+60 votes
by (520 points)
I’m debt free minus my 296k huge mortgage but I want a tesla so bad. Should I get down to 200k mortgage before I even consider it?  I make about 5k a month and I’m a single mom but my bf also gives me 1k a month for rent. Currently adding an extra 1500 a month to my principal every month.  
I’m debt free minus my 296k huge mortgage but I want a tesla so bad.

49 Answers

+37 votes
by (6.2k points)
Do what makes you happy and comfortable. You'll get different answers from everyone because everyone is in a different situation and everyone has different priorities. At the end of the day you only have yourself to answer to and count on!  
+34 votes
by (1.1k points)
I love how Miko has paid cash for everything. how she just keeps rolling it over, putting it away every time she has a dollar left over, and she has saved it all so that she has a home without any debt. But she's also very nonjudgemental. I think I'd ask yourself this. what do you value most? Would having that Tesla make your life really feel wonderful and special? Then do it! Do it so you don't get more in debt though. It's a crazy judgement call for any of us on the outside. Great job on getting to where you are now. I admire you for it!  
by (870 points)
@margotmargrave this! But gonna say this (don’t know your situation and haven’t read other comments). can you financially afford both payments & still live life IF the boyfriend stopped giving the $1K per month? Not to be negative or anything like that, but just make sure you would be comfortable with it all on your own income.  
by (520 points)
@hebron I would probably get a roommate to replace him if we broke up.  
by (870 points)
@acolyte3736 ok, just thought I would throw that out there. Glad you have thought about that.  
+8 votes
by (2k points)
I would work on paying off the house and save to pay cash for a Tesla so you could get a bigger discount on the car because money talks and when you drive a car off the lot it already deprecated.  
+28 votes
by (4.3k points)
We have a Tesla and LOVE it. All I can say is, pay cash for it! People have insane high payments for them, no car is worth a high payment. We originally financed it (we ended up just paying it off the following month since we had the money) but our payment was around 375$/ month and the sales lady told us that’s the lowest payment she’s ever seen . Our neighbor pays 1200$/ month for it. Insurance is much higher on Tesla’s as well since their parts are more expensive. We have a 2018 Honda CR-V we bought new with the same coverage and the insurance is HALF the cost of what the Tesla is. Just take that into account too!  
by (1.1k points)
@kwon31833 holy crap! I'd like a Tesla one day (just for the status it implies) but I bet maintenance, parts, oil changes, all that stuff is way more expensive than the average car. It's all the same with Mercedes, BMW's and the like.  
by (4.3k points)
@interminable actually Maintenance is close to nothing! No oil changes  there’s no engine. My husband is part of a Tesla forum on reddit and says people are close to 100k on their Tesla and haven’t had to pay any maintenance costs. Only tires
by (520 points)
@kwon31833 what tesla do you have? What insurance company? I heard progressive is cheapest for teslas.  
by (4.3k points)
@acolyte3736 we have a model 3 long range AWD + We have farmers, I’ve never price compared with progressive, only AAA and Tesla’s insurance they now have and farmers was the cheapest ( we have a close family friend who’s the insurance agent so it may be more expensive compared to others but we just like to stick with him) definitely compare though! If you have any questions about the car my husband is like a walking Encyclopedia with info lol
by (520 points)
@kwon31833 good to know thank you.  
by (5.9k points)
@kwon31833 agree! Keep paying that mortgage and start saving the cash for a Tesla. You have a good income and it won't take long.  
by (520 points)
@aid39981 thank you ☺️
+38 votes
by (5.8k points)
Yes pay down your mortgage if possible
+3 votes
by (8.7k points)
Honestly it depends on the Tesla. If you get the model 3 that's about 30k, you could probably have it paid off in a year if you're not paying extra in principal or gas or oil changes. Just make sure you keep a 6 month EF first.  
+50 votes
by (620 points)
Well first of all, never once did she mention she was wanting to FINANCE a Tesla. She could be planning on cash flowing. Plus the price tag on one of those cars is a huge range. starting at about 30K (which is still a ton of money, don’t get me wrong. But I don’t think people would be freakin out over someone wanting a 4Runner who was debt-free aside from the house ‍♀️)
+51 votes
by (9.5k points)
Depends, but I see it like this: 1. BF rent isn’t 100% guaranteed so can you calculate all expenses and maintenance based only on your budget? 2. Do you have a house repairs savings funded? 3. Are you charging it by yourself or does work have free chargers? 4. Fully funded emergency savings for you and your kid? 5. 3-6 month expense emergency savings? 6. Anything actually wrong with your current car? If all set, have at it! I also want a Tesla but my car is paid in full and only a few years old. I will drive it til it dies and will look at one then. I also only go to the office twice a week.  
