Thứ Sáu, 27 tháng 1, 2017

Anyone want to team up on a savings thread to keep each other motivated? part 1

  • Jul 28, 2016
    Wes!
    HI, new to the board and super excited about the model 3. Definitely not filthy rich, but do make a comfortable living. I'm hoping some people are in the same boat of trying to save as much as possible to buy the car flat out or to make a large down payment. I'd like to check in here in this thread with others in the same situation to help keep each other motivated. Is anyone interested? I guess I'd go first and would want to list as follows:
    1- final budget for car: 42,000
    2- current savings: 10,900

    I'd like to check in every month if anyone is interested.
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  • Jul 28, 2016
    tander
    Please take this with a grain of salt, I'm not a financial advisor and it's a pretty volatile stock. But think about putting some of your 11 grand into Tesla stock and letting TSLA pay for part of your Tesla.
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  • Jul 29, 2016
    HanSolo
    That could very well be dangerous. There is no guarantee. With the volatility of Tesla as well as their finances, it would take just one really bad piece of news to destroy the stock price. That would literally be gambling. I am in it for the long run and even then have only put in a small amount of money that would not kill me should Tesla succumb to market forces.
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  • Jul 29, 2016
    dsvick
    Be careful with that, it would be hard to make up any loss in share price with such a short term investment. I know savings and money market rates suck right now, but there is also no risk of loss. Maybe a 6 - 12 month CD?
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  • Jul 29, 2016
    Garlan Garner
    1- My final budget = 52K (before tax)
    2- Savings so far = 40K
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  • Jul 29, 2016
    tander
    Yeah that's why I said some of your savings not all, but I probably still didn't caveat it enough. I don't think this will happen I'm pretty bullish about Tesla over the next few years, but just to ad some perspective, Amazon is a really similar company to Tesla in their corporate DNA. If you invested in them I think in 2001? it would have taken like a decade to break even after the dotcom bubble. I don't think we're in that sort of thing right now, but still the market is the market.
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  • Jul 29, 2016
    erthquake
    I bought my first 10 shares of Tesla stock at the bottom right after the Brexit vote at about $190, but I didn't really intend it for my car savings. For me, it's the first stock I've ever owned besides my index-fund-based IRA. It's more just a feather in my cap to support the company, and I'm just going to hold onto it for the long term.

    Other than that, I've got $2400 saved for the car and I'm putting away $600/month, which is about my expected loan payment assuming the car is delivered in early 2018 with a budget of $42000.
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  • Jul 29, 2016
    sickfox
    @tander - That's exactly what i'm doing right now. Your advice is not for everyone but if you have experience playing the stock market, it's a another way to to grow your M3 deposit, rather than putting it in a CD where it makes 2-3%. (Nothing wrong with CDs). ;)

    I have about $22K saved up before i put my deposit last April. Reinvested $15K to some biotech stocks (short term) and tsla (long term) entry point @ $206/share. I'm still saving too but a few thousand from the profit would also help, hoping to have enough to pay off the car when it's time for delivery.

    Things to consider:
    Taxes & market volatility
    Financial vehicle where you're putting your future deposit (what's the interest rate)
    & more...

    Anyway, my budget for the car is $60K with all the bells and whistles and for any additional things i want to add (clear bra, wheels, etc.) So far, I'm at $23,800.

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  • Jul 29, 2016
    Max*
    Budget: Unknown, depends on features I guess.
    Savings so far: $0.08
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  • Jul 29, 2016
    JeffK
    I'm going to pay for my own wedding with cash so I'm starting at negative savings. I'll start saving in a two months.

    I want to get all the (cow)bells and whistles so I'll probably still end up financing over half of it. :(
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  • Jul 29, 2016
    BluestarE3
    Would your lovely bride be amenable to the idea of elopement instead? :)
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  • Jul 29, 2016
    JeffK
    haha I wish life was so simple. More money for the Tesla!

    I do tell her that I've had love for Tesla long before I met her.
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  • Jul 29, 2016
    JoeCoolMan24
    Since March or so I set up a reoccuring transfer of $450 in to a Tesla Fund savings account. Then I will also put my tax return money in to that as well, and any money I make from sidejobs. I expect to have about $13,000 or so saved up for a down payment.
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  • Jul 29, 2016
    MTL_HABS1909
    That's what I did!
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  • Jul 29, 2016
    Garlan Garner
    I hope Tesla takes the opportunity to publish some of the factors of the M3 when it can. Such as the wheel size and bolt patterns. That way I can purchase my aftermarket wheels early.
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  • Jul 29, 2016
    WileyTheMan
    I am hoping I don't have to go beyond $60k for my build. For a deposit, I am parting ways with my old MTG trading cards which should net a healthy amount to build on. My goal is to have at least 1/2 the total price available in cash and finance the rest through our credit union.
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  • Jul 29, 2016
    Warrentt
    My budget is $42-45k.

