Feb 24, 2013
Ridge Lawrence Ok, so I'm about to graduate in December 2013 from my university with a bachelors in Management Information Systems and a minor in Comp Sci. I will most likely get a job starting at about 70-80k. I have quite a bit of shares in TSLA, and I have some money saved up too. Anyways, my main question would probably be... if I wanted a Model S, should I pre-order now or do you think supply will finally meet demand by early 2014. Also, since I will freshly be graduated I obviously won't have the cash in hand for the performance model that I want. is there some sort of financing available? What is the typical APR and down payment?
I've already test driven the performance and I can't imagine buying any other car... I'm in love. I would even settle for the low end 40kw edition.
Thanks!�
Feb 24, 2013
dsm363 Welcome!
This was discussed a lot here
Subjective Question: Minimum Annual Salary to Buy Perf 85kWh w/options
and in another thread
but it's something you should probably talk to a financial advisor about. If you have no debt of any kind, aren't looking to buy a home anytime soon and will have great job security right out of college then maybe. You might want to wait at least a year to save up some, settle into your job and see how things are going at that point. By 2014, the wait time from ordering should be very short.�
Feb 24, 2013
artsci You'd be in a very strong position to be able to afford a MSP right out of university. I assuming you don't have major educational debt. The best financing can be obtained through PenFed: 1.49 interest rate on a 60 month loan for up to $70,000. Not knowing your financial situation it's hard to give advice about taking on this kind of debt. But as I bought an E-Type Jaguar a year or two after I graduated I'm not one to suggest you shouldn't do itIn my case it was probably a mistake, but largely because the E-Type required constant maintenance, which was quite expensive.
�
Feb 24, 2013
Ridge Lawrence Thanks for the link, that thread is very helpful!
1.49% interest isn't too bad if I settle with the 40kWh. Sadly, I do have about 10k of subsidized student debt because I began college right after the financial collapse and my parents were on the verge of bankruptcy. My father has stated he would pay off the debt as a graduation gift and put a down payment on a new car of my choice... so I'm very lucky if that goes through, but he can be flaky, especially since he's just now putting my 2 younger brothers (we are all 2 years apart, I'm the oldest) through college so he has been extra tight on funds.
Untimely, I'll probably wait to see how good of a starting salary I will get and maybe if they will be coming out with a slightly updated 2014 Model S edition (anyone have an input on this?), I may as well wait till mid-2014 and having a job for at least 6 months. My current car only has about 80k miles on it (had it for 6 years now) so I can probably deal with it for another year. Anyways, thanks for the input and I'll prob hang around the forums now that I have joined (and that I'm an investor).
PS: If there are any redditors on here, check out the subreddit Tesla Motors - they love to see and hear from owners!�
Feb 24, 2013
Ridge Lawrence Hmm... I just quoted and replied to both of you by using the multi-quote button, but after posting it hasn't showed up... is it possible that it's because I included a link to an external website? I know whilst I was typing it did say 'auto-saved' a couple times during the bottom right of this text box. Should I just re-write it or wait a while? Is it possible a mod has to approve it since it has an external link? Sorry... I'm new here!�
Feb 24, 2013
LagunaDallas I'd be a bit hesitant to take on a car payment like that right out of school, but I'm a 34 year-old who has had 30 cars, so I'm not really one to talk.�
Feb 24, 2013
bonnie It was because you haven't reached the minimum number of posts yet - meaning a moderator looks at each one and approves. (That's how we keep some spammers out of here.) I've approved it. It shows now.�
Feb 24, 2013
abasile Disclosure: I drive a LEAF, not a Tesla.
My advice: Don't do it! Stay as far away from Tesla cars as possible until you are on better footing financially. Get out of debt, build up your savings until you have at least 3-6 months of living expenses, possibly buy a reasonably priced home, then consider a Tesla, preferably a good used one for cash. Deferring gratification definitely has its long term rewards. But what do I know, my wife and I have been listening to Dave Ramsey...�
Feb 24, 2013
astrotoy If you were my son or daughter, I would say that cars are the one thing that will certainly decrease in cost and value with time. If you can save the monthly payment, you probably will be able to buy a used Tesla Model in 3-4 years for cash and owe nothing more. It also gives you something to look forward to. We used to call it 'delayed gratification.' You can buy an old used Corolla for a few thousand that will cost relatively little for fuel, repairs and insurance and was probably even built in the same Fremont plant that the Teslas are built.�
Feb 24, 2013
Ridge Lawrence Ah, I see. Thank you! Also, want to approve my post in the 'Introductions' sub-forum? Hah...
