How Much You Should Make to Drive a Model Y!
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- เผยแพร่เมื่อ 31 ม.ค. 2023
- How Much You Should Make to Drive a Model Y! #tesla #personalfinance #modelY
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Yeah this is completely inaccurate. Especially considering the $7,500.00 tax deduction from the government. My Dad just bought himself a Tesla Model Y. He put down $3grand. His monthly car note is $350.00, his car insurance via USAA is $180.00 a month. That's $530.00 a month. This video is very inaccurate and stops people from even attempting to buy a Tesla, thinking they have no chance of affording when they absolutely have a chance and then some. Somebody making $40 grand a year could afford to finance a Tesla model Y. Guys, do your research before you listen to videos like these, go to the source aka Tesla customer service and see what's what, you'd be surprised what kind of deals you may be offered. I digress.
😮😊
This is where you learn nobody in the US follows that rule.
Hence why Car Loan debt is over a Trillion Dollars. Banks continued their bullshit with Sub Prime Mortgages etc that caused the 2008 Collapse. Nothings changed.
I think it’s a good rule. I make more than that and am still driving an old accord from college. Trying to get a new car but wanted to spend less than the Y. Maybe the 3
@@itskelvinnas someone who got the 3 in Australia before the Y was available, get the Y. It’s a similar but substantially more versatile car.
Six figure incomes are very common in Seattle, where model Ys are dominating new car sales. They are cheaper than most F-150’s which are the most common vehicles in America but those trucks are too big for the cramped streets of Seattle and as a result are not common here.
And that's why there's the broke 99% and the financially intelligent 1%
ah this day I learn that I'm poor
🤣🤣🤣 me too bro, me too….
@@heNzVf20c Yeah this completely inaccurate. Especially considering the $7,500.00 tax deduction from the government. My Dad just bought himself a Tesla Model Y. He put down $3grand. His monthly car note is $350.00, his car insurance via USAA is $180.00 a month. That's $530.00 a month. This video is very inaccurate and stops people from even attempting to buy a Tesla, thinking they have no chance of affording when they absolutely have a chance and then some. Somebody making $40 grand a year could afford to finance a Tesla model Y. Guys, do your research before you listen to videos like these, go to the source aka Tesla customer service and see what's what, you'd be surprised what kind of deals you may be offered. I digress.
This video is utter bullshit
I’m a poor veteran at $80K
@@MichaelsJohnDeere 😮, bruh I'm over here making 35k 😭😭
Look at me driving a $30k car with $24k / year. I like to live on the edge.
Do you pay a lot? I make 30k gross and putting $7k down on a $22k vehicle still leaves me with around high $300s in payments for a 4 year loan
Please don't do that. I think he was joking
…?
@@Tigerscar12 Just don't. Cars are the worst investment. You can get a perfectly good car for a few grand. If you make 30k you should not be wasting money on an expensive car.
@@mauripekkarinen1 Im not buying a car for an investment, I'm buying a car because I want one. One I actually want. That will last a while. Should I also only eat cheap vegetables and fruits? Nah fuck that. Also calling cap on getting a "perfectly good car" for a few grand. Sure I could get a low mileage reliable car for much less, but I can afford a bit more with my current expenses.
Me with $2K down payment and 25K annual salary: “So you’re telling me there’s a chance?”
Tesla's are garbage
Lmao facts
Lmfao
Lloyd, there's a chance.
If you can charge for free then yes it is possible.
At that rate I couldn’t even afford a bike 🚲
So a Camry owner makes 100k right?!
Just buy a used one. Unless you make a really good income, there is no justification for a brand new car
Camry is the most popular car amongst Asians(including Indians). The highest earners in the US drive a 30K car..
Uber drivers don’t make that much 😂
@@shashankjp88I work at McDonald and have a 28k car
@@Jupiter-shorts_good for you
Easier and more accurate rule: Car should not exceed half of your annual income.
Only rule: Always pay cash
With the 20/4/10 rule it seems that a lot of cars would need you to have a top 10% american income. 10.8k a month is a huge number to me and my small circle of friends, let alone a 130k salary.