    Saving = $0

    My plan it to wait on my long term investment in biotech and cash out next year for down payment. I'm actively trading stocks to get more money for down payment. There are plenty of biotech companies to get big gain if you do your own research. I will not invest on Tesla as it is way overpriced.
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  • Jul 30, 2016
    alseTrick
    Budget: Undecided
    Savings: $3,250
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  • Jul 30, 2016
    ModelNforNerd

    I've been dumping my savings into renewable 6 month CD's. Current total available for my Model 3.... $47,000


    I'm just saving up for options at this point.
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  • Jul 30, 2016
    gigglehertz
    Budget - completely unknown
    Savings - 563 shares of SCTY

    Currently looking for work so not sure when I'll be able to save. Was hoping to pay cash once SCTY turned profitable and the stock shoots up, but the merger really throws my plan into chaos since the exchange ratio is based on current very low valuation of SCTY. Plus I bought a used Leaf so I may just wait it out until Tesla is "as big as Apple."
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  • Jul 30, 2016
    RubberToe
    Started an automatic transfer of $500 every two weeks to an Etrade savings account. By December 2017 I will have the $16k needed to pay off my Soul EV. Will drive that until the Model 3 arrives. So will likely have a small down payment saved up (hopefully VERY small). A rough calculation shows my Model 3 payment might be around $1,000 per month so the automatic transfer will cover that too.

    So basically, I don't have to do anything for the next 5 years other than living within my means. The Model 3 is automatically counted in.

    Good luck to all who are also looking forward to owning their first Tesla. :)

    RT
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  • Jul 30, 2016
    JeffK
    I think this might involve ramen noodles for me, but it's worth it.
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  • Jul 30, 2016
    NikeWings
    I lived on ramen for a couple of years to save for my first house and then a year after purchase since I was instantly house poor. Upgraded to pasta with fresh grated cheese as a special occasion treat for another year until savings were.replenished.

    Ramen established discipline and determination which has provided for a very comfortable life many years later. Love all these 'saving' stories.....set your priorities, ditch all the 'stuff' and bank it instead. Good luck to all!
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  • Jul 30, 2016
    jsanford
    We're living within our means, but expect to finance some of it. We'll sell the Yaris when the time comes and perhaps one of our motorcycles. Roll every $500 to a CD to earn a little more in interest and lock up the money, but not so much it's hard to get in a true emergency.

    We'll sell some things this winter on eBay.
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  • Jul 30, 2016
    vinnie97
    Bread crumbs over here!
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  • Jul 30, 2016
    osu_cowboy_007
    Budget : 42k
    Savings : more than enough to pay for a model x.
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  • Jul 30, 2016
    alseTrick
    [?IMG]

    :)
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  • Jul 30, 2016
    brshoemak
    Question regarding budgeting:

    Elon said that the average pricing with options would be about $42K. Based on previous experience from current Tesla owners, what would the expected OTD (Out-the-Door) price be with that buildout? I live in PA and I don't if or how that distance from Cali would affect delivery pricing - whether it was to my door or picked up at the store in Pittsburgh.

    Any thoughts?

    Budget: Around $42-45K
    Savings: -$20K from a new Accord.

    Even still I could purchase it outright but trying to convince the wife to do that would be problematic at best.

    I was both elated and annoyed when Tesla moved up the timetable by 2 years. I try to buy vehicles on a 4-5 year financing cycle and they are staggered so I only have one car payment at any time and my cars 'age' equally (we usually keep cars for 9-10 years). I may have to payoff the Accord early this time, but it would be worth it.
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  • Jul 30, 2016
    UKayla
    Budget: probably $45k
    Savings: $1,000

    Currently paying down credit cards that got us through school/wedding/buying a house. As soon as those are paid off, will roll that money onto husband's car payment and knock that out very quickly. Then put that amount aside for my downpayment. Shooting for at least $10k down. Obviously would love to pay more of it in cash but we're used to having a car payment.