And everyone else, thanks for the advice!�
Feb 24, 2013
hershey101 Awesome, I'm also graduating this summer and am going to stay for an extra semester for my MEng (both undergrad and MEng in CS +1
P.S. I'm also invested in TSLA, hoping that the stock will payoff a certain % of the car for me
Good luck with graduating and the job search. I would recommend waiting until you at least have a job offer (and maybe taking the sign on bonus as the down payment for the car).
�
Feb 24, 2013
Plug Me In Great car, glad you're interested, but a bad idea. That's a huge amount of debt to take on right out of college. If you want to be in on the auto revolution, I would suggest, for your current stage of life, do it with the TSLA stock and wait on the car.�
Feb 24, 2013
spatterso911 I think I'd have to agree. If you've got a great handle on finances, career, education, debt, and a plan for how to swing getting a Tesla, you're off to a good start. But, if the rest of us have anything to say/do about it, Tesla isn't going anywhere anytime soon, so time is on your side. Yours will have auto-folding mirrors, parking sensors, BLIS, ACC, 500 HP, lighted sunshades and O'Schitt handles...�
Feb 24, 2013
yobigd20 I highly suggest you wait a while for many of the above reasons pointed out above. For one, don't get your hopes up too high at getting a $70k-$80k salary right out of college. I have a Bachelors in C.S., a Masters in C.S., and a Masters in Software Engineering, and have worked my way up the ladder at 4 different companies. I've never seen a starting salary that high in our field, even if you had a m.s. That being said, once you are working in our field, it is pretty easy to get big increases as long as you work hard and don't stay at one place for very long (keep moving companies every 2-3 years a few times, this will broaden your experience and jump salary much higher each time).
But lets forget about that and take the benefit of the doubt and just say you do nail a job at that rate at a good company, there's more to consider here. I'm going to make some assumptions here but lets think - you've probably never had a mortgage, never had a car loan installment, (both of these are negatives on your credit report) and basically don't really have much of a credit history yet. You probably don't have a bad credit history, but probably not a high one either. You definitely won't get approved until you have a job and can prove salary (so you have to wait until you have the job first). And even after that, a lot of banks will be hesitant to give out a big loan if this is your first job with only a few weeks or few months working unless you get it cosigned by someone with a long established credit history.
Ignoring all the above, lets say you do get a good salary, you have enough $$ saved up to bring down the amount to be financed, and you've been working for a few months now and can get the loan. It's still a bad idea to pay that much money for this car this early in your life. Car's depreciate in value. You're MUCH better off buying a home first and accruing equity. A major reason here is that mortgage interest and property taxes are tax deductible - reducing your tax obligation to uncle sam and saving you more money. Without those, you won't really have anything big to deduct and will just end up owing uncle sam a lot of money every year. For example, when I got my third job I sold my previous home and moved and was living at a house (rent-to-own) with the intention of buying the place from him eventually. That year I owed an extra $5k in taxes because I had nothing to deduct. (as opposed to previous years where I owned a home and get back several thousand each year). I was so appalled at how much I owed the IRS. Actually had to take a loan out to pay the government. I immediately bought the house. Then for that year, I got back $4k in refund, and the full year after than I got back $7k in refund. BIG DIFFERENCE WHEN YOU OWN A HOME. It's so much better to start building equity and paying the man less when possible.
Ok I know the Tesla is awesome and everything, but I'm just trying to stress to you how bad it would be to do this at your age before getting a home. If that's not enough to convince you, then how about this: Your car payment may prevent you from qualifying for a mortgage. That's right. If you buy a car first, and then try to buy a house, the combination of your monthly car payment + mortgage may actually exceed the bank's debt to income ratio requirements. If you don't have a lot of down payment to get the mortgage low enough, thats a very likely scenario and one a lot of people don't realize coming right out of college. so my advice to you would be to buy a home first, which will allow you to gain equity and use the interest and prop taxes to reduce what you owe the man. Once you have this established and you're working hard and working up the ladder and get bigger salary, only then should you consider buying a very expensive depreciating asset.
