If I Should Buy The Tesla Or Not
Looking for some outside opinions because I can’t decide whether this is a reasonable purchase given my finances:
Household income:
Me: $165k base + ~15% annual bonus ( will increase 2.5% to 3% every year)
Side consulting/business: ~$25–30k/year
Wife: currently ~$80k/year, with a fairly predictable salary progression that should eventually put her around $120–130k in next 5-6 years
Retirement/investments:
My employer pension/DCPP: I contribute 6% and employer contributes 9% = 15% of my $165k salary (~$25k/year)
~$70k LIRA and around 30k in rrsp and tfsa
Currently saving capacity of about 75k per year (like i have cash negative property which i want to keep long term)
Wife also has a great government defined-benefit pension
Housing/debt:
We own our primary residence plus rental properties
Primary mortgage is around $360k, worth about 520k
Rentals have mortgages as well; one is roughly cash-flow neutral/slightly negative (around $800/month)
No other debt. Car is paid off. Just cleared a 80k debt
The car situation:
I’m considering a Tesla Model Y Performance at roughly $1,000 month financed.
Normally I’d consider a $1,100 car payment excessive, but my commute changes the equation a bit. I drive roughly 150km daily, mostly commuting. My current vehicle gets around 9–10 L/100 km, so I’m spending a meaningful amount on gasoline.
I can charge the Tesla at home, and I have solar as well, so the operating-cost savings should be significant. I also plan to keep the vehicle for a long time rather than replacing it every 3–4 years.
My main question:
Given our ~$290–300k household income, retirement savings/pensions, real estate, and my very high annual mileage, is a ~$1,000/month Model Y reasonable? I know car never an asset but i feel like I deserve jt at this point of my life
[link] [comments]
Popular Products
-
Classic Oversized Teddy Bear$23.78 -
Gem's Ballet Natural Garnet Gemstone ...$171.56$85.78 -
Butt Lifting Body Shaper Shorts$95.56$47.78 -
Slimming Waist Trainer & Thigh Trimmer$67.56$33.78 -
Realistic Fake Poop Prank Toys$99.56$49.78