5 Tips to Help You Manage Your Money When You Buy a Tesla

Introduction:

You’ve finally decided to buy your first Tesla, and that’s awesome! One of the things you may not have realized about this purchase, though, is that it will have an effect on your personal finances. Here are five ways you can manage your money when buying a Tesla so you can come out with as little stress as possible.

1) What you should know before buying a Tesla:

-The price of buying a Tesla can vary widely based on the options you choose and the local market. The Model S 60, for example, starts at $68,000. 

-Tesla offers financing through third party providers like Wells Fargo, Bank of America and U.S. Bank.

-Financing your Tesla through one of these providers will require some paperwork and documentation about your finances in order to qualify for the loan terms that best suit your needs.

-Consider speaking with a financial advisor before making this type of purchase if you have concerns or questions about how it will impact your personal budget. 

-You should also be aware that because this is an expensive purchase, there may be certain tax credits available to help offset the cost of buying a Tesla. These types of incentives are usually reserved for those who make less than $75k per year so speak with an accountant or financial advisor before moving forward.

 

Buying a Tesla

2) Should you finance or buy outright?

It is important to remember that you are not just buying the car, but you are also financing it. The price of the car may seem daunting at first, but with Tesla's loan options and tax credits, you can actually afford more than you may think.

To read more about financing and purchasing your new electric vehicle from Tesla, visit our website here! We provide information on all aspects of financing your Tesla purchase and what we can do to help you get the best deal possible. Remember, if you finance through Tesla Finance, there are many benefits such as extended warranty coverage up to 4 years/50K miles (whichever comes first) and an 18-month unlimited mile battery warranty*.

Should you Finance or buy outright

3) Designate an emergency fund:

For those who are unfamiliar with emergency funds, they are simply money set aside in the event of an emergency. A good rule of thumb is that you should have enough cash to cover three months worth of expenses. It can be difficult to find this type of savings if you’re not prepared ahead of time, but make it a goal for the future and allocate as much as possible. For example, start by saving $100 each month for two years until you have reached your goal. 

When it comes to your financial goals, don’t forget about how much debt you currently owe and how much interest on your credit cards are costing you.

Designate an Emergency Fund

4) Know your budget:

The most important thing is to know your budget when you buy a one of these cars. The sticker price on the car will likely be much more than you can afford in one lump sum, so make sure you have an idea of what monthly payment will work for you. Remember that there are additional costs associated with owning a Tesla including insurance and charging. Make sure you factor those into the equation before signing on the dotted line. Talk to a financial advisor about how much you should set aside each month. Research your financing options: Different financing companies offer different terms on interest rates and other fees. Figure out which ones suit your needs best by doing research online or asking questions at the dealership where you intend to purchase the car.

Know Your Budget

5) Use cashback sites when available:

Cashback sites like Ebates allow you to get the best prices on your purchases when you shop at their partners. In addition, they also offer cash back in the form of coupons that can be used on your next purchase. These are some of the best ways that you can manage your money while making purchases with companies like Tesla Finance. For example, if you plan to buy a car from Tesla Finance, then make sure you're using cashback sites for the best deals on cars and other products and services. If you have an e-gift card or coupon code from one of these sites, make sure to use it before it expires. In this way, you can save money on every purchase that you make!

Use Cashback Sites when Available

Conclusion:

1) Research the models and options available. Knowing about all your options will help you weigh the pros and cons of each so that you can make an educated decision. 

2) Have a plan for how much money you want to spend and how long it will take you to pay off your car. 

3) Consider what type of down payment you'll need, as well as any fees or other costs associated with buying the car. 

4) Make sure you know where your nearest Supercharger station is in case you find yourself on the road without access to charge up. 

5) Take care of your battery by not using it too often, keeping it away from extreme heat and cold, etc.