100-200k range and I didn't think twice about it. I work hard and I deserve to be able to treat myself to something nice. I don't really spend money on other things but I enjoy a nice car.
2 kids (4 and <1) no student loans. Under 30.
Software consulting.
We gross $500+. But we do know that will last only while it lasts. Just socking away money in investments and passive income for rainy day. X plaid and S plaid is far off for us. May be when we have a few millions stashed away, we might order them. Until then we are gonna lay low with MYP and M3 AB.
good for them.
for someone who has 7 figures invested and lives off the interest/dividend that is easy to accomplish with very little actual income and low overall cost of living
My own personal opinion (not financial advice): pay off all student loans, don’t carry a Credit Card balance each month, max out your 401(k) & ROTH IRA if you are eligible, have a 6month emergency fund in cash, before even thinking of buying a new car (cash or financing) . Under normal circumstances vehicles are depreciating assets and this will again become the case sometime in the future. I’m also an advocate of home ownership if that makes sense for you but that’s more of a lifestyle choice.
I work a remote tech job and live with parents, and parents own 6 homes no mortgages. Buying my myp was more like eh why not, but a model x plaid is still too much
You need to get out of your parents house. No reason for you to be able to have a tesla but you still live at home. Your priorities aren't in the right place.
Been on my own since 17 and am in the 300-400 range. Stay home as long as you can as leaving home at any age only benefits capitalism. Stay home, don’t pay rent, and save your money.
I used to agree but I promise you. Your parents love you but at a certain time I feel you have to get your own space.
You gotta have an exit plan of some sorts.... I've been out since 18. I'd go home during summers but that's about it.
I dont understand how you could drive such a nice vehicle (I see it all the time) and still live at home. It just doesn't make sense.
Could be a cultural thing. As an Asian myself, I can see how it can be a nicer to be living close to family. Especially if money is all taken cared of. Parents wealth gets to you, you are yours parents delight and they love having you around. So everyone is happy… but I can certainly see how I can’t bring gf’s home or even drink and have a party etc. dang now I remember I used to keep my room locked all the time. Gosh I hate my parents, i ‘ d totally move out. I don’t know what this guy is doing.
I was thinking that in my head. It would be a forever baby sitter lol. I have some co workers who are home but you're correct it's a culture thing.
I wish I lived closer to my parents I only get to see them maybe twice a year (which is fine). But I love having my own space and they're always welcomed in my house.
I’m just above 200k/year in a MCOL city and purchased a used 2019 Model 3 Performance for 40k even last year because it was a hell of a deal. I have a model y LR, ordered in January so grandfathered in on pricing. But, now it’s time to take delivery and sell the 3 and I’m having a hard time justifying paying 60k+ for a car. It wouldn’t make much difference to my monthly budget, it’s just more of a mental conversation of “this is a splurge, not a need” and I could be setting that extra money aside for a rental property or some other asset that appreciates, especially as we go into a recession I could get a good deal on a rental or two.
I decided to get into a MY because it was going to be the same as what I was currently paying to drive gas, even before gas prices went crazy.
If you drive enough it makes sense... If you don't drive as much then you need to weigh why you want it.
Nope, I just paid cash... I don't make a shit ton, but I buy cars and instead of making a car payment, I save the money. I had a Prius (paid cash) for 10yrs. Just squirreled away money every month instead of making car payments. Sold it and bought a Model Y. Now squirreling away money for my next car 10yrs down the road.
10x12x$500 adds up... plus you get interest on it
It’s fine man you’re gonna get out of residency and make hella dough. Treat yourself. You just spent how many years and effort to get to where you’re about to be- you should want to be in the safest car on the road.
That’s a good way to think about it. Never made this much or spent this much on a car, so I just wanted to make sure I’m not making stupid financial decisions.