Besides, by that time the Gen III will be out with improved technology and will actually be a vehicle that is a more wise rational decision. If you still want the Model S at that point, yup as others have pointed out you can probably get a good used one by then.
�
Feb 25, 2013
bellwilliam NO. $70-$80k / year (that's assume you have a job), fresh out of college with debt. don't even buy a Prius. you should be shopping for used cars, at best, $15k new cars.
no, do not finance to buy a car.
pay off your student loan.
pay off your credit card.
stack away maximum in 401k / IRA
put a down payment on a house.
save up 6 months of emergency fund.
then save up $100k as a disposable income.
ONLY THEN do you go out and order a S.
our university really need to require some basic finance class.........�
Feb 25, 2013
anticitizen13.7 The above is the best advice you will get. DON'T buy an expensive luxury car right out of college!
If you must have a car, buy a used compact car with a manual transmission. You will save on fuel, it will be fun, and it should be more reliable than a car with an automatic. Pay off debts, save some cash for emergencies, build up a basic retirement nest egg, and then worry about the luxury car. Being debt free is one freedom that is far more valuable than the average person realizes.�
Feb 25, 2013
Kaivball Last two posts were spot on.�
Feb 25, 2013
NuclearPowered Buy a used Prius with 100k miles. More reliable and cost effective then anything else. Use the money you would spend on an S to buy a house or two or start a business. Saving up 100k in cash is stupid. Don't listen to Dave Ramsey. If you smart enough to get an 80k/yr job right out of school you are smart enough to find better financial advice.�
Feb 25, 2013
anticitizen13.7 I interpreted bellwilliam's statement as meaning save up the 100k to pay cash for the Model S, as opposed to financing it. I don't think that's necessarily a stupid idea. Keeping $100k in the bank long-term definitely would not be a good idea, because inflation would slowly diminish it.
If I had $100k sitting around that I didn't plan to spend though, I'd at the very least invest it in a broad market index fund, or a mix of index funds.�
Feb 25, 2013
bellwilliam yes I meant saving $100k to pay cash for the S.
it is okay to finance the car, but you should already have the borrowed amount in an investment.
point is money needs to be there (set aside in investment is fine), don't borrow for the sake of borrowing.
and no, Tesla S is not an investment.�
Feb 25, 2013
Al Sherman
^^^This. You need a reality check dude. You can't afford this car. I recommend you find someone 30 years older than you that is in your field and ask their advice about what you're thinking.�
Feb 25, 2013
kinddog
this.
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hahahahaha! No, you won't.
man, life is about to come crashing down on you hard, my friend. best not be driving a luxury car that you can't afford when it does...�
Feb 26, 2013
acentre Better to burn out, than to rust. If you can afford it, and it and it makes you happy. Why not?
Now therefore, while the youthful hue
Sits on thy skin like morning dew,
And while thy willing soul transpires
At every pore with instant fires,
Now let us sport us while we may;
And now, like am'rous birds of prey,
Rather at once our time devour,
Than languish in his slow-chapp'd power.
Let us roll all our strength, and all
Our sweetness, up into one ball;
And tear our pleasures with rough strife
Thorough the iron gates of life.
Thus, though we cannot make our sun
Stand still, yet we will make him run.
Andrew Marvell�
Feb 26, 2013
Al Sherman Roses are red.
Violets are blue.
You're gonna be broke.
And feel like poo.
Al Sherman�
Feb 26, 2013
Plug Me In On the plus side, put the back seats down and you can live in it when you're homeless.�
Feb 26, 2013
Raffy.Roma Today I am really having fun on TMC�
Feb 26, 2013
spatterso911 Hilarious, but twoo... Sooo twoo!�
Feb 26, 2013
dsm363 I think in the end, it is your money so do what you want but go into it only after having taken a serious look at your finances. Waiting a year or two (at least) will be tough but will also give you time to save up, see how the job is going, and also benefit from improvements in the Model S that are sure to come.�
Feb 26, 2013
ElSupreme There is some seriously conservatively advice in this thread.
I agree that a P85 right out of college is a pretty bad idea.
