How you can afford a Tesla, even if you're not rich
How you can afford a Tesla even if you are not rich
Everything Elon Musk touches seems to turn into gold - including Tesla. The company has turned the idea of an environmentally friendly electric car into a pleasurable luxury vehicle.
When the first Teslas hit the market with hefty prices of $ 100,000 or more for a brand new Model S or Model X, the cars were only accessible to those with deep pockets.
But now, more than a decade later, it is possible for someone with a moderate income to own one of these target vehicles. And that's not the only big change since the beginning: today you can buy a Tesla with Bitcoin.
Do you want a tesla You have to order one
Teslas is not sold through traditional dealerships with lots of cars. Although the company has stores where you can see the vehicles up close and possibly take a test drive, buyers need to order their cars online. Delivery takes up to 12 weeks.
The cheapest Tesla is the Model 3, which launched in 2017 at a starting price of $ 35,000 and is now starting at around $ 38,000. "Shipping Costs" add $ 1,200 to the price for a total of $ 39,200.
You'll also pay state sales tax on a new Tesla unless you live in Alaska, Delaware, Montana, New Hampshire, or Oregon.
Not as cheap as you hoped it would be? Start saving now - perhaps with a popular app that can help you increase your money by investing "change".
The base price is for a white Tesla with standard wheels and a completely black interior. If you want a black, silver, blue, or red Tesla and want sport bikes or a black and white interior, you pay more.
When you place your Model 3 order, you pay a non-refundable order fee of $ 100. That's a lot more reasonable than the $ 1,000 deposit that was required to reserve your place in line when the Model 3 first launched - and met with great demand.
Finance, Tax Credit, Bitcoin, and Insurance
Courtesy of Tesla
Tesla Model S.
Don't get yourself wrong: when you lease or finance a Tesla, a deposit is required but is due when you sign it - not when you order your vehicle. The company wants you to wager $ 4,500.
The Tesla website loan calculator estimates that the financing from the automaker will give you a monthly payment of $ 519 for 72 months (six years). A three year lease would cost $ 371 per month.
The government has offered generous tax credits of up to $ 7,500 to electric vehicle buyers, but a limited number of credits were available from the manufacturer and the Tesla credits have long been "sold out". According to reports, the Biden government is now considering increasing the loan to $ 10,000 and ending the limits.
If you're into crypto, you can buy a Tesla with Bitcoin now. Musk, the Tesla CEO - or rather, "Technoking" (his real title now) - made the announcement on Twitter a month after Tesla bought the $ 1.5 billion cryptocurrency.
Buying with Bitcoin is an option currently only available to U.S. customers, although Musk says the company will expand that option to other countries later in 2020.
Remember that electric car insurance generally costs more than traditional vehicles. Hence, it is important to do your research to find coverage at the best price.
Buying a used Tesla
Teddy Leung / Shutterstock
Tesla Model S.
When you buy a brand new car, it usually loses 20% of its value in the first year. Because of this, in many cases it is wiser to buy a used car.
However, the Tesla Model 3 does not follow the usual depreciation rules. Used cars sold through the company's website cost no less than a new Model 3; The main benefit of buying a used Tesla is that you don't have to wait up to three months for your vehicle.
Research from the automotive website iSeeCars found that the Tesla Model 3 is the used car that best holds its value. The buyer of a used 1 year old car pays an average of 2.1% or $ 923 less than someone who buys a new Model 3.
Tesla says the used vehicles it sells must pass a 145-point test and are subject to a used vehicle limited warranty that adds an additional one year or 10,000 miles to the remainder of the original warranty.
One way to buy used cars from Tesla is to go online and use a large website with a wide inventory of used cars available for purchase, including Tesla's. You can pre-qualify for financing and even have a Tesla delivered straight to your door with a seven-day trial period.
