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Especially if you’re financing. Double whammy. All cash or nothing. Just wait another year and get used for $25k for tax credit https://www.cnbc.com/2024/06/28/why-buying-a-brand-new-tesla-was-a-huge-mistake.html
It's 0.99% APR....All cash means that you don't think you can make more than 0.99% in 1 year in the market and that is financially a very stupid thing to do. The market averages 7%...so you're making 6% for free by financing. You don't like free money?
Car interest rates are typically much higher than 0.99%. Some as high as 6% depending on credit score. Article did not state how much the interest was just that the monthly payments were over $1000 and the remaining principal was $36k after 3 years. For $70k at 0.99% apr i would still get not be getting a car. I would be getting a down payment on a rental property
okay, well we're not talking about rental properties. If you need a car to get places, you're going to have the same problem, which is deciding between financing and paying cash. And paying cash in this scenario is a stupid thing to do, because Tesla offers very low finance rates. Financing at 0.99% is a free car btw. You put $70k in the bank at 7% and that's $400 per month which covers the interest 7x.
Cars aren’t investments.
This particular person suffered not only because Tesla dropped prices but also because all new car prices were high in 2021, ev and ice. I think buying a new Tesla now, like model Y with 7500 credit, comes out to be about 42k, it cannot go any cheaper. Agree?
Yea perhaps if article has typo but I didnt know model 3 were $70 grand Thats model Y territory I think the concern is also being so concerned about self status image that she was willing to pay over full price just to achieve it, it’s something rooted in a lot of asian culture
Does intel pay that poor so you can qualify for the 7500?
If the interest rate on a loan is below the rate of inflation doesn't it make sense to borrow?
Buying EVs in the worst decision ever. Period.
I bought a Model 3 and aside from Elon running his mouth it's been delightful. I can fully charge it from 0 for $10 (.17c/kwh from power company or $0 if I use the free supercharging the first 2 years) and it goes 265 miles. No oil changes, no smog checks. To get 265 city miles out of the Lexus IS it replaces, I'd need 13 or 14 gallons of $5 gas. $100 oil change yearly and $70 smog check every 2 years. For highway miles, the Telsa does about the same but the Lexus was better (more like 9 gallons of $5 gas). Over 10k miles in a year, the Telsa costs $370 to run and the Lexus used to cost about $2700. The Tesla insurance is a bit more but mostly because it's new and it's not a meaningful amount ($450 every 6 months instead of $325.) I've been to LA and Tahoe with it and never ran into a Supercharger that was full or didn't pump out the 170 kw it's supposed to. I'm a bit surprised there aren't more Tesla's on the road because they are fucking amazing despite Elon's shortcomings. (Note: not an endorsement of the stock, full self driving and Elon's pay package are a joke and a car company shouldn't have a multiple above about 15 which would make Telsa a $200B company instead of the $600B company it is now.)
Yes if I am actually looking to make the switch now to get a used low mileage one under $25k i think it would be a great deal that is prob how much I can sell my current ICE car for. I drive like 15k-20k a year thats 650-700 gallons of mid grade gas or $2500. Oil change $70. Without factoring in insurance, tires and parts, I would save $1500 on just fuel a year. Tho prob not tesla, am exploring ones with more traditional interiors, not sure if their electrify america charging would be the same
🎻 🎶 🙄
Cars aren’t investments. I legit don’t care if my Model Y is worth $0 in 7 years, I’ll gladly pay $50K to have reliable transportation for me and my family. Cars are a cost of doing business.
It’s not an investment but you expect to be able to sell it and not lose a huge amount of money. You aren’t trying to make money. You’re minimizing loss lmfao. It’s honestly a simple concept.
The entire article is around stupidity of that buyer. Don’t finance it for losing it on interest and depreciation. Waitout and buy in cash
My car is a 3% interest loan it would make sense to finance even though I have the cash.
Why are they featuring 400k in a segment called melenial money as if it's a lot ? Isn't that like medium household salary?
lol Meta you’ve gotten used to ultra high tc
lol no median income in my area is $50k household. Most places are $60k-$70k. Honestly I think $400k/year is the definition of a 1%er.
Do many people buy cars as investments? The last car I owned I had for 10 years and drove it till it broke. Now I just scooter everywhere, but if I were to buy another car I'd just do that again. @op do you regularly churn thru vehicles? Also why do you use Facebook?
No of course not as investments, but i think, especially among the blind user base, as status symbols. i only bought one vehicle new but that was all cash and 12% off negotiated and frankly very emotionally driven as well, but I would never do that again. Even if folks make over $300k you will never predict when that job will be lost. Tbh the depreciation on the tsla makes me feel better about my own car’s depreciation
In the time frame she bought, Teslas were semi investments in that you could sell them for more than you bought them for due to used cars being available immediately and new ones having a sometimes 6-9 month wait. Hertz was have been a big driver of this buying up a bunch of the supply in 2020-2022. They've since dumped their inventory and made used Teslas plentiful and cheap.