Make sure you like your job. I HATED my first job out of school. See how much you actually spend month to month.
Get a $20,000ish new car, tops. Drive it for 3-5 years (get a loan, put 50% down if you want, it will help your credit).
Pay off all your debt, including student loans.
Max out your 401(k) (for maximum matching). And put $5k a year into a Roth IRA. If you save 20% of your paycheck for your first 10 years of working you will be almost set for retirement (not a nice one, but enough to live off of).
Buy some decent furniture (not cheap crap). Buy yourself a few toys. I bought a camera ($1.5k), a bicycle ($5k), and some really nice pots and pans ($1k).
When you find a job you can tolerate, you have some credit history, look at your finances. Save your car payment for at least 3 months. Then take the plunge. And make sure you have at least 3 months cash on hand (you can count on getting rid of HBO, and canceling your Netfilx) to pay your necessary bills. Basically internet, power, heat, rent, FOOD, and car payment. If you buy a house you need another fund to replace a major appliance (I can pay cash for anything but a full AC/Furnace/Air Handler replacement) beyond your 3 months cash.
I was able to bank enough money to quit my first job and live fine for 6 months looking for another one. That kind of freedom to get out of a crappy job is priceless. It only took 3 months to find my current, and mostly awesome job.
I certainly don't have $100k (or ever $50k) to dump into a car. But I still have my buffer cash, and I tested the waters for another job before I bought my S. If I lost my job I could get a comparable paying job quick if I had too. It would be a crappy job but I wouldn't completely be up a creek.
You will spend WAY more money than you can imagine once it starts showing up in your paycheck. I have bought plenty of toys so I won't be wanting another TV as I already have plenty of big ones.�
Feb 26, 2013
UMD86 I agree 100%. I would not spend the money on this type of car when you should have other priorities like a house, family, savings, retirement (yes retirement). A car depreciates in value.........I'm sure you know this. With home prices at a bottom and low interest rates (even though they are starting to rise) I would buy a home or investment property.�
Feb 26, 2013
ElSupreme Yes this too. When I lived in an apartment complex (never a really nice one), I always thought the people with $40,000 plus cars were weird. I would move somewhere nice, and have at least two rooms of decent/nice furniture before I ever spent more than ~$20,000 on a car. There was always something weird when I was paying only $700 a month for a fairly small suburban apartment, seeing a 1 year old Porsche 911S parked in the lot.
Spend money on your mattress, your computer chair/desk, and couch. You spend a lot of time there. Then spend money on where you live. Then spend money on your car.
And for some people spending money on a hobby, or food should be before the car. My hobbies are close to free now, so I only invest time. Well and my hobby of Tesla seems to be pretty big, but I lump that into my car budget. And I really dislike eating out. I just really really hate doing dishes.�
Feb 26, 2013
kinddog it's amazing, the hubris that today's young-ins coming out of college have. even in the midst of an epic recession, where unemployment among college grads is about 40%, this guy thinks that a simple B.S. will have him making $80k right away. NO DOUBT!!!
i remember when only very successful professionals, maybe in their 50's, after putting their kids through college would go out and splurge on a $90k car. now every college graduate thinks they are entitled to one before they even have a job.
i fear for the future of this country...�
Feb 26, 2013
ElSupreme I am hoping I get my $90k car done with before I have kids. That way I wont need a car when I am paying for them.�
Feb 26, 2013
rolosrevenge I graduated less than two years ago and walked into a job paying more than that. Granted I have a Ph.D. and it was only because of some sweet connections that I got it. I still can't 'responsibly' afford a Model S performance, which is why I'm hoping to sell ads and do publicity stunts in order to afford it. But, if that doesn't work, I'll just see where my finances are in a few years.�
Feb 26, 2013
kinddog that's kind of a BIG "GRANTED".
don't get me wrong, just making $80k a year is in no way a qualification to buy a comparably priced car either. but at least you're getting a paycheck.. haha�
Feb 26, 2013
rolosrevenge I'll agree with you there. If I were single, I'd have save enough to afford it by now, but with 2 kids, I'd need to move somewhere substantially cheaper to afford even the 60 kWh version.�
Feb 26, 2013
bellwilliam big difference between Bachelor and PH.D...
