Ramsey Everyday Millionaires Can I Afford a $80K Tesla?
Mar 10, 2025
Curious about splurging on a luxury Tesla? Dive into the financial guidelines for such a purchase. Discover the importance of a solid net worth before making that $80,000 commitment. The conversation covers car depreciation, ensuring you understand the potential pitfalls. Expect some entertaining personal anecdotes about vehicle preferences that add a light touch to the serious topic of finances. Learning to balance luxury with financial responsibility is key!
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Car Buying Rules
- Don't buy a new car unless your net worth is at least $1 million.
- Also, your total car value shouldn't exceed half your annual income.
Relative Expense
- Dave Ramsey shares an example of a friend who made $15 million and bought a $400,000 car.
- This illustrates that expensive purchases are relative to income.
Tesla Purchase Advice
- Ensure you meet these criteria: $1M net worth, car value under half your income, and pay cash.
- Brian satisfies all three, allowing him to buy the Tesla.