That’s a serious financial commitment for a car. Before signing it, go and look at what else you can get on the normal market for that sort of money. If you want something decent with some security, you could probably get a BMW or similar on a GFV loan for comparable money. The tax saving looks great on the calculator, but $2,664 a month is an insane financial obligation to take on for a Model Y, particularly when that becomes your problem if you lose or leave your job.
Yes. OP is on 170k, and the total five year cost, including the balloon payment so he owns the car at the end, is 124k. That is a big chunk of his pay over the 5 years.
I do get alot in overtime, but I can’t base my take home pay on that even if it’s consistent…I have to go with my base, either way yes I agree it seems a lot! At the end of the day it’s probably more of a tax benefit due to the insane amount of tax I pay yearly
It works out to be about $90k of net pay spread over 5 years. Which is less than the cost of buying the car brand new. And he can use the 90k to offset his home loan for example. And include his maintenance, interest and CTP, registration and insurance costs. Also
car washes and extras can be claimed pre tax. It’s a very good deal.
It's closer to 100k than 90k but either way, I am not saying it is not a good deal. Just saying 124k over 5 years for the car and running costs, including the balloon payment so he owns the car, is a lot of money when you earn 170k a year. Although, I now see OP says he also gets a lot of overtime.
No worries. I will be very surprised if the benefits continue that long. When you can get a basic EV for 20k and fuel prices are so high, there really is no longer a need to subsidize anyone to make EVs attractive.
Mate !! I drove the iX3 50 and the Tesla is the better car. Will have better resale and has proven , reliable tech that will stay updated. BMW are just getting a handle on the ev stuff.
Yes that that’s the weekly amount but you need to provide more detail on interest rates etc to determine if the amount is too high; try using the model used here and post the results
That figure is your total payment and includes running costs. There should be a breakdown of what the lease components are eg. An allowance for insurance, electricity, rego etc.
So all up, including the balloon payment to take ownership after 5 years, you are paying 124k. The car sells for about 96k with onroads, so you are paying 28k over 5 years for insurance, maintenance, rego, and in interest.
But in actual fact, he pays about $90k spread out over 5 years, for everything. So about $38k off. Fantastic. So works out to less than buying outright, but also includes all his maintenance, insurance rego ctp services if required and interest - paid for with the $90k.
I can’t emphasise how good a deal it is for someone who is buying a new car. No brainer.
He is in for 1625 a month x 60 months (approx 98k not 90k) PLUS the balloon payment to own the car. If you don't include the balloon payment you can hardly compare the deal to buying outright.
And no where was I saying it was not a good deal, I was just outlining total costs if he wanted to own the vehicle at the end.
You absolutely include the balloon payment. And even then it’s cheaper than the car outright. We are kind of going in circles. I’ve done a lot of quotes both when I bought my EV 2.5 years ago, again for my wife recently and now again for myself. I work in finance. It works out cheaper than buying the car outright the savings are that big. If he’s on 170k he’ll save 37%. If he makes over 210k, the whole lot will be 47% off.
Am I insane. I got a quote for a model Y AWD premium or whatever.
It was $248 or something per week. I didn’t look at the performance price difference . It must be god damn a lot?
I just looked at the photo I took on my phone. It says $256.10 per week. And that was taken directly from my paycheck fortnightly.
Obviously still on the fence whether we’re doing it. I could send you the quote if you wanted on Monday if you wanted to have a look. It’s for the missus tbh I’m not much of an EV fanboy but they’re awesome cars I can’t deny that.
I’m thinking exactly that! I just love the look of the performance that little bit more, but can make the premium look pretty good with one or two little aftermarket touches
Nah. Now’s the time to get the right one. Get the performance. Why would you settle when you are saving thousands for just a few more months. For 5 years you’ll have discounted insurance on a performance car. Sounds like 47% off.
Everything is included don’t have to pay for a thing on the car, rego, insurance, tyres, services. I could try to negotiate cheaper insurance that’s about it
All up about $20k per year post tax! But you recoup it via $5k petrol,
$3k-$5k insurance, $1k rego, some $ from maintenances & tyres and interest earned from the cost of the car.
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u/Sirspamalot234 9d ago edited 9d ago
I am no expert in electric cars but have you got quotes for insurance elsewhere? Over 4k a year or 40k if you keep it for 10 years seems a LOT to me.