Markus Unger, a Tesla Model Y owner, revealed on a Facebook group how he accumulated significant debt from vehicle upgrades and financing. Last year, he adopted a disciplined approach by cutting expenses and focusing payments on his loan principal. Now debt-free, he enjoys his car without financial stress.
Markus Unger posted his story on the Tesla Model 3 and Model Y Owners Club Facebook page, highlighting the contrast between his spotless vehicle dashboard and his previously cluttered finances. He described loving the car's technology, quiet ride, and features like the panoramic roof, but admitted the debt felt like a suffocating weight. 'I don't talk about this much, but behind the pride of owning my Tesla, I was carrying a heavy load of debt. I loved the car, the tech, the quiet ride, but my finances weren't nearly as clean as my dashboard. Last year, after realizing I was financing everything but peace of mind, I made a decision. I cut back, stopped chasing upgrades, and put every extra dollar toward my debt—no trips, no extras—just discipline. Today, I can say it—I'm officially debt-free. And for the first time, I can truly enjoy this car without the weight on my shoulders. To anyone silently struggling, it's possible. Freedom feels better than any feature,' Unger wrote.
His approach involved halting all discretionary spending on the car, such as wraps, mats, accessories, and software upgrades like Full Self-Driving. He directed extra funds directly to the loan principal, reducing interest and shortening the term. Unger also recommended reviewing insurance premiums every six months and refinancing loans if credit improves, noting high costs for tires—often $1,000 or more per set due to the vehicle's weight and torque—and elevated insurance for models like the Performance variant.
The post resonated in the community. Tom Jacques shared paying off $20,000 in debt by 2005 and settling two Teslas early. Ray Vaughan automates savings for future cars via paycheck deductions. Tony Gregori noted his Model Y payment of $550 monthly for 72 months, offset by $300 monthly gas savings, free home charger installation, and comparable insurance, though with a $100 annual license fee increase. Owners emphasized budgeting for non-maintenance costs to avoid the 'hidden debt trap' of EV ownership, prioritizing financial discipline over status.