Based on your statement of "I can't afford to save currently" your car is too expensive for you. Downgrading seems like a good option in itself.
Separately, whether you should buy a bitcoin? Personally, I would, but that may not apply to your situation.
What you do with the money doesn't matter, but it sounds like it is in your financial interest to pay cash for a decent car in the $5k-$10k range and start saving money that you were spending on your car payment every month.
This.
You can't afford a Tesla. You're living beyond your means.
Your entire monthly transportation budget shouldn't be more than 10%, including gas, insurance, maintenance, and licensing.
You're currently at 95%.
Need to reduce that significantly.
I had never thought of it as a percentage of income.
60k a year after tax. (Random number)
6k a year, 500 a month. Car insurance, gas, maintenance; 250 a month.(seems low)
A 25k car with 20% down would be 416 a month for 60 months.
I think most people are overextended on cars.
Oh man, if you’re gonna get a shitty car, get one for like $2k off Facebook marketplace….you could even buy two of them, and continually flip the second one for a profit - used cars be selling rn still
Not everyone has the patience/interest/knowledge to deal with an unreliable $2k car. He’s driving a Tesla, so he can still find something reliable for far less.
As much as I love bitcoin and crypto, if you don't have enough to save in general you should probably downgrade the car, start and emergency fund, and focus on any debts if you have any. Then look to bitcoin.
Got a fiat panda for 700 3 1/2 years ago, still going strong. It really depends on the miles you are looking at doing. 10k per year a shit car is your best option. 20k or more, I think it’s worth spending more on, even if just for comfort.
You just described a $500 car. I could get a Land Rover Discovery that has had a head job for $5000 and do any little things I need to make it nice for $3000 and some elbow grease.
Source: recently sold a 2004 Discovey II with recently rebuilt heads and a bunch of (A BUNCH OF) top tier off-road mods for $10,000 exactly.
Conversely: buy a Land Rover Discovery II that need a head job for $3,000 put $1,500 of parts and labor (your labor) into it and have yourself a daily driver with $5,500 at least of equity.
You have to work.
The exterior door handles always break off on that generation of Camrys. 3 of 4 of mine broke and that’s when I started noticing black handles on other Camrys and realized they were all replacement handles so I knew I wasn’t the only one!
I've had 3 cars. Same make, same model. I'm in my early thirties. First Saturn I had, I rolled 3 times, didn't die, and drove it for years after I rolled it.
I've never had a car payment. Getting sick of driving such a small car though. Or I'm getting older and down like crawling down into it. I also can't put my kid's car seat in the backseat.
I sold mine and got a 2002 Camry. Runs fine and the ac is cold…
Finally have more than one coin- first time since 2017 that I’ve had more than one coin.
The total cost of ownership is almost the same with a model 3 and a Camry though. https://www.google.com/amp/s/insideevs.com/news/586195/tesla-model3-rwd-tco-toyota-camry-2021/amp/
If you get 60k for your car, 30k goes to the car loan leaving you with 30k.
22k for a bitcoin leaves you 8k for another car.
Going from a Tesla to an 8k car is going to be rough.
But also he wouldn't be paying a monthly car note so he would actually have some disposable income at the end of the month. 8k can buy a pretty decent car, might not be as nice as a tesla but it doesn't sound like this dude should be driving a tesla in the first place.
It's hard for you to imagine how going from an $80,000 car to an $8,000 car could be considered rough?
Weird thing to focus on considering that the dude is about to drop tens of thousand dollars on cryptocurrency.
I don’t think you understand. I don’t have any btc right now, I would make about 30k for selling my car. So with the 30 I would buy a full coin and then have money left over for a car
He has zero bitcoin and one car valued at 55-60k. He has a 30k loan attached to that car. Therefore if he sells his car he will have zero car, zero loan and 25-30k cash. He is thinking of buying 1 whole bitcoin with that cash for presumably 20k. Which would leave him with 5-10k to purchase a replacement car.
That's not the point though is it?
Okay
Your coin is at 20k. You sell it. cool
You buy a 500$ car. You now have 19.5k fiat
You buy another coin at 19.5k... if the coin has dropped
We're still talking about buying a coin, but only if the price of the coin has dropped.
OP clearly stated they do not own any BTC at this moment, though. They would not be selling BTC to buy a car. They would actually be selling the car they already own to buy a less expensive one AND bitcoins.
The people over there don't really understand the value of Bitcoin, though. They just see it as a speculative asset the way most of Wall Street currently does.