Most people drive cars they cannot "afford" So many moms in their brand new six figure jeep grand wagoneer prob are not abiding by this 20/4/10 rule
Yeah a lot of ppl live outside their means. Ideally your monthly car payment should be 10% of your net monthly income and up to 20% when including maintenance and insurance. That’s why a lot of ppl live paycheck to paycheck because they have a car they technically can’t afford or a rent they technically can’t afford.
@@DrSarge37 this is true! For me i use my 1st paycheck for my car and wife’s car and 2nd check for house payment 3rd and 4th go to to save
$10.8k a month and 130k salary r the same thing
If anything, this shows you just how fucked things really are, that we would think that a conservative rule is extreme given that everyone is driving cars that they really can’t afford. It’s the 2008 Sub Prime Mortgage Crisis Auto Addition, which is why Car Loan Debt is over a Trillion Dollars.
You weee looking at the potential savings price. The actual price is $53,490
nah, potential savings works fine cuz unless u sell it b4 five years, that how much u pay
@@thesnowman2509 what…..
@@daviidfm923😂
it’s just the savings over gas, which are real savings so it’s fine
@@a55techbut the potential savings don’t decrease the monthly payments tho right?
Well I make 60,000 and I pick mine up tomorrow. Of course you need to make enough money to provide for your family, but if you can ink out being able to get this car and it doesn’t truly hurt you, I’d say go for it. Tomorrow is not promised for no one, and i don’t live to work, I work to live. So while I still get to live, I’m going to enjoy it in my model y performance.
True
And the government incentive right now is $7,500 and NJ offers up to another 4k off if the MSRP is under 45k
Well said
You work because you're drowning in debt.
I make $80,000 and I’m still not going anywhere near one of these things, stick with my 204k mile civic.
General rule of thumb would be if you want a new luxury car then if you can't pay it in cash comfortably you shouldn't be buying it yet.
I make $108,000 a year. I drive a paid off 2011 Toyota Yaris with 78k miles.
Yes! But also I’ll just drive my car until the wheels fall off 🤣
If you want to get 130k after tax you probably need something like over $200k gross income
180ish
@@thesnowman2509depends where you live…
He is from California
@@kmchow4971 i make 250-300k gross and i feel poor in la
Huh? He is talking gross, not net. He said 130k needs to be your annual salary. Not your take home.
Tesla owner here , What he says isn't accurate. Insurance is not that much.
Question, does Tesla have their own insurance?
@@labelleminksyes and it's cheaper than other companies
7500 tax credit and 1500-2500 in gas savings a year can be factored in. My 56k model y performance is as expensive as most -40-42k car
$204 / month for insurance is unrealistic.
I’m poor and drive a Tesla
um.. why? get a k truck, they're cute. And cool. And only 1-5k
Owning a car in the US is crazy expensive these days..$204 per month on insurance!?, I pay less than $1000 per YEAR... I saved up for my Model Y, paid all cash no finance required, but I got a good price for my old gas clunker, so that helped. My salery is about $75K per year. Already started saving up for my next Tesla.
Spent more than a year of salary after tax on a car that will last 10 years... same here life is short😅😅😅
Same. I’ve got a good amount of money saved up and my trade in is valued at $38k. I’ll finance the rest should be around $300 monthly for my Y which I’m super comfortable paying making $65k annually
Thank you I needed to read this I am now motivated to purchase one all the best brother 🍻
Depends on where you live, Mine in Wisconsin with a 16 year old girl named on the policy for 3 vehicles, is $1700 per year, fully comp, just ordered the model y exchanging the tundra so will see how that affects the policy,
That was insurance PLUS maintenance. I’ve owned a model S since 2017 . My insurance is 97 bucks. I haven’t had to pay for any maintenance on my car.
The Tesla your referenced has a selling price of an average new car.
So you are claiming the average new car buyer needs to make 130k per year?
My only statement is about how much the average new car price is.
How much you need to make was not by me. I personally think his claim about how much you need to make is wrong.
The average Tesla model S owner makes around 130 k per year.
The Tesla sells for double the average new car price so obviously there is something wrong with his income
Claim.
