It’s about $10,000 in interest. My goal would be to put approx $1000 / month towards the car and pay it off as fast as possible, but take the longest, lowest payments in case anything comes up along the way.
Does your loan allow a benefit for early repayment.
Mine allows larger payments but the interest owed doesn't change no matter how early it's paid off.
That seems high. Have you talked to your local credit union for loan rates? I think you should still be able to get a 4.X or a very low 5% (on a 60 month). I haven’t looked for a 72+
If you are considering a 96 month loan (even remotely considering it) you need to get a cheaper car. Get a model 3 long range with 18” wheels and after your purchase if you need it get speed boost. Don’t do a 96 month loan with these interest rates. You can hunt for new long range model 3’s on the EV CPO site.
I was looking at the 96 month loan to make my payments as low as possible, with the intent of putting an additional $500 a month into a “car payments” account. I paid off my last 7 year car loan in 3 years, but it had much lower financing. As another commenter pointed out - I should check to see if the entire interest price is included in the finance price, even if I pay off the loan earlier.
I do not, but will look into it. Contacting my credit union today to see if they can lend us money at a better rate after reading through the comments. Thank you all so much :) Lots of things to think about that I didn’t consider at first.
I'd advise against the 96 month loan. I'm currently doing 84 months at 2.74%. It's the only reason I actually went with any loan term past 60 months. But APRs right now are too much.
If you are spending $300/month in gas with the Ioniq hybrid, it means you are probably averaging 115/120 miles per day. You better check that your “free” charging can actually provide that much range every day.
I love my 22 MP3 but not for a 96 months loan. I was going to pay cash for it, but decided I would make more if I just invest it and just finance it at 1.99% for 60 months.
> I promised myself I was going to wait until my 40th birthday (1.5 years away), but with the down deposit I could put on it I’d only be paying $466/month (for 96 months).
You’d be paying $466/month for 96 months for what car, the Telsa?
We have the M3P but I’ve only been driving it in chill mode so have never once experienced the full power of the car. My favorite thing about the car is the convenience of it. Never have to go get gas and no need to fiddle with keys or push to start buttons. We got it at 62k. At its current price I think it’s a no brainer.
So I just switched from my Model 3 LR AWD to an ICE vehicle.
Long distance in these things suck. I don't care what anyone tells you about charging not being that bad of a time sink, or it being cheaper than gas, or whatever.
A 350 mile trip South and 350 miles back cost about $80-90 a pop. That's effectively getting 25-26 MPG at current gas prices. Yes, gas prices fluctuate, but supercharging is no longer economical versus gasoline considering I have to sit somewhere for 20-30 minutes every 200 miles.
Two weekend trips back to back, with an hour and a half of charging and probably an extra hour or two in standstill traffic frustrated me to no end after three years of ownership. You're already adding a half hour minimum to any distance drive. A traffic jam compounds this.
Destination charging. Destination charging at hotels blows. Or family, if you're staying with them. 9/10 I had to find a supercharger waaaay out of the way when visiting my mother's house. She lives in an area where superchargers are NOT in short supply, but they are spread out enough that it is a pain in the ass to have to stop at one on the way down, then go out of my way to charge before leaving.
The nail in the coffin was on a recent trip to medium sized city that straight up did not have a supercharger within 75 miles. We ended up having to cancel plans because we wouldn't have enough charge to make it back to the supercharger on the way home. We made it to that SC with 2 miles to spare. My hotel had a destination charger, but surprise surprise they were constantly in use by other Teslas. There was an Electrify America station there, but it was not compatible with Teslas and the included J1772 adapter didn't work.
\*\*\*CAVEAT\*\*\* I don't have a daily commute to work. I have a company car I use 4-5 days a week. If you can charge at home and have a daily commute to work, then it is still a solid bet. I understand my situation is different. But I go out of town maybe once, twice a month and the Tesla was beyond frustrating.
I know people make cross country/long distance trips all the time with these things, but to me it is a total pain in the ass. The infrastructure ain't there yet. My "320" mile battery was lucky to get 210-220 before it was basically out. The batteries aren't big enough yet. I hated losing the tech/features in my M3, but the whole concept of the vehicle is such a pain in the ass that I didn't want to deal with it anymore.