that's like a bio major college graduate and a doctor....�
Feb 26, 2013
rolosrevenge I agree, didn't catch at first that he only had a B.S. so I wasn't sure of his level. I was just saying the whole thing is possible. I wouldn't expect an 70-80k job with a BS, unless you were living in a place so expensive it would be equivalent to $50k in an average location.�
Feb 26, 2013
hershey101 I wouldn't be so sure... Its not unheard of for students at my university with a BS in CS to get 120K+bonuses/yr right out of college... It really depends on the individual, major, and university among other things... That being said, you can't bank on anything until you have an offer letter (or several) at hand.�
Feb 26, 2013
NuclearPowered
I personally know several people offered 90k-110k directly out of school with a BS. Its not that unheard of for certain engineering majors or CS. This is within the last three years.
However, that does not make it advisable to load up with large consumer debt immediately.�
Feb 26, 2013
kinddog unheard of? no. common? hardly.
of course if you graduate summa cum laude, you will have more opportunity. but most summa cum laude graduates are smart enough not to go into $90k worth of debt at age 22 right out of college, effectively crippling their financial future right at the outset...�
Feb 26, 2013
blc1017 I am more hopeful than you, based on the very austere habits of my own adult children as well as their friends. Both have learned and are living the concept of delayed gratification, are keeping their credit scores high and their spending low. Happy and living within their means. I want to believe they are not the exception.�
Feb 26, 2013
yobigd20 $5k for a bicycle?? WOW. Does it pedal itself and give you a back massage while you're on it?�
Feb 26, 2013
K Hall Some college grads can buy a MS with cash if they want. They may choose to finance due to the insanely low interst rates. It is a personal choice and if you can afford it I say go for it.�
Feb 26, 2013
abasile Certainly, many will not agree with his advice. I can't say that I necessarily agree with it 100% of the time; for instance, Dave Ramsey takes the position that business debt is a bad thing. Obviously Tesla Motors would not be building the 'S' today if not for having the ability to utilize debt.
My biggest takeaway from Dave Ramsey is his push for debt free living except for a home mortgage if needed. Not having debt obligations to service has been psychologically quite freeing to my wife and me, and has been well worth the spending discipline that it took to get there. Yes, debt can be used to increase income, but with increased risk. While it is acceptable (though not ideal) for Tesla Motors to operate with this kind of risk, we can do without it in our personal lives.�
Feb 27, 2013
ElSupreme No but it did only weigh 15 pounds. I got a semi-custom Cannondale frame, and built it up from scratch. It was about the ultimate criterium racing bicycle you could get. Probably still is. I don't think you can still get it.
Racing bicycles are expensive. My previous racing bicycle had a cracked frame and about 20-25 THOUSAND miles on it.�
Feb 27, 2013
yobigd20 well then, I stand corrected. I guess a bicycle can actually cost $5k. http://www.amazon.com/Yeti-Cycles-SB66-Black-Painted/dp/B005FWKPPI/ref=sr_1_1?s=sporting-goods&ie=UTF8&qid=1362016686&sr=1-1&keywords=bicycle�
Feb 27, 2013
ToddRLockwood My 2-cents: wait for Tesla's Gen III car (to be released in 2015) and pay cash for it. Avoiding debt is a valuable life strategy. It places you higher on the financial pyramid and allows you to put your money to work for you, not for your bank. IMO, the only personal debt worth having is a mortgage, and then only if the rates are very low. Never borrow to purchase a depreciating asset like a car.�
Feb 28, 2013
kinddog I think we scared Ridge Lawrence away for good... hahahahaha�
Feb 28, 2013
ElSupreme Yeah that bike wasn't even close to top of the line.
Road Bikes:
$13k
SUPERSIX EVO BLACK INC. - SUPERSIX EVO - Elite Road - Road - Bikes - 2013
$12k
Madone 7.9 - Trek Bicycle
MTN Bikes:
$11k
SCALPEL 29ER CARBON ULTIMATE - Scalpel 29er - Full Suspension 29er - Mountain - Bikes - 2013
$9k
Superfly 100 Pro SL - Trek Bicycle�
Feb 28, 2013
Clprenz Before buying anything, I would read the book The Wealthy Barber. I am reading it now and it will help you become a millionare. I would not buy a Model S straight out of college, unless you have at least 35k sitting aside. You really would enjoy the car, but after a while you will be bogged down with debt. Its your choice but I would read this book now. This book will really help you.�
Feb 28, 2013
Al Sherman ^^^Excellent.�
Feb 28, 2013
gray Hah, you sound like me. I'm graduating with a PhD in a few months (although I used to have a real job) and a while back I bought a $2k camera and I'm eying a Ridley Noah.
