Why we decided against buying a new Model 3

A white Tesla with black seats, image from Tesla.com

As all of you may know, we needed to decide if we were going to buy a new Model 3. We did the math in a previous post. We decided against it, for now, and we’ll keep the order open.

  • Our emergency savings would take a $4,500 hit to pay the down payment from our checking account. With high medical bills and cost of a rental ongoing, depleting our savings until we get reimbursed is not smart.
  • Emotionally, I didn’t feel joy buying the vehicle. Not wanting to have regret later, it is better to postpone a highly emotional decision.
  • Having a car on Turo would complicate our life. Simplicity is needed between heavy work and many things at home. Many other things we want to do first, like start a business.
  • We would lose access to our rental reimbursement by making a purchase.
  • After fixing Oreo, we’ll evaluate at a Tesla Service Center if the repairs are good and at used car dealers for a sale. This will give us a more informed course on what makes sense.
  • Very emotional, after supporting Elon and Tesla for many years, it’s a tragedy to see Elon supporting racists and fascists. If capitalism is the power of people to choose who they want to do business with, we choose not to do business with Tesla and Elon.
  • New car prices will fall as more models come into the market. The Ioniq 6 will have a base price of $42k.
  • Used car prices will continue to fall as more supply comes into the market.
  • Interest rates are high.
  • We do forgo the tax credit. Things may change in April.

Sincerely yours,


Published by smilingdad

My story is one of tragedy and redemption. We've made many mistakes along the way regarding our money. Our goal here is to show you how to take care of your money life long, and as much as we can, help the Earth along the way. I call it sustainable personal finance and ethical capitalism. Currently, I am a part time writer for Cleantechnica and part-time licensed financial professional, along with being a full-time dad.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: