Cybertruck Financing - Current Tesla owners chime in (please)

[RIVETS]

Question #1: Will 0% be financing an option? Current Tesla owners, have any of you been able to get 0% on your current Tesla?

Question #2: Now that most of us have invested 100 hard-earned USD, what do we expect Tesla will require as a downpayment? I have seen posts about $2500 down on other vehicles. Trying to set my expectations for when the time comes to actually do the deal.

Question #3: I have seen posts online that say Tesla does not negotiate prices. What have you been able to negotiate? More on trade-in? Add-ons?

Lastly: If anyone has gotten a really good rate on a Tesla vehicle, please feel free to share, if you don't mind, so the rest of us can consider them as well.

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[Revelation]

1. No. You are, usually, better off joining a Credit Union to get really competitive rates. Some even offer discounted rates for EV purchases.

2. Most likely once you have the option to fully configure the CT you will need to put down $2,500 to lock it in and start the build process.

3. Tesla does not negotiate - period. You can, at times, get demo models for a discount. I do not expect a CT demo to be up for sale any time in the early days of deliveries. Maybe at quarter after they start going out you might see demo models for sale at a discount at the end of a quarter to boost numbers. Tesla will not negotiate on your trade. Tesla does not want your trade. Tesla will use a third party wholesaler and what they offer is what you get. You can typically get more if you get an appraisal directly through Carvana, Carmax, etc...

Tesla will sometimes accept written offers from Carmax, for instance, and handle transferring the vehicle to them and getting the check. Always check with your sales staff prior to delivery to make sure you have everything in writing and ready to go.

 

[scottysize]

Question #1: Will 0% be financing an option? Current Tesla owners, have any of you been able to get 0% on your current Tesla?

Question #2: Now that most of us have invested 100 hard-earned USD, what do we expect Tesla will require as a downpayment? I have seen posts about $2500 down on other vehicles. Trying to set my expectations for when the time comes to actually do the deal.

Question #3: I have seen posts online that say Tesla does not negotiate prices. What have you been able to negotiate? More on trade-in? Add-ons?

Lastly: If anyone has gotten a really good rate on a Tesla vehicle, please feel free to share, if you don't mind, so the rest of us can consider them as well.

1. No
2. Model 3 was $2500 down I think? I forgot
3. No Negotiation. Even Elon pays full price.

My rate is 1.29% from AA Credit Union. I was happy with that.

 

[Revelation]

3. No Negotiation. Even Elon pays full price.

This is not true. Tesla employees do get a significant discount.

 

[scottysize]

This is not true. Tesla employees do get a significant discount.

When I bought my Tesla in 2018, this was not a true statement. Everyone paid the same price for a Tesla. Even Elon. CBS did an interview where Elon stated this exact quote. If they now get discounts, then it has changed.

 

[Cyber1qhorsey]

Think carefully about 5 or 6 year car loans. 1. They have your title. 2. Payment on a $ 50 K loan is not a breeze. 3. However, saving for it makes it yours - immediately. I'm saving cash for mine cause it won't be built likely till 2022 or 2023...

 

[scottysize]

Think carefully about 5 or 6 year car loans. 1. They have your title. 2. Payment on a $ 50 K loan is not a breeze. 3. However, saving for it makes it yours - immediately. I'm saving cash for mine cause it won't be built likely till 2022 or 2023...

While of course it's best to pay cash for a car, that's not the way most people are able to buy a new car and not really helpful to most middle income persons.

Buying a new car that cost $50,000 is the average yearly salary in America. It is very hard to drop an entire year's wages on a new vehicle.

IMO - Better advice would be to try and get the loan interest as low as possible. Try and save up as much as you can over the next few years and put a large down payment on the CT. Finally, try and pay more each moth, or if you get paid every two weeks, make half the payment every pay check. This will pay off the loan early.

 

[ajdelange]

It is very hard to drop an entire year's wages on a new vehicle.

And it certainly isn't prudent.

 

[keyhere]

The 20/4/10 rule is helpful to gauge what you can afford. The reality is most people don't buy a vehicle outright, but you shouldn't finance blindly.

20: put at least 20% down on the vehicle
4: keep the loan repayment period under 4 years
10: monthly vehicle costs should be around 10% of your monthly income

Of course this is just a general guideline and everyone's situation is different, but it can keep you from taking on more than you can handle.

 

[Devix]

From my experience with 2 Model S, I think that the best way to buy a Tesla is by leasing with the option to give it back at the end.
Assuming a 5-year lease, you don't know how much the technology is leaping forward in 5 years. For Tesla, 5 years are like 30 years for legacy car companies. At the end, you can keep it or, if the difference with a new model is too big, you don't have to straggle with an underpriced selling.

 

[2Futre4u]

Just got our model 3 2 weeks ago, and Tesla would match any APR we would bring into them the JP Morgan.
Employees pay the same exact price as the rest of us. Our only (required) down payment was the 100$ Build fee and federal taxes.

 

[lukefrisbee]

I'm 63 which is only part of the issue because it takes time to do what I can now.
Only 2 vehicles in my life have I had to take out even a partial loan. I am not a financial wizard. I did fall asleep reading Thoreau in college. I never finished it but one thing stuck (like my face to the page).
And that is there is no limit to the amount of money you can have. But you only have so much time.
Value your time above money. And the thing Thoreau really made me aware of is the that Americans want more, and more and more. And they are willing to trade their time to get more things. And that does not make sense.
Figure out the difference between your needs and your wants. Don't trade time for a "want." Needless to say When you believe that you don't become wealthy. But I have had a good life.
I can get a Tesla Utility Vehicle, and still stay true to that philosophy.
It will be time for me to get a new automobile in 2+ years. I buy brand new and maintain it and keep it for 10+ years. When I was poor and young I bought enough used cars that were untrustworthy that driving an unknown quality automobile negatively impacts my outlook on life. So, one of my needs is piece of mind concerning my ride. I understand the math about buying on credit as opposed to growing the money before you purchase a car. I try very hard to save money to buy something.
I could not justify a $60K-$65K vehicle (50K + 7K + tax) if it wasn't within my reach, a dream machine, AND a good investment.
Look right now at how you live, figure out your needs and your wants. Is this vehicle a need? Either way, if you don't have the money to buy it start saving so you will have the money for a NEED in the future, but not at the expense of not enjoying the time you have now. Actually having a nice wad of cash put away is 3rd on my need list. It is under "security/protection."
Don't waste money (which is actual time) on a want.
Good luck.
Now if the math actually works? If the real option to getting this Vehicle is more and you need it....
It does not change that you need not waste money on wants.

 

[drcarric2650]

I put my money in the stock, hopefully in three years it will increase enough to pay for the CT in full. Having said that, it is a risk, as with any stock, but if you expect the CT to be out in 3 years, it is highly likely the stock will be much higher than it is now.

 

[lukefrisbee]

I put my money in the stock, hopefully in three years it will increase enough to pay for the CT in full. Having said that, it is a risk, as with any stock, but if you expect the CT to be out in 3 years, it is highly likely the stock will be much higher than it is now.

It's ballsy and smart.

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