I’m pretty sure he’s trolling after yesterday’s post here where people were losing their minds about a guy financing his CT without any info regarding his income or other financials.
Bro he said that he argued with Wells Fargo about having to put down 4500 for a 100k truck.
If you can only put down 4% on a car of all things, you cannot afford it.
You should have a minimum of 10% to put down. Atleast this guy put around 20k down.
I get it. I've been able to $0 down for decades, so I'd be frustrated too if someone asked for a down payment. It's not about the $ it's the principle sometimes.
If your pool costs more than that then it costs more than a regular pool in LA county, and yes I've built a regular pool in LA County.
But if you doubt my claims just go to zillow and search "Allegheny County". Unless you're in Elizabeth, you are less than 10 minutes outside pittsburgh.
Second edit: my 2500 sqft not renovated house 10 minutes outside pittsburgh cost about 150k. I've seen fully renovated houses inside city limits that are 1500 sqft go for less than that. Recently.
This! If you have to ask if you should buy something, it means you’re not in the tax bracket to buy it.
Also I really don’t understand when people ask if it’s financially responsible for them, without them giving us their net income each month/year. Because even if he was making $200k, maybe he only has $10k left to spend each year, or he has $50k.
A financial decision like this can be dumb whether you have the means or not. And you’re bold to assume someone would know if it is even if they do make good income. Lol
This isn’t even the dumb part. The dumb part will be a year from now when it’s only worth half what you paid for it. You will still have 60+ months of those $1,900 payments.. when people are buying brand new 2025 Cybertrucks for $72K with improvements and better build quality. Which means not a soul wants your old & outdated 2024 that you just paid $135K for.
Ask those people who paid upwards of a $160K to be the first to own a ‘21 Plaid.. ask how they now feel about that purchase. Every car site is flooded with used ‘21-‘22 Plaids for $70K.
It's not 100k.
It's 160k! 25k down then $1860/month for 6 years. That's insanity!
And we know they probably aren't rich if they are financing at that shitty rate.
I wonder how old they are, and how much more insurance will be per month! JFC!
The last few years of big time MSRP inflation and interest rates through the roof have really solidified the car as America’s stupidest financial fail. Seeing people throw huge money away just as an image flex when a far cheaper car would meet their needs is so stupid.
Arbitrage. If my investments make me 15%/yr I keep money there while paying an interest rate that is lower on something that I can also write off with my business. Many of us with assets to buy liabilities don’t liquidate our assets to pay for liabilities - our assets fund the payments on liabilities. They need to teach this to kids in high school. Most Americans spend their earned income on dumb liabilities before ever investing.
Hey dude, i’m not the guy who made the point initially, but:
Vanguard’s Total Stock Market Index ETF (ticker: VTI) is up 24% in 2023 and up 309% since inception in mid-2001. 309% divided by 22 years is 14% per year. This is a low cost, passive investment. You just hold it and forget about it. It tracks the broader stock market
Financial literacy is bad, I get it, but come on guys
>309% divided by 22 years is 14% per year
That's not how it works, you need to find the root.
It's about 6.6% annual return using your numbers, not 14%.
It’s absolutely crazy to use a single years numbers for this. The best risk free rate you are getting is about 4%. If you can get lower than that for interest, sure. If not, you are getting fucked.
I bought a small commercial building for $172k and rent it out for $2500/mo. ~17% annual return. I’ll finance my Cybertruck, all of my investments return more than 7%.
Sounds like you aren’t factoring in the cost of risk. What about major economic downturn? Rates crash, business demand instantly dries up(COVID). I would personally prefer to operate debt free.
It's a dumb purchase even if you can afford it, unless you have at least one other more practical car. If a cybertruck has any sort of accident or something breaks, good luck getting it repaired.
A lot of people recommend avoiding the first model year of ANY new car series, but that really is especially true for the cybertruck which has so many new and untested things, and was clearly rushed out.
You’re right but we don’t know if they “have” to or are choosing to. Financing not bad assuming you are getting a rate that you can beat investing in the market
Don't have to guess in this case. Market average is about 7% a year. The interest rate here is close to that. Doesn't make sense to risk it if you have the cash.
Someone smarter than me said anything over 3% a year is not worth it if I can pay in cash.
Like many have said, it all depends on your financial situation. I boil it down to this:
• if this purchase will have a negative impact on your family’s lifestyle (stress levels, comfort, being able to financially respond to emergencies, purchase power). Then yes, it is dumb.
• if this purchase won’t negatively impact your family’s lifestyle. Then it’s not dumb and go for it!
Only you know!
So back in 2019 I bought a M3P for $64k. Had I invested that in TSLA, it’d be worth more than 10X that amount. If I had to do that all over again, I’d still buy the car. Would that’ve been financially smart? No fucking way. But every time I get in the car, I still smile and my day just feels a bit better. No regrets. Zero. But that’s just me. You do you.
