Hello,
My partner and I after all expenses (including doing mortgage payments twice the minimum for early finish) take home $8000 a month. We have been driving a 2018 Hyundai hatchback for years and has 70,000 kms on it. We both work for the same company and might have kids in the next year or two.
Should we take the plunge buying a Model Y with a $1300/month payment (48 month loan with $15,000 down and 5.9% interest)?
Let me know your thoughts. Thanks for any and all advice!
Ultimate flex!
My suggestion is do what you think is right for you. Ask a million people and get a multitude of responses.
If you can save well, why get more debt?
Things can change, you might be ready for a kid sooner, your employer might have trouble, and you might change your priorities.
Buying a new car when they are expensive and you don't have to do so seems imprudent.
Imagine if in a year you instead have $100k saved and are no worse off than now except a slightly older car.
What a great position to be in when you are thinking about starting a family that would be!
You would avoid much of the financial stress that often accompanies new parents.
What if something happened to him? Becomes disable or worst is death?(knock on wood), so his NOK will enjoy his money? Or the Aged Care?
You only live once matey. But if you are talking with your 50s, yes I agree with you.
Then you have bigger problems than not having the short lived feeling of driving a new car. If you are disabled then you would also probably need the money that you spent on the new car toy
2018 Hyundai hatchback is a very solid car, and it only has 70k kms on it. You can easily use it for a few more years.
I don't get why anyone would borrow money to buy a car when you already have a perfectly good one.
Wait until you can actually afford it and pay cash. Now get off my lawn.
And when you said "Y", I thought you meant a Tesla.
You get finance because of opportunity cost of money
FYI, the mortgage rate should be a lot less than 5.9%, so separate car finance makes no sense when they are ahead on the mortgage.
Life is short you most likely will die with money.
It's about the moments you remeber.
Do you remember driving your toyota.
If you were going to die the last thing I would do is to drive a forgettable car like the Model Y.
I don't want to have that regret on my death bed.
get a Evo 9 :D
Exactly something that screams YOLO as you brapp brapp down town annoying the hell out of everyone.
Probably worth more than you bought it for once you die too.
If a Model Y were your Coffin you would have USB until the battery runs down.
If a Model Y were your coffin, it could drive itself and you to your burial site too.
Life is short; keep the Hyundai and retire earlier?
Yes i am sure one of the fondest memories that peoples have on their death beds are driving a somewhat above average car decades ago
YOLO! And when it arrives, just chuck it straight on Carsales for $20,000 more than what you paid for it and pocket the $3,000 EV rebate…
mate i earn 8k a month myself and have a mortgage and wouldn't even consider another loan ontop of my mortgage…
i guess you like showing off to the neigbours.
OP's net income after paying all expenses and double repayment of their mortgage repayment is $8000 for the household. So, $8K that is how much they are saving per month.
Model y is one of the ugliest things you can currently buy.
I got stuck behind one coming back from the coast last weekend. All I could think of is how it looks like a Model 3 got it on with a beluga whale.
We both work for the same company and might have kids in the next year or two.
Haha, in your other thread, you have just retired from your career at beacon lighting, and have grandkids 😂
haha maybe OP means they might have the kids over?
Man, what a story-teller OP is. His answers sounded odd, too. I tuned out of that thread when his answers seemed like he was making stuff up that made best sense…
Yeah, he probably worked for Beacon lighting, but not nearly as long or as experienced as he thought he was.
or OP has memory-loss and believes this is 1980, though with electric cars.
2nd marriage to younger wife?
Young wife who must be earning $200k, better than winning Lotto :)
Can you please confirm if this is intended to be a high yield investment?
Nah, no MB 3 pointed Swastika on the bonut.
And anyway, Tesla are the new Ponzi errr, crypto no, I meant Pokémon Trading cards. You don’t buy them to own them, you buy them to flip them, to other fanbois who will then try and flip them.
