How much do you need to make to own a Tesla? #finance

Here is how much you need to be making to afford a Tesla Model 3. We will use the "20-4-10" rule, which means putting down a 20% down payment, financing the car for 4 years, and keeping the total cost (including the down payment and financing) under 10% of your monthly income. According to this rule, if you were to purchase a Tesla Model 3 for $48,000 (including destination and order fees), finance it at a 6% interest rate for 4 years, and make monthly payments of $905, you would need to earn $9,050 per month or $108,600 per year in order to afford the car. The text asks readers to consider whether they are making enough money to afford a Tesla.

[UncobbedCorn]

You don’t need to make that much lol it all depends on your bills/situation

[JohnDoe-fslz]

The prices went down . You can get a fairly good one for 32k with low miles

[prod.byMali]

well, my hopes and dreams just went out the window

[whyworkwhenicanrap]

You can get a used model 3 for 29, 000 and it’s 329 a month so everyone can afford it

[bradossenpai]

Dont forget the insurance. So that would be over $1000/month

[mrwhiskers]

This isn’t true guys lol I have one and I make like 50k a year you literally just need to kill debt and bills and ur good

[takforce]

The number of people who don’t understand tax credits in this comment section is stunning.

The cheapest Tesla model 3 is $42, 084 OTD (11/11/2023)

You may qualify for a tax credit of $7500.

The tax credit affects your tax liability NOT your finance payment.

You still owe $637/mo for a base Model 3.

[Iegend]

Lol people are owning them making 50-60k lol.

[chillwolf]

Don’t listen to this I’m 18 gonna be getting a Tesla in a couple months I did the math for me I’ll be putting 5k down and be paying around 750 a month I have no other expenses aside from phone bill and insurance which together with the car will be 1100 and I’m making 2000 a month

[liftedrunner]

Shit, old news. its under $30k in cali

[LuisSanchez-xcih]

And that’s net not gross so you actually need to make more

[spyhy]

I make 200k a year in austria (median net income about 21-26k) and am still only buying old cars with 130k+ km on them

Saving money is more important then looking fancy imo

[bobosstroll]

So you need to make double the US national average, and Rick people keep blaming others for being poor and tell them to just buy a Tesla

[GenetiiXKiLLZ]

? My friend owns one and he makes 50k a year wdym 😂

[foxtrotwolf]

That's scary seeing that the Model 3 is cheaper than the average transaction price for vehicles in the US. Average US buyer must make more than that. UAW complain that their workers can't afford to buy the products they build. I make way less than that so I can't even afford the nitrogen in the tires.

[Anne-oenp]

For my Tesla, I bought it under a lease because of the repair costs and the time it takes for Tesla to repair.

[Ncoturnal]

Cap I don’t make that much and still own one perfectly fine

[UhhhIcouldntComeUpWithAname]

Bruh i got a car worth double that and only make 80k a year

[DiegoMejia]

Model 3 2023 rwd is $35k new in California right now

[chion]

poor man’s management of money is spending money you don’t have on something that is guaranteed to depreciate 30% after 2 years.