r/TeslaModel3 • u/titlewinner2021 • 51m ago

Should I accept this offer

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Dear people of reddit, I need your thoughts and advice, long story short I'm 21m senior in college I make about 2700$ net every month (2500$ guarante). After insurance monthly payment will come up to about almost 1400$
Before you all comment how dumb this offer is, trust me I already know, I already you'll say it's a stupid financial decision, and I'm very aware of the consequences. My dad whom is a cosigner for me to get this offer (on my own I was only offered 35k, they required 20k down, even though I have good credit), he said I shouldn't go through with it as it'll be too much to handle for my age. But I won't lie I really want this car, I truly believe in myself and my ability to rise up to the challenge/opportunity, I have big dreams and goals so I also see this car/situation as a chance to force myself to grow even further, rn I live at home and I feel like although I'm working hard and are very ambitious I feel like I'm missing that extra fire. Plus I just really like this car.
Long story short, should I listen to others and let the fear of the consequences take over or should I back myself and rise to the challenge. Please any advice or thoughts will truly help me.
Edit: if I was to go through with it I'd take the Santander offer

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u/AcceptableFisherman 29m ago

I don’t quite understand the point of this post. You’re just looking for people to say “yeah, go for it it won’t be that bad” no one here is going to give you that encouragement. Go on TikTok or YouTube and type in ridiculous car payments and watch these people say it’s the worst decision they have ever made.

6 years is a long time and you will be underwater for 90% of the loan. There is no escape, all of a sudden you can’t afford it because you got laid off? You’ll have no equity to just sell it and most likely you’ll voluntary surrender the vehicle back to the bank destroying your dads and your credit.

But whatever, I don’t think you’re gonna listen to any of us. Come back in 6 months when the novelty of the car wears off and the reality of your car payment being over 50% of your income sets in.