Another perspective. Based on your savings of $8000K after paying double your mortgage and other expenses would mean that you and your partner are on good income. With the changes in the FBT legislation introduced by the new government, a Model Y single motor model will come below the FBT free threshold for EVs. So, you can buy a model Y now with your pre-tax salary without any FBT payable. As the used car market is still pretty hot, you will get reasonable money for selling your current car.
However, if you order a Model Y now the estimated delivery is Feb - May 2023. By that time with the market conditions tightening due to further interest rate hikes could mean that your finance costs would be higher and you may get less money for your current car.
Buy the Tesla. If you want it, go for it. You cant live life based on what might/might not happen in the future.
The media tell us that they explode under your bum! Not me!
NO. Pay off your mortgage and get out of the debt trap first.
Yes, buy now then regret later 😜😷
I would recommend you to sell the house and buy a full set of Model Y in all colours.
$1300/month payment (48 month loan with $15,000 down and 5.9% interest)?
/spits drink o.0
My partner and I after all expenses (including doing mortgage payments twice the minimum for early finish) take home $8000 a month.
Is that after tax? If not, that's not a lot.
Actually, after all expenses, that is a lot!
We have been driving a 2018 Hyundai hatchback for years and has 70,000 kms on it.
That's nothing. Your car is good for about another 10 years.
We both work for the same company and might have kids in the next year or two.
I assume your car has seats in the back.
Should we take the plunge buying a Model Y with a $1300/month payment (48 month loan with $15,000 down and 5.9% interest)?
No. You should pay off your mortgage and don't be so luxurious. The mortgage repayment on my house is $158 per month, and your car repayment will be nearly 10 times that.
You’ve only driven 70k over 5 years which means you’re not a road warrior. Ditch the plan and pay down your mortgage faster is what I’d do.
As your car has only done 70,000 in 4 years you dont drive much its nearly a new car with those klms hang onto it for a couple more years. Put more money onto your home loan or maybe a redraw on the loan.
Can you confirm you are also retired from Beacon Lighting, and have grandkids?
I am in the wrong profession.. need to get into lighting ..
The conventional wisdom has always been to never change a car under 10 years old unless you walk away with actual cash from the deal. I’m all for EVs, but don’t see how this has changed at all.
Plenty of other EV options coming in the next few years.
If you are motivated as care for climate you are probably better to get the full use of your current vehicle rather than buy anything new - even an EV.
Why the jump to an electric car?
EVs can only get better, cheaper and more popular (more charging stations).
If your ICE is no longer suitable, get another brand new, fuel efficient ICE for a few years more.
The current price differential between EV and ICE will compensate the value loss.
Youtube has all the answers and Hon Cadogan knows better!
Wait until you have kids….they're crazy expensive. They will disrupt your sleep, mental and physical health, productivity at work, taking days off because they're sick, can't go to daycare or hire a private nanny…unless you have grandparents who are willing/able to help for free etc. That's on top of extra spending for child care, baby formula, clothing, food, laundry, medical expenses, health insurance etc. On top of that, start signing them up to sports, extra curricular activities and so on.
Driven a model Y. About as boring as a model 3 just taller with more body roll. Keep the Hyundai or buy something more fun, like a C63S AMG wagon. Big enough for when the family expands too.
Just when I thought I was out, they pull me back in (with a Model Y)
Yeah, was wondering how come OP disappeared after publishing the post. I thought it must be one of those posts. 🙂
recently retired - and you might have [grand?]kids in the next year, and wonder about committing to pay $72,400 over the next 4 years
sounds like a plan - for future worry in a hurry if still working and not flush with retirement funds - in which case sure YOLO - and hey - "the worst experiences make the best stories !" - this should make some great stories for your [grand]kids - if they end up talking to you … ;-)
but if you've seen those YouTube videos where the guy takes family kids for a quiet ride in his Tesla, then plants it onto the highway, whereupon they all fall about screaming and laughing OMG from the acceleration - sure, that'll totally impress them - once …
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No. Hang onto the Hyundai or a couple more years and there will be a plethora of options that available.