+1 vote
by (2.4k points)
Depends on whether you want to get rid of your mortgage first. Sleep on the decision for at least 30 days. Maybe then save up cash for the Tesla. For me personally, I have found the mindset of "I want it so bad' gets me in trouble (LOL) and farther behind on my goals. Maybe think "what do I really 'need' to reach my goals? "
by (680 points)
@cambell12466 yes. A few months ago I wanted something so bad. I told myself I could get it if I saved and could pay cash. Since then I have moved on to other things and now don’t even want it anymore. Lol
by (520 points)
@cambell12466 I’ve been wanting so bad for 7 years. Other things took priority saving for my house downpayment.  
+16 votes
by (3.8k points)
What if you saved the $1500 each month and payed for the Tesla in cash? Or if by the time you’ve saved up enough you change your mind you can always put a lump sum toward your mortgage!  
by (13.2k points)
@settling723 agreed! #debtfree and loving it!  
by (3.8k points)
@rhapsodize I hope to one day be there!  
+58 votes
by (19.1k points)
Depends on whether you want another monthly payment or not
+47 votes
by (10.1k points)
Can you afford the Tesla? The power wall? Does the cost of gas vs not paying (and the power wall) offset what you’re currently paying? If not, nope. Wait.  
+40 votes
by (13.2k points)
I'd wait til mortgage was paid and then pay cash for a car. That's what were doing. ‍♀️ #debtfree
+8 votes
by (1.4k points)
I’d rather be pocketing as much to my savings as possible. And when you can get the Tesla in cash, buy it like that
+37 votes
by (1.5k points)
I don't really count my mortgage as debt. Get the car.  
+58 votes
by (2k points)
Girl, that’s pretty good money for you to be making after tased and retirement. Set aside what the payments would be for the Tesla you want ( in your bank etc wherever ) and see how things are with your financial each month Personally, I wouldn’t buy a car in cash that’s absolutely insane lol. My opinion. We talk about how it loses value once you buy so we alll know this but some people’s taste are more expensive than others. I wouldn’t drop 50k cash on a car that I wanted I would just finance it. Not everyone would spend 50k on a car or 30k because of their taste / views of losing asset after you buy it You don’t have any debt besides mortgage which is awesome! Good for you. Sometimes we want and deserve nice things that will go within our budget.  
by (520 points)
@saddlebag thanks
+55 votes
by (5.7k points)
Wow! I Bring home 5k after taxes and 401k contributions and I don’t think there is anyway I could afford your mortgage and a loan on a Tesla. But I have a good bit of consumer debt and a student loan I am paying off. If you don’t have any other debt and you have a fully funded EF I say go for it. It’s all about what you are comfortable doing. The best part about budgeting is being able to control where you want your money to go.  
+32 votes
by (1.4k points)
I didn’t read all the other comments but my husband also really wants a Tesla haha i know a guy who owns a successful auto shop and works on Tesla’s and he said if you get one then 1 make sure you also save enough for repairs and 2 have a back up car if Tesla needs repair work bc it takes a long time for them to get fixed. They’re like giant iPads so you can’t just fix it in a day haha but i say pay down mortgage some more then go for it if it won’t sink you!  
by (1.1k points)
@thumbscrew7118 Tesla has always given me a back up car  but also very fair points ☺️
+44 votes
by (4.8k points)
Why Tesla? There are other electric hybrids cars out there that is less expensive than Telsa. Concentrate paying your mortgage because owning a Tesla will add more expenses than save (insurance, car maintenance and etc. )
by (5.8k points)
@cruce Tesla has the best range though compared to other electric cars.  
by (520 points)
@cruce been obsessed with Tesla for years. Browsed rivian as well but they haven’t manufactured any cars yet.  
by (4.8k points)
@acolyte3736 ok.  
by (5.8k points)
@acolyte3736 another is fisker
by (5.3k points)
@acolyte3736 one of my friend's hubby works for Rivian. Cool stuff happening there!  
+35 votes
by (610 points)
Not all Tesla’s are that expensive. They have a more economic model that’s the same price as any other vehicle.  