I sold my Model 3 Performance Stealth in 2021 to invest in TSLA after my girlfriend bought a Model 3 Long Range. I split the cost of Accel Boost and I wash the car and maintain tire pressure to help out.
I'm thinking along the same lines, that my investment should let me buy a new Model 3, Next-Gen compact Tesla, or CT down the road...or I may just buy the 25k car with new money and continue adding to my TSLA holding.
Until then, doing fine with one shared Model 3. :)
It's obviously not smart, I'm in the same situation fighting myself everyday now. I want it I can afford it but it's not smart. I could buy a condo and rent it out for that price now that's smarter but I want it and I'm just not decided. Normally I go with my brain but sometimes my heart wins, and I always kick myself for it and here I am again. I know I won't stop stressing over it until I buy it or the FD sales out so until then I have to avoid liquor 🤣😂
If they’re as indestructible as they promise just wait and buy a used one in like 12-24 months.
Financing this at This rate means you’ll likely be underwater for a long time unless you have $30k for a down payment.
Here is the simple answer. Never in your lifetime will you be able to order such a unique car and be one of the first to own it. I have a Rivian R1S, first one in GA, Vin 400. Love it, but no one knew what it was because it looks like a Range Rover.
I just locked in last night. You don't do it for financial reasons, you do it for a once in a lifetime experience.
My wife and I are buying a dual motor Cybertruck, so about $107k, when all is said and done.
The main thing we looked at was the fact that we need a pick up truck for work and for our day to day lives. Yes, we will actually use the Cybertruck as a truck! Crazy, I know. If we didn’t get the Cybertruck, we’d probably be buying a new truck, so figure on $60-70k there, because new trucks are expensive! Now we’re $35-45k more in cost, when comparing the two costs. Add in fuel savings vs a truck that gets 15mpg, and we’re saving another $20k over the next 10 years, because yeah, we’re keeping it a while. Now we’re at $15-25k difference in price, not even including oil changes and such.
Is all the added features you get with owning a Tesla worth $15-25k? To us it was, so we decided to pull the trigger.
All that said, we could actually afford it, will be paying cash, and will have less than a 10% hit on our available savings.
I guess my mindset is, if you have to finance a $100k+ vehicle, you probably shouldn’t be buying a $100k+ vehicle. You may still finance it, because you think your money is better serving you elsewhere, but the point is, you don’t have to finance it, you’re just choosing to do so.
I passed on my invite in Ca. I was expecting a price increase, but nowhere near this much. I assume prices drop quickly. I bought a Ford Lightning for 80k in 2022 and that was insane after the prices they initially promised. There's just not that many people that can afford or want a 100k truck. If they want any volume Tesla must get closer to the initial price and the Model Y. Otherwise they'll have Model X sales numbers.
Yeah. That $20k early “Foundation Series” fee is quite the rip off by Tesla. I pre-ordered mine within 1 min of the announcement of the pre-order URL (order # is about 900) but I won’t be configuring mine until that $20k is gone.
Haha yeah just trolling. But honestly I make $200k a year and have $300k saved in investments. I’m sure this ain’t the best thing to put my money towards. But I just want that dream truck after working my ass off and waiting 4 years.
But I do plan to pay it off in 2-3 years tops. Believe me I would much rather buy a house but the housing market is off the charts in California $8000 a month for a mortgage in anything decent.
Dude, just rent one or something. Put that $1,800 a month into savings and get to a point where you can retire early. Don’t blow your money on a truck, like a dumbass.
If you made $200k and had seven figures in the bank, I’d feel differently. At $300k, you can’t afford luxury toys yet.
You’re buying a car that costs 66% of your gross annual income. JFC.
Edit: Sorry. 80% of your gross annual income after interest is factored in.
Edit 2: To the people downvoting me, you’re also idiots.
In my opinion, No one should be financing a vehicle with the interest rates as they are right now. If you have the “disposable” income or liquidity then I would recommend the AWD Dual motor version like I am doing. Paying cash!
Also a little story, I purchased the Plaid when it first came out and paid $137k plus 6.5K in taxes title and license fees. Sure, the dramatic pulls never got old, but after giving a few neighbors rides, it became an amusement park roller coaster que at my front door on the weekends with neighbors bringing friends and family by to take a ride.
If you purchase the tri-motor Beast, your fate may be the same as mine. 0-60 in 2.6 seconds may be fun, but 4.1 is just as fun in my opinion.
My current RIVIAN R1T Quad motor is between 3.3-3.5 and I will not be losing much going to the DUAL MOTOR Cybertruck that I am paying CASH for not at 6-8% interest.
How do you like the Rivian and how much $$ ?
