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

[nitrohuck]

I plan to save up my downpayment to hit a point where my monthly payment fits my budget. I am young enough that I am fine with being leveraged when it comes to low interest debts.

Saving up $70k in cash (or from selling my portfolio) to dump into a car is asinine, opportunity cost is a very real thing, and given that I am in my 30's, low interest debts are great. It allows for me to continue piling funds into my portfolio. I work in finance for a well known investment company though, so your mileage may vary.

The sweet spot for my monthly payment is $900-$1k/mo. So I will likely need about $20k in total to cover taxes and get my downpayment to a point where the financing fits my budget.

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[Throwcomputer]

I plan to save up my downpayment to hit a point where my monthly payment fits my budget. I am young enough that I am fine with being leveraged when it comes to low interest debts.

Saving up $70k in cash (or from selling my portfolio) to dump into a car is asinine, opportunity cost is a very real thing, and given that I am in my 30's, low interest debts are great. It allows for me to continue piling funds into my portfolio. I work in finance for a well known investment company though, so your mileage may vary.

The sweet spot for my monthly payment is $900-$1k/mo. So I will likely need about $20k in total to cover taxes and get my downpayment to a point where the financing fits my budget.

Similar here, but slightly older. Two motor version and planning to save enough over the next three years while i wait for my really high reservation number to come up. Hoping to save 30k and have 20k financing or less depending on any incentives that may or may not come up, plus trade in value on existing truck. I'll be happy if my monthly payments are sub $400. Will not be cracking open the investment account because it defeats the purpose of compounding when you wipe it out just when you get to the tip over point where it will really start to increase.

So a more basic savings plan is in store for this purchase.

 

[Ogre]

Saving up $70k in cash (or from selling my portfolio) to dump into a car is asinine, opportunity cost is a very real thing, and given that I am in my 30's, low interest debts are great. It allows for me to continue piling funds into my portfolio. I work in finance for a well known investment company though, so your mileage may vary.

Different people have different priorities.

I doubt I'm going to pay the whole thing in cash, but I'll likely put as much down as I can and pay it off quickly as I have with most of my cars.

If I pay the truck off in advance, I'm buying the freedom to not have to worry about a payment in 5 years. That means I don't have to work to enjoy my truck. If I lose my job or quit, I can take 6 months off, or a year and enjoy driving it around the country.

I know all about opportunity costs. I spent my 30s investing instead of buying $70,000 cars so I'm not worried about that end of things.

 

[nitrohuck]

Different people have different priorities.

I doubt I'm going to pay the whole thing in cash, but I'll likely put as much down as I can and pay it off quickly as I have with most of my cars.

If I pay the truck off in advance, I'm buying the freedom to not have to worry about a payment in 5 years. That means I don't have to work to enjoy my truck. If I lose my job or quit, I can take 6 months off, or a year and enjoy driving it around the country.

I know all about opportunity costs. I spent my 30s investing instead of buying $70,000 cars so I'm not worried about that end of things.

I probably should've been more pointed in my use of the word asinine. What I mean is it would be asinine for me. Other people in different walks of life will 100% have different reasons for buying outright or financing, etc.

 

[drscot]

i believe in math, science and reading.....my grandson's high school had 49 students graduate with over 4.0 gpa's.......of those 87% were Asian and Japanese students......and, they all were taking AP classes.....My grandson had a 4.2 gpa. with AP classes....he also won a baseball scholarship for a full ride.....we are proud of him and his accomplishments.....

dont get me wrong, I just think the diversity of schools over the last 40 years has changed since 1981, and I think we are seeing the rise in scores based on that diversity and disciplined study habits based on that diversity.....

case in point.....kids today cant even make change at the store....they let the cash register do it....when I get change back, they just hand me a wad of money and coins and say thank you.....I wonder if they even know how many states we have, what the stars and strips mean on the flag, where different countries of the world are or what the 3 branches of government are.....

please dont think me a purist or left wing or right wing......I'm in the middle....believe everyone is equal.....I am just worried that our country in falling behind others and we are losing our dominance in the sciences and areas that will keep us a leader in the world of change....