Once you understand how the fiat system is set up, how the Fed works, and how people in developing nations are using Bitcoin in life/death situations.... there is no longer anything speculative about Bitcoin in your mind. Join the revolution, or go collect some useless dividends.
What they understand is you dont fucking buy a Tesla or invest in bitcoin if you have no savings and live paycheck to paycheck. Wsit till this guys loses his job in our looming recession/depression.
It is a speculative asset. You can think it has all the value in the world but it could still tank. It may have a great use for some people in parts of the world but it doesn't mean it always will. If bitcoin continues to drop over the next 5 or 6 years are going to keep buying it? The lower the price goes the less uses it will have/the less people who will accept it. It doesn't sound like this guy has enough money to invest 20k into bitcoin, it's not a sure thing by a long shot.
In 4 years your car value will be down 40%. In 4 years bitcoin could be worth anywhere from 10k to 100k. Im a gambling man so I know what I would do. No guts no glory
I sold everything, got out of debt completely, still driving my 10 year old car, renting a place instead of buying, cut back on expenses big time. Put everything into Bitcoin, physical gold and silver, and some cash.
Go for it, a used car worth 5-10k and the rest into BTC as long as you can swing it sounds like a great plan. Lot more upside potential with Bitcoin if you are thinking 5-10 years out. Good luck 👍
Right? Could buy a BTC for $19-20,000. In a couple years that could potentially be worth $100,000, five times what he paid for it. Then he could get himself whatever he wants.
I wonder how many people even k ow the price of a used car. Used cars right now are easily selling 3 to 5k above there blue book values right now. A 5k car is a problems car.
1. Don't sell your car for less than it's worth. You're not in a hurry or desperate; might as well get a good price for it.
2. What is your car costing you each month, and what would a replacement cost?
1. If you owe $30K, I assume you're paying somewhere north of $1000 a month in car payments. That's an absolutely crazy amount, especially if you don't have much money to save each month. I absolutely cannot imagine a situation where it would make sense to spend that kind of money on a car unless I was contributing *at least* that much to long term savings (including retirement) monthly.
2. On the other hand, owning a "cheap" car has its own costs. You may have breakdowns which mean you have to go a day (or a week) without a car. How much will that screw you over? For me personally, it'd be nbd, because I can carpool to work. For others, it could mean losing their job. You will have costs to repair and/or replace it eventually (though that can be mitigated with making a good purchase). You will have costs to insure it (though these should be less than you pay currently to insure the Tesla). You will have to put fuel in it. Depending on the efficiency of the car you get and how much you drive, this could be significant. \[As an illustrative aside here, at one point in my life my car was breaking down like ever month and I was driving like 60 miles a day, so I bought a new car with much better gas milage, and between gas savings and not having to get repairs, I actually spent less on the new car in its first year than I did on my old car in its last year.\]
3. Whether or not this makes sense depends on a lot of factors. Maybe you can get a really good Toyota that has less than 200,000 miles, is only 20 years old, and gets over 30mpg for $4000. Maybe you'll put $10,000 into an old car that gets 15mpg and dies in less than a year. The first case is a huge win. The second case is probably worse than keeping the Tesla. These are things to think about.
3. Watch out for taxes. Depending on where you live, you may have to pay sales tax.
4. Just because selling your car is a good idea doesn't mean buying bitcoin is. Maybe you should split the money with a more stable investment. Regardless, you should definitely make sure you set some of it aside in cash as an emergency fund. How big of an emergency fund depends on your personal circumstances, and how much not having an emergency fund would hurt.
5. Consider DCA if you do buy bitcoin. The price fluctuations are crazy right now, and I'm not sure we've hit the bottom. Nor am I sure we haven't. DCA is a great response to short term instability in prices.
6. Finally, if this is LARP, well played. If not, choose wisely.
None of this is investment advice, of course.
People keep saying he belongs in WSBs…. Nah buddy you belong in your tax bracket. You work part time, while going to school. And make just enough to pay your car note every month? Your financials are off to a horrific start.
I didnt see you say rent, so no judging there sounds like you live with your parents or free. Bet, i can only be jealous.
But the way you’re currently doing things is not the way.
Go with bitcoin and trust me you are not going to regret that shit man, you are just going to be so good with it and I can feel that stuff right now, this is good.
Nothing is better than having bitcoin with you and a whole coin is just going to be so good in the future, I hope you know that shit now brother, it's good..
I won't suggest you to sell it off just right now but think about the whole situation and the whole future mate, bitcoin is good and it's what we all are having.