    I am so excited for this car I think every sacrifice will be worth it! I've never had a car that wasn't ancient!
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  • Jul 30, 2016
    NikeWings
    OTD $ considerations:
    Destination (the x or s is $1200 domestic flat rate regardless of location or mode. So for example, a pick up at the Fremont factory is the same rate as a flat bed drop off to a home 50 miles from the Canadian border.
    Sales Tax based on your local jurisdictional requirements
    License & Registration Fees again based on your local jurisdiction
    Excise or other local taxes or fees, if any
    Insurance has been higher for most (not all) given limited history and part replacement costs
    Depending on loan, lease or cash, the amounts due OTD will differ, but Tesla is required to collect per all local reqs which you can research and plan for in advance.
    Other $ considerations:
    Protective films/coatings/wraps
    Dash Cam
    Window tints
    Misc accessories

    These are the most common expenses associated with s and x. Looking at my builds, the incremental expenses were ~ 13% but I paid cash so a 9% sales tax was a huge driver of that. Check with local reqs as many s and x buyers were caught of guard to learn their states required full sales tax paid upfront regardless of purchase method. Also certain states like Texas require all necessary monies to be collected before car enters the state due to local Dealership laws.

    Safe to say, costs didn't stop once out the door but immense pleasure surely begins. Keep saving and good luck to all. The 3 will be a phenomenal game changer and you'll be part of it!
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  • Jul 31, 2016
    GermanMIII
    Budget: between 50k and 65k �, depends on the Options.
    Savings: 1K
    Plan to have saved around 15-20k, rest financed
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  • Jul 31, 2016
    Ccarmac1
    My budget is $45k including tax

    Savings: $7k after 3 months of savings(this can be possible if your single, childless, $500 rent and $8 a month on gas lol)

    Should have a good down payment and the rest is financed on a 9 year loan.
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  • Jul 31, 2016
    vinnie97
    Wowzers, 9 years! 6 is typically the longest I've seen, maybe even the rare 7, but 9 is off the charts. I would imagine the interest rate is going to suffer a little, and depreciation might make it painful if you get it totaled.
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  • Jul 31, 2016
    Ccarmac1
    4.9 APR, reason I'm getting like that is because my intention is not to pay the minimum. Just in case of an emergency I have the option to pay a very low monthly(loss of job, medical emergency, etc). Should be paid off with in 3 yrs.
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  • Jul 31, 2016
    erthquake
    See if you can join a credit union. With a good credit rating, mine offers 1.99% up to 60 months and 2.99% up to 84.
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  • Jul 31, 2016
    1208
    Budget: �30k
    Savings: �2
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  • Jul 31, 2016
    LBusDoor90
    48 year old planetary/env. science teacher in NJ here who has only owned a '91 Escort (15 years) and currently an '05 Prius (140k miles after 11 years) who saw this target purchase coming since 2014 after driving an acquaintance's Model S, the moment when all ICE cars became absurd to me.
    My Prius has been problem free to likely have at least another 3 years in her and I hope the 3s make it to the east coast no sooner than 2018 for non-employee, non-Tesla owners like me that stood in line the morning of 3/31 so I can have a very healthy down payment ready (and those mentioned above can have faced bugs I will be spared).

    Saved: $18k
    Budgeted: $45k-$50k, I guess
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  • Jul 31, 2016
    Max*
    I'd do the math, many loans have options to waive payments if you lose your job or get ill.

    I'd weigh the cost of that service vs. the additional interest you'd pay in 3 years (or 4 or 5, etc.) and see which is a better safety net.
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  • Jul 31, 2016
    alseTrick
    Bruv, 3's aren't coming east coast until mid/late '18 at the earliest. Also, respeck for being a (science) teacher.
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  • Jul 31, 2016
    Chewy3
    I don't think anyone else has pointed out how important this is! Pay off debt before your put money into savings! Most people are almost guaranteed to have a higher interest rate on loans & credit cards than they do on their savings account - thus you will lose money if you have equal balances on your credit card and in savings accounts.

    Budget: have not decided
    Savings: currently being allocated towards starting a new business. Will finance the entire car if need be (hopefully not!)
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  • Jul 31, 2016
    Ccarmac1
    Yeah I did, joined a credit union and got a 4.99 just because it's. 9 yr loan.
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  • Jul 31, 2016
    Ccarmac1
    The loan is from a credit union and they do offer skip payment options but it's just once a year.

    saving a few bucks on a interest vs a peace of mind that I can pay $200 bucks a month that I can get by selling some stuff on eBay or simply rent the car at turo for the weekend(remember only in case of emergency) vs $550 for 4 yrs.... Yeah not worth it
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  • Jul 31, 2016
    TaoJones
    There's so much cheap money out there (1.29% - 1.49%) that it's hard to justify paying cash.