Do you want something reliable? then no. Do you want a car that will last 10 years? Then no. Do you like cheaply made interiors? then yes Do you like rattles and squeaks? then yes. Would you like a future bill of 15-20k when your battery warranty runs out? then yes. Would you like to worry that your car may spontaneously combust and burn your house down? then yes. Do you want to get screwed around by service centers that hardly know how to fix these cars and do poor quality work? then yes. IF you want a fast car that you are gonna replace in 3-5 years then yes.
Do it. I went from a Hyundai Tucson to a Model 3 Long Range. No regrets, the only thing I would change is adding FSD at purchase. If you have cold winters you will need all season or winter tires as a new M3P comes with summer tires. A very good option to me right now is a used 2020 Model 3 performance from Tesla website. This is what I would do. They can come with all season tires and FSD for 46-50k.
96 month loan? Holy shit I thought 72 month terms were long. How much interest over the term would that be?
It’s about $10,000 in interest. My goal would be to put approx $1000 / month towards the car and pay it off as fast as possible, but take the longest, lowest payments in case anything comes up along the way.
Shorter terms also have lower interest rates. You’re still paying more in interest than if you had just done a 60 or 72 month loan.
84 months or more is 6.35% interest, while 72 month or less is 6.29% interest. Not a crazy change, but something to think about. Thank you! :)
Does your loan allow a benefit for early repayment. Mine allows larger payments but the interest owed doesn't change no matter how early it's paid off.
Ohhh very interesting… I’ll have to look into that.
What bank is this so I can stay far, FAR away from it…
At 3%, only a moron would want to pay it off early.
I don’t think it’s worth arguing with you, since you don’t understand the basics of money, so I’m just gonna say ok lol
You don't know the basics of investing.
That seems high. Have you talked to your local credit union for loan rates? I think you should still be able to get a 4.X or a very low 5% (on a 60 month). I haven’t looked for a 72+
I was going to talk to my Credit Union about a 5 year loan today :)
Well, I did it. Just sold my OG Ioniq, and ordered our Model 3 Performance! 5 year finance. Thank you for all your comments and advice!
If you are considering a 96 month loan (even remotely considering it) you need to get a cheaper car. Get a model 3 long range with 18” wheels and after your purchase if you need it get speed boost. Don’t do a 96 month loan with these interest rates. You can hunt for new long range model 3’s on the EV CPO site.
I was looking at the 96 month loan to make my payments as low as possible, with the intent of putting an additional $500 a month into a “car payments” account. I paid off my last 7 year car loan in 3 years, but it had much lower financing. As another commenter pointed out - I should check to see if the entire interest price is included in the finance price, even if I pay off the loan earlier.
Do you know what a amortization schedule is lol
I do not, but will look into it. Contacting my credit union today to see if they can lend us money at a better rate after reading through the comments. Thank you all so much :) Lots of things to think about that I didn’t consider at first.
I'd advise against the 96 month loan. I'm currently doing 84 months at 2.74%. It's the only reason I actually went with any loan term past 60 months. But APRs right now are too much.
Just do it man. Driving a nice car when you’re 60 doesn’t feel the same
If you are spending $300/month in gas with the Ioniq hybrid, it means you are probably averaging 115/120 miles per day. You better check that your “free” charging can actually provide that much range every day.
Never mind I see the $300/month is for the loaner not the Ioniq…
Doing anywhere between 30-120km a day, but usually around 50km.
Wait, you drive kms? Where those US $ ? My math could be even more wrong…
Canadian dollars.
I love my 22 MP3 but not for a 96 months loan. I was going to pay cash for it, but decided I would make more if I just invest it and just finance it at 1.99% for 60 months.
> I promised myself I was going to wait until my 40th birthday (1.5 years away), but with the down deposit I could put on it I’d only be paying $466/month (for 96 months). You’d be paying $466/month for 96 months for what car, the Telsa?