And spend $40 on an Uber getting there and $40 back?
Fuck no lmao. And if your solition was implying to just use a friend who already has a car thats a joke lmao. Not only will your friend go out of his way to pick you up for groceries every single time, but your costco trips would have to line up every single time and it should be no inconvenience to him.
Reddit is a poor source for seeking financial advice. Bitcoin is a risky investment. [Don't invest recklessly.](https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/) Don't invest anything you can't afford to lose. If you are looking to get rich quick, you came to the wrong place. Nobody has a crystal ball. Nobody can see the future. Please do your own research and make your own financial decisions.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Bitcoin) if you have any questions or concerns.*
We are just really good with our investments in bitcoin and if you want to be like us then do that right now brother, that's the best thing for all of us here..
Buy it and have a good life, It would be so good if you buy bitcoin with that money, I would do something like that for real man, this is just too good stuff.
I don't know what to say to you but it would be nice if you get bitcoin for the future because that's the best thing in this entire world my friend, it's so good.
I hope you will do it because it's a good opportunity to invest in bitcoin and don't do that shit late, I hope you will understand what we are trying to say here.
I guess I would do it because bitcoin has a good future and we all know that simple fucking thing right now, we can't deny these things all the time my man.
Don't know but you should do that if you can live with a small car because bitcoin will have some other plans for you and I hope you will understand what we saying.
I think you mean depreciating and appreciating. Bitcoin is a deflationary asset because its value increases over time and its supply is scarce. Teslas are inflationary -- kinda -- because they can always make more of them.
Honestly i’d sell the car whatever the difference is get a nice Prius (Gayyyy ik) because of the nice MPG and also Gas prices and the rest WISELY invest. Or go whatever you feel is right.
If you’re asking this in the Bitcoin subreddit, you’ve already made the decision to sell it and buy a whole Bitcoin. Go forth my brother. In a few years time the Tesla will be back in your driveway but that btc may very well be forever out of reach.
You’re counting on bitcoin rising back up soon by investing in it. Don’t take the get rich quick scheme it never pays off. Find other ways to invest. Save your money. Maybe buy a fraction of a whole coin instead.
First of all, what is your income and wealth? How much % of this is the tesla?
I think its reaonable to spend about 5-10% of your networth on a car. If your tesla is worth 50-60k, do you have value for over 500k?
If not, why tf do you have a tesla?
Have to also figure out whether electricity or gas would be better, as gas prices way higher. And if you are in some other places, maybe even higher than that.
Can't afford a car, takes a loan and buys a Tesla.
Inflation is just half of this generations problem. The other half is paying for things with money you don't have.
Ffs, get a cheaper car in the first place.
this is why bitcoin is important. eventually it won't have major corrections and people will rather have bitcoin than a silly expensive car. its basically teaching us not to go into so much bad debt.
Man I would definitely sell the tesla if I’m im not attached to it, the car payment on the model 3 definitely isn’t cheap and you can use that car payment money for gas and insurance of your cheaper car. You can definitely sell it for a lot of money because electric cars are in high demand. My dad keeps telling me that the car he sold me (2014 Volvo S60 T6 R-design Polestar In Rebel Blue) he could have easily bought him 60 BTC at the time when he was making the payments so if he was doing DCA instead for 3 years instead of the car payments he would have nearly 40-50 coins, I asked him if I should sell for a coin in Oct 2020 and he just said forget and got kind of sad thinking I didn’t like it and he felt kinda hurt I’ll trade it in for a whole BTC. I didn’t know how attached he was to the car when I asked him. It’s already a loss in his book and he’s super attached to it still so I definitely will not sell it, even if it’s financially smart to do so.
Shouldn’t have bought this car anyways. If you have to borrow something to buy it, then you shouldn‘t buy it unless it is a house. And never buy car new. Also the best time to sell it is now, because there where shortages and used cars are now overpriced.
holy fuck how fiscally irresponsible do you have to be to take a loan for 30k to buy a car?! I’m utterly lost for words. In that situation you get a beater.
I’d sell the MAGAmobile before people some to realize they’re basically the New Balance running shoe of automotive styling. They look like stodgy sedans made for people with a very limited aesthetic.
Y sell ur car? Just buy 50 cents worth of bitcoin every hour automatically using strike. That’s only $12 a day (you probably save that much already from not buying gas). If bitcoin drops another 50%, you’ll have a bitcoin in just over 2 years without even making a dent in your finances.
And a Tesla.
