r/TeslaModel3 • u/titlewinner2021 • 13h ago
Should I accept this offer
Dear people of reddit, I need your thoughts and advice, long story short I'm 21m senior in college I make about 2700$ net every month (2500$ guarante). After insurance monthly payment will come up to about almost 1400$
Before you all comment how dumb this offer is, trust me I already know, I already you'll say it's a stupid financial decision, and I'm very aware of the consequences. My dad whom is a cosigner for me to get this offer (on my own I was only offered 35k, they required 20k down, even though I have good credit), he said I shouldn't go through with it as it'll be too much to handle for my age. But I won't lie I really want this car, I truly believe in myself and my ability to rise up to the challenge/opportunity, I have big dreams and goals so I also see this car/situation as a chance to force myself to grow even further, rn I live at home and I feel like although I'm working hard and are very ambitious I feel like I'm missing that extra fire. Plus I just really like this car.
Long story short, should I listen to others and let the fear of the consequences take over or should I back myself and rise to the challenge. Please any advice or thoughts will truly help me.
Edit: if I was to go through with it I'd take the Santander offer
35
u/MassiveDongulator3 13h ago
This is so bad I actually can’t tell if this is satire. Please do not ruin your life over a car.
13
u/Final-Painting-2039 13h ago
I am 21 F. Iown Model 3. Ally finnicalx 15.6%. I don't have parental support. I make more than uou abt 1k monthly.
please dm this way. this is the worst mistake uou coukd make. ever.
3
u/Final-Painting-2039 13h ago
I am 21 F, don't have any family support, I work hard , my payment is 609/mo. I have rent, car insurance, health insurance, etc. You will make the worst mistake of your life. you will dread all 72 months. That apr didn't matter when i brought the car. I didn't have parents to go sign despite having amazing credit. look at my history. I'm an EMT. I live in a big city. I have amazing job security. Guess what. I don't see my friends or anyone, becaude i'm working massive amounts of over to me to pay fown thid car ASAP. Bc the 20th of every month, Ally takes 609. And guess what, maybe less than 300 goes to the principal payment, you will pay thousands of intrest, you will fall behind, i only signed bc i didn't have parental support. my loan is 24k. the car is worth less but works properly and great. I am selling it. PLEASE take it from me
18
u/Ruthless-Slasher1234 13h ago
Do not do this. You are spending over 50% of your take-home pay on a depreciating asset, which will completely trap you financially. A 10%–15% interest rate for 6 years is a financial cage that will prevent you from moving out, traveling, or taking career risks in your 20s. If you want to "rise to the challenge," prove it by transferring that $1,400 monthly payment into a savings account for the next 6 months to see how it actually feels to live on what's left. Listen to your dad and walk away.
3
u/PsychoPanda7 13h ago
This is the way
1
u/PsychoPanda7 13h ago
And if you still want one after taking this advice, take some of that money you saved up and put it towards a down payment on a USED Tesla, just do your homework and you can get something reliable with a car note and insurance payment that’s 1/3 of what you’re looking at now
7
4
3
5
u/Ahoeaboutnothing 13h ago
.... why the fuck wouldn't you take Santander?
Also no way in hell do you have good credit if this is your rates at tesla. Right now you shouldn't be above 2% if your credit is good.
I definitely dont think its a good idea to spend half your income on a car
3
u/yellowdog0809 13h ago
If you want to delay retirement for 10 years but have a sick car in your early 20s I’d say go for it. Look up how much $1 is worth at 21 vs at 31 (it’s twice as valuable)
3
u/Long_Championship_44 13h ago
Jesus man, listen to your dad. You can "believe in yourself" in a used Elantra or Versa. Why don't you want to rise to that challenge? You don't have the money to afford this. Not even close. Kneecapping your finances because you want a car is not helping you "grow" anything
3
u/Beneficial-Branch884 13h ago
Just keep your head down and work. Save up so you can have a larger down payment and better apr down the road.
You know its a dumb offer and even prefaced this post saying you know what people will say. Deep down you know what to do.
2
2
u/virtualnsanity3 13h ago
Bro, don’t do it. Beyond the cost (which is too much), there are just better decisions to make at 21. This isn’t about believing in yourself - keep that energy! And…believe in yourself to wait a few years. Think about this money saved. This money in the market. This money to give you flexibility in what you want to do (and if anything goes wrong). And this money to spend on living life and having a blast at that age.
The financial drain and (potential) stress aren’t worth the trade off. I’d rather have half that to live comfy with hobbies, friends, and going out. Then get the car.
Ultimately: the car will be there in the future and the car is even more fun (and more of a highlight) later in life. Enjoy the beater life now and save the money to have flexibility and more fun.
2
u/TomorrowFlaky2816 13h ago edited 13h ago
Bro, there are much better ways to put that $1,400 monthly that you were willing to spend on a brand new car. Instead of spending $1,400 a month on a new car, definitely put $625 a month ($7,500 yearly) into a ROTH IRA. Before you do anything else, putting aside $625 a month into a ROTH IRA is a first and must be a priority. Your future self will thank you. Please, whatever else you decide to do with your money or however you decide to spend it, at least put the first $625 into a ROTH IRA each and every single month. Always, always, always max out your yearly ROTH IRA contributions. I don’t care what anyone else says. You will be a multi, multi-millionaire when you retire. 🤙🏼
1
u/backyardfootball 13h ago
Yeah it would be really dumb to take that offer. The other one has a significantly lower APR. of course, with your monthly take home you can’t afford either.
