Talk me out of this car cashflowing strategy

[Cameron Philgreen]

Disclaimer, this post is about a CAR, not real estate.

Talk me out of this:  Used 2018 Tesla model 3.  Was bought new at $61,000, 8000 miles, selling for only $47,000 (30% off).

What if: $10,000 down. $37,000 loan at 1.99% APR (special EV loan). Payments will be $590/mo, which means I could rent it on Turo SIX DAYS PER MONTH and be cashflowing already. Any rented days after that is positive cashflow.

On top of that, we get a fun, economical car that drives itself on the highway.

Talk me out of this, why would I NOT go through with this deal?

Or if you think it's fool-proof, tell me why!

Trying to do this deal this weekend, so respond quickly!

Love y'all.

[Alexander Felice]

how much effort and money are you going to sink into learning this non-scalable hobby? Even if it makes a little money it's a single point of failure operation with high downside risk and low upside potential. It's a short term venture at best, and the most likely outcome is you bought a fancy new-ish car and have a bunch of consumer debt costing you money rather than making you any. 

the car won't appreciate

you won't get any tax benefits 

It becomes less lucrative as other EV vehicles come into service 

It adds a bunch of additional liabilities on your DTI which many hinder you if you decide you want to buy an actual investment.

Sounds like someone just wants to buy a Tesla and justify the terrible financial decision. If you want to buy the car just do it, if you want it to make financial sense you're going to have to be at least drunk, and if you think it'll be a good investment you might need a lobotomy.