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Model 3 Savings thread

Discussion in 'Reserving, Ordering, Production, Delivery' started by TrevP, Sep 8, 2016.

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What is your current savings for the Model 3?

  1. $0, I just started

    18 vote(s)
    11.0%
  2. $1K-5K

    33 vote(s)
    20.2%
  3. $6-10K

    21 vote(s)
    12.9%
  4. $11-20K

    29 vote(s)
    17.8%
  5. $20K +

    62 vote(s)
    38.0%
More threads by TrevP
  1. TrevP

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    Anyone else saving $$ for their Model 3? Care to share your current situation and plan?

    I'll go first:

    1. Current savings since 2015: $22K held in TFSA
    2. Monthly deposit into Model fund : ~$200/week

    I might even sell some TSLA shares when the time comes.

    I think that should put me into a good position to get a decently equipped car. I figure at the current exchange rate a Model 3 will be around $45K CAD before options. Extras will push the car into $60K territory quiet easily, maybe more. My budget at the moment is $60K before the rebates and and tax savings so we'll see.

    Anyone else care to chip in with their plan?
     
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    • Rick59

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      I'm very fortunate: just sold my cottage and set aside 60k for my M3.
       
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      • Pauly D

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        Great post @TrevP

        Since April I've been putting $70/week into my Tesla savings account which should end up being around $8,000. Plus I have a winter beater to sell which will be another $5,000, plus my summer car which will be another $19,000.

        By the time my M3 is ready there should be around $32,000 in my pocket. I'm just not sure if I will buy outright or lease. I have NEVER leased so I don't know much about that option.
         
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        • KirbyTurbo

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          Currently I have $7k saved for a car purchase since I moved back to the states in 2014. My current plan is to keep putting aside $400 a month in investments and try and earn $400 doing odd jobs a month when I get back from vacation in January. Also when it comes time to purchase the M3 I'll sell our current car (2011 Mazda 3) or gift it to my sister-in-law. If I can pick up a weekend part-time job and bring in $1000 with it then I'll be happy.
           
        • jman

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          One of the few benefits this long for this amazing vehicle, being able to save $$ for it.
           
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          • TesLou

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            I travel a lot for my job. I get per diem money for each trip I make. I have diverted those funds into a separate savings account earmarked for the M3. While it won't be enough to pay for the entire car, it'll significantly reduce the amount I'll have to finance and/or allow me to spring for an extra option or two.
             
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            • John M Glennie

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              "WE" have about $12 000 saved so far, and I'm just over $5000 in my "M3 Extras" account.... WE will pay for Dual, larger battery and SC?... while I"ll pay for Ludicrous and AP out of my extras account. I figure another year and a half before we see it, so we'll have another 10 or so by time it's delivered.
               
            • sam s

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              I was thinking about renting my model 3 out a couple times a month once purchased thru turo. Any thoughts on this? I should be early in the queue for my area and people will really want to try out the model 3 before they buy it. I was thinking I could charge around 150/day to rent and if I only rent it out 3 days a month that will pay close to what my monthly payment would be.
               
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              • BigBri

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                Set aside 35k this year which will give about 60k CAD with reselling current car +incentives. I've stopped putting money away for it atm. 60 will probably get every option we want and then some.
                 
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                • Michael Russo

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                  Will be retired by the time it's delivered so my plan is to pay it cash with available funds by then...
                  That is of course still assuming I can get what I want for my max. budget of €45k net of any incentives still available in France by then...
                  :)
                   
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                  • TrevP

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                    @Michael Russo ah to be retired... Best of luck in your retirement! I still have 14 years to go. Maybe sooner if the real estate market keeps booming in Toronto and I can cash in!
                     
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                    • Michael Russo

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                      Thanks, Trev... Still 14 months to go... and guess what, when I leave work, I have to return my company car (X5) and buy a 2nd hand Golf with 100K kms to bridge for 15-16 (?) months for the dream come true... :)
                      This how much I want this car!!!
                       
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                      • Gimme3

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                        Got 16K in TSLA. Whatever that's worth when my M3 is ready is what I'll put down. 32K would be just fine thank you very much.
                         
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                        • Gilberto Pe-Curto

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                          I really don't know how will I make it.
                          'I've got some € apart but is not enough.
                          I was thinking of changing home to have where to charge M3 but then I don't have $ for the car or for the financing lease.
                          If use it on the car, no new home.

                          Maybe I can send my cat to get a job.
                          He sleeps all-day.

                          Or get a new better paying job
                           
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                          • MichelT3

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                            I'm going to sell my current drive, a couple of classic cars, car parts and valuables that are laying around too long. We need to declutter anyway. Should be enough since I will buy the Model 3 as my tax-deductible company car. Will just keep one DS and my wife's car (till her retirement in 2023) beside the Model 3.
                             
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                            • BigBri

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                              Plans have changed! Starting to do some minor day trading to hopefully get a few more features out of the 3. Also want a bit of backup to account for dollar fluctuations, incentive changes etc. Never know what'll happen.
                               
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                              • Kizzy

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                                I'm moving to a cheaper place. I was hoping to sell my current car to pay down some debt, but I'll need it for transportation.

                                This'll be my most expensive purchase since my current car. Living in the San Francisco Bay Area and trying to be environmentally conscious while enjoying travel is expensive. *sigh*
                                 
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                                • Michael Russo

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                                  Keep it up, @Kizzy!! Life's about choices... and the right choices make for a better life! :)
                                   
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                                  • MichelT3

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                                    I applaud you that you even are prepared to move house, to pay for a Model 3. I hope the new house is environmentally better too.
                                     
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                                    • MelindaV

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                                      cheaper and SF Bay Area don't often come together ;) I don't envy you (one of my clients works in SJ and was telling me he lives 60 miles to the south to save on rent - his commute is faster than my drive from less than 20 North of my office in Portland, and cheaper than any comp rent rates in this area!)

                                      but to the topic of the thread - I've been paying extra on my current car's loan and saving $500+ a month since the Model ☰ reveal. and as of today's car payment, the balance is $0!
                                      Screen Shot 2016-12-09 at 6.58.49 AM.png

                                      So barring dog illnesses, people illnesses, global economy meltdown in the next year, I should be able to save $1000+/month
                                       
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