Budget Help - Buying Tesla as first year attending

[billy]

1- I think this may be one of the few times where OP actually listened to good advice and will delay his purchase.
2- Agree with all of the above saying wait until you have enough to buy in cash and are stable. Anecdotally, I was very close to buying a dream car my second year as an attending (MSRP ~97k) . Like you it would've required a loan that my salary could handle, but was nonetheless a loan. Held off for other reasons. Since then realized I'm perfectly content with car I have now (mazda 6, still under 60k miles) and I was able to buy my semi freedom. Not buying car= paid off loans early + invested more in taxable= way less expenses= no need to continue burning out on call= found a better work life balance as I currently work (switched jobs) 4 days a week. Had I bought the car I'd still be paying it off now (I'm only 5 years out of residency) while being a slave to my former job's call schedule.

[Kamban]

Don't count your chickens before they hatch - your job I mean.

In these days of COVID with healthcare workers being furloughed or even have their job offers withdrawn, there is no certainty you will get that $300K job. Or like it for a year or two and stay there.

I have a good net worth and yet I went in only for a Model SR+ last year and now getting a Y. The X needs a good refresh. It is an outdated SUV. You don't need that for a family of 4.

[MPMD]

Chicago All Saints Hospital

if that is a 30 Rock reference my regard for you (already considerable) just doubled.

[Lordosis]

How old are the kids? My kids trashed the interior of our cars. I would be upset if it was something fancy I cared about. But they just get me to work and back so I do not really care. I keep the cockpit clean and the back goes to heck. There is something stuck to the floor that I cannot get out of the upholstery. I think it might be a starburst or similar candy. Not sure how though since we rarely let them eat that crap and never in the car...

Save the money and the frustration!

[Ghostface Killah]

Glad to hear you held off on buying the Model X. You’re doing the right thing saving a large chunk of your income at this stage. Remember that due to the power of compounding the earliest dollars you earn are the most valuable so use them in the wisest manner possible. Assuming you’ll have a normal, healthful life you will have plenty of time later to enjoy pleasures like a fancy car. It’s hard to imagine now since you’re not yet in a position of financial security but take it from someone who is 9 years out of training and who just bought a Model 3 this year after driving cheap cars for years. Waiting was absolutely the right thing to do. The freedom and empowerment that comes with burgeoning financial wealth is difficult to understand unless you’re in the same position. But believe me it’s worth it. More important than any car are the options that will open up for you. Life-changing options like reducing how much you work. Or taking chances on business ideas without worrying about losses. Or even something as simple as not watching every dollar. It’s freeing and worth more than a car I promise you. Be patient and build your wealth. High-priced goodies like luxury cars will follow naturally.
I’m also not saying deprive yourself and your family for the next several years. You should spend money on things that bring happiness to you and your family. Just be measured and reasonable in your approach. Good luck to you.

[Peds]

if that is a 30 Rock reference my regard for you (already considerable) just doubled.

Say hello to Bono and Sandra day O'Connor!

[MPMD]

Say hello to Bono and Sandra day O'Connor!

even by 30R standards that was a great episode.

"it's DonaFEE!!!"

[chocolatebear11]

Don't count your chickens before they hatch - your job I mean.

In these days of COVID with healthcare workers being furloughed or even have their job offers withdrawn, there is no certainty you will get that $300K job. Or like it for a year or two and stay there.

I have a good net worth and yet I went in only for a Model SR+ last year and now getting a Y. The X needs a good refresh. It is an outdated SUV. You don't need that for a family of 4.

Thanks for the tip. Good to know that its outdated! Another reason for me to wait

[chocolatebear11]

Glad to hear you held off on buying the Model X. You’re doing the right thing saving a large chunk of your income at this stage. Remember that due to the power of compounding the earliest dollars you earn are the most valuable so use them in the wisest manner possible. Assuming you’ll have a normal, healthful life you will have plenty of time later to enjoy pleasures like a fancy car. It’s hard to imagine now since you’re not yet in a position of financial security but take it from someone who is 9 years out of training and who just bought a Model 3 this year after driving cheap cars for years. Waiting was absolutely the right thing to do. The freedom and empowerment that comes with burgeoning financial wealth is difficult to understand unless you’re in the same position. But believe me it’s worth it. More important than any car are the options that will open up for you. Life-changing options like reducing how much you work. Or taking chances on business ideas without worrying about losses. Or even something as simple as not watching every dollar. It’s freeing and worth more than a car I promise you. Be patient and build your wealth. High-priced goodies like luxury cars will follow naturally.
I’m also not saying deprive yourself and your family for the next several years. You should spend money on things that bring happiness to you and your family. Just be measured and reasonable in your approach. Good luck to you.

Thank you everyone for the advice! I knew in the back of my head it was not a smart choice, but good to have multiple perspectives.
One of the main reason why I wanted to the model X besides more room for future kids is the autopilot. Every 1-2 weeks I have to make a long road trip of about 2hours one way, would be nice to have that capability in the future.

[Nysoz]

Every Tesla has autopilot. Also for some reason I thought you had 4 kids and needed the x. The best car Tesla makes right now is the y I think.

[Peds]

Every Tesla has autopilot. Also for some reason I thought you had 4 kids and needed the x. The best car Tesla makes right now is the y I think.

if only there was a SR+ variant.
the 3 now has everything the MY does so its just a toss up on space needed.

[Nysoz]

if only there was a SR+ variant.
the 3 now has everything the MY does so its just a toss up on space needed.

I think the car to get would be a MY long range RWD after the battery update (if the new cells get to it). It's just the little design differences I would like more because they're essentially otherwise the same vehicle. Slightly higher ride so easier to get in and out of, trunk is a hatch so water doesn't get into the trunk, the trunk is flat to the bumper so easier to get things in and out of. The extra cargo capacity is just gravy on top.

[Peds]

I think the car to get would be a MY long range RWD after the battery update (if the new cells get to it). It's just the little design differences I would like more because they're essentially otherwise the same vehicle. Slightly higher ride so easier to get in and out of, trunk is a hatch so water doesn't get into the trunk, the trunk is flat to the bumper so easier to get things in and out of. The extra cargo capacity is just gravy on top.

i think we both agree....not the MX!

[Ghostface Killah]

Personal finance strategies aside, the Model X is a cool car no doubt but likely represents the poorest value in the Tesla line-up. Highest price, worst reliability, worst reviews. Consumer Reports gave it a score of 57 compared with 83 and 80 for the Model S and Model 3 respectively. No score yet for the Model Y but I’ll be surprised if it comes in much below the S and the 3. Although it is a new model and generally there’s going to be a higher chance of issues. That’s another one of the reasons I waited to buy a 3. They’ve largely worked out the panel gap, paint, and other build quality issues after a few years of manufacturing the car.

[Kamban]

Thanks for the tip. Good to know that its outdated! Another reason for me to wait

The Model S had a minor refresh but neither it nor the X have had a major refresh for a very long time. The X has falcon wing doors which leads to expensive repair issues post 4 years of warranty. For its price of 80K you might be better off buying a Mode Y and a Model 3 long range for only 16K more ( in a few years time when you are ready to by). There will be more competition in the EV market by then.

Even Elon Musk admitted that the S and Y are niche products. He may not kill them off but won't spend too much resources to further its development, unless a Taycan comes along and he needs the Model S Plaid to boost his ego.