+15 votes
by (1.1k points)
I recently got a Tesla and I already have solar panels so it’s actually been super cost effective and has saved me a lot of money so far, by November this year I will have broke even on cost of car V petrol etc. I’d suggest doing the math and if it’s financially a good option for you then go for it. If you won’t really be saving any money then I’d suggest holding off for awhile ☺️
+1 vote
by (450 points)
It’s really ultimately your choice. My values will not be your values. We choose to save a lot for retirement and we like to travel. We also save a lot towards our children’s college fund. If you find value in owning an expensive car and you can afford it, do it.  
by (8.2k points)
@zeeland1476 exactly this
+14 votes
by (4.9k points)
Personally, I’d say no. But you need to go with your heart. We can’t make that decision for you. Look at the numbers, see if you can afford it. You also need to see if there’s a dealership/repair center in your area. If not, that can get expensive. Tesla’s aren’t cars, they’re computers, so just realize that if they need repairs, which many of them do and frequently because they’re such a new piece of technology, it can get expensive and inconvenient. Have a conversation with a couple people who have them. Maybe look at getting one that’s a couple of years old. Check consumer reports. Think of WHY you want it. Are you going to be happy without it tomorrow? These are all things I ask myself before making a purchase because I’m in debt and am an overspender. You’re in a different situation.  
+58 votes
by (620 points)
We have a Tesla. We are so happy with it and we are saving so much money by owning it.  
+28 votes
by (2.7k points)
So, wait a year save all that money, invest it so you can’t spend it the Buy your Tesla. We are nearing retirement age, and all our friends who have retired say medical insurance premiums are killing them monthly. Save as long as you can.  
by (1.1k points)
@windstorm I worked in the health insurance feild for years. I signed people up for Medicaid and would have soooo many people on Medicare (retirement age) that were paying their Medicare premiums that covered pretty much nothing, then they'd have to pay extra for vision, for hospital stays for prescription. They have too much income for Medicaid but it's all going to their Medicare!  
by (2.7k points)
@interminable exactly. I would rather have the cash somewhere else for later than not have it. It has been an eye opener.  
+55 votes
by (9.8k points)
My friend is a doctor and makes good money and won't let her husband buy a Tesla until they pay cash. They're debt free besides mortgage too.  
+3 votes
by (1.1k points)
Also, only bc I'm weird like this, how long have you been with your BF? It's probably a great relationship and if so - disregard. But that's $1000 extra dollars from him each month, if you 2 were to break up, that's also $1000 gone too. If you guys have been together for like 10 years and are committed then forget what I said  I just always think into the future like that.  
by (11.6k points)
@interminable my thoughts too!  
by (520 points)
@interminable been together one year living together 2 months. I had Roommates before him.  
+9 votes
by (11.6k points)
Have you driven the Tesla yet? Maybe drive it a few times first. Highway, side streets, day, night, etc. The SUV, car, and 36K car all handle differently; for me, I hate how they brake. Super cool car; I love the concept; I'm excited to see where they go in the future. I cannot stand the braking  (I'm more of a rugged, off-road, gas-hog or old muscle car girl though ‍♀️)
by (520 points)
@carminecarmita rivian?  
by (11.6k points)
@acolyte3736 they're more competitively priced and definitely more my style. I'd like to know more about how they manufacture their components and what the charging stations are like. What I dislike about the all electric model is regenerative braking (ie, goes real fast real quick and stops real fast real quick, so it's almost a whiplash effect if you don't know it's coming). I also, at the price point these are normally marketed at, don't believe they're truly better for the environment. Until we can competitively market them and have broader range capability for the charging (and more than a handful of people to work on them), they're still really cool luxury cars with awesome equipment and great features, but they're definitely for mid to high class earners and the hybrid is still the better go to for the environment (at least right now). The R1T is definitely one of the cooler e-vehicles I've seen come to market, and I'm certainly interested in how it competes with its listed tow capacity and wading. Those are normally very pricey performance features or aftermarket parts. And, the base price is very competitive for this truck. I'd give it a far more serious thought than Tesla.  
by (520 points)
@carminecarmita nice  yes environmental issues is one reason to go electric. But the cheaper electric cars are blah to me.  
by (11.6k points)
@acolyte3736 haha, like the leaf?  I definitely prefer what Tesla has done over what Nissan, Ford, and others have. I feel that if environment is the only reason then a different one is a better option; if it's luxury and not buying gas anymore that you're after, Tesla all day every day (especially if you live where gas is something dumb like $4. 92/gal). But. with the caviat that you drive it first and get used to shifting where your windshield wipers are on other cars and get used to the screen etc. Maybe rent one for a week and see how you feel.  
by (520 points)
@carminecarmita good idea renting one.  
by (7.9k points)
@carminecarmita have you looked at premium volts! I definitely think they are way more luxury feeling than a leaf and bolt. I think Ioniq is nice too but they don’t have any in the Midwest for sale so we couldn’t test drive.  
