Savings From Tax Rebates
Finally, you may also be able to save some money through rebates and tax incentives, since Teslas are electric cars.
Starting in 2023, some Tesla models will potentially again qualify for a $7,500 credit as part of the Inflation Reduction Act.
The EV credit included in the IRA only applies to cars and SUVs that meet the following requirements:
- Car priced below $55,000, or SUV priced below $80,000
- Assembled in North America
- Certain portion of battery from U.S. or free-trade country
Starting in January, the Model 3 and Model Y will likely qualify, while the Model S and Model X will not.
Additionally, only people who make less than a certain amount of money will qualify: $150,000 per year for single earners, $225,00 for heads of household and $300,000 for couples filing jointly.
However, the new tax credit will be paid as part of a discount when you buy the car instead of on your taxes, meaning you’ll get the savings right away.
Some states give additional benefits, as well. Be aware, though, if you lease the vehicle: Only California, Colorado and Massachusetts offer the incentives.
Cost Of Maintenance And Repairs
One of the potential issues to keep in mind when buying a Tesla is that the cars have not existed for very long. There aren’t many experienced mechanics who know how to fix the cars unique features, like the wing doors and the complicated computer system.
This means if something serious goes wrong, your car may need to be shipped to a Tesla service center. Depending on where you live, that can be a long journey.
Prominent tech reviewer Marques Brownlee offers valuable in-depth analysis of each Tesla model on his YouTube channel. He explains that only a few thousand miles into owning the Tesla Model S, his car began having very serious steering issues that could have caused an accident. The bright side was that car was still under warranty.
Tesla takes these issues very seriously and will give you a rental Tesla to drive while it takes care of the problems. Sometimes, a Tesla-certified mechanic will even drive to your house to help you, free of charge.
Remember that Tesla is still largely a luxury car as with owning a BMW or Mercedes, parts can be expensive. New Teslas are covered under warranty for four years or 50,000 miles, whichever comes first.
If you never want to deal with the headache of paying for expensive repairs, you may want to consider selling it once the warranty is up.
Frequently Asked Questions About The Tesla Model 3
The cost to charge your Tesla Model 3 will depend on a number of factors, for example, where you charge , for how long and what time of day. Charging from home is the cheapest option as you’ll just be paying what you pay for electricity at your property.
The Tesla Model 3 has a 50kWh battery, so to work out what it would cost to charge up to full capacity, simply multiply the kWh rate for electricity by 50.Here’s an example: $0.28c/kWh of electricity x 50 = $14
Be sure to check if you are on a time of use energy cost as it might be even cheaper to charge your Tesla Model 3 during off peak times.
The Tesla model 3 has an indicative range of 448km on a single charge. However, just like a petrol or diesel vehicle, this can vary depending on a number of factors such as how you drive , the weather and whether or not you have air conditioning on.
Charging time of a Tesla Model 3 depends on the type of charger you use. If using a standard 220v home or office 3 pin power point it will likely take approx. 24 hours to charge your battery from empty to full capacity. Should you have a 7kW charger installed , this charging time drops to approx. 8-10 hours.The fastest way to charge your Tesla Model 3 is to use a commercial public charging infrastructure such as the Superfast or Ultra Rapid chargers . These can charge the Tesla Model 3 from empty to 80% full in approx. an hour.
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After Savings This Tesla Owner Paid $16250/month For His Model 3
Ross Gerber, CEO of Gerber Kawasaki, shared just how much he saved by driving a Tesla Model 3 for a little more than 3 years. He pointed out that, after savings, it could have been $100 a month to drive a Tesla. He bought his car in 2018 for $60,000 . He also got back $7,500 in tax credits . After potential those savings, his car cost $50,000. However, since he didnt qualify for the California ZEV rebate, the actual cost was $52,500.
Tesla model 3 math. I bought my car in 18 for $60k total with FSD. Got $7.5k back tax credit. so $50k net. Sold the car for $46k 40 months of ownership $4k net cost. Never needed any service or cost. Thats $100 a month to drive a tesla. $tsla
Ross Gerber
Ross sold his car for $46,000 after 40 months of ownership, thus with a $6,500 net cost. He added that he didnt need any service or anything. This is how he came up with the monthly cost of owning his 2018 Tesla Model 3. Now, these numbers may differ for other Tesla owners depending on various factors, and it seems that Ross excluded the cost to charge the car. CleanTechnica has actually explored this topic of total ownership cost at length. See our Tesla Model 3 total cost of ownership archives for more on that, or our broader EV TCO archives.
