I'm a 19 y/o dumbass planning on financing a $50k tesla. Poor decisions aside, how much of my savings should I put down vs continue saving? I have $35k in savings making $7k per month.
Should I take it easy, put $10k down and finance $40k? Or put as much as I can down, like $30k, keep $5k as an emergency fund and finance the remaining $20k? Something inbetween?
In what job does a retard that can't into basic interest rate calculations make 80k+ starting? Daddies (((business)))?
The interest rate on the car loan is probably pretty high, so just put as much money into it as you can afford. Unlikely you can get a return higher than the interest rate.
Don’t be a pathetic materialist. Buy a used Toyota and invest your savings into revenue-generating assets instead
I can help you out for some money guy
>19 y/o w 35k in savings making 7k per month
larp or rich kid?
save your money either way, fagman.
lmao i'm a medium sized youtuber (probably the most retarded of them all). started making videos when I was 11 and got lucky to tap into some popularity in my niche.
Thats a tough one. My rule of thumb is if your loan rate is below the what you could equivalently get in the stock market, get the loan. Opportunity cost of your money, y'all!
unless your channel is related to being a flexing hypebeast/auto channel, don't buy the fucking car. you will regret it.
if you're still gonna be retarded, next best option is putting everything you can down. finance the very least amount possible.
Yeah, I know I should go that route. I can never decide if I want to go the responsible financially independent, retiring-early type of way, or just have fun with some of my income.
>Financing a car
>Ever
Nigga wtf is wrong with your brain lmao
Good point. Carvana tried charging me a 10% APR, but direct from tesla might get me 4.75%. Probably still higher than what I could get a return on honestly
Buy a shitbox and short Tesla to $0, it will be there in only a couple years. Then you can pick up a fleet of them for cash, if they are even allowed to run without software updates and aged batteries.
No excuse other than I really like teslas lol. I never thought I'd voluntarily go into debt until I drove one.
Even worse, YouTuber. lol. I plan on saving vigoriously and not making any large purchases afterwards until actually purchasing a home
In the same boat here, I live a very frugal life generally but man I want a tesla.
I already have more money than I'm willing to admit in $TSLA from buying in last year around 320 ahah *cries*. I'm the definition of an obsessed fanboy, the difference being I'm more self aware.
agree. Unless you can writeoff most of the car as production costs, it's a really bad idea to finance shit with an uncertain income (especially for one of the gayer cars in history of automobiles).
I know you want to flex, and I know you're going to ignore oldfags...but as someone who had a liter-bike and a bmw at your age, the payments arent worth it and set me back significantly in financial life.
Yeah, you sound like a huge faggot. You know what, just go all in TSLA. I think that actually is your best decision.
I considered starting a second channel for electric cars, but being realistic, making a second successful channel would be pushing my luck for sure. desu Jow Forums has had the most useful advice since i don't have to deal with sugarcoating lol
Its a low quality shit car, solely sustained by hype.
Seriously the level of quality on these fuckers is like 1970‘s.
Don't do it man. Heed my advice. I'm a 30 year old boomer. Even if this decision doesn't financially ruin you, it's still going to do a lot of damage from opportunity costs. Save your money, get a used car. It's boomer tier advice but if you drop 50k that you don't have on a depreciating asset you'll regret it down the road. It's a brainlet tier financial decision.
I get what you mean. I would hope I actually keep my car on the down-low and really just enjoy it for myself (especially since most people in my audience hate electric cars) but who knows how tempting it would be to post a pic here and there. I've never been in debt thanks to avoiding student loans and having low credit card limits, it really doesn't sound bad, but maybe it'll feel different once I'm handing over that stack of cash each month.
anything for daddy elon OwO
I guess my mindset has been, if I keep my spending below $2k a month, I could pay up to $5k a month on the loan, which would in the end set me back 10 months on "life" which really doesn't sound bad. Basically just sustain myself without growing financially for a year, for a car that I hopefully keep for a long time. Maybe that doesn't actually make any logical sense, not sure now that I'm writing it out oops.
Do you need the car to get around? If not just rent that bitch on Turo and flex it on your insta and say you bought it.
No, it makes no sense and you're missing the point. Save your money for other purposes. Crypto, gold, down payment on a house, etc. You are blowing 50k (more actually) on a fucking car at 19. Just because you "can afford it" doesn't mean it's a good idea.