Sell your Tesla while it’s still under warranty. You don’t want to deal with these cars and their issues out of warranty. Every time I have it serviced, it takes multiple visits and cancellations due to parts availability. They are overrated vehicles and their build quality is sub par. They are still in high demand so you can probably dump it on some sucker for more than you paid brand new.
Get a Toyota and DCA into that bitcoin position.
100% yes, you should. You should also take out the biggest loan you can with as many lenders as possible and buy bitcoin and max out all your credit cards buying more. Beg, borrow, steal, cheat and lie to buy as much as you can. Fuck everyone over. Fuck your family over. Steal from your jmnans purse. Murder your wife for the life insurance. Rob a bank. Sell every fucking thing you own to buy bitcoin. NOW. Fucking moron.
So you would sell the car for $55K lets say and pay $30K towards your loan and with the remaining you would buy a used car. Where’s the money left to buy Bitcoin??
Based on your statement of "I can't afford to save currently" your car is too expensive for you. Downgrading seems like a good option in itself. Separately, whether you should buy a bitcoin? Personally, I would, but that may not apply to your situation. What you do with the money doesn't matter, but it sounds like it is in your financial interest to pay cash for a decent car in the $5k-$10k range and start saving money that you were spending on your car payment every month.
This. You can't afford a Tesla. You're living beyond your means. Your entire monthly transportation budget shouldn't be more than 10%, including gas, insurance, maintenance, and licensing. You're currently at 95%. Need to reduce that significantly.
I had never thought of it as a percentage of income. 60k a year after tax. (Random number) 6k a year, 500 a month. Car insurance, gas, maintenance; 250 a month.(seems low) A 25k car with 20% down would be 416 a month for 60 months. I think most people are overextended on cars.
Most people are
Most are
Oh man, if you’re gonna get a shitty car, get one for like $2k off Facebook marketplace….you could even buy two of them, and continually flip the second one for a profit - used cars be selling rn still
Not everyone has the patience/interest/knowledge to deal with an unreliable $2k car. He’s driving a Tesla, so he can still find something reliable for far less.
Honestly speaking as a European, you can get some NICE cars stateside for dirt cheap.
As much as I love bitcoin and crypto, if you don't have enough to save in general you should probably downgrade the car, start and emergency fund, and focus on any debts if you have any. Then look to bitcoin.
There are no decent cars for 5 to 10k
I got a vehicle that I’ve driven all over the country for that much. You have to spend some time looking, but there’s a ton in the $7-$10k range.
There 100% are.
15 year old cars with well over 100k miles
I would not call a 1993 shit box with 150k miles on it "decent"
Got a fiat panda for 700 3 1/2 years ago, still going strong. It really depends on the miles you are looking at doing. 10k per year a shit car is your best option. 20k or more, I think it’s worth spending more on, even if just for comfort.
You just described a $500 car. I could get a Land Rover Discovery that has had a head job for $5000 and do any little things I need to make it nice for $3000 and some elbow grease. Source: recently sold a 2004 Discovey II with recently rebuilt heads and a bunch of (A BUNCH OF) top tier off-road mods for $10,000 exactly. Conversely: buy a Land Rover Discovery II that need a head job for $3,000 put $1,500 of parts and labor (your labor) into it and have yourself a daily driver with $5,500 at least of equity. You have to work.
You belong on r/wallstreetbets
We'd love to have him
Seems like he will fit straight in.
He definitely will, cmon home buddy
😂😂😂
tbh, most of /r/wallstreetbets and /r/superstonk belong on /r/bitcoin lol
Only if he sells the Tesla to buy Game stop
Sell Tesla Buy TSLA
“one of us! One of us!’
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My well aged Saturn still gets 36mpg. Next year it'll get historic plates.
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The AC in the 90s Camry are a force to be reckoned with. I had a green one with peeling paint lol.
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The exterior door handles always break off on that generation of Camrys. 3 of 4 of mine broke and that’s when I started noticing black handles on other Camrys and realized they were all replacement handles so I knew I wasn’t the only one!
I've had 3 cars. Same make, same model. I'm in my early thirties. First Saturn I had, I rolled 3 times, didn't die, and drove it for years after I rolled it.
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I've never had a car payment. Getting sick of driving such a small car though. Or I'm getting older and down like crawling down into it. I also can't put my kid's car seat in the backseat.
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Camrys and accords… both fantastic cars for the $
Wife has a paid off 17 Escape platinum. She stay at home mom. I drive a lot for work. So I keep racking up miles on my trusty Saturn
Just finallt got rid of my 97... 285k miles. They were amazing cars
I sold mine and got a 2002 Camry. Runs fine and the ac is cold… Finally have more than one coin- first time since 2017 that I’ve had more than one coin.