    That said, don't forget the Reus audio upgrade (which they will move from car to car for labor only so it's the last audio package you'll ever buy) along with the tint, paint correction/protection, a good radar/laser detector/shifter package, dashcams, labor for those installs, various adapters (110V, 30A, and cabling, and a budget for annual servicings. Altogether with the doc fee, taxes, and registration there's probably $15,000 there if not considerably more.

    So once that's budgeted, the only other concern aside from tires would be insurance and deductibles, whether to ESA or not, and windshield wiper fluid. Oh, and home charging so NEMA 14-50 or HPWC. And a buffer for excess miles if you lease - it's gonna happen.

    And a nice healthy travel budget ;). Time more than money, really. These cars are meant to be driven, after all.
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  • Jul 31, 2016
    LBusDoor90
    That's what I was thinking and hoping, too. Excellent (...Mr. Burns running tapping fingertips together). Cheers!
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  • Aug 1, 2016
    KeRaSh
    Great idea!

    Planned budget: �50-55k.
    Current savings: �16-17k

    I'm currently saving 400-700� a month without having to hold back on my regular spending (going out, buying video games, running equipment, etc.). By mid 2018 that should amount to �25-32k. I will finance the rest. If my delivery doesn't happen until early 2019 I'll just have more money on the side for the down payment.

    My wife has a lot more in her bank account but we will save that for vacations and emergencies.
    I never really had any financial issues but I never had a specific goal for which I wanted to save money. Now that I have one I actually think about whether I really need that expensive item that I might not use after the novelty has worn off.
    Saving money for a Tesla is fun!
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  • Aug 1, 2016
    ModelNforNerd
    I think well optioned ones get to the East coast in Q1 2018.
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  • Aug 1, 2016
    dsvick
    I'm only putting a couple hundred aside each month, between that, my reservation $, and a trade in I'm hoping to have $8 - $9,000 down. We're putting more money into paying off higher interested rate debt though and should have a few things paid off by the end of 2017 that should just about equal the payment for the M3. At least that's the plan ...
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  • Aug 1, 2016
    dsvick
    According to an Elon tweet a month or so ago, everyone that waited in line (I assume in the US only) should have theirs by the end of 2017. Yes, a lot of things have to go right for that to happen but I'm hopeful. Especially since my Corolla will be 8 years old and be pushing 175,000 miles by then.
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  • Aug 1, 2016
    wilhelmspencer
    Budget: 42-45K
    Savings: Pay off existing debt, trade-in value, some savings

    Our main method of "saving" at this point is by paying off existing debt (student loans, ICE car, etc).

    We have savings but it is there for emergency only (loss of job(s), injury, etc, etc.)

    Hopefully our car will be fully paid off before our Model 3 comes. Then we can use that as nice trade-in value on top of whatever else we decide to put down for a down payment.
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  • Aug 1, 2016
    yogi32
    Budget: $45k
    Savings: $45k

    After landing a job right out of college over 7 years ago I've been saving money every month preparing for this mass market model. Owning a Tesla has been a dream of mine ever since I saw the Roadster back in college. I can't wait!
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  • Aug 2, 2016
    Mark C
    Been throwing my checkbook at the house payment for the past year to get it paid off before having to pay for the Model 3. I'm just jazzed to be here. Budget is $45k, expect to have $5k for down payment, the balance on a 2% or less APR credit union note over 60 months.

    As for extras immediately after purchase, I'll have enough money to buy some good quality car wash soap and Meguires wax, +/-. We already have the house wired with a 50A circuit and I expect to buy a 40A EVSE so I can be ready to ride more frequently than 120V 12A would allow. {39 mile RT commute + joyriding in our new Model 3!}
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  • Aug 2, 2016
    ICEBreaker
    Budget: $50k
    Saved: $10k
    As appealing as the Model 3 is, a used model S has been calling my name. Im trying to hold off for a year to decide which way to go.
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  • Aug 2, 2016
    Warrentt
    For all of those wanting to track your monthly budget or set a budget for saving....Try using an app called MINT.

    It's pretty neat and I recently use it.
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  • Aug 2, 2016
    Max*
    Mint is a great app, but I'm reluctant to have one app that is linked to all my bank account information/credit cards/etc..

