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Financing?

Financing?

We all know the Model 3 will be upwards of 40k. How many plan to finance the entire amount? Partial with a large down payment? I plan on putting 30k down and financing the difference. Just curious what others are planning or budgeting for. This will be my first brand new car and I'm excited.

david.jones24 | 29 octobre 2016

It will be $35,000 before any options or tax incentives are factored into the car. A lot of people will get the base model for $35,000.

As for financing, it really all depends on the production timetable. I believe that Tesla has been building a sedan for years now, and I think they'll surprise a lot of people and meet the aggressive delivery schedule. The Gigafactory battery production is the big question in my mind.

In short, if I get my car Q1 2018, I'll partially finance a small amount. If it's delayed by six months or more, I'll try and pay cash for it.

Calibrotha2000 | 29 octobre 2016

I'm in the same boat as rrobin aiming to getup to around 25-30k down then hope in 2019 toget some tax credits then refinance with whatever that lower amount would be. $300 a month would be my goal so if in 2019 and can refi an amount closer to like 10k then that would be ideal

jamilworm | 29 octobre 2016

I plan to get a base or near-base model. I will try to get financing through my wife's credit union, so if I can get a low interest rate like 2% I'll put as little down as necessary for the good rate. If the interest rate is not great then I'll put more down, maybe like $10k. It will also depend on how much money I need to spend on retrofitting my house. I may get the solar roof + powerwall, and in that case I'd put less down on the Model 3.

rrobin36 | 29 octobre 2016

Nice. That's the hope. $200 car payment compared to $500 + is definitely worth the saving up cash.

Woodsonpd | 29 octobre 2016

I plan to trade in my current car for about 10k and have another 10k in cash. Depending on how expensive the options are and what I decide I want, i may bump that up to 15k cash, saving everything I can. My goal is to get to $350 or less a month for financing.

SoFlaModel3 | 30 octobre 2016

My plan...

$45,000 sticker price
$2,700 tax
$47,700 total sale
$3,700 down ($1,000 already as deposit)
$44,000 principal loan
5 year auto loan (60 payments)
$771/month @ 2%

$2,700 due at signing as down payment

One-time tax refund:
$7,500 possible (Florida with pre-launch reservation)
$3,750 probable
$1,875 all but guaranteed

$7,500/60 = $125
$3,750/60 = $63
$1,875/60 = $31

Assuming interest rates remain as low as they are my money is better served making money and I will put down very little.

joe | 30 octobre 2016

My current car has been paid off for a while, so when I saw the announcement for the Model 3, I reserved one and began putting the equivalent of a reasonable car payment in a separate savings account monthly for my down payment. My plan is to have around $15k-$20k to put down by time I take delivery to soften the blow of the financed payments.

Ccarmac1 | 30 octobre 2016

Well I don't know if I would give that much of a down payment (10k or over), one of my friends was mentioning that his co worker made a down payment of 12k on some car and 6 month later his car got totaled(not his fault). Insurance covered everything and lost his $12k.

I'll just make $1000 down payment and have the rest on my account to be deducted or pay extra on the principle every month, just in case my M3 gets total and won't lost all that chunk of money.

Calibrotha2000 | 30 octobre 2016

@Ccarmac1 did he not have gap insurance so that he would have been able to get another car? 12k down to not have a $800 car note seems better to me. Cause think about this....

Put little down and have huge car note
Lose job and now can't afford $800 a month.
Can't afford car and it now gets repossessed opposed to say having a $400 car payment and same scenario but now since the payment is affordable you can still afford payments even though I come status has changed

Calibrotha2000 | 30 octobre 2016

I was just thinking for anyone putting 20-30k down it might be smarter to put 5k less to the side so that in the event anything bad happens money wise you still have 6 months of car payments available. I saw this because imagine you've put down a huge down payment and 6 months later you can't afford your payment cause you went on short term disability and end up losing your car and your 20-30k just because you missed 3 months of payments

andy.connor.e | 31 octobre 2016

Since i wont be reserving mine until next month, I'll get mine in 2018. I presume ill be able to put away $10,000+ and a minimum of $10,000 as a down payment will be issued.

dsvick | 31 octobre 2016

I'm figuring a price of about $50K, I plan on putting down about $10K and financing the rest. I'll use any tax credit to pay down other debt with a higher interest rate.

SoFlaModel3 | 31 octobre 2016

@Calibrotha - you bring up a completely different scenario. That's where overextension comes into play. Obviously in general we get loans because we can't afford to buy something outright (a car, a house, a boat, etc.). Hopefully most have they money and simply take advantage of low rates, but that's probably not true.

Lowering your payment to avoid the ramifications of losing one's job doesn't seem to hold weight. We shouldn't be buying an expensive car that we suddenly couldn't afford tomorrow if the worst should happen...

If $800 is too much after losing your job, surely $400 will be "too much" not long after.

Rocky_H | 31 octobre 2016

@Ccarmac1, Quote: "Well I don't know if I would give that much of a down payment (10k or over), one of my friends was mentioning that his co worker made a down payment of 12k on some car and 6 month later his car got totaled(not his fault). Insurance covered everything and lost his $12k."

I am curious; do you really not understand how debt works? You make it sound like if he had not put that money down, the debt would have just disappeared: "Oh, well, the car's gone--nobody gets their money--la la." No. The person who signed for the loan on the car is still obligated to pay the whole amount, no matter how much was put down and no matter how much the insurance covered. If he hadn't put the $12K in, he would still owe that, and if he didn't pay it to the finance company, they would send him to collections and/or sue him to get their money.

robsurvey16 | 31 octobre 2016

I'm only using my trade in as a downpayment (plus the 1k already tendered.) My car should be worth north of 20k (2013 Audi S4) and by then it'll be paid off. So i'll finance the remaining 30k over 5 years.

Red Sage ca us | 31 octobre 2016
rrobin36 | 16 novembre 2016

Anybody else??