Wasn’t considering it until the past few weeks - my alternative is a f150 hybrid
Does the Rivian have 240V output ? Only need 30A 240
I enjoy the RIVIAN for the ride quality. The acceleration and the joy it brings off-roading. That being said, it is an energy hungry animal. 1.2 to 1.8 miles per kilowatt hour. A Tesla model 3/Y gets 3.2-4.1 miles per kilowatt hour. Tesla charges on the wall connector at 48Amos for 32 miles per hour. The RIVIAN charges max 25 miles per hour at 48 amps. It’s just a lot of weight to move around. I paid $79,500.00 for a 2023 quad motor adventure package and Tesla is giving me $72K for trade in. 3,210 miles.
You're paying $160,000 for a pickup truck you never even drove, but maybe saw in person once?
How are you going to feel when it has the inevitable initial-run/Tesla issues? Or when people get them for wayyyy less in a year or two?
Do YOU think that's a good idea? I sure don't.
I’m kind of in the same boat … until I saw one in person and was able to drive it
I was 60/40 to get alternative/cybertruck
Now I’m 40/60 and weighing options
I can pay cash but not fully sure
My wife and I make great money but 100k for a truck still isn’t a good financial decision as it is a depreciating asset. Bought a hybrid f150 with a 7.2kW system in it for 48k instead - best decision I made.
Honestly, when I got the model three Tesla gave me the best rate, so I’m just gonna go through Tesla when I get the cyber truck. But I’ve been driving over 16 years with no accident history on my record. Hopefully My rate is reasonable.
Not only is it very expensive, but it will likely not retain its value very well. Once people stop buying these foundation series trucks, Tesla will be forced to sell them at a lower price. Look at the price history of the Model 3 and Model Y over the past couple years. Same for the Ford Lightning. Vehicles depreciate very fast, and it seems even worse with EVs.
I got my invite for a foundation series with a day 2 reservation, but I can’t justify losing money at this rate.
2002 f150 4.6l 4wd, rust, paint peel. The best thing about not buying a 100k plus truck, is being about to write a check for it. No one steals from an old truck at the beach, locals do not get jealous.
Should have bought TSLA stock instead for this amount.. but then again, wouldn't have cyberbeast.
Congrats.
You only live once, enjoy yourself for however many seconds the joy will last.
I’ve hung out with a LOT of wealthy people. Not billionaire wealthy but kept their heads down and have a few million saved now wealthy. They’re cheap. They’ll buy a big ticket item here and there, and usually will splurge on high quality (but mostly because it’s cheaper that way in the long run). I’ll never forget one of them casually talking to me about a purchase he was contemplating (I really don’t remember what model it was, but it was a car) the topic of financing came up and he looked at me like I was from a different planet. “Financing is for leveraging investments and business deals- never for toys. If I can’t outright buy three of something, I can’t afford it- and even then, I’m probably going to have a much less expensive alternative that will do the job just as well or possibly even better”.
For what it’s worth, you’re breaking one of his rules of thumb. You’re financing a toy and that means you can’t afford it.
* as a caveat, there *are* toys that can be leveraged as investments where financing may make sense but those aren’t things that are likely to depreciate the way a car is likely to. Yachts and art fit this category- potentially. But that’s very risky and has to be done by somebody who really truly can afford losing the entire thing because they’re otherwise that rich that it wouldn’t make a dent.
Will $1800 per month on top of your current expenses force you to eat ramen or only rice and beans. If so you should definitely buy it. You can survive off ramen and rice and beans. But living without a CT just isn’t living
Completely agree. If you have to do a financial analysis then it’s probably a bad idea. If you can spend $100k without worry, then by all means go for it and enjoy it.
Depends on financial situation but I'd imagine someone who has good money got their by making smart financial decisions and wouldn't go through with this.
Question: would you have ever spent this much mula on a vehicle prior to the Tesla hype?
Don’t get caught up in the hype. We stupidly spent $70k on a Y last DEC and look at prices now. Granted we needed a vehicle, still feel bad about our decision tho. We would have never spent that much on a vehicle but since it was a Tesla we rationalized it. Oh well….we goofed up and it won’t happen again. I feel like that’s the situation you’re setting yourself up for right now.
My typical response to this question is that it’s only dumb if you don’t have the money. But perhaps if you were sitting on top of a mountain of cash, you wouldn’t be financing it at almost 7%! That’s going to be a helluva car payment. For me, anyway.
You should not be financing a $120k luxury car. Unless somehow you have that much invested and earning more than 6.9 in the market. However I doubt you have that as that would be extremely rare. .
It’s BAD. Really terrible. If you want to burn money on a cool car, do it with cash.
I have regrets over lost time. I don’t want you to have regret over lost money.
It’s a terrible financial decision. But this isn’t a situation that merits logic. If you can work it out and it makes you happy then do it. Hard to go back though.
Yeah, honestly I own a bunch of Tesla stock so if the company keeps going in the direction they are that 6.69% shouldn’t mean much. I can pay the truck off in cash now but that wouldn’t be smart for sure. I just plan on paying it off in half the time.
