Tesla Cars Are Not Investments

I rented a Tesla once, I was convinced I wanted one and that I had to have one, I watched videos confirming that it was a good idea. Then I snapped myself back to reality, this is an expense, it goes down I value, the new car smell will wear off and so will the novelty. The point is getting more money to make more so you don’t have to work, not to buy toys like a boy.

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1. There is nothing more expensive, than being impulsive, stupid, and ignorant
– I want to remind you, that no matter how big the hype is, a car will never be an investment.
– It may seem like, you can buy something and resell it for the same price for a while, but those are special market ( and when that does happen, use it to get out your car loan and escape before it is to late )
– The ordinary thing is that cars will always go down in value

Lets Look at an Average Tesla Model 3 Long-range 2020 AWD
– We know the average car goes down by 20% in the first year, 30 percent 2nd and almost 50% by year 5
– MSRP: $46,990 ( not talking about delivery fees and tax credits or special colors and all that stuff )
– Today I can find that car for $24,000, 60,000 miles, 1 owner, and no accidents

That’s what?
– $22,990 in depreciation not savings ( the car is worth less )
– It’s not an investment
– Remember that

Tip: if I ever buy a Tesla, I’ll be buying a used

2. I was watching a video, about all these guys buying cyber trucks, and not a single one of them is actually working construction or anything remotely needed to have a truck, they all have payments above $1000, only one person was paying cash and he was an old guy, we gotta stop borrowing money to buy things we don’t need
– It’s like a flex to put down little money, as long as you can afford payments each month ( that’s not how you know if you can afford something )

I’ll tell you something
– These people don’t even keep vehicles past their loan date, they constantly buy and sell
– Constantly in debt
– When you see someone with an expensive car, don’t think wealthy, think car loan or no longer have that cash

3. A lot of people who work in tech and make good money, think that that will continue, I just watched a video about some guy getting fired by Tesla, don’t rely on companies to provide security for you and your family

4. I wanted a Tesla Model X so bad, I even put on my dream wall, some people paid over $120k for a Model X plaid and over 150k fully loaded ( and even paying more to get early ) this is like a very expensive iPhone with the amount of hype around it
– I drive a Toyota and Hyundai sometimes
– It’s said to say, those some people that paid that much money
– The car is now worth 65k – 70k (it’s still expensive but remember this is not an investment)
– And before you a toy, you have to consider if you can afford it ( I honestly can’t )

5. My Advice as an Old Man these days
– Alternatively, use this to your benefit, cars go down in value, and a car not worth buying used is not worth buying new ( remember that )
– Cars are utility-based above all, and if you like even better ( but never put your wants above your needs )
– Pay cash and keep until the wheels fall off ( in this case, the batter goes out )
– Why I don’t I buy a Tesla Model X plaid now that it is cheaper, I can’t afford it, paying 65k for a car, when I can pay 65k for a real estate property and make $250 a month in perpetuity and ride around my Toyota corolla for another 10 years doesn’t make sense currently ( I’m to young to be slugging, you have to earn that )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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