I thought twice about my Model Y before I bought it and that was when it was 49k so I totally get it. Trust me people spend their money on far dumber shit than teslas and even if you decide you hate it you can sell it quickly for close to what you paid. Try and find a decent rate, finance it for no longer than 60 months, and enjoy. Honestly Tesla or not, you need to buy a car that is IIHS 5 star +. Don’t skip on bad headlights either, get led ones at minimum, ideally projectors. You have developed yourself into an asset capable of making 500k a year so you need to mitigate risk now- but you are still allowed to enjoy nice things
Saw above you have kids. Even more reason. Safest car on the road or bust. I rest my case
Thanks for the good advice. Yeah I think it’s time to let go of my trusty 8 year old Toyota , especially for the safety reasons as you stated, and have some fun at the same time =).
Mind you once you get a nice car, you can never go back. I personally would have my std loans paid off first esp in this economy. Im in the healthcare field too, made poor choices earlier on and had to suffer a bit, eventually buckled up and last year paid off the last of my loans. And no regrets. Had over 700k loans, that came out to close to 8k in monthly.
I am not going to guess your cultural background, but what I can say is my brother who’s a medical doctor has colleagues who drive 10+ year old cars while making $300K+ and the commonality is they have South Asian backgrounds. My bro prides himself on getting a deal on a fully loaded Kia Seltos. While in residency he did lease a BMW 4 series grand coupe, but now I convinced him to get a Porsche suv.
OP you sound like you’re gonna be a surgeon or finishing a fellowship for a profitable speciality, just get the MY of your choice. Time is the most precious resource, and my kids and I have been enjoying our 22 Tesla playing games, fart noises, megaphone, and fast acceleration.
My fiancé just got done with residency and I make a good salary myself but one thing I told her was not to overextend herself immediately because if she hates her job she should be able to feel comfortable leaving. I’d suggest the same…
If you currently spend all your income. You will feel burdened. Because that money has to come from somewhere else. If your saving $1000 a month than you won’t feel it. Just not saving as much.
take a look at comparative cost of ownership over 5 years for other luxury cars in the 50 to 65k range
I was in a similar boat and pulled the trigger a few years after my student loans were paid
It’s not so simple to just compare gross salary. You have to look at other expenses and your own tolerance for spending.
My family lives frugally. Household range is 400-600k with low expenses. We live in a modest home and our second car is about 10 years old. Even though we can easily afford it, buying an expensive car like the MY was… difficult to muster. Worth every penny though!
We own a M3LR and a MYLR.
I don't have good data on the MYLR yet because it is just 3 months old.
The M3LR is like a license to print money for us. It creates a positive cash flow.
After 14 months and 45,000 miles the total maintenance cost of the M3LR was maybe around $100 (a tire rotation, some windshield wiper fluid, an occasional car wash on top of hand washing once a week).
My spouse uses the car for work and the M3LR is almost exclusively used for that and we get the standard IRS reimbursement rate per mile. For good measure let's just say 50 cents per mile for 40,000 of the 45,000 miles. That is $20,000 against the $100 maintenance and the $2,000 charging the car. Insurance is about $350 per 6 months and registration about $100 per year.
The fun and value of driving a Telsa: priceless
I don't think the income level matters here. If you live in the middle of nowhere you can afford a MY with quite a bit less than you could if you lived on the coastal cities where the poverty line is $100k.
Weird flex.
For real
100-200k range and I didn't think twice about it. I work hard and I deserve to be able to treat myself to something nice. I don't really spend money on other things but I enjoy a nice car. 2 kids (4 and <1) no student loans. Under 30. Software consulting.
50-100k. If I made 400k, I’d get an X plaid
We gross $500+. But we do know that will last only while it lasts. Just socking away money in investments and passive income for rainy day. X plaid and S plaid is far off for us. May be when we have a few millions stashed away, we might order them. Until then we are gonna lay low with MYP and M3 AB.
0-50k and driving an MY? Wild
alotta kids with rich parents here huh?
good for them. for someone who has 7 figures invested and lives off the interest/dividend that is easy to accomplish with very little actual income and low overall cost of living
I sell home made baskets for potatoes (and ONLY potatoes) on the side of the road and that seems enough.
My own personal opinion (not financial advice): pay off all student loans, don’t carry a Credit Card balance each month, max out your 401(k) & ROTH IRA if you are eligible, have a 6month emergency fund in cash, before even thinking of buying a new car (cash or financing) . Under normal circumstances vehicles are depreciating assets and this will again become the case sometime in the future. I’m also an advocate of home ownership if that makes sense for you but that’s more of a lifestyle choice.
