How are you planning to pay ... cash, lease, loan?

OP
mlhartley

mlhartley

Active member
First Name
Mike
Joined
Aug 7, 2020
Messages
25
Reaction score
50
Location
Madison, MS
Website
www.etsy.com
Vehicles
2017 Chevrolet Volt, 2010 Toyota Corolla
Occupation
Retired Web Programmer
Country flag
  • Thread starter
  • Thread Starter
  • #16
OP
mlhartley

mlhartley

Active member
First Name
Mike
Joined
Aug 7, 2020
Messages
25
Reaction score
50
Location
Madison, MS
Website
www.etsy.com
Vehicles
2017 Chevrolet Volt, 2010 Toyota Corolla
Occupation
Retired Web Programmer
Country flag
  • Thread starter
  • Thread Starter
  • #17
OP
mlhartley

mlhartley

Active member
First Name
Mike
Joined
Aug 7, 2020
Messages
25
Reaction score
50
Location
Madison, MS
Website
www.etsy.com
Vehicles
2017 Chevrolet Volt, 2010 Toyota Corolla
Occupation
Retired Web Programmer
Country flag
  • Thread starter
  • Thread Starter
  • #18

AndrewB

Member
First Name
Andrew
Joined
May 4, 2020
Messages
8
Reaction score
16
Location
California
Vehicles
Cybertruck Dual Motor Reservation
Occupation
IT support & Sys Admin
Country flag
Been saving my money and plan to pay cash. Plan. The pandemic has helped me save a lot more because you can't go anywhere or do anything. Now if my wife and daughters will just help out by brushing their teeth better. I've already put two of my dentist's kids through university.
I hope you have been "saving" your money in stocks and not just a bank.
I had initially planned to pay cash from my TSLA stocks, but then I looked at the numbers.
For a rough estimate:
$80K at a min 10% growth in stocks (will be much higher than this) will get me $8k the first year.
A 5 year loan at 5% would cost $10k over 5 years, so only $2k/year. If I just sell the stocks monthly to make the payment I will come out much further ahead than paying cash.
 

WildhavenMI

Well-known member
First Name
Nick
Joined
Mar 16, 2020
Messages
65
Reaction score
188
Location
Rural Michigan
Vehicles
Cybertruck (reserved), Bolt EV, Pacifica Hybrid
Occupation
Digital @ Aurora Solar
Country flag
I hope you have been "saving" your money in stocks and not just a bank.
I hear that a lot on these forums, and while I generally agree I never see anyone concede that everyone has a different risk profile and sometimes stocks are simply not an option given someone's needs. The same goes for bonds, bond funds, index funds, etc.

Not trying to single you out, but every thread this suggestion is made several times (buy TSLA) and I fear there are people who think it is absolute truth and not a more difficult, nuanced decision.
 

Quicksilver

Well-known member
First Name
Charles
Joined
Feb 24, 2020
Messages
147
Reaction score
180
Location
Alabama
Vehicles
Nissan van, 5 ton Military truck, Pierce Firetruck
Occupation
Retired military
Country flag
I'm a ward of the state (all of my income is from SS and VA) so I move a few hundred bucks a month from checking to savings for what will hopefully be a big down payment and I'll finance the rest. I paid off all the ICE vehicles we have and plan on driving my little Nissan van until my CT is ready. I'm pretty far down the list so maybe by the time my CT is ready I'll have ten grand or better for the down payment.
 
First Name
L
Joined
Nov 17, 2019
Messages
23
Reaction score
27
Location
Land of 10,000 Lakes
Vehicles
2004-ish Toyota RAV4, 2015 Nissan Leaf, & 1973 Chevy Suburban w 454 [RIP 2008-ish Kia Sportage].
Occupation
E
Country flag
When I "Insurance Totaled" my Kia Sportage, we fortunately had three cars for a two adult household...
So I invested that insurance check into TSLA stock.

As a result:
**I plan to finance 1/3rd of a dual motor CT (with FSD) and pay for 2/3rds with some TSLA stock.**

(The remaing TSLA stock will be kept as long as possible.)
 

Rozonoe

Member
First Name
Michel
Joined
Dec 24, 2020
Messages
18
Reaction score
17
Location
Hawkesbury Ontario
Vehicles
2018 Tesla M3 LR75, Cybertruck Dual FSD
Occupation
Real Estate
Country flag

drscot

Well-known member
First Name
Martin
Joined
Oct 25, 2020
Messages
118
Reaction score
88
Location
Alma, AR
Vehicles
Cybertruck
Occupation
Retired physician
Country flag
I want to pay cash, but I don't want to withdraw money out of my retirement savings. Would I be violating site rules to post a link to my Etsy account? I've created some Tesla coasters, maple on walnut inlay (Cybertruck version in the design stage). I would need to sell 3,000 sets to raise enough cash. :D

Tesla Inspired Coasters.jpg
The number of sets required depends on when (or if) you ordered the FSD of course, and whether or not you sell them all at full retail price or manage to sell in a single wholesale transaction. You could always sell "4 for the price of 3" or something like that, but then you may have to manufacture additional sets or raise the price incrementally. That is always an option. Offering different tire or rim packages could always enhance revenue since they are wheel-shaped. There are lots of options available at this stage of the game for you.
Ah.... just teasing, but paying cash is definitely the way to go. I move big chunks from one account to another every month and use a "piggy bank" too. The change I get from a purchase with a $100 or $20 bill goes straight into the Tesla piggy bank. Change too. It adds up. That way I am constantly moving money from my main account to my Tesla account and never missing it, everyday. If I get there and have a significant shortfall I'll borrow, but it will be less of a loan than it would have been otherwise.
 
OP
mlhartley

mlhartley

Active member
First Name
Mike
Joined
Aug 7, 2020
Messages
25
Reaction score
50
Location
Madison, MS
Website
www.etsy.com
Vehicles
2017 Chevrolet Volt, 2010 Toyota Corolla
Occupation
Retired Web Programmer
Country flag
  • Thread starter
  • Thread Starter
  • #28

Dids

Well-known member
First Name
Les
Joined
Dec 21, 2019
Messages
1,051
Reaction score
1,943
Location
Massachusetts
Vehicles
04 Tacoma, 21 Cybertruck
Occupation
Self
Country flag
I had to create a savings thermometer to track my savings so I can pay cash.
20200127_200611.gif
 
Last edited:

Advertisement





 


Advertisement
Top