Good Decision/Bad Decision: Buying a Tesla
Good Decision/Bad Decision
Today’s subject will hopefully be part of a regular series of Monday posts. As you recall, I recently started Gratitude Wednesdays. This series will focus on my past decisions to shed light on some financial and emotional wins and losses. My hope is to discover what I did right, and help others avoid my mistakes. Whether epic fail or triumphant victory, these were my decisions. The topic for today is buying a Tesla. I’ve owned a Model S for almost three years and have driven 43,000 miles.
Have you ever thought of throwing stealth wealth out the window?
I sure did.
Here’s what I think about it years later.
Good Decision
OK. Buying a Tesla was everything it was advertised to be. Although I agonized about the price, any trepidation disappeared the minute I slid behind the wheel. It drives like nothing else. The first time I put the petal to the metal, my heart popped into my throat, and I almost gagged. It’s that fast.
The electronics are flawless. The display a pleasure. I get a free internet connection and subscription to Tune In Radio. The car starts and stops on a dime, makes almost no noise, and in my opinion, couldn’t look more sleek or streamlined.
Although expensive on first blush, I did receive $7K back from the government for buying an electric car. I installed a charger in my garage, but mostly use the free charging station at the dealership which is very close to the nursing homes I frequent.
I sit back, plug the car in, and write a blog post or listen to a ChooseFI podcast.
Furthermore, there has been little in the way of time or expense in regards to upkeep. I simply bring the car in once a year for a checkup.
I paid a little extra and purchased the four-wheel drive package. The Model S is heavy and wide so that when it’s snowy or rainy outside, I barely notice the inclement conditions. It feels super safe.
Bad Decision
As I have written about previously, owning a Tesla has changed the way people view me. Friends, neighbors, coworkers. I bristle at their scrutiny when they toe around the subject. I deflect their statements.
- Work must be going well!
- Did you lease it?
- How much does one of those things cost?
I can feel them probe, and question their assumptions about who I am and my net worth. This makes me uncomfortable. Even more so since I am usually rather conservative in the rest of my spending habits.
Shortly after my new car purchase, I was fired from two very lucrative medical directorships. The reasons that were given were superficial at best. I can’t help but think the car had something to do with it. Maybe just a false hunch, but I could feel the administrators wince at the idea of giving me more money. They thought I was getting too big for my britches.
Another completely unforeseen problem occurred when an elderly lady bumped into me in a parking lot. The damage to the driver side was extensive. I was relieved that the woman’s insurance was going to pay for everything. I, nonetheless, had to wait months for the repairs to be completed. Apparently it often requires many weeks to get parts delivered from the Tesla factory in California
In Summary
Do I regret buying a Tesla?
I love my car. This is an odd statement from someone who has never considered himself a car guy. My last vehicle, in fact, was a Prius. I adored it. We parted ways after 125K miles when it became clear that the cost of upkeep was rising.
Instead of getting another Prius, I opted for an all electric model. At the time, Tesla was the only company whose cars allowed for the range I needed for work.
If I had to do it all again, I might buy the much cheaper model 3 (it wasn’t available then). Or maybe another Prius.
Conversely, stealth wealth may be a great principle but cannot control every aspect of my life.
Sometimes I dive in head first, and suffer the consequences later.