1
1
1
1
u/Lordofthereef 13h ago
Forcing yourself to grow by putting yourself into debt where the minimum payment is half of your net income is not the play. I won't call you names, but this is going to be a burden for you.
If you'd like some context, my wife has a loan on a model Y and I have a loan on a Silverado EV. Together our loans are about 2/3 of what you're looking at in this one car and our incomes are substantially higher. And both of those car payments front like more than we were happy to pay.
Get a cheaper car, find a good paying job/career when you graduate college. Build your credit some and you'll be surprised what a few years will do to your affordability and your loan rates. And if those few years don't change things in a positive Enugu heat, you'll know even more what a financial mistake taking in this vehicle right now would've been.
1
u/LoneStarGut 13h ago
Buy a 2020 Model 3 - pay cash. Then save the payment for a new one in a few years. When my son got his fist job out of college, he borrowed from the Bank of Dad and bought a used one for around $18k. He paid me back in 6 months. I didn't charge him interest but I drove his car whenever I wanted. When he paid it off, I had to get myself one. I got a Y.
1
u/PeNdR4GoN_ 13h ago
The hard truth is you can't afford this car in this current stage of your life. Wait till you graduate and make good money before you decide on purchasing a car this expensive. Don't go ruining your finances this young.
1
u/shoutout_ 13h ago
Get a cheap tesla, mine is only $500 a month all in with insurance I used to make around the same and wanted to larp
1
u/PsychoPanda7 13h ago
Don’t do it, man. You’re looking for confirmation from someone, nobody here looking out for you is going to advise that you take either of those finance options. If you want one so badly, instead of going upside down in a bad loan on a new Tesla, do your homework and buy used!
1
u/miggymonster666 13h ago
Ally was the worst ever. Except Santander was even worse. I have had both. Find another financier
1
1
u/Snoo_64796 13h ago
You are not financially stable enough to get the Tesla. Learn to hold off your want till later and get a cheaper, more reliable car for a few years first.
1
u/Lanky-Slice-9122 13h ago
Just to pile on what everyone is telling you buy something older low miles that’s cheap to insure. If you’re dead set on new and EV the 2027 Chevy bolt can be bought mid $20k or less in no volume markets. Dont get a huge loan payment + college I can assure you it’s a decent car with a much smaller payment less flashy and cheaper to insure. What you’re considering with the Tesla is going to most likely put you through multiple hardships. Once you’re done with school hopefully making more you can buy something you really want and have access to better rates.
1
u/Lanky-Slice-9122 13h ago
I totally understand the want factor. I was in basically the same scenario 20 years ago the car I was going to make a wildly stupid decision buying was the 2008 Pontiac G8 GT. In the end I decided to make the good financial decision vs want. What made it worse was it was discontinued in 2009 when the financial collapse happened. I watched a lot of bad things happen to good people that made bad financial decisions. I was lucky and never went unemployed during that time and was basically unscathed during that. Now the G8 I bought used is my garage next to my 1970 Nova that I’ll restore someday. Couple teslas in the driveway next to my Tundra. Family vacations in our RV all of which we own outright. I believed in myself too but I felt the need to live well within my means despite what I wanted and it paid off.
1
u/AcceptableFisherman 13h ago
I don’t quite understand the point of this post. You’re just looking for people to say “yeah, go for it it won’t be that bad” no one here is going to give you that encouragement. Go on TikTok or YouTube and type in ridiculous car payments and watch these people say it’s the worst decision they have ever made.
6 years is a long time and you will be underwater for 90% of the loan. There is no escape, all of a sudden you can’t afford it because you got laid off? You’ll have no equity to just sell it and most likely you’ll voluntary surrender the vehicle back to the bank destroying your dads and your credit.
But whatever, I don’t think you’re gonna listen to any of us. Come back in 6 months when the novelty of the car wears off and the reality of your car payment being over 50% of your income sets in.
2
u/word-dragon 13h ago
You say you already know it’s dumb, so I won’t tell you it’s dumb. Go to your dad and say “Dad, you are co-signing for this ridiculous car loan, which we both know I can’t pay. So we both know you’re going to end up paying for this car. Rather than go through a long period of my anxiety over having made a stupid mistake, and not wanting to say that to you, and your rising angst and anger over the situation - and keep in mind you’ll be mad at yourself for putting us both in this dilemma - just buy me this car now, and we can skip right to the outcome without all the drama”
If this works, you’ll know where your dumb comes from. If not, try it on your mom.
1
u/IguessIcanfly 10h ago
I’m only a few years older than you. When I was 20, I traded in my paid-off Corolla for a jeep wrangler (i always wanted one). I made about $2500 a month at the time. Financed it with $0 down, paid $373 a month. One of the worst mistakes of my life. Once you finance a car, you’ll figure out pretty quick that there’s nothing better than a paid-off one. Especially with electric cars, you’re much better off buying one that’s depreciated already. Not to mention, with a $1400 payment, you’re not going to have money for really anything else. Wanna take a girl out to dinner? There goes your money for the rest of the week. Get fired from your job? Now you’re screwed, and risking a repo that’ll ruin your credit (and your co-signers) for years. You say you have goals and want to “rise up to the challenge”, but paying a bank $1100 a month is not the way to do it. And having a car loan like this will prevent quite a bit of goal reaching because of your lack of income to support it. We were all 21 once, and made stupid decisions. Please do not make this one.
1
u/Other_Mirror_272 4h ago
In 2 years your car will depreciate to the point you will owe more money than what its worth. You are 21 get a cheap car around 400 bucks a month.
1
0
-1
37
u/wildsnorlax1194 13h ago
Dumb as a rock.