Can I Afford an $80,000 Tesla?

[Music] brought to you by chm a biblically based alternative to health insurance learn more at chministries.org budget I just wanted uh y'all's take on uh making sure I'm not crazy and considering an $80,000 new car a Tesla Model S cool nice car yes sir all right so what do you make well I make uh $360,000 a year cool what's your net worth I've got uh without the house included no house is part of your net worth what's your net worth okay uh about 1.2 million all right you got the cash to pay cash for it I do okay buy it okay let me tell you what let me tell you the rule of thumb I use on this Okay the reason I ask you those questions we tell people not to buy a brand new car unless they've got at least a million dollar net worth ding check box okay because new cars go down in value including Teslas right they don't go up they go down and you can't afford a depreciating asset that's brand new when you drive it off the lot that sound blump blump when you go over the curb was 10,000 bucks okay right that's what it is you got to be able to you got to be able to choke that down and you can choke it down and you don't buy new unless you got a million dollar net worth you do okay second thing is don't buy depreciating assets things with motors and wheels in your case Wheels de s um all added together that equal more than half your annual income you make 360 we're buy an 80 that's less than half your annual income I'm assuming the other car if there is one is not you know not a $200,000 car so you're probably okay yes sir okay so because you don't want too much of too much as a percentage of your income invested in things that are going down in value again same thing so like I got a friend that made 15 million last year and um he bought a $428,000 car that kind of blows my redneck mind I have my head I have a hard time getting my head around that but it's a very small percentage of his income it's like most people buying a biscuit right and so yeah it's not going to hurt his finances at all even though you know we you know jealous people say stuff like well no one should ever right you you that's that's what jealous people say no one should ever so you got if you made 15 million last year you can afford a $400,000 car it's that simple you made 360 you can afford a $80,000 car you got a million doll plus net worth you can afford to buy brand new car that's how I just and you're paying cash you're not going to borrow money that's the three things I was looking for you you checked all three boxes yeah and hey he's done it the right way and so this is he's he's had to wait that's other thing that when when when Dave walks through those glad George and Rachel AR on the air with their little Teslas yeah cuz I would have had to put up with the Tesla Stu St telling a guy to buy a Tesla cuz there's no chance I'm doing that but those two both are Tesla drivers so you just uh batteries even if they came out with a really cool looking one you they're they they actually are a cool car I just I need you want to smell I need like an app for it that makes a muffler sound right cuz a redneck needs a loud Muffler and that's just all there is to it they do that you know they have these cars really yes absolutely but I don't think it's enough for you no it's not I think you want to smell know I'm sitting on a battery you like the hint of Petrol in the air that's it that's you want to smell that you're driving that's it actually I'm trying to help the planet well I mean the planet gets destroyed by making those batteries more than me driving my Raptor I could tell you that oh so you're green is that what I'm he That's it man I'm I'm I'm totally I'm down with the green right not at all but it's very exciting funny I don't care what you say chm isn't health insurance it's a health cost sharing Ministry check it out for yourself at ch ministries.org budget