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American have no savings, but buying Tesla

American have no savings, but buying Tesla

I look at Youtub right now, most Americans are without savings, they live hand-to-mouth, but they pick up the most new cars, including Teslas, something is wrong with this information, I don't know ...

Frank99 | 14. syyskuu 2019

By "Americans", I'll assume you're using the standard shorthand for "Citizens of the USA". Those citizens of the USA number about 327 million, some of which are the richest people in the world, some of which are desperately poor. There is a rather large lower class that has no savings and are not buying Teslas. There is a smaller middle class, some of whom have little or no savings and some of whom have significant savings, who are able to afford and are buying Teslas - mostly Model 3s but also used Model S/X. There is a smaller upper class, most of whom have significant savings and are able to buy new expensive vehicles regularly who are buying Teslas - Model 3s and Model S/X. There is a very small Wealthy class, with sufficient money to buy any consumer good (from million-dollar sports cars to 30 million dollar mansions) who are buying Teslas.

Citizens of the US may have smaller savings on average as a percentage of their yearly income than citizens of many other countries, but they also have a higher median yearly income than just about every other country in the world (sixth behind Luxembourg, Norway, Sweden, Australia, and Denmark). Savings are less important when there's plenty of money coming in - it's the economic downturns that are the bitch when you don't have much money in the bank.

ttoomm1 | 14. syyskuu 2019

Thanks for the comprehensive answer, if almost 5% of the population buys a new car every year, it means that all classes are doing well, instead of saving people prefer money in investments rather than banks, and paying off a mortgage, which in the event of a crisis, loss of business, a fall in the stock market index puts you at great risk of not landing among the homeless. The shots on Youtub are a little misleading at times.

SamO | 14. syyskuu 2019

Finance Cost about $500/month. Fuel is less than $25/month.

Very affordable for large swaths of AMERICAN families.

ttoomm1 | 14. syyskuu 2019

It is true that, unfortunately, prices in the EU are almost twice as high, but also the incomes are not high everywhere, so the reach is as much as 4 times lower. We may have to wait for China's electric vehicles, which are developing extremely fast, but for a long time they will not have the same confidence as Tesla. I doubt Tesla can make anything cheaper than a Model 3.

SamO | 14. syyskuu 2019

Fuel in the EU is 4X the US so affordability is much higher. Add to that company cars are subsidized in many countries as well as purchase rebates.

YMMV.

Frank99 | 14. syyskuu 2019

SamO -
The Median household income in the USA is about $63,000. A Model 3 SR+ (standard wheels, paint, interior, includes AP) at about $39K is thus about 60% of the median income in the US; a five-year auto loan (standard in the US) at 4% interest (about the current rate for those with good credit) makes for a $720 / month payment, about 15% of gross income. Very much affordable, as you suggest, for at least half of the households in the US.

Frank99 | 14. syyskuu 2019

And, per your point about fuel costs, driving 1000 miles a month would require about 30 gallons of gas for a 32 MPG ICE, at a cost of about $83. It would require about 250 kWh of electricity in a Tesla, at a cost ranging from $12.50 to $60 depending on where/how you charge. So, a savings ranging from $70 to $23 / month on fuel costs when driving the EV.

vernumerweg | 14. syyskuu 2019

TESLA Germany:

Your Loaner Vehicle VIN: 151972 has a massive problem with the battery. I'm in Cologne and need HELP - NOW!

PLEASE Call ME +49 151 25276658
Your hotline can not be reached.

Best
ARNiM

BuffaloBillsFan | 14. syyskuu 2019

@vernumerweg

WTF are you talking about?

poonam_dv | 14. syyskuu 2019

This statement is completely irrelevant. If you want to make it in this country you have to work hard and be smart. First of all there are so many people who choose the wrong path such get into bad habits such as drugs and crime where they end up in bad condition. This is one of the main problems here. If you look at people who work hard and choose the correct path they tend to become very successful. Take a look at Elon Musk an immigrant who did very well and still continuing. Bottom line is people's choices are determined by the path they choose.

Uncle Paul | 15. syyskuu 2019

Many Americans use debt, rather than savings, to purchase depreciating products like cars.

Kind of a pay as you go purchase.

SamO | 15. syyskuu 2019

Appreciating assets like a Tesla?

Earl and Nagin ... | 15. syyskuu 2019

Considering the information source that the OP used (youtube), what can one expect?

David N | 15. syyskuu 2019

He found it on the internet so it must be true.

jimglas | 15. syyskuu 2019

@Poon:
Most wealthy americans made their money the old fashioned way
They inherited it

PrescottRichard | 15. syyskuu 2019

Many generalizations turn out to be over simplifications and are inaccurate.

Except for that one.

Neomaxizoomdweebie | 15. syyskuu 2019

"What kind of a name is Poon, anyway?"

jimglas | 15. syyskuu 2019

aaaaaaa nope