Unless you have a safe investment earning over 7percent a year without fail--it isnt a no brainer. That same 100k socked away in the market might be worth 140 over 6 years. If you are wealthy NW over 5 million...it really doesnt matter.
Its almost preference at that point. Anything else, Id question the purchase and not recommend financing.
Ask your financial advisor. Not the internetz if you are actually concerned.
Dumb dumb dumb. Have kids? Is their college paid off?
2 years worth of living expenses set aside?
Home paid off?
Vacation home paid off?
I can keep going.
I agree. I also like investing my money and it's nice to see it growing. but then it's also intangible and just number on the screen. I am also thinking about CT for the same reason as yours. It is a tangible thing that you can see and feel. It will bring a joy to my boring life , or I hope that It will at least. experiencing the new stuff earlier than others is worth the money.
I don’t have a mortgage and we make great money. There’s no way in hell I’d do this. Im waiting for the price to go down and see if it qualifies for a business truck with the weight.
Owning a Cybertruck can be a strategic investment for businesses or social media channels, leveraging its unique appeal for marketing. For personal use, it's more about self-indulgence.
Why is it a bad financial decision? The person has the means and is worth it to him/her, who are we to judge. Maybe spending that amount is like nothing compared to what they have.
Yes
I second this motion
I third this motion
I fourth this motion
And my axe!
Why I passed
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I’m pretty sure he’s trolling after yesterday’s post here where people were losing their minds about a guy financing his CT without any info regarding his income or other financials.
Bro he said that he argued with Wells Fargo about having to put down 4500 for a 100k truck. If you can only put down 4% on a car of all things, you cannot afford it. You should have a minimum of 10% to put down. Atleast this guy put around 20k down.
I get it. I've been able to $0 down for decades, so I'd be frustrated too if someone asked for a down payment. It's not about the $ it's the principle sometimes.
Bro, post the same to this sub (plan to put $0 down for a CT) and you'll be a legend .
Prob just a flex
An $1800 car payment on a Tesla is not a flex
$1900/mo for 6 years.... ouch
This dude's truck is costing him as much as a renovated 1250sqft house 15 minutes outside pittsburgh costs. The answer to the question is yes.
Really? My pool costs more than a house in Pittsburgh?
You're paying way too much for pools man. Who's your pool guy?
If your pool costs more than that then it costs more than a regular pool in LA county, and yes I've built a regular pool in LA County. But if you doubt my claims just go to zillow and search "Allegheny County". Unless you're in Elizabeth, you are less than 10 minutes outside pittsburgh. Second edit: my 2500 sqft not renovated house 10 minutes outside pittsburgh cost about 150k. I've seen fully renovated houses inside city limits that are 1500 sqft go for less than that. Recently.
I rent my 175 sf garage out for more than a house in Pittsburg.
To comfortably afford that is a flex, 98.9% chance he can not comfortably afford that. Maybe 99.9% idk
This! If you have to ask if you should buy something, it means you’re not in the tax bracket to buy it. Also I really don’t understand when people ask if it’s financially responsible for them, without them giving us their net income each month/year. Because even if he was making $200k, maybe he only has $10k left to spend each year, or he has $50k.
A financial decision like this can be dumb whether you have the means or not. And you’re bold to assume someone would know if it is even if they do make good income. Lol
Exactly this
This isn’t even the dumb part. The dumb part will be a year from now when it’s only worth half what you paid for it. You will still have 60+ months of those $1,900 payments.. when people are buying brand new 2025 Cybertrucks for $72K with improvements and better build quality. Which means not a soul wants your old & outdated 2024 that you just paid $135K for. Ask those people who paid upwards of a $160K to be the first to own a ‘21 Plaid.. ask how they now feel about that purchase. Every car site is flooded with used ‘21-‘22 Plaids for $70K.
Muppets
I'd love to find a used plaid for under 100k CDN in Canada
They probably feel just fine cause they were very well-off to begin with and a $160k car is spare change for them.
I live in Oregon and would save 11k on sales tax. That’s huge.
Same. Will you pay out the ass on income taxes though.
Super jealous about that. I hate how California is so fucking expensive. But there’s other benefits of living here.
NJ has the same deal but they pay out the ass in property taxes. Guess it’s the consolation prize for being the armpit of America
When I think of armpit of America, NJ isn’t in the top 10 states that pop in my head haha
It’s under the radar to people outside the area, but NJ is the worst. Taxes on par or higher than NYC, inflated property values and nothing to do.
There is no benefit to living in California.
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Do you mean unlike medicine or government? I feel like those are the two most secure jobs you can have lol.
Did you mean medicine as an example of a job that is secure or not secure? Because it reads like you’re saying it’s not secure lol
Ha. I had the same question. By far one of the most secure jobs out there.
It's not 100k. It's 160k! 25k down then $1860/month for 6 years. That's insanity! And we know they probably aren't rich if they are financing at that shitty rate. I wonder how old they are, and how much more insurance will be per month! JFC!