Also I'm really really surprised that nobody seems to have mentioned the effect federal and state taxes has on your paycheck. Sure, you may be making 80k on the top line, but after taxes it's more like 50k.
In Illinois, per (http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx):
$80,000/yr gross means $6,666.67 per month
but:
A $90,000 P85, with a 2% APR loan (assuming you can find someone which will give you that kind of rate), entirely financed over 72 months, is $1327.54 a month (it's $1577 over 60 months), which is almost 30% of your income. Keep in mind that this calculation doesn't take into account any medical insurance contributions you may have to make to your employer or the fact that you probably want to rent an apartment (which in Chicago, is easily $2k a month outside the ghetto). You're left with about $1k and if you save just half of it so you aren't living on the edge in case you get terminated in a few months, you have $500 a month, which is super easy to blow if you like to eat not-ramen every day. Bottom line: You can get a P85, but you'd probably have to live in your mom's basement or the ghetto.
Federal Withholding $1,281.56 Social Security $413.33 Medicare $96.67 Illinois $333.33
Net Pay
$4,541.78 �
Feb 28, 2013
kinddog whatever happened to "delayed gratification"? I mean, if this kid gets a $100k P85 at 22 years old, what the hell does he have to look forward to? to work towards?
wouldn't it mean more to him to work hard for 5-10 years, enjoy the freedom of youth with its minimal responsibilities, while creating a "Tesla Model S" investment fund that he regularly adds to, and then one day proudly write a check for $100k and truly OWN a dream car (instead of it owning you)? maybe at the fossil-like old age of, I don't know... 30?
this country is addicted to having EVERYTHING, and having it NOW (or preferably yesterday). makes me sick to my stomach. the hyper-consumption behavior of the wretched baby-boomer generation has clearly infected their kids.�
Feb 28, 2013
yobigd20 Alliant Credit Union for $92k
1.99% @ 72 months = ~$1350/month.
2.99% at 84 months = ~$1200/month.
But yes, I agree with you. For an $80k salary, its still chewing up too much of your income - unless you're living at mommy and daddy's. Not recommended.�
Feb 28, 2013
LagunaDallas I am this person, and 100% agree. My parents are not car people. They provided me with a good education and a solid foundation in financial responsibility, but I have always earned my own way (including my first car at 16). I'm now 34 and have had 30 cars, from the MS P85 to new Range Rovers, Porsche 911s, Mercedes SL65 AMG, etc. I'm now at the point where everything is "been there, done that." If I could go back and do it all over again, I would've drastically slowed down my pace of car flipping and would probably have another $250K in the bank. I've made money on a few, lost on most, and overall spent way too much on cars than I should have...and now it's kind of boring. The "hunt" for exactly what I wanted is no longer very exciting. For someone as passionate and obsessed with cars as I am, it's much more fun to have something to look forward to and strive for rather than being at the top so early. It keeps you hungry and pushing to get to the next level. I'd much rather be saying this at 64 than 34, and can't even imagine having to pay for a Model S right out of college.
Having said all of that, the Model S is the #1 favorite of ANY car I have ever owned because it is so *different.* It is worth every penny, yet is MUCH more enjoyable when the finances of it --- whether it's writing a check or financing --- cause very little to no effect on your finances. Trying to pay for one at 22 would be way too stressful.�
Feb 28, 2013
gray At least the kid's parents aren't buying the car for him. There are dozens of internet stories about kids crashing their hi-po cars and dying.