You are right. Imagine one of those "machine change makers" building YOUR Tesla! One broke down as I was up. She panicked. I told her how much change she owed me. She wanted to know how I knew. I simply told her I did it in my head. She pressed me. I nicely told her that when I went to school, we were taught how to do such practical things simply and easily and not rely on crutches that break down, and that she could learn too.
Diversity? People are people. Why describe anyone on the basis of skin color? The media is the worst. Is not that the very essence of racism? "I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character." Rev. Martin Luther King Jr. My how he would be disappointed today. He was truly a man of vision and we would all do well to take a step back and emulate him.

 

[fritter63]

Nice work! What brand of CNC machine do you have?

As this is an old thread, and I only saw one answer that addressed the copyright issue, did you get hassle from Tesla about it? Technically I guess you'd have to get permission, and at worst they ask for a cut? I note that all the makers of Tesla wall logos (on Etsy) are located in countries that don't enforce US laws. Curious to know how it turned out for you. I've had people ask me to make them one of my wall logos, but didn't want to get involved in that mess.

 

[happy intruder]

You are right. Imagine one of those "machine change makers" building YOUR Tesla! One broke down as I was up. She panicked. I told her how much change she owed me. She wanted to know how I knew. I simply told her I did it in my head. She pressed me. I nicely told her that when I went to school, we were taught how to do such practical things simply and easily and not rely on crutches that break down, and that she could learn too.
Diversity? People are people. Why describe anyone on the basis of skin color? The media is the worst. Is not that the very essence of racism? "I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character." Rev. Martin Luther King Jr. My how he would be disappointed today. He was truly a man of vision and we would all do well to take a step back and emulate him.

I wasn't meaning to be judging people by color.....by diversity I mean where people come from.....the Japanese and asian communities have a very disciplined way of life....with it comes to dedication to education......I grew up in Atlanta and went to school there....1-12 and college.....I was brought up not knowing anything about color......I was taught everybody was equal and the same......my best friend and co-pilot in the Marine Corps was African_American and one of the best officers I knew.....we also worked together at Hughes Aircraft when we separated from the serve and lived in the same neighborhood......I just try and live by the golden rule, .no matter what the differences.....we all can agree to disagree

 

[Crissa]

I wasn't meaning to be judging people by color.....by diversity I mean ...

Okay, but that's literally a terrible way to explain it. I want to complement you on trying, though.

The assumption that people are from a disciplined culture because they're Asian is racial bias. It's a basic composition fallacy, too: "Most nuts in this bowl are peanuts, therefore when I grab one from the bowl I'll get a peanut." Just because most nuts in the bowl are peanuts, doesn't mean there aren't any almonds (or pretzels.)

And the 'I had a friend...' line is the oldest dodge, too. It ends up looking disingenuous, even when it's not. I jad a black friend, too, and learned alot. But it's not evidence of my continued intent or actions not to be racist. Alas.

-Crissa

 

[happy intruder]

Okay, but that's literally a terrible way to explain it. I want to complement you on trying, though.

The assumption that people are from a disciplined culture because they're Asian is racial bias. It's a basic composition fallacy, too: "Most nuts in this bowl are peanuts, therefore when I grab one from the bowl I'll get a peanut." Just because most nuts in the bowl are peanuts, doesn't mean there aren't any almonds (or pretzels.)

And the 'I had a friend...' line is the oldest dodge, too. It ends up looking disingenuous, even when it's not. I jad a black friend, too, and learned alot. But it's not evidence of my continued intent or actions not to be racist. Alas.

-Crissa

I am not trying to dodge or be disingenuous at all....I have lived in both China and Japan for a number of years.....my experience is their culture lends itself to being very disciplined......and I see that discipline in those groups of people here.....thats all I am trying to say.....and that is the basis why I feel they are better students and make better grades.....the discipline within their family.....thats all......so please just read what I tried to say without reading anything in to it......the whole conversation was about students not being able to count back change and my belief that some foreign students are more disciplined in the educational learning process......I did not address or refer to color except when responding to some other comments......., did not mean or intend to offend anyone.....however, thanks for your comments

 

[Crissa]

I am not trying to dodge or be disingenuous at all....I have lived in both China and Japan for a number of years.....