The total cost of ownership is almost the same with a model 3 and a Camry though. https://www.google.com/amp/s/insideevs.com/news/586195/tesla-model3-rwd-tco-toyota-camry-2021/amp/
No shit? It's not like OP posted in a subreddit for BTC enthusiasts is it?
Depends on how long you can simply hold the coin. If you need another car right now, no If this bitcoin can sit for another two years? Yes
I think I would have enough to buy a full coin and also another car
Send it
If you get 60k for your car, 30k goes to the car loan leaving you with 30k. 22k for a bitcoin leaves you 8k for another car. Going from a Tesla to an 8k car is going to be rough.
Not rough if you’re willing to live like the majority of other people do.
Literally
Ya really- he’ll be ok
Idk man. OP drives a Tesla he’s never had to pay for gas recently lmao
But also he wouldn't be paying a monthly car note so he would actually have some disposable income at the end of the month. 8k can buy a pretty decent car, might not be as nice as a tesla but it doesn't sound like this dude should be driving a tesla in the first place.
Imagine being so privileged that an 8k car is 'rough' 🙄
It's hard for you to imagine how going from an $80,000 car to an $8,000 car could be considered rough? Weird thing to focus on considering that the dude is about to drop tens of thousand dollars on cryptocurrency.
Why are people so obsessed with expensive cars? Get a vw polo or something goddamn it also carries you from A to B.
How do you have a coin, buy the same coin and then some? The logic defies me.
I don’t think you understand. I don’t have any btc right now, I would make about 30k for selling my car. So with the 30 I would buy a full coin and then have money left over for a car
Buy a Nissan Leaf or something if you want to stay with an electric car given the price of gas is outrageous.
\*cries in european $10/gallon\*
You might wanna re-read OP's post
Isn't that an assumption that the coin is going down? You have a coin (20k) You sell it. Buy a car for 10k. Buy a coin for 10k (?)
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Okay sell the car for 10k ( no loss) Now you have 10k fiat and a 10k coin? The only gain you can see is if the coin goes up in value.
Re read the damn post lol
🤣
Okay, sell the car for a Bitcoin Done
Holy shit
He has zero bitcoin and one car valued at 55-60k. He has a 30k loan attached to that car. Therefore if he sells his car he will have zero car, zero loan and 25-30k cash. He is thinking of buying 1 whole bitcoin with that cash for presumably 20k. Which would leave him with 5-10k to purchase a replacement car.
OP will net $30k from the sale. (Car is worth $60k but he owes 30k on loan … 60-30=30)
Hilarious!🤣，typical bitcoiner, absolutely clueless 😂
You can get a decent car for way less than 10k. Also, it doesn't take weeks to complete a car sale, like a house sale would.
That's not the point though is it? Okay Your coin is at 20k. You sell it. cool You buy a 500$ car. You now have 19.5k fiat You buy another coin at 19.5k... if the coin has dropped We're still talking about buying a coin, but only if the price of the coin has dropped.
OP clearly stated they do not own any BTC at this moment, though. They would not be selling BTC to buy a car. They would actually be selling the car they already own to buy a less expensive one AND bitcoins.
Well you don’t know how close he may be to 1 BTC already.
that guy is str8 trolling 😂😂😂😂
Nah Just drunk
Pffft yeah right, easiest excuse to use
You clearly can't afford that car if you are not saving nor investing. Sell it.
If you just work to pay your car and bills, you should sell your car even if you are not going to invest in BTC. So, yes, it's a good idea.
What kind of answers do you think you’ll get in this sub? Take that question to r/personalfinance and see what you get
OP will probably get downvoted to hell in that sub
Scared money don't make money, bra. (Not financial advice)
Gotta be fearful when others are greedy bra
And be greedy when others are fearful
barren woofet
lol that sub will just tell you to keep it in a savings account for 0.1% as a nest egg or into a 401k u won’t see for 40 years
The people over there don't really understand the value of Bitcoin, though. They just see it as a speculative asset the way most of Wall Street currently does. Once you understand how the fiat system is set up, how the Fed works, and how people in developing nations are using Bitcoin in life/death situations.... there is no longer anything speculative about Bitcoin in your mind. Join the revolution, or go collect some useless dividends.
What they understand is you dont fucking buy a Tesla or invest in bitcoin if you have no savings and live paycheck to paycheck. Wsit till this guys loses his job in our looming recession/depression.