Saving fuel with a Tesla
Courtesy of Tesla
Tesla Model 3
In the US, the average car has fuel economy of 24.9 miles per gallon, according to the Environmental Protection Agency. Let's round that down to 25.
Federal Highway Administration data shows that Americans drive different ages at different ages. The age group who can afford a Tesla probably drives an average of 15,000 miles a year. There are several mile tracking apps that you can download to your phone if you need help tracking your own miles.
Let's say the current price of gasoline is $ 2.50 a gallon, a nice round number. (Note: the use of round numbers makes it much easier to understand and understand math.)
Let's sum it up: you drive 15,000 miles in one year and drive 25 miles on a gallon of gasoline. That means you have to buy 600 gallons within a year. (15,000 divided by 25 equals 600).
If you pay $ 2.50 for each gallon, that's 600 times that of $ 2.50, which is $ 1,500.00. Since there are 12 months in a year, you're likely paying $ 125 a month for gasoline somewhere in the ballpark.
How does Tesla save fuel? According to the EPA, that's the equivalent of a whopping 130 miles per gallon - even though the cars don't run on gasoline. But you will pay for electricity, "recharging," and a few other things.
The electricity costs for your Tesla
Courtesy of Tesla
Tesla Model X with rear spoiler
The cheapest way to charge your Tesla (or an electric car) is to find a free charging station. If you're not sure where to go, there are a number of apps available to show you the charging stations in your area.
As time and the spread of electric cars, more of these stations are likely to pop up in your area. The only downside to using a free public charging station is that it can take a while for the battery to fill up. Expect to sit there for an hour or more.
Tesla has its own "charging stations" across the country where you can charge your battery in just 15 minutes. You pay for the privilege. According to Tesla, prices "may vary by location and prices may change from time to time."
If you don't have a charging station near you, the only way to charge your car is at home. Most people plug their electric cars into an outlet in their garage and just forget about them and go about their nightly business.
If you want to charge your car this way, you should plug it in at a time other than the "peak" time of the day, when electricity is most expensive. Peak hours and fares depend on where you live. You should therefore ask your electricity company for the guidelines.
Maintenance and repair costs
Courtesy of Tesla
Tesla Model S.
One of the potential issues to look out for when buying a Tesla is that the cars have been out of existence for a very long time. There aren't many skilled mechanics out there who know how to fix the unique features of the cars like the gullwing doors and intricate computer system.
That said, if something serious goes wrong, your car may need to be delivered to a Tesla service center. Depending on where you live, this can be a long journey.
Well-known tech reviewer Marques Brownlee provides valuable in-depth analysis of every Tesla model on his YouTube channel. He explains that it was only a few thousand miles after owning the Tesla Model S that his car had serious steering problems that could have caused an accident. The good side was that the car was still under warranty.
Tesla takes these issues very seriously and will give you a rental Tesla to drive while they deal with the issues. Sometimes even a Tesla-certified mechanic will drive to your home for free to help you.
Keep in mind that Tesla is still largely a luxury car. As with owning a BMW or Mercedes, parts can be expensive. New Teslas are warranted for four years or 50,000 miles, whichever comes first.
If you never want to deal with the headache of paying for expensive repairs, consider selling these once the warranty has expired.
The final verdict
The amount you save or spend by switching to a Tesla depends on your individual situation. You can't save money. You can pay more.
The Tesla Model 3 is far cheaper than the other Tesla models, including the Model S and Model X, which now start at around $ 80,000 and $ 90,000, respectively. Yes, you don't have to be rich to buy a $ 38,000 Model 3.
But if you make a $ 519 monthly payment for a new Tesla Model 3, that's $ 6,228 a year - and many other vehicles will cost you less.
If you're already paying $ 600 a month for the vehicle you're driving now and have a Model 3 in mind, go for it.
You no longer pay the hypothetical $ 125 a month for gasoline. But with a Tesla, you're dealing with the additional insurance costs plus the cost of electricity - including any "top-ups" you have made.
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