>
Not gonna lie, I actually considered this (other than the flex part, I'd like to think I wouldn't but who knows.) right now I have a car worth about 10k, and considered putting them both on Turo, and just driving whichever one isn't being rented. The first issue is you have to be 21 for Turo, but it also just sounds like it would suck up more time than I have.
what's your channel?
$TSLA is dying, you’ll regret buying it in a year when the company folds
Yeah. Over the past year or two, my one and only goal was to be able to afford a tesla, as I have no further aspirations. Obviously I guess most people under 20 don't really have big goals yet, but having that target milestone long ago and actually being able to *technically* do it is very hard to pass up. It's shallow too of course, but I pulled out of all stocks after about 6 months of seeing my money grow, but at an obviously slow rate because I got bored. The more I type, the more immature I realize I am lol.
Although I respect all the opinions here on not buying a new, expensive car, people have been saying "tesla will fold in a year" since 2008. So far, the statistics have been in elon's favor
Just go allin on hitlercoin (LINK) and start lifting 3x weekly to get that effeminate fag out of yourself.
Or if you're a non-white...the overpriced golfcart sounds like a super neato investment like omg totally.
>all this shit advice
Op, it depends on the interest rate. If you have a low rate like sub 2.5% then just put down the bare minimum and drag out the finance as long as you can. it’s basically on par with inflation at that point
if you’re getting jewed with a high interest rate, then do the most you’re comfortable with so you can minimize the interest paid
Finance as much as you can and put the rest in crypto. It surely cant go wrong
I'm 27 and I bought an M4 in 2017 when I was 25. I had already bought an apartment though. Got lucky in 2015 by selling a website to a company in SF.
M4 has something like 8.5k miles in 2 years. I paid cash. Not sure if I would do it all over again.
I would probably finance it if the APR was loan enough and invest the $120k in the stock market, so the loan would pay for itself.
I also want a Tesla, but I'm not sure if this is the right time to buy one. Volkswagen and some other companies are rolling out their electric cars in 2020, and despite Teslas having somewhat a cool design, their interior is shit. Shit plastics, etc.
The only reason to get one now is because of the auto-pilot, but auto-pilot software is now open source, so expect other well known brands to come up with their own shit, which would probably make the price of a Tesla go down, or other brands having cars that would be more appealing than a shit plastic interior that Tesla has.
Not sure if this is of any help kek
I'm only just now passing 250k subs, so I doubt anyone here would know it, but I'm purposefully posting on Jow Forums just in case... so people don't realize I make way more than the average channel at this size. Primarily how-to's and tutorials.
True, I currently drive an old electric car with under a 100 mile range, and honestly some materials are probably higher quality than the tesla interior, but I still love it. I've had a close eye on other EVs like audi's e-tron and even hyundai's kona. But the range on them are so shit, like under 250 miles. Meanwhile tesla is at 300+, pushing 500+ next year.
You might not do it again because of the car, or the affect it had on finances?
try to find a 10+ year old car from a reliable brand and which was well taken care of. I got a 2007 Corolla with 20k miles for $3000 and I haven't run into any issues with it until now.
I probably wouldn't do it all over again because after I had the car, I noticed that I wasn't happier than before I had the car.
It was just that, a car with 450 hp. It was just a somewhat expensive life lesson. People look and compliment the car, people strive their whole lives to achieve something I already have and the feeling of having it is not different than having a 1999 VW Golf. Of course the car is way better and more comfortable than any other I've ever had, but my life didn't change because I bought an expensive car.
It didn't affect finances, but gas in Europe is pretty fucking expensive. A Tesla S costs here $150k, a Model 3 costs $80k. I would want one for the experience of new technology, but I'm sure I wouldn't be happier if I had one.
I would just be glad to say fuck you to the government by not paying for gas anymore.
How are you making $7k a month? Are you pulling 1 mil views on 6-8 videos each month or have you got sponsorship deals?
Also the reason why we are saying it's dumb to buy the car is that being a youtuber isn't considered a stable career and if the music stops you will miss the few grand spent on interest/depreciation on a car that costs almost an annual household income in the us. Maybe consider how the money could be used to grow your channel instead.
Why don't you just save for 10 more months, get the full $50k for a Model 3, then finance it, invest the $50k in a savings account with a 2% yield and if something happens you just pay the car in full?