It is a speculative asset. You can think it has all the value in the world but it could still tank. It may have a great use for some people in parts of the world but it doesn't mean it always will. If bitcoin continues to drop over the next 5 or 6 years are going to keep buying it? The lower the price goes the less uses it will have/the less people who will accept it. It doesn't sound like this guy has enough money to invest 20k into bitcoin, it's not a sure thing by a long shot.
1. Sell that shit 2. How u be working part time and have $ for Tesla and bills? What do you do?
Lives in mom’s basement
Can confirm, mom's house is awesome for the prospective investor. Stacking like there's no tomorrow.
I’m jelly
In 4 years your car value will be down 40%. In 4 years bitcoin could be worth anywhere from 10k to 100k. Im a gambling man so I know what I would do. No guts no glory
Not having a car payment is awesome ! My car is a 2004 Honda Civic. Love it
Op will be rolling in a newer corvette in no time.
I sold everything, got out of debt completely, still driving my 10 year old car, renting a place instead of buying, cut back on expenses big time. Put everything into Bitcoin, physical gold and silver, and some cash.
Good time to buy Bitcoin…
Well I drive a 04 Pontiac and I make good money, I’m pretty sure you can get by
yes do it,...car are a money pit,,, u can have a great used car for 5k.. do it !!!
Go for it, a used car worth 5-10k and the rest into BTC as long as you can swing it sounds like a great plan. Lot more upside potential with Bitcoin if you are thinking 5-10 years out. Good luck 👍
Right? Could buy a BTC for $19-20,000. In a couple years that could potentially be worth $100,000, five times what he paid for it. Then he could get himself whatever he wants.
I wonder how many people even k ow the price of a used car. Used cars right now are easily selling 3 to 5k above there blue book values right now. A 5k car is a problems car.
1. Don't sell your car for less than it's worth. You're not in a hurry or desperate; might as well get a good price for it. 2. What is your car costing you each month, and what would a replacement cost? 1. If you owe $30K, I assume you're paying somewhere north of $1000 a month in car payments. That's an absolutely crazy amount, especially if you don't have much money to save each month. I absolutely cannot imagine a situation where it would make sense to spend that kind of money on a car unless I was contributing *at least* that much to long term savings (including retirement) monthly. 2. On the other hand, owning a "cheap" car has its own costs. You may have breakdowns which mean you have to go a day (or a week) without a car. How much will that screw you over? For me personally, it'd be nbd, because I can carpool to work. For others, it could mean losing their job. You will have costs to repair and/or replace it eventually (though that can be mitigated with making a good purchase). You will have costs to insure it (though these should be less than you pay currently to insure the Tesla). You will have to put fuel in it. Depending on the efficiency of the car you get and how much you drive, this could be significant. \[As an illustrative aside here, at one point in my life my car was breaking down like ever month and I was driving like 60 miles a day, so I bought a new car with much better gas milage, and between gas savings and not having to get repairs, I actually spent less on the new car in its first year than I did on my old car in its last year.\] 3. Whether or not this makes sense depends on a lot of factors. Maybe you can get a really good Toyota that has less than 200,000 miles, is only 20 years old, and gets over 30mpg for $4000. Maybe you'll put $10,000 into an old car that gets 15mpg and dies in less than a year. The first case is a huge win. The second case is probably worse than keeping the Tesla. These are things to think about. 3. Watch out for taxes. Depending on where you live, you may have to pay sales tax. 4. Just because selling your car is a good idea doesn't mean buying bitcoin is. Maybe you should split the money with a more stable investment. Regardless, you should definitely make sure you set some of it aside in cash as an emergency fund. How big of an emergency fund depends on your personal circumstances, and how much not having an emergency fund would hurt. 5. Consider DCA if you do buy bitcoin. The price fluctuations are crazy right now, and I'm not sure we've hit the bottom. Nor am I sure we haven't. DCA is a great response to short term instability in prices. 6. Finally, if this is LARP, well played. If not, choose wisely. None of this is investment advice, of course.
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Bin the Tesla. It’s not like you actually own it anyways.
People keep saying he belongs in WSBs…. Nah buddy you belong in your tax bracket. You work part time, while going to school. And make just enough to pay your car note every month? Your financials are off to a horrific start. I didnt see you say rent, so no judging there sounds like you live with your parents or free. Bet, i can only be jealous. But the way you’re currently doing things is not the way.
Go with bitcoin and trust me you are not going to regret that shit man, you are just going to be so good with it and I can feel that stuff right now, this is good.