Wow, that's better than my credit union (mine is only 1.99 up to 60 months). Thanks!�
Feb 28, 2013
johnnyS Ignoring all the good financial advice about delayed gratification, how does it look to be driving a nicer car than your boss. If you are a professional athlete, it is O.K. to be driving a Bentley when the coach/manager is only driving a Benz. Older colleagues saddled with mortgages are not going to like the young punk fresh out of college driving the hotest car on the market. For the most part I think you want to look practical/sensible to your new employer.�
Feb 28, 2013
jerry33 $5K isn't all that expensive. I paid $7k about 15 years ago for a custom road bike.�
Feb 28, 2013
kinddog
a wonderful admission and contribution to the conversation. your self-awareness alone is a testament to your maturity. I say this as your elder of 2 years... lol
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excellent point. i stroked a check for the car and can easily afford it. that said, I am on the serious down-low about it. only one co-worker knows i have it (we haz huge parking garage), and just a few friends. posting it on Facebook or swaggering into the office in it? no way.
there are so many jealous haters out there. couple that with a brutal recession, and yes... everyone should stay on the down low. a 22-year old kid rolling up to his entry level job in a $100k luxury car is about as excruciatingly awkward and tone-deaf as it gets..�
Feb 28, 2013
NeverEnough I'm only 25, but I'm doing great at work. I live on less than half my after tax income and have saved enough to cover 70% of the car without wiping out my savings. I realize cars are just throwing money away and I realize there are more responsible things I could be doing with what I've saved, but at the very least, I am not digging myself into a hole.
I am very nervous about driving such a nice car (excruciatingly awkward one-deaf as it gets, you say?) and realize everyone's going to assume I'm deep in debt to have it.
All that said, this is what I want and what I want to do. I can only hope for the best when it comes to what others think. There's no turning back now: my delivery is at the end of next week.�
Feb 28, 2013
Al Sherman
Except for my golf buddies. They've been brutalizing me horribly for a long time for driving a Prius. I just smiled and told them it was the coolest car available. Now it's my turn to beat them over the head with the Car of the Year. Other than that; down low. It's a golf buddy thing. I'm giving myself a pass.:smile:�
Feb 28, 2013
NuclearPowered Congrats. What model and how have your family and friends reacted to you purchasing the car at 25? (I am assuming you're not a trust fund recipient)
Sent from my XT907 using Tapatalk 2�
Feb 28, 2013
NeverEnough Thanks. Performance, and no, I was given an education but earned the rest myself. I suppose I was also given my work ethic. I am usually the first to the office and the last to leave. Hard work comes naturally and it's easy because I enjoy what I do (most days).�
Feb 28, 2013
NeverEnough Actually congrats is exactly what my sr manager told me when I let it slip. And my manager was excited at the thought of getting me out to the track with him. So far everyone has been excited.�
Feb 28, 2013
kinddog the irony of your username being "NeverEnough" is hysterical.�
Feb 28, 2013
dsm363 Congrats! It's still a big purchase but you've obviously done your research, saved and made the financials work for you. Now all you have to do is wait for it to arrive.�
Feb 28, 2013
NeverEnough It's a screen name I started using 12 years ago. My other is my name so I use this on a few sites where the publicly visible screen name is required to sign in. I'm far less likely to forget it than one I had made up on the spot.�
Mar 1, 2013
adiggs I'm a fan of The Millionaire Next Door - I read the 1998 edition, but I think its time I looked into the 2010 update. It's not the only source with that message, but it worked well for me, and I recommend it.�
Mar 1, 2013
v12 to 12v Is there a new and updated version? 'The Billionaire Next Door', perhaps?�
Mar 1, 2013
Al Sherman +1 Great book every parent should force their kids to read.�
Mar 5, 2013
neroden Bluntly, the longer you can reasonably put off buying a car, the longer you should do so. When you go "Dammit, I really need a new car!", then go ahead and do what it takes to buy whatever model Tesla is selling at that time.
That's what I did. By the time the car I was driving got to the age of 8 years, it was beginning to completely flake out, so it was very good that I received the model S now. But if you can hold on for a year without having to make expensive car repairs on your current car, do so.�
Mar 7, 2013
LazyBear Frankly, I wouldn't recommend it. Yong person driving expensive car just does not look right unless you are a pop star, really run your own successful business, inherited tons of money or something like that. Otherwise in the eyes of other people (that includes your boss or *decent* girl) you'll look irresponsible and unable to manage money. Worse still, you may get people thinking about what is you do after hours... No matter what your actual financial situation is, people have some stereotypes. Most people would expect young working person to think about saving, funding 401(k) and getting first house or trying to start own business.