    And given the history of sites being hacked, I don't want one site that'll be hacked and ALL my info released (call your credit card companies to confirm: but they likely will not cover you for any transactions that were made from a data breach on a 3rd party site. Something in their TOS states that in order to be protected from fraudulent transactions, you shouldn't give your login info to 3rd parties). And I do know that Mint has never had a breach, yet.

    Same reason I avoid apps that store my passwords. Hack one app, and you have ALL my login info? No thanks.


    But this is just my perspective. I'm not advocating anyone stop using mint. Just weigh the pros and cons.
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  • Aug 2, 2016
    jsrawa
    Looks like many are budgeting about $45k for their Model 3 based on the limited responses here. Not surprised it's slightly higher than the average Elon presented given this forum represents a lot of the true fans of Tesla. I'm sure their are many here who will go fully loaded too.
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  • Aug 2, 2016
    ICEBreaker
    Just my personal opinion, but I think I would rather spend about $45-50 on a used MS vs $45-50 for a M3. BUT I would totally spring for $60k on a M3 with no options as long as it was P90D, though Im not sure what the pricing structure will be.
    In other words; No options with Ludicrous M3>Used Base Model S>More options model 3 no Ludicrous.
    But overall I think the $45 is the sweet spot!
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  • Aug 3, 2016
    nickpants
    About 10k in cash saved, most of which is invested in a Betterment account that i contribute a few hundred every month. And i'm hoping for about 7k equity in my trade in/sale of my current car.
    I'm aiming to put down about 25k. and I'm hoping i can keep the final cost under 55k... white seats,AP,SC...and dreaming of a PXXD
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  • Aug 3, 2016
    LBusDoor90
    Each time I have held this debate in my head (used MS vs. new M3), it doesn't last long because of the unknown use and abuse the S battery may have endured and the evolution of the 2170 battery that will have occurred by the time the 3 actually goes into production. That, and the fact that the S will just BARELY fit in my garage and simply parking/backing it out there would be an overly anxious activity.
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  • Aug 3, 2016
    wilhelmspencer
    Wow this thread went on a tangent...
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  • Aug 3, 2016
    Max*
    How often are we updating our savings? I'm still at $0.08! :woohoo:
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  • Aug 3, 2016
    SuperOmega
    Trying to keep things simple: From my credit union, thinking about opening up a money market account, keep putting money into it, then in 2+ years, make a down payment, then finance the rest of it through the same credit union @ a 1.99% APR w/a 5-year loan. If I'm resourceful, hope to pay it off sooner than that.
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  • Aug 4, 2016
    ohmman
  • Aug 5, 2016
    Wee John
    Budget $52k
    Raised so far $1000 deposit

    For the folks who are trading stock to raise money, don't forget about taxes at the end of the year. I budget a 35% tax rate for my winnings because it mostly short term gains.
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  • Aug 5, 2016
    jonnyg
    I'm squarely in the "finance a good chunk of it because auto loan rates are pretty cheap and so I can hold onto my savings for emergencies and other things" camp. I'll have my trade-in and maybe a small down payment, but otherwise I'll have a car payment for a while, and I'm okay with that.
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  • Aug 6, 2016
    MojaveWheeler
    I am strongly against financing for vehicles, boats, toys, hobbies, house upgrades, etc. so I will save until I can pay in full. Lets say you finance a 30K chunk of your 45k Tesla at the lowest possible rate of 2.00%. At the end of a 6 year term you'll have paid $1,861 to the bank. That's a lot of money and only goes up from there for people without stellar credit or access to a credit union, or those who finance a larger amount. Make a habit of this with your other big expenses (second car, home upgrades, etc) and it really adds up.

    Another way to think about the cost of financing in this example is that it equates to about 56,000 miles at $0.10/kWh (assuming 3kWh/mile). So, save up for your Model 3 and get the first 56,000 miles of electricity charging from your garage for free. Throw in supercharger stops and you may come out ahead for the average length of car ownership (6 years).

