Why I Cant Afford A Tesla And Neither Can You

Now my definition of being able to afford a tesla is not if you can afford the payments or if you have the cash to pay it off right now. Instead I used 3 philoshies when it comes to owning a vehical.

I also want to make it clear, this is not a video about savings the planet, its not a video about getting a tax credit, and its not a video about getting what you want. Its about delayed gratification.

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Two ways to buy Car ( Networth or Income )

I rather use the networth formula but the income formula is just as good

And this make sure that when you buy a car, you can pay cash for it

And that car is not such a massive deal in your financial life

Income Says: Dave Ramsey

You should have more than half your annual income in cars

so to buy a fresh tesla base tesla model 3 is about 40k not including auto pilot, extended range, delivery fee, order fee or any other accessories

so you need an income of at least 80k a year

which only about 12% of households make

Networth ( this even more strict )Tommy Bryson

Either pay cash for a car you can afford with the same rule as dave

Or if you have a great networth don’t let the car be more than 10% of your networth

So some reverse math and you come to find out to buy a tesla you need a 400k networth

With very few people in america have literally no on the median scale has that much

So who the Heck is buying all the cars

The answer is, a lot of people that cant afford to own one

Its really that simple

And this why you see people who buy a tesla and literally their most valuable assets is a car which is losing money as they drive it and is costing them money as they own it

You have two options ( Buy a used Tesla or just skip tesla )

Now if buying a used tesla scaress you then I wouldn’t buy a new one

Cars are supposed to last a long time

So if you can even trust a 3-7 years old model, that’s not a good sign

Here some prices for used teslas

You can find some 2020 version for around 30k and 2018 for about 25k

Which to me is a lot more reasonable

I saw a 2018 version that cost 27k

And please forget about self driving if you cant afford then you don’t need it

Invest the Difference ( Skip the tesla )

Now I’ve found that a lot of othrer car are also good

But not as cool, shiny and hip like mom would say

But they do the job

For a budget of 20k

I get me a Lexus, Acura, Hunda, toyota or mazda

Cars that I know can last me 300k miles with good maintance

So if I grab the 20k I would have spent plus the string of payments

In just 10 years

That 20k investments plus 372 dollars per month that I would spend on car payments turn into a whopping 127k at 10.53%

And most likely my lexus will still be running

Ps. Just because you cant afford to set money onn fire today, doesn’t mean you wont be able to do it in the future, but you have to be patient

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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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