The first 1,000 people to use this link will get a 1 month free trial of Skillshare: https://skl.sh/kelvinlearnsinvesting09211
In this video, I’ll explore whether I should get a Tesla or not. I’ll show you what’s the price of Tesla in Singapore, reasons for getting a car, and whether should you or I consider getting a Tesla. Enjoy.
Boon Tee’s channel: https://www.youtube.com/c/BoonTee
Daren’s channel: https://www.youtube.com/c/DarenYoong
Kelvin Fok’s channel: https://www.youtube.com/user/punkd1
► Get your free stock from Moomoo: http://moomoo.com/en-sg/act/welcome?channel=1002&subchannel=90
► Get your free stock from Tiger Brokers: https://www.tigerbrokers.com.sg/activity/forapp/welcome/?lang=en_US&invite=KELVIN988
► Keep Bitcoin in Hodlnaut for high interest rate https://app.hodlnaut.com/signup?r=OIMWq0TFV
► Keep Bitcoin in BlockFI for high interest rate https://blockfi.com/?ref=447c25b9
► Sign up to Syfe and get 6 months FREE with referral code: KELVIN
► Binance.com to buy in USD https://www.binance.com/en/register?ref=B38VTQCO
► Sign up to crypto.com with code “kelvinlearnsinvest” http://platinum.crypto.com/r/kelvinlearnsinvest
► Interactive Brokers for best commission rates: https://www.interactivebrokers.com/mkt/?src=kelvin4&url=%2Fen%2Findex.php%3Ff%3D1338
► Keep Bitcoin in Ledger securely https://shop.ledger.com/pages/ledger-nano-x?r=5d26d09c2754
► Invest with StashAway: https://www.stashaway.sg/ref/kelvin-learns-investing-1d9ad164-6aea-443f-833b-47c5d083da71
► Get $20 off Endowus access fee: https://sg.endow.us/3i2GLFT
► Discord chat: https://discord.gg/Sj5HG6sedv
0:00 – Intro
0:52 – Price of Tesla
The Tesla Model 3 most basic price is $113k, and that’s almost 50% more expensive than the cheapest car in Singapore. This price doesn’t include COE, with COE it’s extra $58k. And if you take a loan, the car will cost $126,588 instead. If we factor in HDB parking, road tax and COE, Tesla costs $228k to own. This is not including charging costs, servicing and insurance.
6:33 – Why do people own cars in Singapore?
Singapore’s car ownership rate is one of the lowest at 11% among the more developed countries. According to others, it would only make sense to own a car in Singapore if we need it for our job, like taxi driver or profession that need to travel around quickly. I didn’t fit into any of these criteria as I work in CBD area where transport is convenient.
I also compared the cost of taking a grab to work everyday. Over 10 years, I would spend $187,200 on Grab, still way lesser than buying a Tesla.
9:03 – How much should I be earning to own a Tesla
According to the general budgeting rule, I should only spend 30% of my income on my wants. With Tesla’s monthly cost to be around $1900, I would need to earn at least $7916 to be able to afford it.
10:20 – Opportunity cost
In the end, it’s about opportunity cost. Should I buy a Tesla that only last for 10 years? Or is it better to grow my wealth with that money. If I were to use the 4% rule, I would easily have $1332 to use every month if I had just invested that money. I feel that the best thing money can buy is my financial freedom, so that’s why I decided that I won’t get a Tesla for now.
source