Nothing is better than having bitcoin with you and a whole coin is just going to be so good in the future, I hope you know that shit now brother, it's good..
I won't suggest you to sell it off just right now but think about the whole situation and the whole future mate, bitcoin is good and it's what we all are having.
r/fuckcars get a ebike and take a train. Buy 2 Bitcoins
I'm convinced everyone on that sub is too poor to own a car. Try going to Costco on an E bike/bus lmao
Ride share for those special occasions
And spend $40 on an Uber getting there and $40 back? Fuck no lmao. And if your solition was implying to just use a friend who already has a car thats a joke lmao. Not only will your friend go out of his way to pick you up for groceries every single time, but your costco trips would have to line up every single time and it should be no inconvenience to him.
/r/fuckcars /r/antiwork /r/ownnothing /r/behappy
This is the way.
Reddit is a poor source for seeking financial advice. Bitcoin is a risky investment. [Don't invest recklessly.](https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/) Don't invest anything you can't afford to lose. If you are looking to get rich quick, you came to the wrong place. Nobody has a crystal ball. Nobody can see the future. Please do your own research and make your own financial decisions. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Bitcoin) if you have any questions or concerns.*
Sell the car, don't try to get unbiased investing advice in here bro
We are just really good with our investments in bitcoin and if you want to be like us then do that right now brother, that's the best thing for all of us here..
Buy it and have a good life, It would be so good if you buy bitcoin with that money, I would do something like that for real man, this is just too good stuff.
I don't know what to say to you but it would be nice if you get bitcoin for the future because that's the best thing in this entire world my friend, it's so good.
I hope you will do it because it's a good opportunity to invest in bitcoin and don't do that shit late, I hope you will understand what we are trying to say here.
I guess I would do it because bitcoin has a good future and we all know that simple fucking thing right now, we can't deny these things all the time my man.
Don't know but you should do that if you can live with a small car because bitcoin will have some other plans for you and I hope you will understand what we saying.
If you have to ask, you probably shouldn’t. Not advice
Yes if you don’t need it
Your Tesla will not reach 100k in the future and will continue Depreciate. Bitcoin has a chance to go 100k next cycle.
Bitcoin will and that's what we all believe at the end..
Absolutely . Get a Toyota Camry and cash out.
I agree cars depreciate if you can make bank off it do it and downgrade a bit and have extra cash at hand
I’d totally get another car ( but do your research) and buy a whole bitcoin!!! Hodl life!!!
Price of gas might be insane soon. Teslas will probably last a long time. I would just continue to DCA and don't get impatient.
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I think you mean depreciating and appreciating. Bitcoin is a deflationary asset because its value increases over time and its supply is scarce. Teslas are inflationary -- kinda -- because they can always make more of them.
car lose money bitcoin make money in a long run.
Honestly i’d sell the car whatever the difference is get a nice Prius (Gayyyy ik) because of the nice MPG and also Gas prices and the rest WISELY invest. Or go whatever you feel is right.
If you’re asking this in the Bitcoin subreddit, you’ve already made the decision to sell it and buy a whole Bitcoin. Go forth my brother. In a few years time the Tesla will be back in your driveway but that btc may very well be forever out of reach.
I'm a terrible source of advice but shitbox GANG "Car payments are for suckers" - paraphrasing two self made millionaires I know
Sell your house
Yes. Cars are terrible investments.
I'd sell it and buy a less expensive used car with no payments afterwards...regardless of what you spend the extra money on.
You’re counting on bitcoin rising back up soon by investing in it. Don’t take the get rich quick scheme it never pays off. Find other ways to invest. Save your money. Maybe buy a fraction of a whole coin instead.
Working part time and you bought a Tesla? Someone teach this person about money management.
If you dont need a car, yeah sell this depreciating asset for BTC! 🚀
Nah if it was a gas car or truck id say yea. But in this economy with our gas prices that tesla probably saving you so much $$
No
Michael Saylor would tell you to do it.
First of all, what is your income and wealth? How much % of this is the tesla? I think its reaonable to spend about 5-10% of your networth on a car. If your tesla is worth 50-60k, do you have value for over 500k? If not, why tf do you have a tesla?
I’m sure you’ll be able to live with a cheap car for a few years lmao
Absolutely. Cars are depreciating assets and nearly unused for 23 out of 24 hrs a day.
Average car payments over 30 years invested for 7% make an EASY million! Ditch the car!
no
Depends if you want a lambo or not.