Tesla Model 3 Loan Calculator
Our Loan Calculator display shows you how your Tesla Model 3 loan balance compares to the ongoing value of your vehicle. With financing, each monthly payment will reduce the balance of your loan. Unfortunately, during this same period, your vehicle’s resale value will decline as well. The purpose of this tool is to show you how you can finance your Model 3 to ensure that your loan balance declines faster than the value of your vehicle.
With your results below, the goal is to have the shaded area be entirely green. This likely means that the value of your vehicle will always be greater than your loan balance. If you see yellow or red, your loan balance at some point will be at or above the value of your vehicle. You want to avoid this as we describe here. For the best financial outcome, adjust your loan terms, or choose a vehicle that doesn’t depreciate as rapidly. We’ve also .
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Tesla Model 3 Rebate Deals
$750 available for California residents
Tesla doesn’t offer traditional rebates or incentives, but residents of California can apply for a $750 California Clean Fuel Reward. Following recent price increases, the Model 3 no longer qualifies for a $2,000 California Clean Vehicle Rebate.
Residents in other low-emissions states may qualify for similar incentives to foster EV adoption. Sadly, Tesla cars are no longer eligible for a federal EV tax credit. However, this may change next year as a result of the Inflation Reduction Act.
Tesla Model 3 Price And Specification
Teslas cheapest car is the very cool Model 3. Not only is the Model 3 the best-selling electric car in the US, it has outsold every other EV on the market combined.
The big news for 2022 is that the cost of Full Self Driving for all Teslas has increased to $12,000, which is $2,000 more than before. Fortunately, the excellent Autopilot driver assistance technology comes standard in every Tesla and is more than enough technology for most. Fancy paint is another cost option, up to $2,000 for the luscious Red multi-coat. The base and Long Range models also ask $1,500 for the pleasure of a larger 19-inch wheel with a sportier style, while the Performance gets standard 20s.
On every trim level, black vegan leather is standard, with black and white interiors adding $1,000 to the price. Fully optioned including destination, a Model 3 Rear-Wheel Drive costs $58,390, while the Long Range tops out at $64,390 and the Performance $75,190.
Tesla reports sales of its Model 3 sedan and Model Y crossover as a number, so we dont know which is more popular. That said, the newly introduced Model Y may have been more popular last year than the original Model 3, despite its much higher starting price of $58,990 . Both Y trim levels available are dual-motor AWD models.
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How Much Does 2020 Tesla Model 3 Insurance Cost
Average auto insurance rates for a 2020 Tesla Model 3 are $1,640 per year, or around $137 per month. Rates range from $1,492 per year for the Model 3 Standard Range AWD to $1,804 for the Model 3 Performance AWD.
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Tesla Model 3 Leasing Deals Made Simple
It couldnt be easier to organise your Tesla Model 3 lease through carwow. We help you find the best Tesla Model 3 leasing offers by comparing deals from local and national leasing companies. You can then adjust your Tesla Model 3 lease contract length, initial payment and annual mileage to suit your needs.
You can also easily compare models to ensure you get the equipment and specification thats right for you. Remember, a carwow Tesla Model 3 lease deal includes free delivery, road tax for the contract length and the car’s full UK manufacturer warranty.
Also, when you are configuring your Tesla Model 3 lease deal keep an eye out for the Similar cars section, where you can discover leasing deals for cars you might not have considered.
Unlike in a PCP deal, where you have the option to buy the car, when your Tesla Model 3 lease deal ends, the car needs to be returned. Usually, the leasing company can arrange to have it collected from your address at a time that suits you, so its worth checking with your supplier before the lease ends.
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How Much To Lease A Tesla Model Y
Teslas lease calculator estimates the monthly payment for a Model Y is between $817 and $869.
As of this writing, Tesla offers the Model Y as the Model Y Long Range and Model Y Performance. The Model Y is a small AWD crossover with dual electric motors. As its name implies, the Long Range delivers more range on a full charge, while the Performance is quicker. There isnt much daylight between their prices. Therefore, the differences in range and performance are measurable but small.
