How much do you need to make to own a Tesla?
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- Here is how much you need to be making to afford a Tesla Model 3. We will use the "20-4-10" rule, which means putting down a 20% down payment, financing the car for 4 years, and keeping the total cost (including the down payment and financing) under 10% of your monthly income. According to this rule, if you were to purchase a Tesla Model 3 for $48,000 (including destination and order fees), finance it at a 6% interest rate for 4 years, and make monthly payments of $905, you would need to earn $9,050 per month or $108,600 per year in order to afford the car. The text asks readers to consider whether they are making enough money to afford a Tesla.
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You don’t need to make that much lol it all depends on your bills/situation
or you can be car poor.
True!!!! I just recently bought one and did not follow this rule at all, I hope more people understand that it’s based on your situation
@@TrungLe-wu4mxexplain your situation how much you make a year ? Are you struggling nOw ?
Yes true
@@TrungLe-wu4mxwhat’s your total net worth and how old are you?
well, my hopes and dreams just went out the window
😂😂😂😂😂😂😂
You can extend it up to 84 months and it gets cheaper except you won’t be done paying it for 7 years
Same lmao
Dont do that lmao. @@UnseenShortss
The prices went down . You can get a fairly good one for 32k with low miles
Used?
@@gioch8882 new like a 2023 model 3 standard range is 25k without upgrade then m3 long range 32k without option add on, model y standard range 31k without add on, my long range 34k without add on.
Including deducted with federal and states credit deducted and also incentive program deducted drop down too 15k boom!
@@xmistaxcashxcollcan you tell me what I need to get those incentives?
@@Eunhon93 fr
You can get a used model 3 for 29,000 and it’s 329 a month so everyone can afford it
He also forgot credit score as that plays a huge on what you need to put down and to pay every month as everyone is different and the "24-10-4" rule is stupid because it isn't really an accurate amount on what you need to make to comfortably pay a car as it depends on what you have and your monthly bills and more as I always take this with a grain of salt
Where?
Just got our 1st one. 2022 model 3 long range, 15k miles for $28,000.
Same got an amazing deal at Tesla for a used model and with warranty
? My friend owns one and he makes 50k a year wdym 😂
It’s bs what that short talking about, it’s cheaper
exactly! idk wut this rule is talking about ig like if u more than comfortable living but i’m making roughly the same 50-60k and ngl I kinda want a model 3 which ik i can afford lmao!
This isn’t true guys lol I have one and I make like 50k a year you literally just need to kill debt and bills and ur good
Lol people are owning them making 50-60k lol.
Bro I just bought one making 40k 😂. I put 18k down
@@TACOBLOL you could had made easily 30k just a few days ago on SXP puts
@@JohnDoe-fs6lz how
I fully paid mine off making 30k 😴
@@TACOBLOL so you just put half of your yearly salary on a depreciating asset? Ok LOL.
Bruh u cappin straight up 😂
you gotta include insurance as well
Shit, old news. its under $30k in cali
wtf bro its like 60k cad in Toronto man I hate living here 🥲
45k in Florida
same here in Georgia
Im looking and a brand new 3 standard is 29?
This is just not correct lol
Dont forget the insurance. So that would be over $1000/month
Bruh i got a car worth double that and only make 80k a year
He’s explaining how to afford it comfortably taking into consideration mortgage/rent/insurance/bills/utilities etc and other living expenses. Not saying you can’t afford to make the payments making 80k but it’s just a general rule of thumb for car buying but in reality no one follows it
Don’t listen to this I’m 18 gonna be getting a Tesla in a couple months I did the math for me I’ll be putting 5k down and be paying around 750 a month I have no other expenses aside from phone bill and insurance which together with the car will be 1100 and I’m making 2000 a month
I make 50k and i own my tesla no financing
how? I make 45k how did u purchase it?
@@AKIRA-oz5cg no way he purchased it cash making only 50k a year LOLOLOL, hence the no response from him.
His mom helped him A BUNCH
How??
Lol enlightened us please
So you need to make double the US national average, and Rick people keep blaming others for being poor and tell them to just buy a Tesla
I’m looking to buy one and just rent it out threw turo
900 a month 💀💀
The number of people who don’t understand tax credits in this comment section is stunning.
The cheapest Tesla model 3 is $42,084 OTD (11/11/2023)
You may qualify for a tax credit of $7500.
The tax credit affects your tax liability NOT your finance payment.
You still owe $637/mo for a base Model 3.
And that’s net not gross so you actually need to make more
OZil??
LOL
You literally just coppied @Lad's video. Like straight up word for word coppied him. Be more original dude.
I laugh when I see theses videos because they don't count in the discount on the car and the other thing is going to be your credit score as well as it plays a huge part on financing a car.
I make 200k a year in austria (median net income about 21-26k) and am still only buying old cars with 130k+ km on them
Saving money is more important then looking fancy imo
Dont follow these poor advice it really all depends on how much you make and how much you save and you have to calculate most of your spendings like food gas insurance rent and if you have enough money to finance a car or lease then go for it I would say your best bet is to have someone else help you with your payments calculate your new insurance and monthly payments and see if you can afford it I bought a 2022 scat pack brand new and I make
Not a lot of money but my wife helps me out and boy is it worth it so it all depends if you can get help and if you the motivation I’m also
21 years old so if your younger start working hard and get your dream car anyone can do it honestly don’t follow these guys poor advice
Cap I don’t make that much and still own one perfectly fine
Is it already paid off?