Yeah, I don't get that sense at all. And yes, those nations pride themselves on collective discipline, community action. But it's bad form to point at individuals or people as automatically embodying those details, or expecting them too.

Just giving you a head's up that how you said things can look bad, so try not to do it that way. Every day is a learning process! I'm especially bad at people so this is hard-won experience I'm trying to share. Bridging the gap between younger and older folk, too, since expectations are changing, and we should be aware of that. We have grammar and syntax available now that people could only dream of a few decades past ^-^

-Crissa

 

[happy intruder]

Yeah, I don't get that sense at all. And yes, those nations pride themselves on collective discipline, community action. But it's bad form to point at individuals or people as automatically embodying those details, or expecting them too.

Just giving you a head's up that how you said things can look bad, so try not to do it that way. Every day is a learning process! I'm especially bad at people so this is hard-won experience I'm trying to share. Bridging the gap between younger and older folk, too, since expectations are changing, and we should be aware of that. We have grammar and syntax available now that people could only dream of a few decades past ^-^

-Crissa

thanks.....I understand and appreciate you comments.....you are absolutely correct about language syntax.....I cant keep up with it all and look foolish when trying to express myself in the "old" language....thanks Crissa...always enjoy reading you comments and trying to understand your perspective....makes my brain go into hyper-drive.....

 

[chrisrizzo]

I plan to save up my downpayment to hit a point where my monthly payment fits my budget. I am young enough that I am fine with being leveraged https://paydaysay.com/500-dollar-loan/ when it comes to low interest debts.

Saving up $70k in cash (or from selling my portfolio) to dump into a car is asinine, opportunity cost is a very real thing, and given that I am in my 30's, low interest debts are great. It allows for me to continue piling funds into my portfolio. I work in finance for a well known investment company though, so your mileage may vary.

The sweet spot for my monthly payment is $900-$1k/mo. So I will likely need about $20k in total to cover taxes and get my downpayment to a point where the financing fits my budget.

Consequently, a simpler savings strategy is in store for this purchase. In order to save enough money over the next three years while I wait for my extremely high reservation number to become available, I have two motor versions. Depending on any incentives that may or may not materialize, as well as the trade-in value on the current truck, I want to save $30k and have financing of $20,000 or less. I'll be content if my payments each month are under $400. Will not be opening the investment account since doing so defeats the purpose of compounding when you eliminate it just as it is about to tip over and begins to rise significantly.

 

[SparkChaser]

Consequently, a simpler savings strategy is in store for this purchase. In order to save enough money over the next three years while I wait for my extremely high reservation number to become available, I have two motor versions. Depending on any incentives that may or may not materialize, as well as the trade-in value on the current truck, I want to save $30k and have financing of $20,000 or less. I'll be content if my payments each month are under $400. Will not be opening the investment account since doing so defeats the purpose of compounding when you eliminate it just as it is about to tip over and begins to rise significantly.

For me the insurance issue is a big part of why I want to pay off or take a loan against my investments to get the truck. A $400 a month payment and a $300 a month insurance payment is still more than I want to pay a month. The interest on a loan is good but it needs to not be related to the vehicle.

 

[Dusty]

If I have a good year starting from right now I'll go cash. If the year is "OK" I'll make a healthy down payment + trade-in, and have a loan. I'll be playing the shell game.

I went ahead ordered a MYp for me, so my Jeep will get traded in for it.

I'll offer the Y to my wife at every chance and let it speak for itself. If her hate for Elon subsides and the Y makes her happy I'll forfeit it to her. Then trade her Jeep for the CT when my turn comes, plus put some more cash on top.

How much I put down depends on covid NOT rearing its head and wrecking manufacturing again. But, I have a backup plan in place this time, so we'll see how my year goes.

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