Y is in 50s. Thats above average
@@serotonin2456 model y long range is 50490 before 7500 tax incentive.
New car avg price is 48k.
Even before tax incentives prices very close.
With tax incentives.. Tesla model y 5k cheaper
@@thomaswilson2917 Good point but not lets talk about the tax incentive like IRS writes you a check for $7500. Its up to $7500 if you owe when filing.
@@serotonin2456 without the incentives it's only a 5 percent difference
You have 5 years to pay the car off on typical financing. You don’t need to make $130k a year to drive one of these cars. I make 50k a year on my own and have no problem paying the insurance and car payment and everything else I need to pay. You just have to budget the cost of the car into what you already pay monthly and how much you make monthly. You’ll obviously need a some extra for unexpected expenses. So keep that in mind.
The tesla model y with white interior and black rims used to cost 74k now it’s 55k
Supply went up, demand went down. You can pick up a model y used for cheap
40k now in California 🥱
@@giomontoya157 I don’t believe you
@@DavyDave1313 no... both supply and demand increased. U have business knowledge from Mcdonalds lol
@@thesnowman2509 I have business knowledge that the Tesla rep told me - sounds like you’re projecting there bud - it’s ok try harder in life
I paid in cash and I don't even make 100k lol
Ok so? This is about financing. Not paying cash.
@Palpatine4Senate finance is interest which means you are paying more 😅
@@Palpatine4Senateyeah, but financing is typically when you cannot afford to pay full price.. in most cases, if you can afford to pay and choose to finance, you're just giving the dealer more money for nothing. Financing is a loan.... interest.... 🤷🏽♂️
@@FXDismif the interest is low, paying 1000-1500 of interest over 2 years is actually worth
@baoto9071 absolutely agree as long as its 3% below that then is as good as inflation average or less and works put cheaper if you have money sitting in the bank which can be used for actual investments with ROI higher than 5%
My 2023 model y was self financed at 42,630 after my down payment. My monthly payments are $696 and insurance $187😮. My first payment is due in 90 days. So I'm under $1000
So you have like 400k net worth and make like 220k per year? If not ouch.
@@rickybobby7276 it’s not that bad and I’m all for saving money but 400k really I’ll buy a G wagon cash on that income but it also makes a difference if you have many bills or not
@@rickybobby7276 ?? That's not even keeping with the rule.
I live in New Jersey.
Tesla Y base model total price: $45,038.00
Federal tax credit: - $7,500.00
NJ ev rebate: - $4,000.00
Total purchase price: $33,538.00
I'm getting one with a $10,000 down payment.
Now do the math with that data pls. 👍😎
Exactly, in today's world if you want a car beyond that formula you just make up for it in down payment. For EVs especially, between the rebates and the low maintenance costs, it can easily pay off.
Problem with that is you are ignoring the federal and state incentives. Currently, at about $46,000, if you then deduct $11,000 which many states offer combined with federal, you are already at approximately 25% off of the sticker price. Factor in a trade-in of a $4000 vehicle, and then another $4000 on top of that, and you are looking at a loan for $27,000. The monthly payment on that is way below $800 a month, and is probably closer to $450 or less per month depending on the interest rate. Add to that approximately $200 per month for insurance and maintenance and you were looking at around $650 per month. People should look to minimize their monthly payments because he wind up paying a fortune in interest over the life of the loan, but $650 per month is affordable for many people.
With that logic you must make at least 8 figures to own a car at all 🎉
That's basically what you need to live comfortably here in FL for a one person household.
what if i put down a larger down payment?
So how about instead of 20% you save for 40%-50% down payment
Bro pulled these numbers out of his ass😂😂😂😂
Even with a $20k car that rule is out of reach for more than half the U.S
It's a really old formula that isn't realistic for the most part nowadays.
You'd have to land on a really reliable used car which is difficult and usually involves a fairly risky bet.
I guess all I can afford is a Geo Metro
“We don’t live to work we work to live” appreciate you I needed that
I have the model y performance was 60k. My payment is 980 plus 150 insurance
This is the right formula for everyone to use in order to live without financial concerns about your car.
