/tires of any Tesla - they are the same as any conventional car. EVs are vastly less complex than ICE cars with a lot less moving parts, fluids, and other components.

[BrandonBogle]

I will not comment on financial risk as others have.
I will comment on the risk of buying/leasing a Tesla. Tesla that is actively fighting right to repair, has a battery that will die at "some point"(probably sooner than most believe), and can not be repaired by my mechanic, probably best to avoid unless you have money to burn.

While that is true, as an anecdotal counterpoint, let me say that my 2013 has 120k miles on it, is on its original battery with 250 out of 265 miles originally on a full charge (so 94% of original capacity), and when it needed tires I went to Discount Tire instead of Tesla. I'd love to offer other feedback of repairs, but I've had so few.

I will say that recently I had the air suspension in the front replaced. While Firestone had the right parts, they refused to perform the repair for fear of damaging the car on the lift, so I had that done at Tesla. However, Firestone does do my alignment & DT does my rotations and balancing. Other mechanics may be more open to do work on the cars. Other than wipers, cabin air filters, and tires, this has been my only repair since the warranty ran out.

[WestCoastLiving1]

After thinking about it I'm getting used to the idea of the Tesla price wise but after doing research I do have some concerns. They are mostly minor such as reliability. While I do want something reliable, if it isn't as reliable as I'd like that is OK. If I lease, I believe it would be under warranty because I would be interested in a 2 year lease. The only real concern I have is the fire issue. I saw a video online by CNBC addressing it. It seems to be a relatively rare issue with battery cars in general although ICE cars have gotten fires too. My worry is that if I buy the Model X then where should I park the car? I wouldn't want the house to catch fire should something go wrong. Also, when I'm driving am I safe? I wouldn't want to be in the car.

I think financially a lot of younger people I know have learned from the mistakes that some people in older generations have made. You see some people who are older go broke due to various reasons after making a lot initially (as I'm sure some younger people as well). I get about $13,000 in passive income and spend that much or less. I do have fixed expenses. It starts with rent which is $7,000 and of course bills which is a few thousand more. Anything left over at the end of the month I can enjoy and buy whatever I want or just keep it if I don't want anything. I don't withdraw from the roughly $2,400,000 for bills. Neither the principal or any gains I have made on it. I also have illiquid assets but haven't touched those either. I don't know if what I'm doing is good or bad but I'm enjoying my place, hopefully a new car soon, and I'm also having fun and hopefully things go well.

[quantAndHold]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling.

[FrugalConservative]

Dropping 120k on a tesla, pass. They just announced significant price cuts across the board. When we fall into a recession and tesla cuts prices again due to demand issues, how will you feel when your 120k car is now worth 20% less over night.

Other then that, you can buy what you want with your passive and net worth. But I would think twice about dropping 120k on what amounts to a piece of tech.

[WestCoastLiving1]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

[WestCoastLiving1]

Dropping 120k on a tesla, pass. They just announced significant price cuts across the board. When we fall into a recession and tesla cuts prices again due to demand issues, how will you feel when your 120k car is now worth 20% less over night.

Other then that, you can buy what you want with your passive and net worth. But I would think twice about dropping 120k on what amounts to a piece of tech.

I'm not sure what else is out there that is as nice. There's Range Rover and G Class but I don't know how much I would be saving if any at all...

[AnnetteLouisan]

You seem to have a need/desire for an expensive lifestyle, based on this post and your earlier one about needing to pay $10K in rent per month. Personally, I don’t think your financial situation is secure enough to buy two luxury cars, if that’s what you’re asking the forum. That’s based on individual risk tolerance and degree of fiscal conservatism.

The cost of that need/desire for an expensive lifestyle might be huge, giving up the ability to accumulate wealth. Living that well now might cause living way less well later. At age 63, I’m seeing the piper arrive for a lot of my formerly high flying peers.

Ditto.

[quantAndHold]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

Okay, then. Come back when you need help. We’ll be here.

[WestCoastLiving1]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

Okay, then. Come back when you need help. We’ll be here.

What is your reasoning behind saying that I would "need" help?

[PowderDay9]

What is the point of this thread?
Seems more like a not so humble brag than a request for guidance.

+1

[cchrissyy]

OP, what is your actual question?

until then, let me provide a thought.

if i had a fixed income stream at $13k per month from, oh, let's say a trust, a settlement, an alimony payment...

i would be saving as much of it as i could to build up a nest egg under my control for in case the source goes dry

but you are determined to spend it

[quantAndHold]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

Okay, then. Come back when you need help. We’ll be here.

What is your reasoning behind saying that I would "need" help?

$48k isn’t enough for how you want to live. Vacations, fancy furnishings, expensive clothes, nights out, impressing dates, all that that stuff is expensive. A two week international vacation in a style commensurate with the rest of your life is $20-40k, for example. Are you not planning on traveling?

