You didn’t show the cost of the loan on each scenario over the term length. $644/month on 72 month term means you end up paying $46368 total for that $45k car loan. $594 for 84 months is $49896. And $616 for 84 months is $51912. That is the most important point to make in this video and you didn’t make it.
Could not agree wth you more, he will pay almost $52k in total payments, no thanks. He is correct if tesla keeps low rates and has inventory discounts would be great.
He pays with 7.49% - $618.81 x 82 months = $51,980.04. And with 0.99% - $644 x 72 = $46,368. So he pays $4,632.00 more for the car! The winner is 0.99%. Why can't you admit you paid more instead of thinking you had a better deal.
I’m about to buy one of these in May and when I do the math I’ll pay only $996 in total interest over 72 months. 0.99% interest is unheard of and a no brainer. I’ll pretty much pay $13.50 in interest monthly so every payment I’m paying my car off.
i didnt qualify since i ordered 4 days early. manager promised to fix but did nothing. now, i have to live with the fact that i couldnt saved $480/year. going to have to find way to pay off the car completely. cant live with the fact that in 6 years. interest will take $3000-5000 from me
Also another prospective is you will be less likely to be underwater on the 0.99% interest rate. You will have more equity. I know because I have a RAM with 0% interest rate.
You can no longer get 0.99% APR on 72 months only 60 months. 72 month is at 1.99% now. Just mentioning for people still looking to take advantage of the promotion.
Brother this is not a wash if you take both loans to terms which most people do. Appreciate the video, you also said you "didn't know what the 84 month rate was now" while you had it written on the board.
Absolutely buy now. Anyone waiting for the “refresh” are only doing it because they need to have the “newest.” BUT, there will be very MINIMAL change to the Y. Ventilated seats, LED lighting (which you can install in your current Model Y now for cheap). The software and hardware is going to be the same. The important stuff is AMD Ryzen chip (which current Model Y has). Definitely buy now if you want a Tesla, do NOT feed into the hype of the “refresh” because you will be disappointed when you see slight body change and realize it’s the same car except you have to wait longer and pay more for it!!
Therefore I can say that you should have waited since it's still over $5k in savings (which is a whole lot) if you opted for 72months at .99 percent. Like what the others said this should have been pointed out.
45003.52 - 72 months @ 0.99% where I live is only $1465 in interest. 40232.52 - 84 months @ 7.49% is $12400 in interest. STOP IT MAN, PLEASE. I respect you, but this video can be really simple...0.99% is the better deal. Even though you got the car for a little less, you are paying a 7.49% This is NOT a wash. It seems that everyone that didn't get this deal, feel they still got a good deal. 0.99 VS 7.49% is not even a question. I hear so many people talking about paying the car off early, which is fact most people will NOT. They took the 84 months, to have a lower payment. I wish people would just stop trying to justify why they took that higher rate, now that a GREAT rate is out. Refinance if you want to, but you are NOT gonna get 0.99% ANYWHERE. The fact that you tried to say it's a WASH, is just SILLY at best.
He pays with 7.49% - $618.81 x 84 months = $51,980.04. And with 0.99% - $644 x 72 = $46,368. So he pays $4,632.00 more for the car! The winner is 0.99%. Why can't you admit you paid more with 12 extra months( 84 months vs. 72 months) instead of thinking you had a better deal.
@@Myksgarage if thats how you're thinking, its definitely flawed. Rather, you should finance the car for near zero percent and invest the money to get wayyyyy higher ROI. Much smarter.
Thank you for this video! Any way to use the tax credit as a 0 down payment in California? Tesla sales team is saying they can’t do a 0 down payment, but I want to make sure before placing the order.
Great video! Thanks. Just a quick question, isn’t the $7,500 tax credit off the price of the car pre-tax? So the sales taxes should be calculated after the $7,500 gets applied, right? Basically paying sales taxes on $42,130, instead of $49,630…Just wondering. Thanks again.
Tax on everything then minus 7500. Well 2 ways of look at. for my understand 1) if you come up with 7500 cash now and claim yourself tax credit end of year = no tax on this 7500. 2)dealer will put upfront 7500 tax credit for you now = deduct 7500after all their numbers. I understand every body need to make money especially dealers, finance, and saleman. But i only ask for what their advertise, are we qualify or not right ? i had all these number below on my app LR RWD 44990 Destination 1390 fee 250 blk paint 1500 total 48130 tax 8.35% ? 52,148 - 7500 tax credit - down 4205 (they dont show you everything, they only show you total, down, monthly, percentage ) order fee 250 will ONLY get back if deal go thru (real stupid if tesla try to get this) Total finance: 40,193 Original numbers i got on app should be: .99%/60m @ $687/m 1.99%/72m @ $ 593/m they forced me to go 2.99% with 72 months @ $611.26. they want to squeeze me $2772 on top (go 72 m and 2% extra vs .99/60m)
My wife applied for the 1.99% financing for a new model Y. We hit a snag and had to call the bank that Tesla has partnered with. They told me the 1.99% financing is misleading and that they offer over 7%. So I have to call Tesla and find out what the hell is going on.
It’s because EV specific tires have thinner tread to meet their advertised EPA range estimates. You can swap back to high treadwear all-seasons after the original set is worn out if you want to. It will decrease range slightly but you will get 40k miles out of it.
I heard that Tesla is expensive to keep after you run out of warranty so why finance it for 7 years? I just got a lease for 2 years and I am done with it. If in 2 years I like it, then will get me another. But I will never purchase it because the expenses and how much to replace the battery! But to each their own.
So every couple years your money is gone and your car gone. Real smart. BTW, who exactly did you “hear that Tesla is expensive to keep….blah blah…” from?
$20 to $30 a month on electricity is a lie. In California pgne is charging .60 a kilowatt hour if you times that by the 420 kilo watts needed to power up a Tesla when driving 2,000 miles a months equals too $250
first time try to buy tesla and had bad experience .. my wife and i are very well qualify buyers both over 750 score , i am self employed and my wife make nearly 100k, 30k sit in bank. we want to get 60 months @ .99% . they offer us 72 months @ 2.99%. wtf is this right. i am not the only one, I see few friends get same or worst offer. They all canceled. if they dont give me better rate by Monday i had to cancel as well. i feel like Tesla try to rip people off. ok tesla can have damn 250. ( 60/.99% $687/m + 4250 = $45,470 vs 72/ 2.99% $611 + 4250 = $48,242 try to get $2772 more). note: all these price is included $7500 tax credit.
@@Myksgarage I saw it was changed and I still submitted the loan application with the 72 months @1.99% - loan was approved and it was changed back to 0.99% automatically. Strange, but happy it changed back to what it was supposed to be as that was the reason I ordered.
“I’m gonna keep it forever…”. Lol, that’s BS. It’s not gonna last forever, especially if your’re supercharging it. And if you’re not supercharging, the lifetime transfer is meaningless.
Because at a .99% interest rate why would you not extend that rate as long as possible? It's the financially prudent thing to do. Even if you could pay cash for the car, it doesn't make sense to do so if you can earn 4-5% interest and only have to pay .99% on your loan.
I hope you bought gap insurance, because you’re gonna be UPSIDEDOWN as crap with a crazy 84 month loan. It funny you’re marking a video trying to rationalize all this. Fact is you’re paying a whopping $11,748 above the price of the car ….in interest dollars. Not a good deal. Looking at monthly payment is folly
i guess you have no financial knowledge. If youre financing a car for relatively low interest for many years, you can take the capital that you otherwise would have paid into the cart and invest it into something that could make you potentially 100s of % ROI. Like Bitcoin for example.