I made half of that, with a more expensive model and trim ($60k) with no down payment. Paid it off in ~2 years, while having a mortgage that was higher than the car payment.
How?
@@jazzm5557 Spend money wisely. Like not eating out all the time or drinking alcohol
He ate rice and beans, never left his house, and worked all the overtime he could get.
And he walked 10 miles every day to work…
with no shoes
How
This makes you realize even more how bad it is who people who go to Payday loan places and get thousand dollar car payment because their credit score and they only make thirty-five thousand a year. This reveals how much you should be making to drive a car like that and not go broke. And they're doing it on 35k LOL the struggle is real. It's all about intelligence and education 😂😂😂
Nothing to do with either. It's deferment of gratification and the need for acceptance.
@@Mike-lt6sj It's not that simple. Cars are outrageous in prices now. My first car I saved up $5k for in the 1990s. Used Nissan. Not fun at all to drive but actually very reliable and I ran it for a good 5-6 years into the ground. Can't do that anymore. That same $5k car in 1995 would cost an easy $20k today, plus the dealer markup. This economy sucks.
@@ciberdude611 I agree with this economy being the worst. It is the worst in my life. Went from best to worst in 3 years. People really screwed up in the US, but the whole world went stupid with Covid, and it screwed up manufacturing. To it all off with the wealthiest people using it to take advantage of everyone, and here we are. Our government made it worse, and they continue to decide it isn't bad enough, so they try harder to really f things up.
I bought a Toyota Camry hybrid 2020 in 2020. I leased it with $750 down. $410 monthly payments 3 yr lease. Purchase price $34k at the time. Lease buy out was $19k I refinanced. If I did it all over again I would save the cash to buy the lease buyout cash. Nothing better than buying a brand new car to build credit. It feels so good to know your car in and out. I’m planning on paying it off in 6 months. I’ll get a solid 10 more yrs with it
The only thing you should get a loan to buy is a house. Maybe for your first car if you need transportation but that shouldn't cost more than 20k. After that save your planned monthly payment in an account and buy it in 6 years or whatever your term was going to be. Save thousands of dollars in interest. (Unless you have premium credit and can find a 0% interest deal or a very low interest rate lower than a high yield savings account).
$900 for a car that’s gonna depreciate in value? Is you crazy??
Holy cow... I can own a Tesla and I didn't even know it.
That 20/4/10 rule is very unrealistic.
No. Your expectations for a car are unrealistic.
It kinda is, but at the same time this is the amount to comfortably afford it. Basically anything can happen within a month or a few and you'd be fine.
It was created during a time when cars weren't so damn expensive. It's a laughably outdated formula in 2023'.
It really is the rule we should be following. We shouldn't be spending so much on cars
@@discocyclesurely what matter is the monthly cost, I can get a 1.8% interest rate for 4 years PCP here and because it is electric I can charge it at 2pence per mile which saves me 200 a month in fuel. If I put my 15k car worth in the deposit the car is only costing me effectively 150 quid a month to finance with the 200 quid fuel saving. You don’t need 140k salary to afford 150 quid a month. Most people waste more than that a month buying coffee and dumb food
I feel like these should include gas savings as well, no? For instance, in my case, a Tesla would exchange close to $600 per month in fuel for $125 per month in electricity. That’s $475 per month that I feel could be added to a Tesla and be reasonably equivalent.
😂😂😂 i make 150k a year and i just bought a model x plaid
Cool story bro
@@alvinjrraaif he makes a short about that one he’ll say you need to make like 300k a year
cool story, bro. you enjoy them butter fly doors - and that 200 mile range - oh wait - 150 (true) range.
As of today, the Tesla Model Y out the door price is 39K and the Tesla insurance cost you $200 for the first 3 months, after that it will come down 50%, so you are looking at $560 on a 72 month for 34000 and 5000 as down payment, don't forget there are free charging apps that allows you zero cost on fuel.
Is the rule saying 10% of monthly gross income or monthly net income?
The pivot towards ev is largely due to politicians, not the vast majority of market demand.
Idk seems like that rule is only if your going to pay off the loan. Vast majority of people trade the car in after 2-3 years.