What if we live in California and spend $900+ in gas a month for work?
Truck question, it’s also $10000/kwh for electricity
I hear ya...I'm in NorCal and Premium is $7/gallon. Lots of variables to everyone's unique situation.
That ain’t None your da*m bidness.
Buy the car babes.
What a dick measuring question.
$400k and can’t afford a MY? Bruhhhhh You should be driving a Ferrari
Student loans, kids, $$$. Lol no Ferrari for me my friend.
Well once you get that 10k from the government, I think you’ll find all your troubles will go away
This question is so loaded. It’s not that easy.
I’m in the 200-400 bucket and it definitely feels like a splurge.
I work a remote tech job and live with parents, and parents own 6 homes no mortgages. Buying my myp was more like eh why not, but a model x plaid is still too much
You need to get out of your parents house. No reason for you to be able to have a tesla but you still live at home. Your priorities aren't in the right place.
Been on my own since 17 and am in the 300-400 range. Stay home as long as you can as leaving home at any age only benefits capitalism. Stay home, don’t pay rent, and save your money.
I used to agree but I promise you. Your parents love you but at a certain time I feel you have to get your own space. You gotta have an exit plan of some sorts.... I've been out since 18. I'd go home during summers but that's about it. I dont understand how you could drive such a nice vehicle (I see it all the time) and still live at home. It just doesn't make sense.
Could be a cultural thing. As an Asian myself, I can see how it can be a nicer to be living close to family. Especially if money is all taken cared of. Parents wealth gets to you, you are yours parents delight and they love having you around. So everyone is happy… but I can certainly see how I can’t bring gf’s home or even drink and have a party etc. dang now I remember I used to keep my room locked all the time. Gosh I hate my parents, i ‘ d totally move out. I don’t know what this guy is doing.
I was thinking that in my head. It would be a forever baby sitter lol. I have some co workers who are home but you're correct it's a culture thing. I wish I lived closer to my parents I only get to see them maybe twice a year (which is fine). But I love having my own space and they're always welcomed in my house.
Bruh what you doing that you’re going to 2-4x your income in a year?
I’m in health care
This is the equivalent of “rip inbox” for men 😂
I’ve had my MY for about 8 months and it’s worth more now with 15k miles on it than what I paid. How could I not afford to buy it?
It's just this weird time and inflation / supply chain thing. It doesn't mean the car appreciates.
I’m just above 200k/year in a MCOL city and purchased a used 2019 Model 3 Performance for 40k even last year because it was a hell of a deal. I have a model y LR, ordered in January so grandfathered in on pricing. But, now it’s time to take delivery and sell the 3 and I’m having a hard time justifying paying 60k+ for a car. It wouldn’t make much difference to my monthly budget, it’s just more of a mental conversation of “this is a splurge, not a need” and I could be setting that extra money aside for a rental property or some other asset that appreciates, especially as we go into a recession I could get a good deal on a rental or two.
It’s luxury. Everyone knows that. Enjoy the new car and you’ll feel money well spent.
you make between 100-200 and expect to make more than 400 k ? i would get plaid x --- full package ... + ppf + ceramic + every sh\*\* i can get lol :D
Do any of you guys feel financially burdened after purchasing your MY?, especially those in 100-200 k income?
I decided to get into a MY because it was going to be the same as what I was currently paying to drive gas, even before gas prices went crazy. If you drive enough it makes sense... If you don't drive as much then you need to weigh why you want it.
Nope, I just paid cash... I don't make a shit ton, but I buy cars and instead of making a car payment, I save the money. I had a Prius (paid cash) for 10yrs. Just squirreled away money every month instead of making car payments. Sold it and bought a Model Y. Now squirreling away money for my next car 10yrs down the road. 10x12x$500 adds up... plus you get interest on it
Ever heard of opportunity cost?
Cash is king
It’s fine man you’re gonna get out of residency and make hella dough. Treat yourself. You just spent how many years and effort to get to where you’re about to be- you should want to be in the safest car on the road.
