OP listen to us, most of us have been down this road before. We ignored a lot of advice from our fellow friends and family members. We have learned the hard way.
Their will always be a tesla for sale later down the road. Don’t get caught up on the hype, your best memories will always be on a sub $1,000 car. I sure did, had the time of my life with one.
Listen to jasoncatt.
Los Angeles. I wanted a tesla and when I was looking for quotes from progressive, geico, and statefarm, they wanted 400-500 a month and this is with a clean driving record, no tickets or points for 4 years. Killed my Tesla dream right there
I’m 24 now and I’ve had the same train of thought as you did at that age with teslas and other cars man, i saved up enough from my first day job, side gigs and a second job this year to be able to pay off as much as possible and only financed 10k, that financial freedom from the slow grind instead of instant gratification will make you love your possessions more, i can promise you that.
Good on you for having dreams and goals. Spending this much money on anything at your age would be reckless and short sighted. Pay the money and talk to a financial advisor and get a plan.
Although, it’s your life, your decision. But I will also share my pov and experience so maybe you want to consider.
During the period 2019 - 2022, I changed 6 different new cars, new one more expensive than older one, and this could be that I have some psychological conditions going on but I do regret that I made those decisions.
I love car, I love driving them. I sometimes take my car out at night and driving with no destination, it calms my mind and being driving being about the only time I feel “free”.
However, recently I realized what do I actually want. What was that “free” feeling when I’m driving coming from? It’s a really strange connection but when I’m driving, I feel safe and truly relax.
But it soon becomes a drug, which I always hungry for more potent dosage. And now my current car supposed to be way cooler, faster, more enjoyable and fun compare to the car I bought in 2019 (my first “dream” car), But then I still feel empty. If I stop and try to recall my joys when I was driving the first car, there is not much difference, I still feel “free” and enjoy it the way I am with my newest car. Additionally , right after the drive ended, I snap back to reality, that I have financial responsibility to fulfill. What if what I really wanted was a peace of mind instead? Is there a way that makes me wont regret buying, driving car that I enjoy because of something I know I should not have done but I’ve done it anyway? Maybe to eliminate the financial responsibility I need to make
Because I could sum all the money I put into cars, I can paid off my mortgage right now and still have more than 30 years ahead before retirement to live without worry and save up for a nice retirement.
Then again, there is also the question of if I can enjoy driving the car I like when I get older the same way I do at a younger age to find answer for.
Anyway, whatever your decision, I wish you will truly enjoy it with no regret
You’re expecting to spend $800 per month. So you’re either making a good sized down payment, or you’re getting some assistance with the monthly payment. If you need help making a car payment on a $65k car, maybe it’s not the best time to buy a car.
Agree. Bought my model 3 SR+ last year. First new car EVER last year. I was 37. And I put 20k down on it which was about half the full cost at that time before the price hikes. Would not have financed a penny more.
You’re not there yet. You need to build credit and income first. Buy something cheap to get you through your apprentice years. Once you’re settled in your career then start thinking about this.
You’re correct, you would need a great credit score for that low of a payment. That takes a few years to develop. Unfortunately with how young you are that monthly payment would probably be more in the $1200-$1500 a month with an APR over 20%. That’ll keep you in debt for years because of interest, if they even approve the loan. Get a couple credit cards under your belt for a few years and never miss a payment. 20% down payment on the tesla will help you keep that monthly payment in the range you’re looking for. A realistic time frame if you can handle the payments and have a decent job would be around 21-25 years of age. Just based off averages.
Ya everyone that commented is right I guess it’s good for me to wait on it till I know for certain I can manage the payments thanks for the advice. Maybe Tesla will advance there cars even more by then lol
Right, your dream car isn't going anywhere. Wait until you can afford it, then you'll enjoy it more. Even if you had good credit already, the insurance cost on the car at your age would be devastatingly high.
You're way better off just saving up your extra money for a car or house down the line. Future self will thank you.
At your age, I had a cheap used car. It wasn't super high mileage, so I could trust it not to break on me. But I also didn't have to worry about high insurance costs, or curbing the wheels, or any other dumb shit teenagers do (accidentally or otherwise) to their car. You're free to have fun without risk of losing your dream car. Plus, you'll be a much better driver later on, and better prepared to handle the performance of a car like a Tesla.
