I Have Buyer's Guilt About My Tesla!

Brought to you by the Everydollar app. Start budgeting for free today. Dominic, San Jose, what do you have to say about it, Dominic? Hi, thank you so much for taking my call, guys. So, basically, I'm a bit of a, I first I call it buyer's remorse, but I think it's more a buyer's guilt, because it's something that, like, I can justify, but it's something that I just don't think is, was quite in line with my core values. What did you buy, Dominic? We can't wait to hear this. I think I might be overplaying it. Maybe I'm not. Maybe I am. But I bought a new car. A newer car. What did you buy? Yeah, I bought a 2020 Tesla Model 3. 2020 Tesla Model 3. And what's that set you back? It sent me back, like, out the door, it was $41,300. Oh, boy. You bought everything, and you even are talking like the car guy. Out the door. He told you, I'll get this for you right now, Dominic. Out the door, $41,000. You're like, yes, please. Well, what's your income? No, he didn't tell me that. I had to figure that out myself. But I make $115,000 before taxes. Oh, yeah. What's the payment on this beauty? It is $687,000 a month. Oh, gosh. Okay. I got to get a Pepto Bismol J takeover. Well, technically, we would tell people that anything going down in value, like a vehicle, shouldn't have more than 50% of your annual income tied up in that. So you're under that. I think my guess is just maybe you've never had a car payment that's this costly, and you're feeling it. And I don't like car payments, period. But what was your car situation before you got into this Tesla? So I actually had a paid off car. That's what it is. It was only, yeah. And at the time, I was like, yes, I just want to not have a car payment. I was like $11,000. I paid it off in a couple months because I didn't have all the cash right on hand. But basically, in recent times, I don't know, I just started thinking about like, oh, maybe I would enjoy having something a bit more luxurious, rather than driving something so old. And I convinced myself into doing it. And I did that the math. And I was like, yeah, I can afford it. And I went through with it. And now I'm sitting here and I'm just looking at that much debt coming from having zero debt whatsoever. It's just like, my heart sank. So you called us. So why did you call us, Dominic? What's the question in here? I'm kind of trying to figure, I'm kind of between two decisions. So I talked about it with my fiance. And she is telling me that it's probably just best to keep the car, just pay it off as quick as possible, because I am able to pay off the car in less than 30 months, if I just make double payments. And I can afford that. I encountered that when I was doing the math. And she likes riding in it. Let's throw that out there. And she likes riding in the Tesla. Come on. Yeah, no, she's like, please don't get rid of the car. I love your car. All right, what's the second option? We got about a minute. We want to help you out. What's the second option? Second option is to sell the car privately or trade it in and then just get a cheaper car. What can you get for it if you sell it? Privately about a reserve, say I would say like 31. So I'd be losing like 10 grand. You know what? There's not a wrong answer here. It's your only debt. Like I said, you're kind of, I don't want anybody to have a car note. I don't want them to go into that. But you're kind of under that threshold. You just hate having the payment. And I don't blame you, because you went from not having any payments to having a payment. And it sucks. So for you, you know, if your girlfriend is like, get out of the car, and you're like, get out of the car, then sell it. You know, take that stupid tax of $10,000. And you're just gonna have to bite the bullet on that and then get into something in cash or start saving towards that. So you can make it happen. That's what I would do. Yikes. You know, I'm telling you. I mean, he's got the money if you wanted to just ride it out and pay it off. I think I'd get after it. I think I'd pay it off and learn this lesson. Turn that hate into a newfound emotion that you can't even describe to get out of this thing faster than you could possibly imagine.