It seems many young people own Teslas, and that's paramount to EV adoption.
Tesla's cars aren't cheap, and neither are most EVs. However, somehow, younger people are buying them. Do you think they're stretching their budget to unsafe levels or simply being smart? Carter Jones shares how she bought a Tesla at just 26 years old.
We used to hear a lot about the Tesla stretch. This is what some of the media was calling it when it believed that many people were buying Teslas that really couldn't afford them. However, it seems many Tesla owners are also smart with their money, which allows them to set aside more for their car.
It's important to note, people will spend extra money on something if they really want it. C'mon, plenty of young people own sports cars, luxury cars, and tricked out pickup trucks. In fact, the average purchase price of a car in the US in 2020 was a whopping $40,573. In the fourth quarter of 2020, the average new-car buyer borrowed over $35,000 and put nearly $5,000 down. However, just because you want something doesn't mean it's a wise choice.
When it comes to buying an EV, the extra upfront costs are arguably well spent, since you'll save money over time on fuel and maintenance. This is especially true if you plan to own the car for many years. If we really want to encourage widespread EV adoption, getting our young people on board is paramount.
Carter Jones says she bought her dream car, a Tesla Model 3, using her own personal finance strategies. She explains how she has made wise financial decisions to assure that something like a Tesla is not out of reach, even after college and grad school.
Carter is clear that this is no "get rich quick" plan. It all takes patience, commitment, and dedication. Check out the video for Carter's interesting and inspiring story. Then, scroll down and leave us your financial words of wisdom.