As for 911 parked at apartment complex - I have a friend who did exactly that for a few months. He was separated and in process of getting divorced and hadn't find himself any new place yet.�
Mar 10, 2013
AJarrodJenkins My First (and likely only) Post on TMC (Please Read)
I don't get into forums because it takes up too much time and is either too polarizing or much of a cult. I only check this site to get updates on the delivery of my vehicle. Nevertheless, after reading this post, I felt the need to provide the observations of an outsider.
Let me begin by saying I am reservation holder 69XX, which means I reserved in January 2012. When I got my time to finalize email in October, I decided to get 40kwh, black, grey leather, pano, tech package, and armor. You know how much that costs? $71K before tax credits.
I lost it when I read about this college student who does not even have a job complain about not being able to get the performance edition. He had the nerve to say he would consider "settling" for the 40kwh. On top of that, he expects to be making $70-80K when he comes out. I'm an attorney who makes six figures, and my 40kwh is still a stretch for me.
That post is representative of the majority of members of this group. The 40kwh Tesla is still a Tesla. It costs more than an entry-level Porsche or Jaguar. When people ask if I have received my car, they do not care about the battery size; they are just excited to know someone who owns a Tesla.
Moreover, the 40kwh Model S still surpasses anything else on the market with regard to range. People who complain about Tesla's range obviously are purchasing a nice-looking car as opposed to purchasing an electric vehicle breakthrough (that's why I have so much respect for Leaf owners). Tesla's must be charged every night, so 40kwh is more than sufficient for daily commutes.
I also am tired of hearing people complain about wait times. It took over 8 months to get my finalize email. I have no sympathy for someone BEHIND me in line who has been delayed.
I grew up in a middle-class home, but was not born with a silver spoon. I know what it means to be grateful. I am 28 and getting a Model S; it does not matter which model or if I get it a few months after people behind me in line. Some of you, dare I say the majority, are clueless as to how good you have it.�
Mar 11, 2013
AnOutsider heh, imagine how those of us who waited 3 years feel about folks waiting 6 months complaining (or telling us not to complain).
In the end though, many of us are in different circumstances, and we all probably can stand to take some time to step back and realize what is or isn't important. At the same time, we can't put every detail of our lives in the context of someone who is in a less fortunate situation.�
Mar 11, 2013
kinddog
careful... a few more "keepin it real" posts like this, and you'll be branded a troublemaker, given an avatar of some aggressive dog, and be threatened regularly with being banned.
p.s. - i agree 1000%�
Mar 11, 2013
Al Sherman Some good points yes. But, be careful about generalizing about the "majority" of folks on this forum.Most of the people here in my experience have worked hard for a long time to be able to afford this car. Most of them seem VERY grateful for the opportunity. I am old enough to be your father and have worked hard all my life. I am VERY grateful, and thankful for what I have.�
Mar 11, 2013
anticitizen13.7 You're far too polite. At the very least AJarrodJenkins owes this community an apology.
A. Jarrod Jenkins should know better than to attack the members of a message board when it's clear he knows little or nothing about the people here. He admitted that he visits TMC infrequently and for only one purpose: to get an idea on when his car may be delivered. Then he decides its OK to brag about his income while deriding us as a club of unrealistic college kids, when the reality is that most of the members here are middle aged or older professionals and entrepreneurs with a reasonable degree of success. This is not acceptable to me.�
Mar 11, 2013
kinddog that's true. it's not >50%.
more like about 30%.�
Mar 12, 2013
gray Just for you: The First World Problems Meme!
But seriously, I don't fully get the people who are like "there's no excuse to not get 85kwh! It's ONLY $20,000 more!"�
Mar 12, 2013
rolosrevenge For that much, I'd get the 60 kWh with the super charging option, so much more utility for the same price, but that's just me.�
Mar 14, 2013
brianman For a while I read just about every new post on the forum (yes, I need some help...) and I don't recall anyone ever saying this.�
Mar 14, 2013
kinddog i still think it's hilarious that "Ridge Lawrence" has not been heard from since Page 1...�
Mar 14, 2013
gsxrex People generalizing and stereotyping groups from the comfort of their keyboard over the internet? Say it isn't so...
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