    Of course if you can't save up because it just isn't in the cards, no need to despair, the cost of financing may be positively offset by savings in fuel and maintenance. Case in point: I just took my 2014 Jeep with 20k on the odometer in for a service and there was an oil leak, a coolant leak, and an engine switch that went out. Luckily everything was covered under warranty. If not my bill would have been at least $2,000-$3,000. Needless to say I hope my Model 3 is available before I'm out of warranty!
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  • Aug 6, 2016
    Warrentt
    Ummm not everyone have $45k cash laying around in 2 years to outright buy a car. Even so, I rather invest in mutual fund/index/ETF or even large cap stock with good dividend rate more than 3% and let it compound investing over 6 years will return better than a loan for 30k with interest 3%.
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  • Aug 6, 2016
    JeffK
    Let me play devil's advocate...
    Unless there are massive delays there isn't much time to save. I feel that if I'm going to get a car that's going to last for several years, I'm not going to skimp on a feature that I'd want in the long run just because I can't afford it right this second. An argument might be to wait another year until I can afford exactly what I want. See, the problem with waiting though is the chance I might get into an accident in that time and sustain a serious or deadly injury. Would I have been safer in a Tesla? How much is your life and the safety of your family worth? If you don't have 100% of the cash can you really afford not to finance a Tesla?
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  • Aug 7, 2016
    dsvick
    Additionally, for those that reserved early enough a $7,500 tax credit more than offsets the cost of financing.
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  • Aug 7, 2016
    SuperOmega
    The phrasing of this intrigues me. If I read correctly, If people had the foresight to register for the federal tax credit in advance for the inevitable M3, even before it was named/announced, that would have saved us some heartache? Or am I reading too much into this?
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  • Aug 7, 2016
    vinnie97
    No. It means you'll get first dibs at ordering and more likely to be eligible for said credit (the credit won't help me anyway, though I may be in line for some inheritance money that will be going directly to fund the Model 3).
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  • Aug 7, 2016
    JeffK
    The credit is based on delivery ... you can't take the credit unless you've purchased an EV within that tax year and the EV is either one of the first 200,000 EVs delivered in the US for that manufacturer or are in the year long phase out period.
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  • Aug 7, 2016
    privatepilot
    I've booked a Model 3 from New Zealand. Hoping that by the time our car arrives all the kinks would be ironed out, because its a long way to send it back if it breaks!

    Due to the exchange rate USD/NZD taking a dive last year, I'm expecting to pay a bit more for our car so budgeted about $ 70,000 NZD ($42,000 USD). I'm going to pick my options based on reliability, the less moving parts the better, so no air suspension, biggest battery and definately all wheel drive (please make it affordable Elon!).

    I've saved about 17k so far, all the savings I put into my revolving credit mortgage so that I don't pay any interest on it, after tax it ends up saving(earing) me about 9% on my Model 3 war chest! Also, if the currency moves in my favor between now purchase day, I stand ready to move some of the money into USD. I'm trying to save about $3000/m ($2000 USD) to hopefully pay for it fully rather than finance.
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  • Aug 8, 2016
    dsvick
    Yes, as others have mentioned, I was referring to reserving the car early enough to hopefully get it in time to qualify for the full tax credit. I think I missed a comma which would have made it more clear :D
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  • Aug 8, 2016
    DrivingTheFuture
    Best of luck with your beard grooming business! ;)
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  • Aug 8, 2016
    Mkorpal
    Lets see, I'm budgeting roughly 44,600 OTD for this car, assuming costs on a few of the options I'm planning on getting.
    I currently have about 8,700 saved up in different forms, including my 5,000 Colorado credit, my 1,000 reservation, and savings.
    I can put down about 500 a month to add to the total down, and will likely put my bonus towards it as well. Plus, I'll likely be able to pull some profits out of my stock trading (maybe). If all goes well, I hope to have 20K saved up by the time I get the car, likely early 2018. With a 1.49% loan, that puts me at 350 or so on car payments.

    And yes, I have a spreadsheet with all of this.
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  • Aug 9, 2016
    Wee John
    Budget $52k
    Raised so far $1000 deposit + Digit Account $2237.38

    I totally forgot about this app I had linked to my bank account - digit dot co Capture5.JPG

    I started this in June 2015
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  • Aug 9, 2016
    S3XY
    Why should this thread be any different than all the others on this forum?
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  • Aug 9, 2016
    Max*
    I know that this method of thinking has hit a lot of traction lately, especially with the Dave Ramsey followers. I just want to say - one bucket does not fit all [I'm not talking about people who can't afford the car payments and are stretching to make ends meet, those fall into the - don't finance bucket]

    From your example above, you're paying $25/month in interest (give or take) for the life of the loan to have the car. You need to think of it this way - would you be happier to have the car now, and pay the $25/month for the life of the loan or would you be happier to not have a loan? Same would apply for a house upgrade, a boat, a new toy, etc. I'm not suggesting putting it on a 20% APR credit card, but having a loan @ 2-3% and paying the $25/month in interest to have something now vs. later sometimes isn't the worst decision in the world.

