Cybertruck Financing - Current Tesla owners chime in (please)

[James Clayton]

For the middle class American that thinks they CAN'T. Erase that word (can't) from your vocabulary. Michael Jordan was cut from his sophomore basketball team, Walt Disney was fired from a local newspaper for not being creative, and the list goes on.

Paying cash for vehicles is the only way to go. START by getting out of debt. Have a budget, stick to it, and save up for things you want.
This includes a house, a car, a education, and more. You CAN do it!

A CT was not in the cards for me. However, I need a truck to tow my boat that also is paid for. I need it to last, and I want the best bang for my buck. I liked EVs and wished a truck was made. Elon Musk plans for the future. Take note of that.

I am saving up for my future house, I have an on going vehicle fund, I have a plan for my kids to go to college, and my retirement has a desired outcome. My wife and I work very hard. I read every book I can get my hands on about financial planning and more. PLAN for your future.

Different strokes for different folks. Millionaires pay cash for their vehicles and they rarely buy new vehicles off the lot. <-(google this)
I might keep my CT order I might not. I have plenty of time to save up for it. Paying cash for vehicles is the only way to go.

Read, find out for yourself, and be radical with discipline. Reaching your financial goals (millionaire or billionaire) is not a mistake.

Sorry for the long post. I mean no disrespect. May the odds be in your favor.

 

[cybertruck808]

Think carefully about 5 or 6 year car loans. 1. They have your title. 2. Payment on a $ 50 K loan is not a breeze. 3. However, saving for it makes it yours - immediately. I'm saving cash for mine cause it won't be built likely till 2022 or 2023...

I agree. When I bought my Jeep, I took out a career starter loan from USAA (low interest rate) so that I could use a non-car loan to "pay" down the bill and secure title for myself. I paid cash for the balance. I'll likely do something similar for my cybertruck, which will also come in handy when PCSing as you have to jump through extra hoops to ship your vehicle if you don't have title to the vehicle.

 

[KingBee74]

I’m an Independent Financial Advisor. The best scenario is to always pay cash for everything. This is not possible for most folks on home ownership, yet debt on a smallish, appreciating home is good debt. Debt on -any- vehicle that depreciates (will CT?: certainly it must) unless used in a business daily is not good debt. I will actually use mine in my business as I will commute between distant remote offices I have. Nonetheless I have the cash at this stage and will pay cash. If I didn’t, I would save the cash. Being debt free at my age (59) should be a financial goal for all, no matter where you start out. The CT I receive at age 62 or 63 might last me virtually the rest of my life and that’s exciting. My 2013 Ford C-Max Hybrid with 148K miles is tasked to get me to CT’s arrival, probably have 225K miles on the Cmax by then. BTW, I like the strategy to put money into TSLA now for purchase of CT when available.

I started saving for a Tesla by purchasing Tesla stock two years ago. I do not plan to pay cash by selling stock either. My stock has been going up a whole lot faster than a loan interest.