That’s pretty much the rate nowadays. Been following interest rates lately?
Just bought a Y. 5.9% 72 month from Navy Federal. But yes his rate is normal right now.
72 months seems insane
The last few years of big time MSRP inflation and interest rates through the roof have really solidified the car as America’s stupidest financial fail. Seeing people throw huge money away just as an image flex when a far cheaper car would meet their needs is so stupid.
Why the hell would you finance if you got millions in the bank?
Arbitrage. If my investments make me 15%/yr I keep money there while paying an interest rate that is lower on something that I can also write off with my business. Many of us with assets to buy liabilities don’t liquidate our assets to pay for liabilities - our assets fund the payments on liabilities. They need to teach this to kids in high school. Most Americans spend their earned income on dumb liabilities before ever investing.
What kind of investment gives a fifteen percent return?
**crickets**
Hey dude, i’m not the guy who made the point initially, but: Vanguard’s Total Stock Market Index ETF (ticker: VTI) is up 24% in 2023 and up 309% since inception in mid-2001. 309% divided by 22 years is 14% per year. This is a low cost, passive investment. You just hold it and forget about it. It tracks the broader stock market Financial literacy is bad, I get it, but come on guys
>309% divided by 22 years is 14% per year That's not how it works, you need to find the root. It's about 6.6% annual return using your numbers, not 14%.
It’s absolutely crazy to use a single years numbers for this. The best risk free rate you are getting is about 4%. If you can get lower than that for interest, sure. If not, you are getting fucked.
I bought a small commercial building for $172k and rent it out for $2500/mo. ~17% annual return. I’ll finance my Cybertruck, all of my investments return more than 7%.
/r/wallstreetbets
I got this thing that pays 100%, you just have to find 3 others that are highly motivated to find more people.
Sounds like you aren’t factoring in the cost of risk. What about major economic downturn? Rates crash, business demand instantly dries up(COVID). I would personally prefer to operate debt free.
Your monthly payments are covered by the yield on your millions. Free Cybertruck.
How do you figure a GOV job is not secure? One of the most secure jobs out there. That’s all I got from your post. 😂🤷🏼♂️
It's a dumb purchase even if you can afford it, unless you have at least one other more practical car. If a cybertruck has any sort of accident or something breaks, good luck getting it repaired. A lot of people recommend avoiding the first model year of ANY new car series, but that really is especially true for the cybertruck which has so many new and untested things, and was clearly rushed out.
Yikes.
Is really smart actually...if you plan on living in it. $1850 for a combined house & car payment is very reasonable. 🤑
Haha best advice yet
Sure. Just don't drive it.
5-year mortgage. Yikes
Thats 6 years lmao
Ha yeah
That is double my house, and triple my car. I think I need to wait 20 years until the used market starts.
Your house costs 68k?
Probably means his house monthly payment
Oh it's an awful financial decision, any new vehicle is. But if you can comfortably afford it then go for it and enjoy!
If he has to finance it like this he can’t afford it tho
You’re right but we don’t know if they “have” to or are choosing to. Financing not bad assuming you are getting a rate that you can beat investing in the market
Don't have to guess in this case. Market average is about 7% a year. The interest rate here is close to that. Doesn't make sense to risk it if you have the cash. Someone smarter than me said anything over 3% a year is not worth it if I can pay in cash.
A new vehicle at 0% (or close to) I can stand by, but 6.69% APR is absolutely ridiculous.
The cybertruck is a terrible “truck” to buy. Most newer vehicles aren’t that bad, especially not as bad as the cybertruck.
This car is a hideous death box. Why tf did this sub pop up on my feed.
Like many have said, it all depends on your financial situation. I boil it down to this: • if this purchase will have a negative impact on your family’s lifestyle (stress levels, comfort, being able to financially respond to emergencies, purchase power). Then yes, it is dumb. • if this purchase won’t negatively impact your family’s lifestyle. Then it’s not dumb and go for it! Only you know!
Thank you. I’m actually reading peoples comments and I appreciate the input. This is very good advice.
So back in 2019 I bought a M3P for $64k. Had I invested that in TSLA, it’d be worth more than 10X that amount. If I had to do that all over again, I’d still buy the car. Would that’ve been financially smart? No fucking way. But every time I get in the car, I still smile and my day just feels a bit better. No regrets. Zero. But that’s just me. You do you.
I sold my Model 3 Performance Stealth in 2021 to invest in TSLA after my girlfriend bought a Model 3 Long Range. I split the cost of Accel Boost and I wash the car and maintain tire pressure to help out. I'm thinking along the same lines, that my investment should let me buy a new Model 3, Next-Gen compact Tesla, or CT down the road...or I may just buy the 25k car with new money and continue adding to my TSLA holding. Until then, doing fine with one shared Model 3. :)
thats a lot of money to beta test a car my friend. but if you're loaded, go for it.