    The other thing is you have to look at the demographic of the Model 3 buyers. The Model 3 buyers will be a lot younger than the Model S buyers, and most younger people don't usually have a boat load of cash sitting around to buy a car, so they are more likely to finance it. Younger people are saving for retirement, still have student loans, still have a mortgage, are paying for childrens daycare/college/activities, etc. etc.

    And finally, some people want to save every penny now, pay as little interest as possible, retire early and live the life when they retire. That's one way of doing it.
    Other people want to live the life now, retire a little later, and continue living the life then. That's another way of doing it.
    No one method is correct.

    /soapbox
    It bothers me each time I read someone tell someone else to not finance the car, and only pay cash for it. Sorry for the side rant.
    �
  • Aug 9, 2016
    Warrentt
    ^^^^^

    I agreed completely. If you are any normal person that do some due diligence on investment, you have to be really stupid and bad to only get 2-3% return. Even if you throw a dart at some random companies in SP500, you would get an average of 5-6% in 10 years.

    That is not even counting compound benefits in investment. All of my net worth is mostly in IRA account where I have several accounts to hold long term (mutual funds) and short term (swing trade).

    I made $6k net (excluding $3.5K loss on a stupid stock in the beginning) on my IRA account from swing trade since end of March of this year until now. Do you think leaving money in a saving account or money market will give me $6k return in 4-5 months?
    �
  • Aug 9, 2016
    ohmman
    But it also doesn't carry the same risk profile, so it's not a comparable investment.
    �
  • Aug 9, 2016
    Warrentt
    Scared money don't make money.

    For those with less risk adverse, Put in ETF or majority of vanguard mutual funds will return more on your investment than saving or CD.
    �
  • Aug 10, 2016
    ohmman
    Still not comparable. It's advice, and probably appropriate for most, but comparing instruments with different purposes isn't an academically sound argument.

    How about structured products with downside protection? What about certain flavors of private equity?

    The best risk limited growth approach is diversification.
    �
  • Aug 10, 2016
    Max*
    I agree with this logic too, but I didn't put that into my rant because some people are extremely risk averse and would not invest the money anyways (i.e. take out a loan, but then keep the $35k+ in savings earning 0.01% APR)
    �
  • Aug 10, 2016
    Lem89
    I'm scraping some simoleons together. I have $700 toward a down payment , aiming for $10K by early 2018.
    �
  • Aug 10, 2016
    jsrawa
    Keep in mind the Colorado tax credit will decrease to $5000 at point of sale by the time the 3 arrives.

    Your post was edited while I wrote mine but still important information for anyone in Colorado.
    �
  • Aug 10, 2016
    Lem89
    Hehe I edit too much. I'm glad you caught that. So Colorado's tax credit is phasing down from 6k to 5k. That's beautiful.
    �
  • Aug 11, 2016
    MojaveWheeler
    Currently have $12,160 saved (including the $1,000 deposit). I am hoping to be at 20k by year's end. My budget is around 45k including taxes/delivery/etc. I plan on saving the full price of the car by the time I take delivery (who knows when that will be).
    �
  • Aug 11, 2016
    Mkorpal
    Yes, on the other hand, it is no long a "tax credit." Instead, the state will just cut a check to whoever is financing the car. So, you don't need to wait upwards of two years to get that money (based on how long it was taking some people to get the credit). It's a bit less money, but much easier (in theory).
    �
  • Aug 11, 2016
    int32_t
    Hoping dual-motor, winter package, and the giantest* battery pack available doesn't cost more than $50k Canadian. I've got a bit saved and I plan to buy it outright. It would be sad if the 3 arrived before I have enough saved.