Pay $800 a month, but YOLO and I’m all about today. I used to hate driving but this Y got me back to feeling good, safe and baller on the road……. Fxck FSD or Auto Steer tho. The cruise control is good enough for me.
I paid cash for a 1.5 yr old Model Y Performance with 10k miles from a family member. I will pay myself back though as quickly as possible.
Shoutout to stocks and being an employee just ordered mine and payin nowhere near that with a large down payment that didnt affect me and $7500 tax rebate
Or if you make payments of up to 48 months for around 900 gbp fixed yearly is 9 grand and the insurance would be 15k a year. You get 24k a year to keep a tesla safely. And most of that is insurance which will go down over the years
Most people in the US and UK don’t earn anywhere near that yet most people are driving around in fancy cars.
I make like 5k a year and drive a mo'Dell x
Used ones are 32-36 in my area minus the 4k for the used credit gets you to 28k 4k down get you to 24k +32/month for electric +insurance. Insurance is the wild card depending on your state!
What monthly maintenance is he talking about? I have a Y and I don’t do anything monthly. Wash by hand
Is this before or after tax
Just bought a model 3 for 38k (42k after tax & delivery). Going to get the $7500 back in EV tax credit which will take the investment down to 30-34k depending on tax. Paid cash, pretty happy with the purchase
The price will probably go up after July 1st too. You might’ve caught the bottom
@@itskelvinnindeed he catch the bottom as of July 2023 🎉
@@DatSamurai I think it went a little bit lower because the referrals got better. I just checked and a base white is $37.5k near me. With the referral, it takes off another $500 so $37k. I think the lowest a month ago was $38k with no referral discount
So a $1000 difference. Not too bad
Is that before or after tax income ?
The math isn't accurate. The price is showing potential savings, not the actual cost.
Also he forgot the current EV tax credits.
So Federal is $7500
And depending on your state might be additional tax credits. So for my State in Colorado we get $5500 in tax credits.
Got a deal on a 2023 Model Y long range for 50k minus the tax credits (13k) came out to be 37k and with taxes out the door, 39k.
Not too bad. Definitely worth the price if thats in your budget. And thats without a trade-in.
And if you could trade in your current ride and get 10-12k for it.. you are looking at a brand new Model Y for 27k .. which most people can afford 72 month loan.
With decent credit at 10% interest rate.. you are looking at $448.23 a month close to $600 w/ insurance..
Or if you own a house and roll it into house insurance bundle .. could just be 450 a month.
What if you make 50k a year but don’t have bills
Smash that purchase button, model Y is now the best value with the best charging network
@@Jmort93😂
Tesla is a great investment for Elon.
Is that gross or net (after tax) salary ?
It's just hard, because before savings is 500, but 'after savings' their lease is saying about 380 a month. There's the tax credit, plus gas savings of about 6k compared to my car. Even if you get a decent lease like a Mazda or something, mid 400s to lease, plus gas/oil changes, it probably works out more than a Tesla.......on paper.
I notice that you use a 3% APR on this calculation, am sorry to inform you that the interests rate tesla provides is around 6.5%, APR, so expect to pay some more.
I have a performance and I put 27k down and financed 30k and for 60 months and the minimum pay is 580ish a month but im paying 1000 so I can pay it off early and reported 145k to irs last year so I guess I'm doing pretty good
And here I am, planing on getting a new car to replace my old Nissan with a 50k income. I guess I will stick with my old car until it lasts. 😢
Same
or dont listen to this fool - really redo your math - and get a testa. this morons math is WAY off. You can easily buy a new tesla on 50k a year. EASILY. if factor in gas savings - your car payment will be like $200.
At those figures everyone is in debt. Many drive the model Y and other expensive cars for that matter who don’t follow the 30% rule. It’s not realistic since we all want to live breath enjoy life! 😅 With the economy the way it is and everything expensive in California that is challenging, but for many others who are very frugal, they can follow the 30% rule driving a very basic car. Too bad the life we live in, our peers, social media, Hollywood, etc make living a super expensive commodity 😬
I dont make anywhere near that and drive a Model Y. Financing is not the only option
What’s the other option?