That's scary seeing that the Model 3 is cheaper than the average transaction price for vehicles in the US. Average US buyer must make more than that. UAW complain that their workers can't afford to buy the products they build. I make way less than that so I can't even afford the nitrogen in the tires.
My down payment was $450
What credit score did you have?
Better said how much are you payments and lease terms and Apr
He’s prob talking about a lease most likely not a loan
poor man’s management of money is spending money you don’t have on something that is guaranteed to depreciate 30% after 2 years.
Model 3 2023 rwd is $35k new in California right now
Or just save for it and save yourself interest. If it’s too hard to do that buy a civic
Nah by that rule
Please make a vid to see how much you need to make to own a 2024 Hyundai kona
These rules are made to ensure you make enough to minimize loss on a depreciating asset.
No one makes that much that ridiculous
He’s talking about specific financing with Tesla..they have a company that loans
But if you own a business it’s different
What makes it different? I own a business
👎I don't buy Garbage. So Doesn't matter.
For my Tesla, I bought it under a lease because of the repair costs and the time it takes for Tesla to repair.
Makes no sense at all. First your lease will be up before your warranty ever expire, so it won’t cost you anymore comparably. Secondly, Tesla repairs take the same weather you own or lease, not sure why you think it would be different
@@CryptoNut82 hey there, I lease my car for many more reasons besides repair time. When I want to change my car up a bit, I can go for a different car color or new hubcaps. Since Tesla just released newer colors for their cars, I don’t want to miss out on them. Who doesn’t like changing things up a bit. Also, have a good new year,, Kyle.
How about not buying one
😂
Can I afford one who knows do I drive one hell yea
Heck no they can keep that shyt
Why did you multiply $905 by 10?
Isn't $905 your monthly payment?
It’s a 10% rules. You only should spend 10% of what u make is your affordability.
It’s not how much you make it’s how much you keep
double national average PLUS the fact that you cant live off of no money for a whole year, so throw in another $50k for ESSENTIAL living
youve got the wrong idea, google the 20/4/10 rule. You only spend 10% of your income on the repayments
@@zasko7882 you’ve also got the wrong idea. The 20/4/10 rule is commonly factored as GROSS income. People also just look at the car payment and not take insurance into account. Now when you take sales tax, gas for most cars, insurance, it all adds up so this rule is not viable in todays economy. Plus you can make it work to spend more on car payments while still have savings and invest with extra money
How do people afford cars then
wrong
I make that and i still canr afford it
What about if you buy out the vehicle 🚗 ?
Saw a model Y for 40k
Right now you can get a model 3 for 329 a month
how ?
@@damiangallopadrondecastill1654 well in Glendale Az at the tesla dealership, just come with a $4,500 cashier check
I spend 400 a month just charging my tesla. Not worth it in my opinion. Looking to trade it in.
Are you serious? What model do you have? I was about to purchase a plaid.
just include the sales tax, registration and few fees.
there are some for 25k
What about tax credit?
The average salary for my dream job is 350,000 a year so definitely yes
and what job would that be?
He’s finna have a harsh reality
What about the tax credit.
If you make 108k a year, do you get a tax credit?
@@foxtrotwolf6081 yes below 150k agi is eligible
U have to be #rich or #crooked to #buy #tesla
No you don’t it’s around 25k with the 7500k federal tax…..not that expensive the new accord is more expensive than that
its 29k now if you qualify for the irs thingy
It’s 25 now
No it’s not
@@takforce06 yes it is
Barely
Financing cars is for poor people.
Im broke af.. bitch
Not really, even people who can buy cars cash finance their cars. Financing is a smart decision if you do it correctly, also taking into consideration opportunity costs.
shiiii what if you make 900$ a week?
Thats 25% of your income then, either way do what you get to do
@@EpticityOG so i can get it if i get 900$ per week?
@@badbitchesonly5198I’m planning on buying a Model 3 LR either next year or in 2025, depending on finances and how quickly I can save. I make only $500/wk but have fairly low rent since it’s split between two parties, and have very few other bills. It’s possible, just know that you’ll have to pay a hefty down payment to get the monthly down to what you can afford. I plan on paying ~$15k out of pocket for the down payment. I’m going for a used LR model with less than 40k miles. Those go for around $34k, so at that point I’ll only be financing $19,000. You definitely don’t have to make $9k a month to own one, just figure out how much you’re able and willing to spend a month on a Tesla. Don’t forget insurance, too. I’m 22, will be 23-24 by the time I buy one, and from what I can find for my age group, a model 3 will cost about $200/month to insure. And my insurance record is good, I have no accidents or tickets on my record. Remember it’s a vehicle that can go 0-60 in 4.2 seconds. Insurance companies tend to raise an eyebrow at that. For me, it’ll be definitely over 20% of my monthly income, but it’s worth it to me because I love the car. Instead of paying to go see a movie or go to some event, I’ll just go cruise in my nice car for fun instead and save money that way. Driving a Tesla is a fun event, so I’m willing to pay for that experience and let go of some other things. It all depends on how bad you want one and what your other bills look like. In my current situation I can afford to save close to $1k a month if I really penny pinch, even though I only make $1,900/mnth. The only reason I can afford one is bc I’m fortunate enough to have an extremely low bill to income ratio. If I was living on my own I’d have 100% no chance at a Tesla right now. Honestly, ever since I drove one for ~30minutes about a year and a half ago, I knew I was going to buy one. They really do feel so fun to drive, I just don’t want any other car at this point. I’m willing to pay the premium for the experience.
@@MaxilentProductionsyou're gonna get it man
@@MaxilentProductionssooner than you taught