    * Totally a word.
    �
  • Aug 11, 2016
    wallet.dat
    I'll probably bring a few Bitcoins online and convert to analog money.
    �
  • Aug 12, 2016
    Lem89
    Nice, that sounds way simpler than a tax credit.
    �
  • Aug 12, 2016
    Wee John
    In reply to the state cash credit, when I got my California cash check 5 years ago for my current car, it was stipulated that you have to own the car for 3 years or you give the money back.
    �
  • Aug 12, 2016
    jvmoore1
    are bitcoins still profitable or is it too late for someone to get in the game at this point?
    �
  • Aug 12, 2016
    JeffK
    I remember back in the day you could buy bitcoins for like $2 a piece, I thought "this crap isn't going to go anywhere".... Doh!
    �
  • Aug 12, 2016
    jvmoore1
    my thought was it was only used for illegal activity and i didnt want to go to jail. lol
    �
  • Aug 12, 2016
    wallet.dat
    To mine them? Not really. But then again they weren't super profitable for me when I was mining 6 years ago either. Used to be able to mine out maybe a few hundred coins per day that would barely pay for electricity. In hindsight I should have hung onto all those coins and just ate the cost of the electric bill.
    �
  • Aug 12, 2016
    ohmman
    Hindsight is 20/20. Given the data you had at the time, your thought was much more in line with the statistical reality.
    �
  • Aug 26, 2016
    Wee John
    Ok. I've figured out how I'm going to have someone else pay for my Model 3. I will be trading oil and Tesla stock and I'll post my progress monthly, we'll see how it goes, might not be pretty.
    �
  • Aug 26, 2016
    Wes!
    August 26 update: $11,600.
    �
  • Aug 26, 2016
    Spenny818
    Currently have $10,642 saved (including deposit). I'm putting away $600/month into regular savings, and investing whatever is left over. I sold all of my Tesla stock in 2014 when it first broke $200/share to buy a Zero electric motorcycle. Hindsight is 20/20...
    �
  • Aug 26, 2016
    SgtLou02
    Sold my ICE SUV to CarMax and will be a 1 car household till Model 3 delivery. 14k saved to this point.
    �
  • Aug 26, 2016
    ModelNforNerd
    $49,163 as of Aug 26th.....

    but most of that was put away before I took a new, lesser paying job in June (but I get way better benefits, and will be able to retire with a full pension when I'm 57 instead of 62.....fair trade in my opinion.

    I should still be able to reach my savings goal of $65,000 before Jan 1, 2018.
    �
  • Sep 1, 2016
    Wee John

    Budget $52k

    End of August Update:

    Raised so far $1000 deposit + Digit Account $2355.55
    Oil Trades + $2600
    TSLA Trades - $128

    Total - $5827.55
    �
  • Sep 7, 2016
    Max*
    I have great news!

    Since we can count the deposit, my total savings are $1,000 deposit + $0.08 saved for a grand total of $1,000.08!

    That's 12,501 times more than my $0.08 saved last month :D
    �
  • Sep 8, 2016
    Mr. Watts
    Goal is to save 10-15k. Have other financial responsibilities but bonus and tax return might make that closer to 20k. Using Simple to save for it. You can set a goal for yourself and it will tell you how much to put aside each month/paycheck to reach that goal.
    �
  • Sep 8, 2016
    Warden182
    Budget - really unsure, depends on features. Low 50's probably.
    Savings - $0 (for a car, all extra money is going towards house right now), but Audi will be buying back my A3 for ~$38K and I'm going to delay that until 2018 when hopefully my Model 3 will be ready.

    Will probably take out a small loan of 10-12k when it comes time to purchase, but will hopefully be able to pay that off quickly since the plan is to have my mortgage at $0 by then.
    �
  • Sep 8, 2016
    ModelNforNerd

    I'd love to know how you know Audi is giving you back $38K for an A3.

    I maxed mine out, minus one package, and I paid $44K. The day I left the lot, the idea of getting back $38K went out the window.....
    �
  • Sep 8, 2016
    FloridaJohn
    I would guess it is a diesel A3.

    I'm not getting that much for my VW Golf TDI, but I can see how it can happen with an Audi.
    �
  • Sep 8, 2016
    Warden182
    Yeah, forgot to mention that. 2015 A3 TDI. So yeah, i'm getting back close to what I paid. The key is delaying the buyback as long as possible so I don't have to get an interim car.
    �
  • Sep 8, 2016
    Matthew Short
    That is a risk because if you look in the past when the Roadster came out and the Model S came out you will see that Tesla was on the brink of bankruptcy so if you invest it will not help you get the car, but if the Model 3 is a success, which is likely, then TSLA should pay handsomely and maybe get you your car.
    �
  • Sep 8, 2016
    ModelNforNerd
    Be careful with that....some fine print might limit how much you're getting back if they're not immediately flipping you into another one of their cars.

    Had a friend deal with similar drama getting out of a recalled Jeep. The deal was too good to be true, because they were trying to keep her in another Fiat-Chrysler product.
    �
  • Sep 9, 2016
    F_T_K
    My goal is to put $1000 each month into the savings account for the Model 3 down payment. I started in April, so I have $5000 so far.

    Hopefully by the time I can order my options I'll have at least 50% of the price for a down payment. Of course if the car is ready earlier, that would be OK, too. :)
    �
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