@@WyattHutchison1229GTA bro
@@WyattHutchison1229 Buying in cash or leasing
What lease?
Cash in some shares purchased years ago.
What's the rule if you just pay cash total up front and don't finance?
I know people earning 50k that have Teslas...the car is more important than eating for them.
is the income that you show net or gross
LMAO 😂 The average income for middle class in America is $81K.
Average monthly insurance and maintenance of $204?? My insurance for a 2017 Honda civic alone is $334 with a perfect driving record.
I'm more keen on the 100 rule. 100% down payment / outright purchase, and needs to be under 100% of annual income. Ideally under 50% of annual income but there is wiggle room.
What monthly Maintenance?
Precisely! I'm on my 6th year with tesla and have not paid maintenance yet
Gas saving for me around 6k- 7k per year
On top of that imagine the yearly salary is actually after tax basis.
Just picking up a pristine 2-year old one (2022 MY LR AWD) for USD 31k. Sweet deal!
I still can’t believe I got incredibly lucky with my vehicle purchase right before the pandemic hit and the prices went crazy
Well if you are making over 100k you might as well pay in full or sum. The financing and monthly payments are there when you know you can’t pay in full or put a huge down payment. This rule is bs!
Bro your tripping. I make 72k a year, saved up a little and bought the 2024 Model Y Performance in cash
Bought one recently for the $7,500 incentive under my business name and taking the write off as a business expense while building business credit simultaneously. I was denied biz credit so I need to do this. There isn’t a clean cut formula. Do what works for you. If I didn’t put on behalf of a business I don’t think I would get this car, however.
? Damn 800+, I was going to get one last week that was 55k with discounts for 661 a month with 1k down. They really did lower the price
lol I just grab mine 37k 1k down 417 a month 8% apr 72 month
@@nevillerakeem8563 I ended up getting a civic yesterday, but that doesn’t sound right, 417? For 36k financed? My payment is 441/month for 26,600ish at 5.9% Apr for 72 months
I make that and drive a Subaru worth $1,500 and 223k miles. Planning to buy an investment property instead of a new car.
You can’t drive an investment property
But you can easily get another/keep a cheap car while your investment property is actually making you money and not depreciating every mile you drive it.
To Me safety is a priority.
If you die in an accident you don't need any money then! $1500 car is not on my list as a safe car.
Very few people make 130k in normal US.
I only put $2800 down and my monthly payment is $740 after the tax credits. My insurance is only $105 with USAA...idk where this guy is coming up with these crazy numbers.
I dont even have a job and I drive a Model 3.😂
Just saw this video and man the prices of Model Y have plummeted. That same Model Y that used to cost $50k is now $30k. Although $7.5k of that is the federal tax credit being taken off so it’s really $37.5k but still way cheaper
Crazy cuz I make $70k and i still manage and my payment is 860 with only $10k down and I bought the long range awd
Wrong. If you make less than 500k dont buy a new car. Pay cash like an adult
Why would anyone pay cash for a car. A depreciating asset. Always pay for it with inflated dollars... that means finance it, always.
Perfect, you sold me! 😂😂 I’ll take two 🤣
I make $114,400, and I’m about to be buying this car.
Difference being however, I’m paying cash and getting the long range or performance model. (Undecided 😭)
I’m also not one to upgrade my car very often, I’m driving a 2010 civic si right now and I’m content with it aside from the fact that I’d like some kind of EV with autopilot. So buying a used Tesla model Y in cash for $40kish, I’ll be keeping this thing for YEARS. Probably opting to replace the battery whenever the time comes, rather than getting a new car. I keep things forever 😅
I don’t think you necessarily need to follow this rule. I am going to be financing mine for seven years, not four. That’s where the problems are because no one can finish paying off a car in four years. You also have to look at how much your current car is worth, and add that to the calculations as well.
You forgot to include gas savings and incentives in the price, $7500 incentive and $200 a month savings on gas make it more affordable
Salary / 2 so you need at least 100k salary for model Y
What if I make half of that in year instead? 🤔
Imagine only putting 20% down. There is no way I’d do less than 70% down. Probably closer to 80%
I think I’ll go buy a Toyota Corolla 😅