Exec Regrets $70K Tesla Purchase - The Truth Behind the Clickbait
In an age where headlines are engineered for maximum clicks, the story of a 34-year-old executive regretting her $70,000 Tesla purchase is a textbook example. This tale grabs attention not just for the regret but because it involves the always buzzworthy Tesla. Let’s dive into why this headline is not only enticing but also loaded with lessons about financial decisions.
The Regretful Buyer
The tale centers around a woman making $400,000 a year who regrets buying a new Tesla. The backdrop? A stressful year—2021. Car prices were skyrocketing, making a vehicle purchase a financial minefield. This executive, post-divorce, decided to buy a car her ex-husband wouldn’t let her have, only to lament the decision later.
The 2021 Car Buying Fiasco
The host highlights how 2021 was one of the worst times to buy a car. Data charts showcased during the video reveal the seismic shifts in car prices that year. Both new and used car prices ballooned, driven by supply chain disruptions and heightened demand. Essentially, anybody who bought a car in 2021 probably paid a premium.
Affordability vs. Smart Spending
Despite her high earnings and a hefty $843,000 net worth, the exec admits the $70,000 spent on the Tesla could have been invested more wisely. While she can manage the $1,000 monthly payment easily, she acknowledges that vehicles are not investments but expenses that depreciate over time. A financial critique of her decision reveals that even though the payment only accounts for a small percentage of her income, it’s money she feels could have been better allocated.
Depreciation Debate
The discussion then shifts to car depreciation, especially for electric vehicles (EVs). Contrary to popular belief, the Tesla depreciation rate isn’t as severe as other cars, particularly during the pandemic. Some used Teslas were even selling for more than their original purchase price due to the frenzied market conditions.
The Broader Implications
Moving beyond personal regret, the conversation touches on broader financial lessons and generational wealth issues. The host points out that millennials often face financial challenges due to unfortunate timing and market conditions. The conversation veers into the role of parental influence on spending habits, highlighting the importance of raising financially savvy children.
Final Thoughts and Lessons
The video wraps up with parting wisdom for viewers. Buying a car should never be viewed as an investment, especially when market conditions are volatile. Kindness and financial prudence are free but invaluable. It’s also advised to think more critically about headlines designed to elicit strong reactions. The host signs off, urging viewers to like, subscribe, and stay tuned for more insightful content, leaving you pondering not just the headline-grabbing regret but the deeper financial lessons it imparts.