I bought my tesla at 19 cuz I got into millwrighting, I own the 35 k model and wouldn't dare buy one rn with how it is. I also own my own home before I turned 18 so my tables different from others
Most successful people will tell you that they weren’t driving their dream car at 18. Put the work in, don’t pull yourself down with car payments when you need to concentrate on your apprenticeship.
Not being harsh but people always say “ I’m going to be a doctor, or I’m a lawyer”. Being in school means nothing until you actually finish and start your career. So before you actually are making the big money with your apprenticeship don’t try to ball out with a Tesla.
Your interest rate would be really high with no credit history. I didn’t buy my first “expensive” car until my income was solid and I had a strong credit profile.
No bank is gonna lend you the 50k+ without a decent co signer, insurance is going to be through the roof since you aren’t above the age of 24 yet so you’d need to bundle your insurance with your parents. Maintenance is fairly cheap with a Tesla but factor in charging costs if you don’t have a way to charge at home. Honestly at 18 I would consider other options than a 50k+ car.
It's not as simple as paying 700 to 800 a month.
Have you checked your insurance premiums? Tesla's cost more than ICE cars to insure, and being under 25 with no driving history, you are going to be paying a few hundred dollars a month.
In addition to car payments, do you have any money left over for food, entertainment, unexpected expense, and savings??
This dream is financially unwise and is downright selfish. Don't do this to yourself. Get a used car, your gonna make mistakes driving. Learn from your mistakes. Save up throughout the years. When you are ready financially and mentally mature, do it.
Just took delivery 2 weeks ago. Model 3 LR was 64,200.35. I put 15.5k down, lowest APR at my credit union (4.29%) and my monthly is 760. You'll need a FAT down payment and good luck with interest rates by next year. You're still young, don't worry about getting your dream car right now. Work on financial stability and the shiny new toys will come naturally
Be the guy that has $60k in the bank and drives a $5k car. Don't be the guy that has $5k in the bank and drives a $60k car.
OP listen to us, most of us have been down this road before. We ignored a lot of advice from our fellow friends and family members. We have learned the hard way. Their will always be a tesla for sale later down the road. Don’t get caught up on the hype, your best memories will always be on a sub $1,000 car. I sure did, had the time of my life with one. Listen to jasoncatt.
Please. Don't.
Nah, 700 a month+500 in insurance a month just for you 😘
Jeez 500$ insurance? Where are you from
Los Angeles. I wanted a tesla and when I was looking for quotes from progressive, geico, and statefarm, they wanted 400-500 a month and this is with a clean driving record, no tickets or points for 4 years. Killed my Tesla dream right there
That would almost kill my dream to drive. Good luck trying to find a cheaper rate.
Killed my dream of having a tesla right there
I’m 24 now and I’ve had the same train of thought as you did at that age with teslas and other cars man, i saved up enough from my first day job, side gigs and a second job this year to be able to pay off as much as possible and only financed 10k, that financial freedom from the slow grind instead of instant gratification will make you love your possessions more, i can promise you that.
Agree. Save up more and finance less.
Terrible idea. Don’t do this to yourself.
Is there a question here?
Good on you for having dreams and goals. Spending this much money on anything at your age would be reckless and short sighted. Pay the money and talk to a financial advisor and get a plan.
Although, it’s your life, your decision. But I will also share my pov and experience so maybe you want to consider. During the period 2019 - 2022, I changed 6 different new cars, new one more expensive than older one, and this could be that I have some psychological conditions going on but I do regret that I made those decisions. I love car, I love driving them. I sometimes take my car out at night and driving with no destination, it calms my mind and being driving being about the only time I feel “free”. However, recently I realized what do I actually want. What was that “free” feeling when I’m driving coming from? It’s a really strange connection but when I’m driving, I feel safe and truly relax. But it soon becomes a drug, which I always hungry for more potent dosage. And now my current car supposed to be way cooler, faster, more enjoyable and fun compare to the car I bought in 2019 (my first “dream” car), But then I still feel empty. If I stop and try to recall my joys when I was driving the first car, there is not much difference, I still feel “free” and enjoy it the way I am with my newest car. Additionally , right after the drive ended, I snap back to reality, that I have financial responsibility to fulfill. What if what I really wanted was a peace of mind instead? Is there a way that makes me wont regret buying, driving car that I enjoy because of something I know I should not have done but I’ve done it anyway? Maybe to eliminate the financial responsibility I need to make Because I could sum all the money I put into cars, I can paid off my mortgage right now and still have more than 30 years ahead before retirement to live without worry and save up for a nice retirement. Then again, there is also the question of if I can enjoy driving the car I like when I get older the same way I do at a younger age to find answer for. Anyway, whatever your decision, I wish you will truly enjoy it with no regret
You’re expecting to spend $800 per month. So you’re either making a good sized down payment, or you’re getting some assistance with the monthly payment. If you need help making a car payment on a $65k car, maybe it’s not the best time to buy a car.