You can have lots of cool stuff and experiences with what you have, but there are limits. You don’t have enough to have everything.

[thedaybeforetoday]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

Okay, then. Come back when you need help. We’ll be here.

What is your reasoning behind saying that I would "need" help?

Because you have posted more than once, on a financial forum, where posters ask for guidance and assistance, so by definition, most will assume you are looking for help or guidance of some kind. It's just not clear what you need help with as you post no question and just tell readers what you will, won't or might do.
If you are posting and don't have an actionable request or question, (ergo: don't need help) then you are violating forum rules.
My suggestion, else you risk a "lock" by the mods, is to start every post with a clear, succinct question, then post applicable background and respond to requests for more information with, gasp, more information.
Remember, garbage in, garbage out.
Check please!

[Petrocelli]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

Teslas have the interior that is worse than a Kia. So get two Mercedes instead. And get a $5,000 watch while you're at it, which now costs around $8,000.

[WestCoastLiving1]

$7k/month rent, plus $2k/month on the car lease, and you can still stay under $13k/month, including dining out, vacations, and all the other trappings of an upscale lifestyle? Not sure the math adds up on that. A lot of the people in this thread, are in a better financial position than you are, know how much things cost, and they’re all telling you that you’re overspending.

Like I said upthread, instead of coming here every few months and asking about the next luxury purchase, start a thread explaining the basics of your financial situation, and ask people to help you allocate your portfolio, and help you set a budget. Then you’ll know on your own whether you can afford all the bling

It would be pretty hard for me to give up my lifestyle. For example, I wanted a place with a beautiful view, high ceilings, high end furnishings, floor to ceiling windows, lots of space, 24hr concierge service, and all the amenities such as yoga room, wine lounge, cafe, outdoor cabanas, heated pool, work area, etc. so I can enjoy it myself but also for my friends. That costs me roughly 7K. I also want a high end car. The Tesla Model X is definitely up there. If I leased it, that would be 2K. That leaves me with $48,000 a year for bills and whatever luxuries/travel I want, north of a couple million, and other assets as well (which are illiquid). My hope is that the liquid part (and frankly all of it) goes up but I understand it can also go down or just stay about the same.

Okay, then. Come back when you need help. We’ll be here.

What is your reasoning behind saying that I would "need" help?

$48k isn’t enough for how you want to live. Vacations, fancy furnishings, expensive clothes, nights out, impressing dates, all that that stuff is expensive. A two week international vacation in a style commensurate with the rest of your life is $20-40k, for example. Are you not planning on traveling?

You can have lots of cool stuff and experiences with what you have, but there are limits. You don’t have enough to have everything.

Deleted because I don't want people to think I'm humble bragging and all that. But basically my point was simple. You don't have to spend THAT much on vacations. You afford plenty for roughly $50,000 a year.

[WestCoastLiving1]

I'd like to buy a Tesla Model X which could cost about $120,000 or approximately $2000 a month if I leased it instead. I need another car as well and want to buy a Lexus RX350 which would cost around $60,000.

Currently I'm getting about $13,000 a month in passive income after taxes and usually save between $1,000-$2,500 a month. I have about $2,450,000 in liquid net worth.

I have very little debt, maybe $20K or so.

EDIT: To clarify, I need 2 cars so I was thinking about buying both. The Tesla would be for me. I will not be driving both.

Teslas have the interior that is worse than a Kia. So get two Mercedes instead. And get a $5,000 watch while you're at it, which now costs around $8,000.

The Tesla interior does look somewhat bland to me. After doing some research, here's where I'm at.

Tesla Model X: Very nice but also somewhat new in technology. My concerns are mainly battery related. The fires concern me which seem to be an EV issue albeit rare.

Range Rover: Not very reliable. I don't mind that, but I've read some pretty bad things.

G Wagon: Very expensive

Escalade: Not really popular anymore

What's left? The Mercedes GLS doesn't really fit for a young guy. The X7 is OK but still not a great fit. Those come across more like family SUVs. I guess there's also Audi. The Q8 is nice but the Audi brand feels so tame. I prefer something flashier. There's also Porsche but Cayenne? Or the Cayenne Coupe? I don't know. Seems somewhat "niche" maybe? The Mercedes GLE might be ok if I style it right. Get some nice AMG wheels and so on.

EDIT: There is also the Lexus GX and LX. The GX seems somewhat outdated compared to others. The LX is nice but again seems more like a family SUV like the GLS and X7.

[psteinx]

Escalade: Not really popular anymore

What's left? The Mercedes GLS doesn't really fit for a young guy. The X7 is OK but still not a great fit. Those come across more like family SUVs. I guess there's also Audi. The Q8 is nice but the Audi brand feels so tame. I prefer something flashier. There's also Porsche but Cayenne? Or the Cayenne Coupe? I don't know. Seems somewhat "niche" maybe? The Mercedes GLE might be ok if I style it right. Get some nice AMG wheels and so on.

