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Should I buy this car I love?

New Member

Should I buy this car I love?

Car I want: Tesla Model 3.
Purchase price 35k- more like 39k after taxes etc
Trade in value -3500-5000. I've also already put a 1000 dollar deposit down.
Income-166k per yr
Credit score 655
Housing payment 2450.00 per month
2 children
Wife income 85k

Question- Will I get approved? Should I purchase this car? I've driven my current car for 10 yrs plus.
11 REPLIES
New Member

Re: Should I buy this car I love?

 
Valued Contributor

Re: Should I buy this car I love?

You have plenty of time to contemplate this purchase,  the model 3 won't be available for the average consumer for quite some time.  I am sure you will get approved, I would work your scores a bit more the closer to 700 the better off you will be.  The question I would have about the Tesla model 3 is how reliable they will be and how they will support them.  I know a couple of Tesla owners (Model S and X) and they have had a fair number of issues, they love their cars but they aren't at the point of Honda reliability so be ready for early adopter issues.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Valued Contributor

Re: Should I buy this car I love?

Also you want to consider the cost of installing the charging infrastructure at home and the capacity in the area you live for superchargers.  Tesla has been vague to say the least on supercharger costs for model 3 owners which would make me a bit nervous.  Current owners in some areas complain about charger capcity for their cars, imagine another couple of hundered thousand competing for that capacity.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
New Member

Re: Should I buy this car I love?

I live in San Diego. I placed a deposit the very first day. They are suppose to released to the west coast of the United States first. So car could be here in San Diego by the end of the year. Thanks for reply
Valued Contributor

Re: Should I buy this car I love?


Djohnson13 wrote:
I live in San Diego. I placed a deposit the very first day. They are suppose to released to the west coast of the United States first. So car could be here in San Diego by the end of the year. Thanks for reply

Being in California will help for sure.  Tesla has yet to deliver anything on time but I have my fingers crossed for you.  It sucks waiting on the car you really want, had to wait a full year to get my BMW M2 so I know the pain.    Don't get me wrong, I hope that Tesla is successful, we need successful American companies making good products but the leap to producing the model 3 is monumental so you'll have to be patient.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Member

Re: Should I buy this car I love?

I'm intrigued by this car, and Tesla in general. How does one finance or lease one though, do they have their own bank? Are there any outside lenders that finance them?

Re: Should I buy this car I love?

I was just in the same boat, however I did not have a deposit down on the model 3 as of yet. I feel that being that it will be the first production of the vehicle, I should just wait it out do to early model s having failures. After a lot of research I decided to look at alternatives do to a slim network of charging stations where I live. I drove past a local Bmw dealer and saw this odd looking car. It was a Bmw i3. The dealer allowed me to take an extended 4 day test drive with little more than my license. When I turned the vehicle back in, I purchased the Terra REX version with brown leather and light bamboo interior. The vehicle was $56k, they gave me $4,350 off of msrp, $7500 tax credit on lease, my work gave me an additional $1500 off and 2 point reduction in money factor! Payment under $300 for 36 months 10k a year!!!!! I love this vehicle! It is very very odd looking but once you drive one..........

New Member

Re: Should I buy this car I love?

56k? What's the range on a full charge? Model 3 will be a minimum of 215. I'm lucky in that there are plenty of chargers in San Diego. Plus there are some at work. Car is 35,000. There will be a 7500.00 federal tax refund and a 2500.00 CA refund. I'm excited. I just want a low interest rate.

Re: Should I buy this car I love?

Yes $56k. It's fully loaded! I leased so my options will be open when the model 3 will be sorted out. I have 2k miles on the car in the 5 weeks I've owned it with a round trip of 1245 miles to the shore thrown in there. I've been averaging between 120-140 miles on pure ev and 70-85 on the Range extended unit, so well within the model 3's 215 mile range. I believe the I3 is the best option for my situation for lack of charging stations. I do have a question though, have you driven a model s or x before? I'm not sure on the interior quality in a $35k car. Have you seen the bolt or volt? Both have junky interiors with pricing in the model 3 range. The bmw one is leaps and bounds ahead. Keep your options open and try other electric cars so you have an idea of actually living with one. I love tesla, but am in love with my Bmw more!