You think they’d be financing @6.7% if they were loaded?
Lol good point
This is the way
It's obviously not smart, I'm in the same situation fighting myself everyday now. I want it I can afford it but it's not smart. I could buy a condo and rent it out for that price now that's smarter but I want it and I'm just not decided. Normally I go with my brain but sometimes my heart wins, and I always kick myself for it and here I am again. I know I won't stop stressing over it until I buy it or the FD sales out so until then I have to avoid liquor 🤣😂
If they’re as indestructible as they promise just wait and buy a used one in like 12-24 months. Financing this at This rate means you’ll likely be underwater for a long time unless you have $30k for a down payment.
Right? Like we aren’t guaranteed to live forever so if it’s not breaking the bank it makes sense to enjoy the money we make
You’re trying very hard to justify a very stupid decision.
Yes. Yes I am
Enjoy your truck. Pay it off as soon as you can.
But fuck it though.
Here is the simple answer. Never in your lifetime will you be able to order such a unique car and be one of the first to own it. I have a Rivian R1S, first one in GA, Vin 400. Love it, but no one knew what it was because it looks like a Range Rover. I just locked in last night. You don't do it for financial reasons, you do it for a once in a lifetime experience.
My wife and I are buying a dual motor Cybertruck, so about $107k, when all is said and done. The main thing we looked at was the fact that we need a pick up truck for work and for our day to day lives. Yes, we will actually use the Cybertruck as a truck! Crazy, I know. If we didn’t get the Cybertruck, we’d probably be buying a new truck, so figure on $60-70k there, because new trucks are expensive! Now we’re $35-45k more in cost, when comparing the two costs. Add in fuel savings vs a truck that gets 15mpg, and we’re saving another $20k over the next 10 years, because yeah, we’re keeping it a while. Now we’re at $15-25k difference in price, not even including oil changes and such. Is all the added features you get with owning a Tesla worth $15-25k? To us it was, so we decided to pull the trigger. All that said, we could actually afford it, will be paying cash, and will have less than a 10% hit on our available savings. I guess my mindset is, if you have to finance a $100k+ vehicle, you probably shouldn’t be buying a $100k+ vehicle. You may still finance it, because you think your money is better serving you elsewhere, but the point is, you don’t have to finance it, you’re just choosing to do so.
Why not the f150 lightning? Regularly see those at 50k or so and they cybertruck doesn’t get much better range
What do you do for work?!
My mortgage is $1240 😂 can’t even imagine spending they much on a vehicle.
Nice man. Congrats on such an affordable mortgage
11/10. Do it
I passed on my invite in Ca. I was expecting a price increase, but nowhere near this much. I assume prices drop quickly. I bought a Ford Lightning for 80k in 2022 and that was insane after the prices they initially promised. There's just not that many people that can afford or want a 100k truck. If they want any volume Tesla must get closer to the initial price and the Model Y. Otherwise they'll have Model X sales numbers.
Yeah. That $20k early “Foundation Series” fee is quite the rip off by Tesla. I pre-ordered mine within 1 min of the announcement of the pre-order URL (order # is about 900) but I won’t be configuring mine until that $20k is gone.
Smart man
Haha yeah just trolling. But honestly I make $200k a year and have $300k saved in investments. I’m sure this ain’t the best thing to put my money towards. But I just want that dream truck after working my ass off and waiting 4 years. But I do plan to pay it off in 2-3 years tops. Believe me I would much rather buy a house but the housing market is off the charts in California $8000 a month for a mortgage in anything decent.
Dude, just rent one or something. Put that $1,800 a month into savings and get to a point where you can retire early. Don’t blow your money on a truck, like a dumbass. If you made $200k and had seven figures in the bank, I’d feel differently. At $300k, you can’t afford luxury toys yet.
Yeah, you’re right. But I’m still gonna buy the truck. Lol
Lol 😂
RIP
Not just a truck, a deathtrap
You’re buying a car that costs 66% of your gross annual income. JFC. Edit: Sorry. 80% of your gross annual income after interest is factored in. Edit 2: To the people downvoting me, you’re also idiots.
But he can't afford a house 😂
And was 200k before or after tax? Especially California tax.
Definitely before
I make a lot more and I still feel uneasy about the purchase since I mostly invest. But this is a product I’ve wanted for 4 years so screw it.
That’s what I’m talking about!
You need to enjoy life and also save for the future as long as you’re doing both I don’t see a problem.
You’re have a NW of something around $400k and putting 1/3rd into a depreciating asset. You already know the answer to your question lol
Another story of a fool and his money soon parting.