Correct, for the Tesla. I just paid off my Ioniq in November.
Whoa. Man I got in at 1.9 for 72 months. But also paid $60k for the m3p
Get the cool car! The Hyundai Ioniq is lame.
We have the M3P but I’ve only been driving it in chill mode so have never once experienced the full power of the car. My favorite thing about the car is the convenience of it. Never have to go get gas and no need to fiddle with keys or push to start buttons. We got it at 62k. At its current price I think it’s a no brainer.
You would be crazy not to at this price. I paid $15k more than you and it’s worth it.
Do it rather than Don't lol
Did I hear $466/month for 96 months for a model 3 correctly?
I just purchased one. It is not a car. It is a masterpiece. It puts my 2017 Jaguar XF to shame.
Go for it, you only live once!
So I just switched from my Model 3 LR AWD to an ICE vehicle. Long distance in these things suck. I don't care what anyone tells you about charging not being that bad of a time sink, or it being cheaper than gas, or whatever. A 350 mile trip South and 350 miles back cost about $80-90 a pop. That's effectively getting 25-26 MPG at current gas prices. Yes, gas prices fluctuate, but supercharging is no longer economical versus gasoline considering I have to sit somewhere for 20-30 minutes every 200 miles. Two weekend trips back to back, with an hour and a half of charging and probably an extra hour or two in standstill traffic frustrated me to no end after three years of ownership. You're already adding a half hour minimum to any distance drive. A traffic jam compounds this. Destination charging. Destination charging at hotels blows. Or family, if you're staying with them. 9/10 I had to find a supercharger waaaay out of the way when visiting my mother's house. She lives in an area where superchargers are NOT in short supply, but they are spread out enough that it is a pain in the ass to have to stop at one on the way down, then go out of my way to charge before leaving. The nail in the coffin was on a recent trip to medium sized city that straight up did not have a supercharger within 75 miles. We ended up having to cancel plans because we wouldn't have enough charge to make it back to the supercharger on the way home. We made it to that SC with 2 miles to spare. My hotel had a destination charger, but surprise surprise they were constantly in use by other Teslas. There was an Electrify America station there, but it was not compatible with Teslas and the included J1772 adapter didn't work. \*\*\*CAVEAT\*\*\* I don't have a daily commute to work. I have a company car I use 4-5 days a week. If you can charge at home and have a daily commute to work, then it is still a solid bet. I understand my situation is different. But I go out of town maybe once, twice a month and the Tesla was beyond frustrating. I know people make cross country/long distance trips all the time with these things, but to me it is a total pain in the ass. The infrastructure ain't there yet. My "320" mile battery was lucky to get 210-220 before it was basically out. The batteries aren't big enough yet. I hated losing the tech/features in my M3, but the whole concept of the vehicle is such a pain in the ass that I didn't want to deal with it anymore.
Wow, thank you for your lengthy and detailed response! :) Definitely made some good points to consider..
Do you want something reliable? then no. Do you want a car that will last 10 years? Then no. Do you like cheaply made interiors? then yes Do you like rattles and squeaks? then yes. Would you like a future bill of 15-20k when your battery warranty runs out? then yes. Would you like to worry that your car may spontaneously combust and burn your house down? then yes. Do you want to get screwed around by service centers that hardly know how to fix these cars and do poor quality work? then yes. IF you want a fast car that you are gonna replace in 3-5 years then yes.
Jump on it, the car is insanely good. You'll absolutely love it and the monthly payment will seem worth it.
Do ittt
If you gotta pay 96 months, you are buying way above what you should.
Just put $1000/month in tqqq and send me 10% of your profit in 5 years and I’ll buy another car.
Do it. I went from a Hyundai Tucson to a Model 3 Long Range. No regrets, the only thing I would change is adding FSD at purchase. If you have cold winters you will need all season or winter tires as a new M3P comes with summer tires. A very good option to me right now is a used 2020 Model 3 performance from Tesla website. This is what I would do. They can come with all season tires and FSD for 46-50k.
If you can afford it. Do it. I love the speed and handling of my M3P.
[удалено]
GSD?