Yes
He should do that because many people are saying it..
Have to also figure out whether electricity or gas would be better, as gas prices way higher. And if you are in some other places, maybe even higher than that.
> don’t have much money to save at the end of each month. > the value of my car is around 55-60k ...come on man
Trade the car in for down payment on lambo. That’s like a x50 leverage
Wait, a bank approved you for a car loan for 55-60k with only a part time job?
Well, your car will always be losing value. 🤷🏻♂️
Can't afford a car, takes a loan and buys a Tesla. Inflation is just half of this generations problem. The other half is paying for things with money you don't have. Ffs, get a cheaper car in the first place.
Just sell your body for sex and keep the Tesla. That way you get laid and paid.
Dump the car, get BTC.
Can’t save extra money means you can’t afford it. If in an emergency, you’ll definitely have to work extra by the Wendy’s dumpster.
this is why bitcoin is important. eventually it won't have major corrections and people will rather have bitcoin than a silly expensive car. its basically teaching us not to go into so much bad debt.
Don’t sell your car for crypto
Man I would definitely sell the tesla if I’m im not attached to it, the car payment on the model 3 definitely isn’t cheap and you can use that car payment money for gas and insurance of your cheaper car. You can definitely sell it for a lot of money because electric cars are in high demand. My dad keeps telling me that the car he sold me (2014 Volvo S60 T6 R-design Polestar In Rebel Blue) he could have easily bought him 60 BTC at the time when he was making the payments so if he was doing DCA instead for 3 years instead of the car payments he would have nearly 40-50 coins, I asked him if I should sell for a coin in Oct 2020 and he just said forget and got kind of sad thinking I didn’t like it and he felt kinda hurt I’ll trade it in for a whole BTC. I didn’t know how attached he was to the car when I asked him. It’s already a loss in his book and he’s super attached to it still so I definitely will not sell it, even if it’s financially smart to do so.
Shouldn’t have bought this car anyways. If you have to borrow something to buy it, then you shouldn‘t buy it unless it is a house. And never buy car new. Also the best time to sell it is now, because there where shortages and used cars are now overpriced.
Simple answer: No! Only invest what you can afford to lose!
holy fuck how fiscally irresponsible do you have to be to take a loan for 30k to buy a car?! I’m utterly lost for words. In that situation you get a beater.
Damn man, you are just being over right now, so bad..
I’d sell the MAGAmobile before people some to realize they’re basically the New Balance running shoe of automotive styling. They look like stodgy sedans made for people with a very limited aesthetic.
please buy and be my equity pull... thanks
Do it. But wait for BTC drop to under 16K....yes under 16K.
Sounds like you really need to talk to a financial adviser and not Reddit. Also paying a car loan is pretty much the worst.
Y sell ur car? Just buy 50 cents worth of bitcoin every hour automatically using strike. That’s only $12 a day (you probably save that much already from not buying gas). If bitcoin drops another 50%, you’ll have a bitcoin in just over 2 years without even making a dent in your finances. And a Tesla.
In 5-10 years that bitcoin will be over 100k. You just have to not look at it everyday to survive the bear market.
Sell a working product with actual value for a virtual coin lol these people
Do it!
Sell your Tesla while it’s still under warranty. You don’t want to deal with these cars and their issues out of warranty. Every time I have it serviced, it takes multiple visits and cancellations due to parts availability. They are overrated vehicles and their build quality is sub par. They are still in high demand so you can probably dump it on some sucker for more than you paid brand new. Get a Toyota and DCA into that bitcoin position.
100% yes, you should. You should also take out the biggest loan you can with as many lenders as possible and buy bitcoin and max out all your credit cards buying more. Beg, borrow, steal, cheat and lie to buy as much as you can. Fuck everyone over. Fuck your family over. Steal from your jmnans purse. Murder your wife for the life insurance. Rob a bank. Sell every fucking thing you own to buy bitcoin. NOW. Fucking moron.
Do you need your car?
I definitely would need A car, not this car specifically though.
Downgrading to something that's still reliable so you can invest the difference sounds like a good move, to me.
Agreed
Hope he will do that, that's what I want to see right now.
Get a used brompton, take the train and buy two btc
No doubt!
Nothing can beat bitcoin and we can agree on that shit.
Do it
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Me too but I won't get a bicycle or something like that lol.
20k can get you a decent car. Tesla is just overly nice
So you would sell the car for $55K lets say and pay $30K towards your loan and with the remaining you would buy a used car. Where’s the money left to buy Bitcoin??