EDIT: There is also the Lexus GX and LX. The GX seems somewhat outdated compared to others. The LX is nice but again seems more like a family SUV like the GLS and X7.

Despite protestations, few if any here on BH are entirely immune to caring what others think about our lifestyle choices.

That said, it seems like you are mostly concerned about what makes the biggest statement about you. What's flashiest. To a degree well beyond that usually admitted by posters here on BH. I don't think this is the best forum for the kind of advice you seek. Perhaps a "Ballerz" type forum, somewhere...

That said, if you want to minimize financial regrets, later in life, this might be a very helpful forum for you. Perhaps you could post more details on your finances and lifestyle, and, in return, you'll probably receive pertinent advice. Probably better advice for you than which SUV will satisfy your desire for flash.

[Paullmas]

I will not comment on financial risk as others have.
I will comment on the risk of buying/leasing a Tesla. Tesla that is actively fighting right to repair, has a battery that will die at "some point"(probably sooner than most believe), and can not be repaired by my mechanic, probably best to avoid unless you have money to burn.

But for $2000/month, it wasn't even to BUY the Tesla. It was TO LEASE it. So future repair and battery costs aren't the issue...that would be cheaper! The original poster wasn't only talking about making a big ticket purchase now, he was talking about entering the "new every few" lifestyle that costs yet even more. Again, so many of my friends were like this in their 30 through 50s and now are either stressed from having to keep running the treadmill or have grudgingly settled for the lower lifestyle that they should have embraced back then. And for financial stress of trying to maintain as much lifestyle as possible, but not really being able to afford it.

Wow, missed that. Wow.

[Petrocelli]

Hold on there cowboy.

You're talking about leasing a Model X for $2,000 a month? For that amount, you could be driving a Porsche Electric. But putting that aside, spending that much on a car is ridculous unless you really don't know what to do with your money.

Keep in mind, that in this group, I used to be notorious as the guy who actually spent money on stuff. (You can see told old "Best watch for $5,000?" thread for more background.)

Here's what I do: I lease a Mercedes C 300 with the basic option package. My last lease, I got a 2 door C 300 Coupe. (See below.) I put nothing down (other than first payment and registration.) I paid $615 a month including all maintenance and tax. I got a new one every 2-3 years. Basically, I rented a new Mercedes for $20 a day. Never paid for maintenance. Never had a car out of warranty. That's a pretty good deal.

As for Teslas...Their build quality, interiors and paint are crap. I'll wait for Mercedes to mass produce EVs.

[er999]

If you want something flashy shop a used Lotus Evora (last produced 2021) and new Lotus Emira. Under $100k with looks like an exotic super car. Both have a Toyota engine so no four - five figure engine repairs like a Ferrari or Lamborghini. But I would only buy that type of car if you like it, not to impress other people and agree with others to watch your spending.

[BruDude]

If you’re going down the luxury path, for $120k you can get a Rolls Royce Ghost, high mileage Wraith, or an older Phantom. The literal opposite of a Tesla, but a Rolls is a Rolls. Doesn’t get any more luxury than that.

Then you can add the 1999 Corolla for an extra $5k in case the Rolls breaks.

[sambb]

tesla for 120k? not sure thats a luxury experience at all. spend 80-100k total on the two cars and spend 80k on the s and p,

[TomatoTomahto]

OP,

It sounds like you want something that will make people say, "wow, I didn't know he had that much money to burn!"

Of the cars you've mentioned, only the G Wagon fits the bill. I have no idea why it's so expensive, but it seemed to be a favorite of professional hockey players I knew. Another vehicle you didn't mention is the Bentley SUV. Stupid but impressive.

[hachiko]

If you’re going down the luxury path, for $120k you can get a Rolls Royce Ghost, high mileage Wraith, or an older Phantom. The literal opposite of a Tesla, but a Rolls is a Rolls. Doesn’t get any more luxury than that.

Then you can add the 1999 Corolla for an extra $5k in case the Rolls breaks.

Whenever I see someone driving a Rolls Royce I think they're either an idiot, or a driver for someone. This coming from someone who has no problem spending money on luxury items. So if you want to show off (the only reason to ever buy one), you're failing if you plan to drive it yourself.

[Pops1860]

This thread has been moved to the Personal Consumer Issues forum. Moderator Pops1860

[LadyGeek]

This thread has run its course and is locked (derailed). See: Personal Consumer Issues

Note that this subforum has a much lower threshold for locking or removing posts than the financial and investing subforums. In general, controversial, offensive, pointless, divisive or mean-spirited posts or topics may be locked, edited or deleted (with or without notice) at the discretion of the moderating staff even if they do not otherwise violate forum policies.