Consumer response to the unveiling of Tesla’s new Model 3 electric car was nothing short of incredible. Showing a cult-like following not seen outside of a new Apple product launch, enthusiastic consumers lined-up for the opportunity to throw down $1,000 deposit on a car they had yet to see, and that won’t actually be available until late 2017.

Tesla Model 3

Tesla founder Elon Musk said the company secured 180,000 reservations for the Model 3, a car which is aimed at the mass-market and priced starting at $35,000USD. Musk says the company is targeting annual sales of 500,000 vehicles by the year 2020.

The Tesla Model 3 is clearly a game-changer and a direct challenge to the big automakers who have really just dabbled around the edges of electric car technology. I’m not a big “car-guy”, but this is one battle I’ll be watching with great interest.

This week’s recap:

On Monday I wrote about the price of staying connected and argued that your employer should pay your cell phone bill.

On Wednesday Marie concluded her financial management by the decade series with a look at financial takeaways in your 70’s.

And on Friday it was the battle of the grocery saving apps with my comparison of Flipp vs. Checkout 51.

There’s a new cash back credit card on the scene and I reviewed Tangerine’s Money-Back credit card over on my Rewards Cards Canada blog.

Finally, on Lowest Rates I explained the basics of mandatory car insurance coverage and no-fault insurance in Canada.

Weekend reading:

The top read of the week goes to this Gary Belsky column in The New York Times about why we think we’re better investors than we are:

Young & Thrifty put together a great resource with the complete guide to Canada’s robo-advisors.

Adam Mayers argues that successful investing is about risk, patience, and a plan.

Rob Carrick says that planning your retirement requires reliability from the government and he calls out the feds to start sending out personalized retirement statements to people starting at age 50 to tell them how much to expect in CPP Benefits, OAS, and Guaranteed Income Supplement based on their work history to date.

Frank Wiginton argues for a better way to reform Old Age Security after the liberals repealed the Harper-government decision to raise the age of eligibility from 65 to 67.

Michael James disagrees with a chapter in Fred Vettese’s book, The Essential Retirement Guide, that says how spending decreases with age.

Gail Bebee looks into annuities as a low-risk alternative for post-RRSP investing.

A dirty little secret of Canadian investors is that we’re cash hoarders. Dan Hallet looks into whether hoarding cash protects investors from a bear market.

The ever-pessimistic Kurt Rosentreter delivers a sobering reality check to a millennial looking to buy a house.

Noted housing bear Hilliard MacBeth uses behavioural psychology to explain why happiness is not a $2 million house in Vancouver.

MacBeth also shared a video in the article from Nobel-prize winning psychologist Daniel Kahneman about why moving to California won’t make you happy:

More MacBeth in Canadian Business where he says Boomer-aged investors are dangerously over-exposed on real estate.

Speaking of Vancouver real estate, here’s another report of shady activity where real estate agents are writing in cash bonuses on top of their standard commission.

Nelson from Financial Uproar says the re-emergence of zero-down mortgages in Canada is overblown. The zero-down mortgages are part of CMHC’s flex down program and are offered by some mortgage brokers through alternative lender Home Capital.

Gen Y’s are worried about their retirement already and The Globe & Mail’s Rob Carrick says their concerns are right on the money.

After blogging for eight years, five-days-a-week, Gail Vaz Oxlade is taking a breather.

Here are three groups of people to avoid if you want to be more successful with your money.

Cait Flanders writes a reflective post about the true cost of wasting your money on getting wasted.

Greedy Rates shares a detailed analysis on whether MasterCard or Visa is better for foreign purchases – and crowns a new best credit card for foreign transactions.

Finally, Des Odjick explains how NOT to choose and manage credit cards.

Have a great weekend, everyone!


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