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Am I crazy / Does it exist

I would love to own a Tesla Model S (who wouldn't?) but can't wait for the 3 years that the next gen Tesla's will be arriving. I don't have 10 to 15 percent to put down on the Tesla at the moment but was playing with the Alliant financial calculator and thought: what if I financed for >7 year? How about 10 years? I could afford those payments at 1.x% -- can you finance a vehicle for longer than 5, 7 years? Is that a nutty proposition? A $1,000 plus car payment will never be in the cards for me, however, a $450 to $550 is.

Okay, I'm nuts - I would really like this ride to own, guess I'll wait 3 years

- if anyone has a loaner in NJ for a day, a week, a month - I'm your guy - fully insured, would treat it like gold.

Thanks,
ER

You mean rush it down to a pawn shop to cash in? lol
;)

The answer is YES, we are all crazy, and its wonderful.

You could be fully insured, but the insurance follows the vehicle, not the driver. If you got into an accident, the original owners insurance would be liable, not yours.

With a life expectancy of ~8 years how do expect to pay for a replacement battery when your still paying your loan? How will you pay for annual service charges? If your state/county has personal property taxes what about those? All things to consider.

@Orangeman96 - Are you aware that you do not have to pay any state taxes when purchasing an EV like a Tesla in NJ? That's a saving of $5 to $7k alone. Then use the $7,500 federal rebate at the end of the year and apply that to the balance of your loan.

How much do you pay for gas each month with your current vehicle? Subtract that amount from your would be monthly payment for your MS and it may drop down by 200 - 300 bucks.

Are you willing to plunk down 10% for down payment? Lets say if you choose the base MS60 with no options, the base price is 70k, minus 5k deposit, and take off the 7.5k fed rebate. Then the loan would be 57.5k.

70 - 5 - 7.5 = 57.5k loan

If you were to take on an ACU loan at 1.49% for 6 years like I have, then the monthly payment is at $835. If you can save $300 in gas every month then we're at your ball park $550/mth payment range.

I'm actually in a very similar boat as you are but I'm sucking up the initial payments until my year end refund. Perhaps you can save up a little more down payment till 4Q and order in October or so to take advantage of the Y/E rebate situation.

Hope it all works out for you. Now let's crunch those numbers and see if it will fit your budget...

Hey Matthew and all,

Thanks for the responses. Actually crunching the numbers deeper, it does make more sense, 57.5k loan at 1.49 for 6 not so bad. We've been thinking about opening the Tesla up to others in a ride-share Get-Around model which would offset some of the cost as well.

I need to go and get my checkbook for the downpayment, be back later :)

ER

Although my biggest issue is lack of charging stations in New Jersey (the New Jersey turnpike is said to have a few opening soon) and lack of charging method at my townhouse complex.

So unless I can pull up to someone's garage in Central NJ and charge - Im SOL.

ER

There are other threads about installing 14-50 outlets outdoors. Search the forum with Volkerize.com

Some states have laws forbidding HOAs etc. from blocking charge-point outlet installation.

@Orangeman96

The following will finance you 125% unlike others 90% that you have to put down 10%...

https://www.logixbanking.com/rates#tab=2

Thanks Tam, 3.49 is not terrible (depending on credit) still would make payments over 800/month for the base 60 right?

Friend, if you have to do such financial contortions to be able to pay for a car, it may not be in your best financial interest to do so. I am just saying this based on what info you gave, nothing more, and not trying to make a judgement about you as a person.

I know it's cool, and I myself have to think hard about whether to spend on it. Delay your gratification and wait until you're financially more secure and not bankrupting yourself. If you're this much on the edge of solvency, ownership of the car will require other things (and probably make you spend in ways) that put you deeper in a hole

Better things will come along in no time.

@Orangeman96

If you buy a barebone 60kWh with Supercharger access,

The web says it costs (Destination & Document fees included) :

http://www.teslamotors.com/models/design

$65,570

But you have to add $7,500 Tax Credit for the up front cost, the total (without taxes) is:

$73,070

Plug that in calculator:

http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full

That's $981.71 per month for 84 months or 7 years.

JHumprey: The _warranty_ of the battery is 8 years. The life expectancy is about twice that, to 70% remaining capacity.

Soma - don't worry I'm not that financially dumb, would never make a substantial purchase without have the stability to do it, I'm just dreaming right now, but it's damn fun!

Where there is a will, there is a way. How badly do you want it?

NICE - on a scale of 1 to 10 - I'm at a 9 :)

Do you own a home, and if so, do you have equity in the home? If you can take an equity line, that may be your best bet to finance your Tesla for a low monthly rate.

Currently a renter, so no home equity yet. I'll probably wait for the next Gen models in 2016 (begrudgingly)

@ Orangeman96, for Gen 3 you are probably looking at 2017-2018 at the earliest. If that is your target, I would encourage you to invest the money you do have and grow it so that you can buy your car cash. TSLA stock is tumbling today, so once that settles out you may want to pick up some shares. Also, buy a house. It will make you more money than anything else you could probably do. If you were in the service, you can get 100% financing through VA, or with at least a 620 FICO you can get FHA financing with only 3.5% down. Honestly that's probably the best investment you can make. Just my 2¢.

@Amped - this has been a great dialogue and appreciate all the tips and insight you have provided me. Do you, yourself, own a Tesla? If so, which model did you purchase?

AR;
Right. There are no 'underwater' homes. Real estate always rises. Right.

Subversive suggestion: Mortgage paper got leveraged, sliced and diced, and dispersed. Few people have a clue about who holds their mortgage. Default and push for legal clarity on that issue, and you may end up with a free house. The discounters and risk-sharers blew off their own feet.

+1 BrianH

If interest rates go up prices will slouch to make up the difference.


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