Congratulations!
Johanna’s Take:
Of COURSE, you can afford the Tesla. You can afford 2 Teslas.
Given your finances, though, I don’t think you would enjoy the “Tesla high” as much if you have a car loan weighing you down. Nothing says success like paying cash for a Tesla.
Xrayvsn’s Take:
With an impressive 7+ figure income coupled with a high savings rate (50%) and a net worth of over $2.4 million at the age of 40, this was one of the easier decisions.
I do question the rationale to carry a student loan balance ($69,000) when you could easily wipe it out and be done with it.
I am not sure what interest rate this balance is carried at but typically student loans have a much higher interest rate than mortgages and personally this was the debt I attacked first.
I agree with Johanna that the ideal option would be to pay for the car in cash.
Even going to the higher Model S Tesla P100D ($140+k) is well within your financial grasp (if you decide to go for a Model S or X let me know and I can give you my referral code and you get unlimited use of the supercharger (and I get a limited edition black wall charger 🙂 )).
Agree or disagree? Please go back to the original post and voice your opinion in the comment section.
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Personal Capital
