Let's talk Finance: Finally, I have cancelled my Tesla Model 3 Reservation (最後，我還是取消了我的 Tesla Model 3 Reservation)

Let's talk Finance: Finally, I have cancelled my Tesla Model 3 Reservation (最後，我還是取消了我的 Tesla Model 3 Reservation)

So yeah, after much thoughts, I have decided to cancel my Tesla Model 3 reservation. As I have mentioned before, below are my main reasons behind my decision:

最後，經過很多的思考，我還是決定取消我的Tesla Model 3 。
正如我之前提到的，以下是我決定背後的主要原因：

Delivery Date Kept Delaying

The company's Tesla Model 3 production target has fall short from their original estimate of 2,500 cars/week, but they are only producing 800 cars/week now. They have improved their production figures, but they are still significantly short compare to their original production estimate - without mentioning their original "original" promise of 5,000 cars/week back in last year on Model 3 deliveries. I was supposed to get my car sometime later this year, but it got pushed to almost mid-2019 now. With deliveries kept delaying, the next concern/problem comes: cash flow.

交貨日期一直延遲

Tesla 的Model 3產量目標與其原始估計每週2,500輛汽車產量，但現在每週只能生產800輛汽車。儘管他們的生產數據有所改善，但與原來的產量估計相比仍然很遠 - 我甚至沒有提及他們的原來的承諾，每週5,000輛汽車。我本應在今年可以取車，但現在已經推到了2019年中期。隨著交付不斷推遲，下一個關注/問題出現：公司的現金流動。

Mounting Liquidity Issues or Concerns

With the $1,000 deposit that they have received from each Tesla 3 buyers, myself included, they have received nearly $1 billion worth of deposits. However, with the deliveries kept delaying due to the production, along with the heavy cash burning. IF the situation does not improve in the short period of time, the company is going to face significant liquidity issues in the next couple of quarters.

With that in mind, Moody's has already downgraded the company's debt to junk bond status and is warning more downgrades might be coming, depended on the company's upcoming financial reporting. S&P is also concerned doing the same thing. On top of it, there are also a short-term debt due date coming up, with around $230M due in November 2018, and another $920M due March 2019. Something needs to be corrected and it needs to happen fast.

If the company were to go out of business, how good would the warranty be? Technically nothing...

現金流動問題令人擔憂

他們從每位Tesla 3買家那裡收到的1000美元存款，包括我自己在內，都收到了近10億美元的存款。然而，由於生產導致的交收延遲，以及大量現金的燃燒，如果情況在短期內沒有大的改善，公司將在未來幾個季度中面臨重大現金流動的問題。

考慮到這一點，穆迪已經將該公司的債務降級至垃圾債券狀態，並警告更多的降級可能即將到來，這取決於該公司即將發布的財務報告。標準普爾也擔心做同樣的事情。此外，還有短期債務到期，即2018年11月到期的約2.3億美元，以及2019年3月到期的9.2億美元。有些事情需要糾正，而且需要快速地改變。

如果公司停業，保養好有什麼用？基本上沒有...

Federal Tax Credit on Vehicle

According to CNN Money, Tesla is expecting that it will hit the threshold of 200,000 U.S. sales on EVs sometime in 2018, that is the $7,500 federal tax credit for plug-in car buyers in the U.S. For all the automakers, the full $7,500 tax credit will be reduced to $3,750 when the 200,000 threshold is met, and then 6 months later, it will then drop to $1,875. For me, that was one of the top reason why I have decided to put a $1,000 deposit in the first place. IF I can still get the $7,500 tax credit, I am pretty much putting $1,000 down, trying to get $7,500 savings in tax in return - great deal! If and only if I get it. Very not likely.

車輛上的聯邦稅收抵免

根據美國有線電視新聞網的資料，Tesla 預計2018年某個時候電動汽車將達到20萬部的銷售額，即美國插電式汽車購買者的7,500美元聯邦稅收抵免。對於所有汽車製造商而言，7,500美元的稅收抵免在達到200,000門檻時將降至3,750美元，然後在6個月後降至1,875美元。對我而言，這是我決定首先投入1000美元存款的首要原因之一。如果我仍然可以獲得7,500美元的稅收抵免，我幾乎可以減少1,000美元！但老實的說是非常不可能的。

Source

New Car doesn't align with our Family Financial Plan

To be honest, even without all the reasons that I have listed above, at the end of the day, I think I would still sell my current reservation tickets to someone else. As I have mentioned in my previous post about getting out of mortgage and debt within 4-5 years, adding a new car when we don't even need one just doesn't fit in the equation. Yeah it is true that it is an EV AND a really nice car after all, but I believe believe being a head of household and a leader at home, it is also my responsibility to stick to the plan and be responsible in every single financial decisions that I make. We can get an old hybrid car that can satisfy both financial and environmental part of buying a Tesla Model 3.

新車不符合我們的家庭財務計劃

說實話，即使沒有我上面列出的所有原因，到最後，我想我仍然會將我目前的預訂門票賣給其他人。正如我在前一篇文章中提到的那樣，我們想在4-5年內還清我們的所有貸款和債務，所以在這個時候買新車不是一個明智的決擇。是的，它確實是一輛電動汽車，畢竟是一輛非常好的汽車，但我相信，作為家中的領導者，堅持這一計劃並對每一項財務決策負責也是我的責任我做的。

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Cheers!
Stephen @stepbie
(Joshua 24:15)