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Excited New York Reservation holder here, Hello World

Discussion in 'Personal Introductions' started by AlphaCompton, May 25, 2017.

More threads by AlphaCompton
  1. AlphaCompton

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    Hi everyone I'm very excited to be a pre-unveil reservation holder for a Model 3. I'm currently a college student (almost graduated) and have been dreaming of owning a Tesla since the debut of Autopilot. I knew no amount of math could allow me to purchase and own a Tesla with what i currently make (~$1000 per month) but when the Model 3 was announced to be a 35K car I knew I would be able to afford that. I will probably barely make enough to finance the car based on my part time I.T. job but I'm hoping to graduate and get a new full time job by the time my car is available to order. I know it's not ideal and I should probably wait until I have a stable job but I still need a vehicle and my older BMW 525i that I bought with the help of my dad is starting to give trouble and I doubt I can (or would want to) afford to troubleshoot and fix all it's problems. it's a fantastic ride on good days but I know the Model 3 will surpass it in every way and I'm extremely eager to get on board with autopilot and autonomous driving because I think it's cool , futuristic and safer than traditional driving.
     
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  2. MelindaV

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    not so sound like a downer, but how do you plan to afford a car payment on a $35k car when you make less than $12k a year? you can't assume you will immediately be getting a well paying job, and a car payment shouldn't be more than 20% of your take home income. (and if getting a loan, what they will look at allowing for a loan).
     
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  3. garsh

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    I know Tesla's are exciting, but please, for your own sanity, don't buy one yet. You need to plan for your worst-case scenario - if you *don't* get that better-paying full-time job, can you really afford the payments?

    There will be more opportunities to buy one in the future, and those future ones will be even better, with more features. Be patient.
     
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  4. AlphaCompton

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    Well, I worked hard to save up 5k so far and plan to save more as a down payment. Using a payment calculator and an average 3% interest rate my monthly payments would be around $600ish. My father has been telling he'll help but I just keep telling no. I don't pay any other bills so 600 off my 1k+ monthly salary is fine, also my previous boss has been begging me to come back to tutor but because of school I didn't feel like it, I told them ill work for them if I don't get a full time job out of college. That will give me another $700+ per month on top of my current job. I'm single , no kids. No expenses. Also my credit is extremely good, its probably the highest you can get not having a mortgage or car payment.
     
  5. AlphaCompton

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    Sorry to be the stubborn spoiled kid here but I'm getting the Model 3. I'm willing to make sacrifices to make it work. I spend hundreds of dollars on games and computer tech every month. That money could pay for a car. It can pay for this car.
     
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  6. SuperMario

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    Good for you! I like your attitude, life is too short... live it!
     
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  7. Bokonon

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    We're all rooting for you to make this work... and I think that many of us (myself included) would have felt the same compulsion to sacrifice, scrape and save every penny to get a Model 3 if we were in your shoes at your age. The notes of concern that you're hearing here stem from the fact that you're young, heading into a time of transition with great uncertainty, and probably don't have a lot of credit history. As awesome as the Model 3 will be, it would be a shame to start your credit history out with some derogatory marks because circumstances beyond your control derailed your carefully-crafted plans.

    The nice things you have working for you are (a) you have parents that are willing and able to help you out financially, and (b) Tesla's decision to make Autopilot features software-unlockable, which effectively defers the ~$5K-10K cost of enabling Autopilot to a later date, and allows you to buy the Model 3 that you want sooner for $35k rather than $40k-$45k.

    If you do end up going through with this purchase, as it sounds like you are determined to do, my advice would be focus on what you need to do right now to reduce your financial burden later. Pouring yourself into your full-time job search should be priority #1, since I imagine it will at least double your current income, as well as provide other benefits to reduce your cost of living. Apart from that, cut your discretionary spending (tech / games) now, as every penny you save before you order your Model 3 will save you a penny-plus-interest afterward. Offer to pick up additional hours at your current job if you have any time remaining after job-search activities. (If your I.T. job is a student help desk gig like I had when I was your age, then this should be pretty easy and stress-free: just let all of your colleagues know that you're willing to pick up any shifts they can't make, and use your downtime in between support incidents for your job search.)

    Finally, if, in spite of all of your hard work and miserly saving, you find yourself in a financial bind after taking delivery of your Model 3, don't be afraid or too proud to ask your parents for help. You're fortunate to have parents who both have the means to help and who have already offered to help, because they probably have never seen you want to achieve a goal so badly. So, take them up on their offer if you absolutely must, as it will keep your brief credit history clean. That said... do NOT let your parents' implicit safety net lull you into loading up your Model 3 with options that you do not need immediately (and especially not software-unlockable features like Autopilot!). And if you do end up borrowing any money from your parents at any time, pay them back as soon as you're able to do so, with interest, just as you would a commercial bank... show them that you're ready to accept personal responsibility for your financial decisions, even when those decisions lead to bumps in the road. (Oh, and as a father myself, bear in mind that the "with interest" part can take many forms, such as taking your parents out to dinner, to a show or sporting event... anything that gives them more time with you. Such gestures have value that well exceeds whatever it costs you to make them.)

    Good luck.
     
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  8. Daliman

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    Go for it! I like that you are planing to work for what you want, not take money that you can earn and are willing to sacrifice. I think with your situation and plan you will be fine. You probably have 6-9 months to save and look for a job. You can always apply to Tesla they are hiring a lot of people in IT. Good luck. :sunglasses:
     
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  9. Michael Russo

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    @AlphaCompton , yes, go for it but do take some of the sound advice above in careful consideration. Remember also that when your time to convert your reservation into an order comes, you have the option to delay that order once, I imagine for at least 6 months, maybe longer. This could also help with extra time to save !
    Best of luck! :cool:
     
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  10. ModFather

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    I like your passion @AlphaCompton You can make this work if you have the commitment. Although I am a couple of years older than you (well several years older) I can't count the number of times people told me "it can't be done". A couple of times they were right, but most of the time they were wrong and I made it work by determination, diligence, and lots of hard work. Refuse to let your old man bail you out if you get in a tight spot. You can do this on your own, even it means flipping burgers as a third job, and you will be a better man for it.

    Good luck and congratulations on your college degree!
     
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  11. Will C.

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    Your situation is remarkable similar to mine. I am also attending university in NY. I'm a senior aerospace engineering major in Syracuse at the moment. I am a student supervisor at the campus's MakerSpace fabrication lab (technically within the I.T. department). For the record I absolutely respect everyone's reluctance at our situation. It is, on paper, foolish. I won't deny that. However, I only get to buy my first car once. I've spent my life working hard to get where I am. Hell, I'm applying to NASA, SpaceX, ect. as we speak. Things most people (myself included) consider pretty impossible for someone my age. I didn't grow up in some posh neighborhood and I don't have the financial support of my parents. I just like the impossible.
     
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  12. Michael Russo

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    Will, I would not call it reluctance, nor foolish... more than anything, I'd say most of the responses above in reaction to @AlphaCompton 's post are perspective of caution, not meaning be discouraging, IMHO...
    Read it as this, live your passion yet minimize your risk be delaying to maximize savings!
    Good luck!! :)
     
  13. Will C.

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    I appreciate that, thank you.
     
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