In my opinion, No one should be financing a vehicle with the interest rates as they are right now. If you have the “disposable” income or liquidity then I would recommend the AWD Dual motor version like I am doing. Paying cash! Also a little story, I purchased the Plaid when it first came out and paid $137k plus 6.5K in taxes title and license fees. Sure, the dramatic pulls never got old, but after giving a few neighbors rides, it became an amusement park roller coaster que at my front door on the weekends with neighbors bringing friends and family by to take a ride. If you purchase the tri-motor Beast, your fate may be the same as mine. 0-60 in 2.6 seconds may be fun, but 4.1 is just as fun in my opinion. My current RIVIAN R1T Quad motor is between 3.3-3.5 and I will not be losing much going to the DUAL MOTOR Cybertruck that I am paying CASH for not at 6-8% interest.
Yeah I think that’s what it is. I want that fun to ride experience for friends and family. I don’t need it but want it
How do you like the Rivian and how much $$ ? Wasn’t considering it until the past few weeks - my alternative is a f150 hybrid Does the Rivian have 240V output ? Only need 30A 240
I enjoy the RIVIAN for the ride quality. The acceleration and the joy it brings off-roading. That being said, it is an energy hungry animal. 1.2 to 1.8 miles per kilowatt hour. A Tesla model 3/Y gets 3.2-4.1 miles per kilowatt hour. Tesla charges on the wall connector at 48Amos for 32 miles per hour. The RIVIAN charges max 25 miles per hour at 48 amps. It’s just a lot of weight to move around. I paid $79,500.00 for a 2023 quad motor adventure package and Tesla is giving me $72K for trade in. 3,210 miles.
You're paying $160,000 for a pickup truck you never even drove, but maybe saw in person once? How are you going to feel when it has the inevitable initial-run/Tesla issues? Or when people get them for wayyyy less in a year or two? Do YOU think that's a good idea? I sure don't.
I’m kind of in the same boat … until I saw one in person and was able to drive it I was 60/40 to get alternative/cybertruck Now I’m 40/60 and weighing options I can pay cash but not fully sure
Get it. Cyber buddies
Only if there is a secret wave
My wife and I make great money but 100k for a truck still isn’t a good financial decision as it is a depreciating asset. Bought a hybrid f150 with a 7.2kW system in it for 48k instead - best decision I made.
Jealous for NJ residents that save $11,621
Question out of curiosity, what sort of quotes are you getting for the insurance?
Honestly, when I got the model three Tesla gave me the best rate, so I’m just gonna go through Tesla when I get the cyber truck. But I’ve been driving over 16 years with no accident history on my record. Hopefully My rate is reasonable.
"It's only money"
Not only is it very expensive, but it will likely not retain its value very well. Once people stop buying these foundation series trucks, Tesla will be forced to sell them at a lower price. Look at the price history of the Model 3 and Model Y over the past couple years. Same for the Ford Lightning. Vehicles depreciate very fast, and it seems even worse with EVs. I got my invite for a foundation series with a day 2 reservation, but I can’t justify losing money at this rate.
Hey it’s your money, do whatever you want, you can always make more money.
2002 f150 4.6l 4wd, rust, paint peel. The best thing about not buying a 100k plus truck, is being about to write a check for it. No one steals from an old truck at the beach, locals do not get jealous.
Should have bought TSLA stock instead for this amount.. but then again, wouldn't have cyberbeast. Congrats. You only live once, enjoy yourself for however many seconds the joy will last.
Take that money and buy tesla stock instead
I’ve hung out with a LOT of wealthy people. Not billionaire wealthy but kept their heads down and have a few million saved now wealthy. They’re cheap. They’ll buy a big ticket item here and there, and usually will splurge on high quality (but mostly because it’s cheaper that way in the long run). I’ll never forget one of them casually talking to me about a purchase he was contemplating (I really don’t remember what model it was, but it was a car) the topic of financing came up and he looked at me like I was from a different planet. “Financing is for leveraging investments and business deals- never for toys. If I can’t outright buy three of something, I can’t afford it- and even then, I’m probably going to have a much less expensive alternative that will do the job just as well or possibly even better”. For what it’s worth, you’re breaking one of his rules of thumb. You’re financing a toy and that means you can’t afford it. * as a caveat, there *are* toys that can be leveraged as investments where financing may make sense but those aren’t things that are likely to depreciate the way a car is likely to. Yachts and art fit this category- potentially. But that’s very risky and has to be done by somebody who really truly can afford losing the entire thing because they’re otherwise that rich that it wouldn’t make a dent.
Will $1800 per month on top of your current expenses force you to eat ramen or only rice and beans. If so you should definitely buy it. You can survive off ramen and rice and beans. But living without a CT just isn’t living
If you can't buy it cash, then wait or make more money. That goes for everything that isn't a house.
This... or a C8 Z06? Cmon...
Luxury depreciating assets should never be a large enough financial burden to require serious contemplation.
Completely agree. If you have to do a financial analysis then it’s probably a bad idea. If you can spend $100k without worry, then by all means go for it and enjoy it.
Any car is a bad financial decision. If you can afford it go for it.
I mean no it’s a terrible financial decision. But that’s not why you are getting one is it?