by (11.6k points)
@rife5575 my next car will be a (hopefully) diesel wrangler. They rereleased them, and I'm hoping the kinks will be worked out (and a manual released) in the lineup by the time I'm ready to buy a used one. I got rid of my last one so I had the necessary technology for work, then I lost my job. Biggest vehicle regret/decision even. Now I'm stuck in a Cherokee I don't hate but definitely don't love. Counting down the years until it can be a hand me down to my daughter or I can pay cash for a wrangler and get rid of this darn thing. My life is in a topless, doorless Jeep. The only upgrade I want is heated seats  
by (11.6k points)
Of course, that said, I do love the idea of the electric cars and also that they offer some safety features too. Eyeballing them for my daughter when she's old enough to drive. No 16yo needs a jeep to flip.  
+49 votes
by (1.6k points)
I personally can’t see myself spending over $25k for a car. I know the cheaper ones are like $40k? If you have a working vehicle I’d wait. Save up a few grand first. And that money from the BF, that would just be savings money if it was me lol. Can you pay rent on your own? Save $1k per month and in 2 years you can buy half of it in cash and have a low monthly payment
by (520 points)
@siskind Bohley good idea.  
+19 votes
by (14.3k points)
If you can afford it and want one then get it. Its your money.  
+20 votes
by (7.7k points)
Wow that's a huge mortgage for your income level  
by (520 points)
@casper that’s after 17 months of owning it too. My son is my priority so I didn’t want my commute any longer. Time is precious. 20 min radius from my job was my need.  
by (7.7k points)
@acolyte3736 I guess
by (2.7k points)
@casper That’s what I thought! We net $7k/ month and only spent $150k on a house.  
+50 votes
by (580 points)
I want a Tesla too but there are other awesome electric or hybrid cars out there for way less. I'd probably go for one of those if I was in the same position.  
+19 votes
by (9.2k points)
Find out what your monthly cost would be for a car note on a Tesla and put that amount away each month for a year. See how your budget manages with the ebbs and flows of a year in your life. If you are ok then go for it and use what you saved over the year as a down payment.  
by (520 points)
@thumbscrew7118 Heddleson great idea  
by (9.2k points)
@acolyte3736 we have a similar income but we have home and consumer debt. So I am not in a position where getting a tesla would make sense but you don't have the consumer debt so you can spend your money in more fun ways.  
+29 votes
by (7.9k points)
If you save up for it instead of finance it then why not? Also it will save you money on gas and maintenance which will let you pay more to your mortgage so why not!  
+57 votes
by (7.9k points)
Personally I hear a lot of bad things about Tesla so I’m not interested. If you really want an electric car, tons of new ones will be hitting the market in the next year or two. We bought a 2019 Chevy volt in July for 29, 500 and we absolutely love it. We got the base model but for 5k more we could have gotten the premium that has a lot of luxury features. But even our base car feels luxurious because of the all leather interior and many other extra features. I bet you would probably be just as happy if not happier in one! We also test drove the Honda clarity, Chevy bolt, and Prius prime and liked them. I wouldn’t recommend Nissan Leaf but my husband said the Hyandai Ioniq is supposed to be really good too. Toyota is coming out with an electric rav 4 and I’m probably forgetting some that are really nice but cheaper than tesla.  
by (110 points)
Love my Volt!  
+23 votes
by (4.7k points)
Wants VS Needs, I wouldn’t get it  
+18 votes
by (12.3k points)
It's best to pay cash, but you have to decide if it's something you want to do now or wait until you have the money saved. It also depends on the model how much you will pay. The model 3's are in the 40K price range (new), the model S is more like $80 - 100K new. We bought a used model S (2012) last summer for about $36K. It was originally $100K, and the 256th model S off the line. We love having it and not having to buy the gas for it or worry about a lot of ongoing maintenance. Also consider your insurance costs and registration. Those costs are not cheap. There are a number of options and things to consider, so just be sure to do your research.  
+42 votes
by (2.1k points)
DONT GET IT. you’ll think yourself later
+53 votes
by (5.5k points)
Buy that Tesla with cash! 1. Save 2. Generate enough passive income that it pays for your liabilities meaning the Tesla.  
by (110 points)
I earn residual income that allows me all the fun stuff!  
+33 votes
by (5.7k points)
Oh my, no. No. And no. We make over 6k a month and have a 1k mortgage and would never buy a Tesla. There are so many other options.  
