Roth Withdrawal for New Car

[swakyaby]

We’ve owned our Tesla model S for 5 years. A wonderful experience. No mechanical issues. The only significant issue we’ve had during this time is the need to replace the 12V battery in year 4. A warning showed up that said the 12V battery needs replacing soon. So we scheduled service through the
Tesla app, and Tesla’s mobile service came to our home and replaced the 12V battery. It cost about $225.00. We were never stranded. Also the tires were replaced once, and the air filter is replaced each year. And that’s about it for service and maintenance during our 5 year ownership.

 

[kcowan]

Wow TA! A new X for $60k. The dealer must have needed the sale!

 

[swakyaby]

TA, you’ll be so excited, you won’t be able to sleep for 2 weeks.

 

[pb4uski]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

 

[Mr. Tightwad]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

I paid 2800 because 1) I was charged the "LA price"
and 2) my meter is on the opposite end of the property from where my garage is located. The distance from meter to charging station location plays a big role in what you are going to pay. I've seen some people pay a grand.

If I had to do it over again, a regular 110v would have taken care of my needs since I don't drive major miles. For every 24 hours an EV is plugged in on a 110v, you get 100 miles of charge. I don't drive anywhere close to that.

 

[Lakewood90712]

Al, with you being in nor-cal, can you take delivery at the fremont factory and get a tour ?

 

[pb4uski]

^^^ I thought you were going to say:

Al, with you being in nor-cal, can you get electricity to recharge?

 

[jimbee]

Wow TA! A new X for $60k. The dealer must have needed the sale!

Well my guess was way off. I figured a Model 3 based on the price.

 

[jimbee]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

About $100 for a 50A two pole circuit breaker, $50-$150 for #6 NM-B wire (depends on length) and $30 or so for a NEMA 14-50 outlet. Add for whichever EVSE (electric vehicle supply equipment) you want. There is going to be a lot of variation if you have to hire an electrician, labor cost could be a lot higher than the equipment cost.

 

[NW-Bound]

A $60,000 Tesla sounds great for you Al. Wait a minute....aren't you the guy that took a long driving camping trip in a Toyota Echo?

Well, RobbieB's constant drumbeat on "Blowing dough" just about wears everybody out.

It still has no effect on me, that I can tell. My expenses for the last 12 months are the lowest since I started tracking since 2010. And they may go a bit lower next year.


PS. I have been contemplating getting a class B motorhome on the Sprinter dual-wheelie chassis, but my wife says that we "do not need it". It would cost quite a bit more than a Tesla Model X.

 

[NW-Bound]

Wow TA! A new X for $60k. The dealer must have needed the sale!

Out of curiosity, I went on Tesla site, and $53,990 is the price before taxes and credit for a long-range Model 3 with autopilot.

 

[swakyaby]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

In our case, our electrical panel was just outside our garage. A licensed electrician recommended by Tesla charged us $600 to install a NEMA 14-50 outlet inside our garage. It was $400 for parts and labor and $200 for city permit and inspection. It’s true we probably could have gotten by with the regular 110v outlet, but I liked the idea of faster charging for such a large capacity battery.

 

[VanWinkle]

OP stated that it will be delivered in 2 weeks.

you never miss a Dtail

 

[travelover]

Wow. Thirty eight posts and not a single rant against Elon Musk, electric cars in general, government rebates to electric car owners, electric cars destroying the roads and not paying for it, nor climate change.

I'm proud of us.

 

[TromboneAl]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

I had one installed for our Leaf, and IIRC it was around $200.

It should work fine for the Tesla, though I guess could upgrade for faster charging.

 

[TromboneAl]

It’s true we probably could have gotten by with the regular 110v outlet, but I liked the idea of faster charging for such a large capacity battery.

Via 110v, the charging is not only much slower, but also more inefficient.

 

[mh]

Wow. Thirty eight posts and not a single rant against Elon Musk, electric cars in general, government rebates to electric car owners, electric cars destroying the roads and not paying for it, nor climate change.

I'm proud of us.

And ERD50 didn’t have anything to say say either [emoji1783]

 

[swakyaby]

Just curious... what is the cost of electircal work and equipment of a charging station at home for a Tesla?

There you go. Charging stations ranging from $200 to $600 to $2,800. Quite a variation depending on the distance to your electrical panel and whether you use a licensed electrician.

 

[Faraday]

Congratulations Al

I think, "Roth"bard , Murray,.would agree,..
Grin factor Nic.,lol,.



https://cleantechnica.com/2019/05/03/tesla-model-3-vs-toyota-camry-15-cost-scenarios/


No One builds a better vehicle than Tesla Motors.

 

[Tracer]

I'm sixty-six and about to purchase a Tesla for around $60K.

My plan is to withdraw the money from one of our Roths so that it will not have tax consequences. The reason for that is that DW is still on Obamacare, so a big increase in taxable income would drastically reduce the subsidies.

Any reason not to do it that way?

My financial adviser plus most anything I've ever read said Roth IRA's should be the LAST thing you should access of your retirement savings AFTER taxable and tax-deferred accounts. I would check with an adviser if your case is the exception.

 

[travelover]

My financial adviser plus most anything I've ever read said Roth IRA's should be the LAST thing you should access of your retirement savings AFTER taxable and tax-deferred accounts. I would check with an adviser if your case is the exception.

Did you read the original post? Al needs to keep his reportable income down to maximize his wife's ACA insurance subsidy. Thus, Roth is a good source for the money.

 

[kfsinc]

Timely post! Newly RE here and contemplating how to afford the next capital expenditure. I've always paid cash, but it seems to me that a HELOC at a low rate might make the most sense -- if I can get one for 4% and make 5% or more on my IRI, it seems that is the way to go. And I'm pretty sure I only have to pay tax on the money I take out for the payment, not the entire expenditure, correct?

 

[Livefreeordie]

The moral reason not to buy

Let’s see, withdraw money from your Roth to buy a luxury car, so as not to inflate your joint income so your wife can continue to be subsidized by working people. I see nothing wrong with that at all. Drop the subsidy, you can afford to pay the full unsubsized premiums, seriously.

 

[dtbach]

Let’s see, withdraw money from your Roth to buy a luxury car, so as not to inflate your joint income so your wife can continue to be subsidized by working people. I see nothing wrong with that at all. Drop the subsidy, you can afford to pay the full unsubsized premiums, seriously.

Nice first post.

 

[REWahoo]

Only took one post to make it to my Ignore list. A new record.