You still have the money in your pocket earning interest and you're using the money from Tesla/bank to finance the car.
Primarily because the federal tax credit on Tesla ends in a month, which will save me $3750 in taxes. Prices will also be rising on this model later this year because they keep advancing the software behind them. Although the loss of a tax credit may not outweigh financing a car.
You can make so much more out of investing $50k. Don't waste it on a depreciating luxury product
I pull about 3 mil views a month. Ad revenue is a small portion, but I built ecommerce sites selling expensive products which I was able to build by leveraging my audience. In theory, my youtube channel could be deleted and I would only lose about a third of my income thanks to the other websites I created.
I definitely invest a lot into the brand, but could always put more in for sure as you're saying.
I see, that's good to know. I definitely have high expectations and hope to feel happier and more driven (no pun intended) after buying. Honestly I only drive about 1k miles a month seeing as I don't have a commute or social life lol. I've been very spoiled with no longer paying for gas, just about $10 per month in extra electricity on my current EV.
Hi OP. you type like an asian-american.
I used to sell cars op.
Stability and instability is something alot of people will go through in life, to face reality your youtube channel has a high percentage it may dissipate in the next few years and you're left looking for something else, while the money you could've saved from financing a nice 2012-2014 V6 Toyota Camry that will have all the bells and whistles, a surprisingly nice ride and good handling. OP, I've sat and drove thousands of cars in my career and to be honest they're all very similar and that fancy touch screen is going to get old really quick, besides the model 3 will not hold it's value well at all as it's still a new line that should have many more model updates to come or rather getting stomped out by Porsche, can't ever seeing this car going up in value or holding it's value particularly as well as a Toyota Camry will. The difference you look for after realizing a car is a simple in the way like a gun is simple, and after that you just look for build quality. Which Toyota is superior, just change the oil every 5000 with synthetic only.
Ideal V6 Toyota Camry from 2012-2014 will have around 70k miles and be a One owner carfax with no accidents or damage and regular service history for peace of mind and it will cost you $13k before taxes.
Honestly OP you'll never really think about what you drive if you're not that into cars even, you'll forget what you're driving and they're all the same.
One of thhe worst thing you can do at this point in your financial life is buy a new car. Don't be stupid user.
Yeah, I guess. I have such a cheap lifestyle right now that it just feels like the perfect time to splurge. (No family to support, mortgage, etc) - but maybe it's just a better time to keep investing into something boring, but with higher ROI.
If you make $7k a month and $35k in savings then either your lifestyle isn't that cheap or you have just recently started making money and then you sure as hell should not be putting yourself $15k in debt so quickly
Yeah, the average YT channel stays "relevant" for about 5 years or so. It would be awful going back to gas, oil, etc now that I'm used to electric. Although I don't even drive that much, partially because my current older electric car has very little range, but also because I literally have nowhere to go most days. You definitely drive a convincing argument, makes me feel both defeated but slightly relieved I may not miss out on as much as I think I will.
yeah my income is growing each month. January was about 3k, Feb was 5k, Mar was also about 5k, April was 7k, May is projected to be about 11k. Hopefully it will keep going in this direction throughout the year, but who knows how soon it will plateau.
While that sounds like a really good income, remember that Youtube is not at all a stable income platform (see MumboJumbo, TheFatRat, etc. situations). I hope you don't have to face that but imagine that that happens to you, and you're 15k in debt. If you wait one or two years you'll easily be able to afford a luxury car and have plenty of savings left over if a luxury car is really something you want, but for now I would say it's a big risk and a big price for an expensive toy which will get old very quick
>tesla
why the fuck would you buy one of those things? have you not heard the horror stories about telsa maintenance? Even if you have money expect random shit to break often. There's literally nothing worse than an unreliable car
just let the tesla sales guy lube you up
Here is he best advice you'll ever get. Every month all you have to do is put 1k into gold or silver, actually physical coins. Then you can be sort of irresponsible with the rest of your money, because when the currency collapses and debt bomb implodes you'll be in amazing position to pick up currently super over inflated assets for pennies on the dollar for what it cost you to get that gold in the fiat paradigm.
Don't waste your time investing in dollar denominated financial assets. 22 trillion in debt so we are fucked unless you have the presence of mind to buy gold.
1k in gold and or silver per month. I would also take about 10l of your savings and get a comfy stack to start. You must realize that dollars are not savings and gold is real savings
>tesla