+17 votes
by (1.3k points)
Whats Tesla by the way?  
by (7.9k points)
@fritzfritze luxury electric cars with some of the longest battery range right now
by (1.3k points)
@rife5575 thanks a lot for the info❤❤
+43 votes
by (710 points)
Tesla is worth it ‍♀️ and just rent it out on Turo and you could make your payment plus some. That’s what we do ‍♀️
by (370 points)
@aaronson we are about to start doing this since I’m home most days. How often is yours rented?  
by (710 points)
@pattiepattin it really depends because we cancel a lot because I have to use it. But mostly every weekend I have requests. I live in Texas
by (370 points)
@aaronson that’s awesome. I live in the biggest city in my state so I’m hoping to make at least the payment on it.  
by (520 points)
@aaronson such a great idea and I’m in Texas too.  
+57 votes
by (2.7k points)
Honestly, with a $296k mortgage and only making $5k per month. it sounds like you’re house poor. I can’t imagine buying a Tesla with that kind of debt.  
by (2.7k points)
@denn30 Even if you live in a high tax state, you shouldn’t be paying more than 30%. The net would obviously go down if you’re including any benefits or 401k numbers.  
by (3.8k points)
@gift23732 well I personally don’t know anyone that owns a house that only has taxes taken out of their salary but that’s Just my experience. So that’s just why I encouraged you to not determine her salary from her take home pay.  
by (7.9k points)
@gift23732 “comfortably afford” is very subjective. She has no debt so her debt to income is probably much lower than most people’s even if her housing is more than 30%. Again, 30% is a general rule of thumb. I’m not disputing that, it’s not fair to make the judgment that someone is house poor when you don’t know their situation. At a bare minimum I would bet $1, 800-$2, 000 is closer to 30% and that’s not accounting for anything more than taxes!  
by (1.3k points)
All i know is, our take home pay is over 4k a month and we have 0 debt but after paying, groceries, gas, and utilities every month 1k a month mortgage is hard. P. s. we only have 5 years left on our home.  
by (450 points)
@gift23732 I honestly thought the OP was a joke.  
0 votes
by (1.4k points)
Wait to buy a Tesla. Media makes them sound good. But there still is kinks that will come forward and need to be worked on. The price right now could even drop.  
+55 votes
by (4.2k points)
My husband wants one bad but we are waiting until we are debt free and are in our house . I would do it if you really want it I’m sure you sacrificed a lot and deserve it ! Just pay cash don’t finance and buy a used one you’ll get a better deal
+38 votes
by (2.5k points)
Pay off mortgage first
+25 votes
by (3.6k points)
As long as it’s not the weird truck one ‍♀️
+53 votes
by (1.3k points)
Just gonna throw my 2 cents in because I have a Tesla Model 3, and I love it. My husband and I rent and have debt. However, we are on an aggressive plan to pay off the debt in 2 yrs. We had 2 Toyota Highlanders, one paid off, but the second one had a loan of $200/m. We ended up getting rid of the second one and financed the Tesla. My Tesla payment is cheaper than my Highlander' loan + gas. so it made financial sense. If you need it and can afford it, go for it. It's a great investment. My car has updated 5 times since last May, which means it got better each time. You won't get that with any other ICE vehicle. Save the earth, lol. No emissions. Make sure you get a plugin at home. Whether you buy now or later, it'll be worth it.  
by (7.9k points)
@statue plus no oil changes! I think people don’t realize the regular maintenance is next to nothing!  
by (4.3k points)
@statue thank you for saying this! There is honestly no comparison between other electrical vehicles and the Tesla model 3. Anything that’s price comparable had no where near the features the Tesla has, with the speed and the ability to update to make it a better and safer vehicle. And if you do find an electric vehicle that’s comparable to the model 3, it costs over 100k. My husband is constantly doing research and every time a new electric vehicle comes out he runs all the specs on it. The model 3 is the clear winner every time. And not to mention the range! Many of the electric vehicles coming to market have TERRIBLE range. Also, the network of Super chargers allowing you to drive long distances is a must. The regular chargers are extremely slow where a supercharger would be able to give you a full charge in less than an hour
by (1.3k points)
@rife5575 exactly! The benefits surely outweigh anything else. I'm constantly learning about the car because it's just been a year to educating others of why it's a brand. Take care!  
by (1.3k points)
@kwon31833 right?! nothing comes close! My friends will text me when another EV comes out, and I still tell them, the specs on the Tesla is still better. Glad other makers are giving the option for EV but its definitely not all the same. Cheers!  
+16 votes
by (1.3k points)
All i know is, our take home pay is over 4k a month and we have 0 debt but after paying, groceries, gas, and utilities every month 1k a month mortgage is hard. P. s. we only have 5 years left on our home.  
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