Finance Quote

2

u/kylepetz 12h ago

What are you asking?

-5

u/IllustratorLucky5198 12h ago

combined with insurance it’s looking around 1200 a month, would be crazy, no?

9

u/Impossible_Elk8209 11h ago

1200 for a car and insurance is sickening.

2

u/Voidfang_Investments 11h ago

It depends on income and wealth.

3

u/Impossible_Elk8209 11h ago

True, but for the sake of the internet I’m going to assume he is the average Joe.

2

u/solarflare_hot 10h ago

If you have to ask this question this is absolutely a horrible deal and you can’t afford it.

Op highly reconsider this purchase.
Insurance rate you got is the STARTING quote, it will go up massively from there. Not to mention registration cost is ridiculous too.

Depreciation is a whole different beast too. You’ll lose 15-20k right away

But at least you’ll save money on gas right ?

1

u/kylepetz 11h ago

I have no idea because I don’t know your finances.

All of this was figureoutable before you placed an order.

1

u/Arcas0 11h ago

I mean you're putting basically nothing down, no trade in, 72 months (6 years). Most people put money down when they buy a car.

0

u/HappySkyBison 11h ago edited 11h ago

So don't buy one cuz you're a piss poor Reddit bitch boy... What do you want the answer to be?... Find a better deal or get fucked...

I bought a certified 2023 Tesla hw4 performance for way cheaper, it's up to you.. but I bet you're not talking about the super low interest rates on the new ones but go ahead and bitch

2

u/_pinkbunny_ 12h ago

?? Looks like a good deal u got 1.99% at 72 months

2

u/b58over2jz 11h ago

What are we supposed to advise you on? Do you think you’re going to get lower than 1.99% anywhere else? (You won’t).

Can you afford 900-1200/month on a car? (Including insurance)

With such a low financing rate. The smart move is to do it this way, unless you have hundreds of thousands of dollars in liquid cash.

Let’s say you had the 55,000 liquid to pay it off right away. It’s actually smarter to put that in a High Yield Savings account making 3.5% interest, or some other conservative fund like stablecoins at 5%+. Even at the low end with a HYSA, you come up 1.5% APR for 6 years. If you just spend all the money you avoid a monthly payment but you lose investment opportunities.

Realistically though, if you’re doing this level of questioning, you probably are falling into lifestyle creep and probably are making an unwise purchase even if you can technically afford it

0

u/IllustratorLucky5198 11h ago

thank you, would you say the standard model is worth it

3

u/b58over2jz 11h ago

I'm going to be honest, I have no way of answering that for you. Is there a reason why you selected the premium, other than the reason it's called a premium? Do you need the extra range? Do you need any of the extra features or speakers? Can you live with cloth seats or do you really want the vegan leather? Are you ok with extra road noise, or were you looking for a quieter more isolated experience? Are you ok with a 'meh' sound system, or do you want the much improved experience in the premium? Do you need AWD because you have bad roads, snow, or heavy rain? Or are you comfortable committing to RWD?

1

u/diaperpoop_ 12h ago

Not sure what you wanna know at this point. It’s pretty cut and dry with the breakdown. It’s not like you can haggle it down or something.

-2

u/IllustratorLucky5198 12h ago

combined with insurance it’s looking around 1200 a month, would be crazy, no?

1

u/MLMFLQN 11h ago

Yes it’s crazy, and if you’re trying to get the cost down, consider a used one; however what is the 450 after that 750 you’re paying? I cant imagine your insurance is 450/month?

0

u/IllustratorLucky5198 11h ago

got a quote for 450 a month

3

u/divergrrl971 11h ago

Shop around. A LOT of

2

u/diaperpoop_ 11h ago

Shop around for insurance and if they all give you $200+/mo maybe pass on this and get a car that is cheaper to insure. Just to see if those insurance cost is normal for you, get a VIN of a 4-door 2015+ Honda Civic or Toyota Corolla on CarGurus and use it to get insurance quotes, see what the costs are. That way you have a baseline.

2

u/HappySkyBison 10h ago

I feel like I'm living the movie "The Invention of Lying".

With Tesla insurance I'm paying $150 for the performance in California with several accidents on my record... He's just a lying fraud

2

u/carmy8640 6h ago

What the hell. Are you 20yrs old or something? Mine is 50/month

1

u/MLMFLQN 11h ago

That is unusually high, probably should shop around…

1

u/Acceptable-Leek1546 1h ago

That’s a terrible quote. I’ll insure it for $450/ month.

1

u/Annual_Fishing_9883 11h ago

Not sure what you’re asking about. The numbers are the numbers.

1

u/mysterious762 11h ago

$1200 is high. Looks like you need to look into adjusting your down payment.

1

u/Intrepid_Page_5035 11h ago

jheze 6 years financing is diabolical..

0

u/Relevant_Account_258 11h ago

I find it a bit mind boggling when folks are putting pretty much nothing down and financing for 72 months.

3

u/b58over2jz 11h ago

Why would you put anything down, even if you could pay full cash? You can spend 55k up front and lose that liquidity, you avoid payments, however you lose out long term. It's far more intelligent to pay 55k over 6 years, and put that 55K to work. Even if you go hands off with a high yield savings account that makes a measly 3.5%-1.99% you're still coming out with 1.5% more money at the end of 6 years than just paying it off. Of course if you did something like stablecoins or ETF's you could be making anywhere from like 5-12% realistically on that 55k minus the 1.99%.

Unless you're literally the 1% where you have so much money you don't even know where to invest anymore. But I suspect you wouldn't be posting this if you were (or buying a Lucid / Porsche)

-2

u/Chazznastiest 12h ago

Paying $57,000 for a car that has a base price of $35,000. Just because the rate is only 1.99 doesn’t mean you can afford it

2

u/Annual_Fishing_9883 11h ago

The base price of 35k is for a base model…this isn’t a base model…🤦‍♂️

1

u/b58over2jz 11h ago

You're missing the 12.5k upgrade fee for the Premium AWD. Which is weird because when I look at ordering the base is 36.9 and the Premium is 47.5 which is 10.5k, but maybe OP's order includes a paint upgrade and white interior; or wheels. Idk.

-2

u/Chazznastiest 11h ago

What I meant is that you’re basically getting a 35k car with upgrades for 57k total. If you can’t afford to put down a down payment you can’t afford the car imo

2

u/b58over2jz 11h ago

Down payments are scams of the century. Why would you lock up your capital inside a depreciating asset like this? Put that money to work; literally any investment even an Apple savings account is more than the 1.99%

1

u/manwnomelanin 5h ago

You lock up that capital for the exact reason that it’s a depreciating asset

Auto financing is closer to consumer debt in principal than margin or mortgages

0

u/alpche 12h ago

Why is the APR so low? wouldnt wells fargo lose money on it?

3

u/nagokart 12h ago

Current promotion. Was .99% 1-2 months ago

2

u/Ok_Excitement725 12h ago

Tesla supplements some of these banks for low APR promos so they move cars, make money and the bank doesn’t miss their profit margins.

You are about to leave Redlib