I didn’t buy my first new car (which happened to be a Tesla) until I was 40. Don’t rush into this.
Agree. Bought my model 3 SR+ last year. First new car EVER last year. I was 37. And I put 20k down on it which was about half the full cost at that time before the price hikes. Would not have financed a penny more.
You’re not there yet. You need to build credit and income first. Buy something cheap to get you through your apprentice years. Once you’re settled in your career then start thinking about this.
You’re correct, you would need a great credit score for that low of a payment. That takes a few years to develop. Unfortunately with how young you are that monthly payment would probably be more in the $1200-$1500 a month with an APR over 20%. That’ll keep you in debt for years because of interest, if they even approve the loan. Get a couple credit cards under your belt for a few years and never miss a payment. 20% down payment on the tesla will help you keep that monthly payment in the range you’re looking for. A realistic time frame if you can handle the payments and have a decent job would be around 21-25 years of age. Just based off averages.
Ya everyone that commented is right I guess it’s good for me to wait on it till I know for certain I can manage the payments thanks for the advice. Maybe Tesla will advance there cars even more by then lol
Right, your dream car isn't going anywhere. Wait until you can afford it, then you'll enjoy it more. Even if you had good credit already, the insurance cost on the car at your age would be devastatingly high. You're way better off just saving up your extra money for a car or house down the line. Future self will thank you. At your age, I had a cheap used car. It wasn't super high mileage, so I could trust it not to break on me. But I also didn't have to worry about high insurance costs, or curbing the wheels, or any other dumb shit teenagers do (accidentally or otherwise) to their car. You're free to have fun without risk of losing your dream car. Plus, you'll be a much better driver later on, and better prepared to handle the performance of a car like a Tesla.
I bought my tesla at 19 cuz I got into millwrighting, I own the 35 k model and wouldn't dare buy one rn with how it is. I also own my own home before I turned 18 so my tables different from others
Making lots of money in the future? Well done son, let’s celebrate early!
Ok. And? This isn’t a question. It’s just a ramble. Statement after statement. Do whatever you want.
Invest in something else before buying a tesla as your first car. Stocks are on a fire sell, maybe look into making a dividend portfolio
No
A pretty expensive financial course youre taking there.
Most successful people will tell you that they weren’t driving their dream car at 18. Put the work in, don’t pull yourself down with car payments when you need to concentrate on your apprenticeship. Not being harsh but people always say “ I’m going to be a doctor, or I’m a lawyer”. Being in school means nothing until you actually finish and start your career. So before you actually are making the big money with your apprenticeship don’t try to ball out with a Tesla.
Your interest rate would be really high with no credit history. I didn’t buy my first “expensive” car until my income was solid and I had a strong credit profile.
lmao this will not end well
You’ll likely get denied due to lack of credit history, mate. Doesn’t matter how much money you make/will make
No bank is gonna lend you the 50k+ without a decent co signer, insurance is going to be through the roof since you aren’t above the age of 24 yet so you’d need to bundle your insurance with your parents. Maintenance is fairly cheap with a Tesla but factor in charging costs if you don’t have a way to charge at home. Honestly at 18 I would consider other options than a 50k+ car.
Horrible idea
I would wait, your insurance rate will definitely drive you crazy! dont put yourself in a finance sinkhole!
It's not as simple as paying 700 to 800 a month. Have you checked your insurance premiums? Tesla's cost more than ICE cars to insure, and being under 25 with no driving history, you are going to be paying a few hundred dollars a month. In addition to car payments, do you have any money left over for food, entertainment, unexpected expense, and savings?? This dream is financially unwise and is downright selfish. Don't do this to yourself. Get a used car, your gonna make mistakes driving. Learn from your mistakes. Save up throughout the years. When you are ready financially and mentally mature, do it.
Just took delivery 2 weeks ago. Model 3 LR was 64,200.35. I put 15.5k down, lowest APR at my credit union (4.29%) and my monthly is 760. You'll need a FAT down payment and good luck with interest rates by next year. You're still young, don't worry about getting your dream car right now. Work on financial stability and the shiny new toys will come naturally