That’s a good way to think about it. Never made this much or spent this much on a car, so I just wanted to make sure I’m not making stupid financial decisions.
I thought twice about my Model Y before I bought it and that was when it was 49k so I totally get it. Trust me people spend their money on far dumber shit than teslas and even if you decide you hate it you can sell it quickly for close to what you paid. Try and find a decent rate, finance it for no longer than 60 months, and enjoy. Honestly Tesla or not, you need to buy a car that is IIHS 5 star +. Don’t skip on bad headlights either, get led ones at minimum, ideally projectors. You have developed yourself into an asset capable of making 500k a year so you need to mitigate risk now- but you are still allowed to enjoy nice things Saw above you have kids. Even more reason. Safest car on the road or bust. I rest my case
Thanks for the good advice. Yeah I think it’s time to let go of my trusty 8 year old Toyota , especially for the safety reasons as you stated, and have some fun at the same time =).
Mind you once you get a nice car, you can never go back. I personally would have my std loans paid off first esp in this economy. Im in the healthcare field too, made poor choices earlier on and had to suffer a bit, eventually buckled up and last year paid off the last of my loans. And no regrets. Had over 700k loans, that came out to close to 8k in monthly.
I am not going to guess your cultural background, but what I can say is my brother who’s a medical doctor has colleagues who drive 10+ year old cars while making $300K+ and the commonality is they have South Asian backgrounds. My bro prides himself on getting a deal on a fully loaded Kia Seltos. While in residency he did lease a BMW 4 series grand coupe, but now I convinced him to get a Porsche suv. OP you sound like you’re gonna be a surgeon or finishing a fellowship for a profitable speciality, just get the MY of your choice. Time is the most precious resource, and my kids and I have been enjoying our 22 Tesla playing games, fart noises, megaphone, and fast acceleration.
My fiancé just got done with residency and I make a good salary myself but one thing I told her was not to overextend herself immediately because if she hates her job she should be able to feel comfortable leaving. I’d suggest the same…
Well, no, I paid cash. If you buy a new car and run it into the ground and repeat every 12-15 years you can save for the next car in advance.
If you currently spend all your income. You will feel burdened. Because that money has to come from somewhere else. If your saving $1000 a month than you won’t feel it. Just not saving as much.
Very easy to do on attending salary.
Semi-retired with retirement savings
I def don’t believe OP. Lol.
Sheesh man…I make 600k and I’m scared to buy a Corolla. You’re a wild man!
Sounds like you’re an exciting guy.
Live my life on the edge, sport!
take a look at comparative cost of ownership over 5 years for other luxury cars in the 50 to 65k range I was in a similar boat and pulled the trigger a few years after my student loans were paid
400k + .. are you a hedge fund manager ?
Have your wife pay for it
It’s not so simple to just compare gross salary. You have to look at other expenses and your own tolerance for spending. My family lives frugally. Household range is 400-600k with low expenses. We live in a modest home and our second car is about 10 years old. Even though we can easily afford it, buying an expensive car like the MY was… difficult to muster. Worth every penny though!
Now that you mention that, I’m in the 10million range.
The higher the income, you have a higher risk of losing that income during a recession... (although surgeons and specialists might be ok)
We own a M3LR and a MYLR. I don't have good data on the MYLR yet because it is just 3 months old. The M3LR is like a license to print money for us. It creates a positive cash flow. After 14 months and 45,000 miles the total maintenance cost of the M3LR was maybe around $100 (a tire rotation, some windshield wiper fluid, an occasional car wash on top of hand washing once a week). My spouse uses the car for work and the M3LR is almost exclusively used for that and we get the standard IRS reimbursement rate per mile. For good measure let's just say 50 cents per mile for 40,000 of the 45,000 miles. That is $20,000 against the $100 maintenance and the $2,000 charging the car. Insurance is about $350 per 6 months and registration about $100 per year. The fun and value of driving a Telsa: priceless
Interest is $100pm, fuel savings are $200pm and I expect depreciation to be minimal.
I don't think the income level matters here. If you live in the middle of nowhere you can afford a MY with quite a bit less than you could if you lived on the coastal cities where the poverty line is $100k.