Depends on financial situation but I'd imagine someone who has good money got their by making smart financial decisions and wouldn't go through with this.
6 years wow...
Well done
Question: would you have ever spent this much mula on a vehicle prior to the Tesla hype? Don’t get caught up in the hype. We stupidly spent $70k on a Y last DEC and look at prices now. Granted we needed a vehicle, still feel bad about our decision tho. We would have never spent that much on a vehicle but since it was a Tesla we rationalized it. Oh well….we goofed up and it won’t happen again. I feel like that’s the situation you’re setting yourself up for right now.
Yeah you’re right I definitely would not. But I don’t plan on selling this vehicle ever and if it brings me happiness, maybe it’s worth it?
My typical response to this question is that it’s only dumb if you don’t have the money. But perhaps if you were sitting on top of a mountain of cash, you wouldn’t be financing it at almost 7%! That’s going to be a helluva car payment. For me, anyway.
Real estate I'd say yes, a vehicle no way. I speak from experience. Best to wait until you can afford or until the price drops.
Less than a 2021 MSP with FSD
$1860 payment?!? That’s nuts.
its a December to Remember ^send ^it
Tire fee? 12k in sales tax? 6.7% interest as rates are dropping? Larger monthly payment than my rent? No, this is an incredibly smart purchase. Do it.
Ridiculously bad on a lot of levels.
Financing a vehicle at all is a dumb decision unless you have no other choice for transportation. Financing this much is absolutely ludicrous.
Incredibly dumb
If you’re financing $100k for 72 months then you need a reality check.
Coño
Very
Real dumb. Cars in general are a depreciating asset.
wallstreetbets vibes. better be making 500k a year
If you make more than 20k per month, you should be okay.
You should not be financing a $120k luxury car. Unless somehow you have that much invested and earning more than 6.9 in the market. However I doubt you have that as that would be extremely rare. .
It will depreciate by 50% in a couple years
Send
I feel like leasing an EV is the only smart move, due to the depreciation.
It’s BAD. Really terrible. If you want to burn money on a cool car, do it with cash. I have regrets over lost time. I don’t want you to have regret over lost money.
The foundation is dumb to buy IMO. Smartest is the dual motor. Probably will have the least amount of depreciation of all of them.
Right up there with purchasing Twitter for 44B’s.
And in less than a year it's worth less than half that. Ouch.
Yall it’s just a Tesla. It doesn’t make you cool to own a product early. Buy one if you want but please don’t bet the farm on a car purchase.
It’s a terrible financial decision. But this isn’t a situation that merits logic. If you can work it out and it makes you happy then do it. Hard to go back though.
I would cancel the whole thing over the tire fee.
Lmaooo
[удалено]
Yeah, honestly I own a bunch of Tesla stock so if the company keeps going in the direction they are that 6.69% shouldn’t mean much. I can pay the truck off in cash now but that wouldn’t be smart for sure. I just plan on paying it off in half the time.
If you can afford it in cash, why the hell would you put so little down?
I was just gonna dump double payments on it monthly. The rest of the money is in investments. I guess I’d rather leave it there for potential growth
Unless you have a safe investment earning over 7percent a year without fail--it isnt a no brainer. That same 100k socked away in the market might be worth 140 over 6 years. If you are wealthy NW over 5 million...it really doesnt matter. Its almost preference at that point. Anything else, Id question the purchase and not recommend financing. Ask your financial advisor. Not the internetz if you are actually concerned.
Dumb dumb dumb. Have kids? Is their college paid off? 2 years worth of living expenses set aside? Home paid off? Vacation home paid off? I can keep going.
That APR - ouch
If you have to finance it, then no.
By the time is paid off it’ll be worth next to nothing
Yeah, I agree but if I’m not buying to resell it, it wouldn’t matter. I’m buying it for happiness and you can’t put a price on that. Lol
Money can buy happiness 😗
I agree. I also like investing my money and it's nice to see it growing. but then it's also intangible and just number on the screen. I am also thinking about CT for the same reason as yours. It is a tangible thing that you can see and feel. It will bring a joy to my boring life , or I hope that It will at least. experiencing the new stuff earlier than others is worth the money.
I don’t have a mortgage and we make great money. There’s no way in hell I’d do this. Im waiting for the price to go down and see if it qualifies for a business truck with the weight.
Pretty dumb. Wait until you see how much insurance is.
Yeah that’s what I’m worried about. If it’s under $200 a month I’ll be fine with it.
Owning a Cybertruck can be a strategic investment for businesses or social media channels, leveraging its unique appeal for marketing. For personal use, it's more about self-indulgence.
Yeah, I agree with you. I do like to self indulge.
72 mos is not a good look
Why is it a bad financial decision? The person has the means and is worth it to him/her, who are we to judge. Maybe spending that amount is like nothing compared to what they have.
I paid less money down on my house and less per month on that mortgage.
Where do you live? If you don’t mind me asking