Model Y Long Range
Consider The Value Of Buying
With gasoline costs and limited invasive maintenance, EVs do not break down as quickly as combustion engine vehicles and can accordingly retain more value over time.
Furthermore, Tesla is still trying to keep up with customer demand, leaving less EVs available than the number of people looking to drive one.
As a buyer, you should be able to sell your Tesla down the road for cash back in your pocket, thus lowering your total cost of ownership.
In large part to these facts, buying a Tesla is currently a more sound investment compared to a traditional gas guzzler.
Whether its better to buy a Tesla than lease however, is still a question of money, daily usage, and model variety. Given that the monthly payments are relatively similar to a lease albeit for double the term, you are actually paying towards ownership, gaining equity.
Still not sure? Tesla actually offers a financing calculator on its website to help guide you toward whether a Tesla lease or cash payments work best for you.
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The Cost Of Electricity For Your Tesla
The cheapest way to charge your Tesla is to find a free charging station. If youre not sure where to go, a number of apps are available that will show the charging stations closest to you.
As time goes on and electric cars become more common, you will probably see more of these stations popping up around your area. The only downside to using a free public charging station is that it can take a while for your battery to fill up. Expect to sit there for an hour or more.
Tesla has its own Supercharging Stations” around the country that allow you to charge your battery in just 15 minutes. You do pay for the privilege Tesla says pricing “may vary by location, and prices may change from time to time.”
If you dont have any charging stations in your local area, the only option will be to charge your car 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 choose to charge your car this way, you’ll want to plug it in at any time other than the “peak time” of the day, when electricity is most expensive. Peak hours and rates depend on where you live, so youre going to want to ask your electric company what its policies are.
Original Tesla Roadster / Gen 2 Roadster
The original Roadster model was the first to hit the pavement bearing the Tesla name. It was originally created to showcase the potential of the rookie automaker, and its sporty design was meant to convince investors that electric vehicles could also be cool.
Unfortunately, the original Roadster is no longer in production, and therefore not available for lease.
However, in 2017 Tesla announced a second generation Roadster in the works, but exactly when it may debut remains unclear. It was originally teased to deliver this year, but has since been pushed to 2022 and now 2023.
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The Tesla Model 3’s Maintenance And Servicing Costs
First and foremost, Tesla claims the Model 3 saves about $6,600 you would otherwise spend on gas in six years. This is a significant amount of money, although you must wait to see the benefits over time. The more noticeable difference compared to gas-powered vehicles is in maintenance and repair costs.
The Tesla Model 3 is estimated to cost from $3,000 to $4,000 for upkeep over ten years, which is about half the price of regular luxury sedans. You can expect to perform some major repairs during that time, but again, the chances are lower than with gas-powered vehicles. The one thing you’ll have to pay straight on is insurance, which will cost you about $2,000 per year , depending on the provider.
When it comes to maintenance costs, the Tesla Model 3 is quite affordable because electric motors in EVs have fewer moving parts than internal-combustion engines. There’s no need to change the oil, fuel filters, spark plugs, and similar. The Tesla Model 3 only requires you to replace your cabin air filter and perform a brake fluid test every two years. Air conditioning service should take place every six years and tire rotation, balance, and wheel alignment every 6,250 miles. There’s also a recommended HEPA filter replacement .
How Much Does A Tesla Model 3 Cost Per Month
Heres what youll have to pay to get behind the wheel of all current and future Tesla models, including the Model S, Model X, Model 3 and Model Y, as well as the upcoming Cybertruck and Semi and the upcoming Roadster. The target price for all Tesla models is currently $1,200 and can be found in the fully loaded prices below.
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How Much Does Insurance Cost On A 2021 Tesla Model 3
Average auto insurance rates for a 2021 Tesla Model 3 are $1,672 per year, or around $139 per month. Rates range from $1,522 per year for the Model 3 Standard Range AWD to $1,842 for the Model 3 Performance AWD.
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How Much Will It Cost You To Get The Tesla Model 3
The cheapest Tesla that was once $36,000 now starts at $46,990. You have to pay this amount for the base model with rear-wheel drive, 18-inch wheels, and other standard equipment. Any extra feature will cost you at least $1,500 more each, with the Enhanced Autopilot and the Full Self-Driving Capability reaching the $6,000 and $12,000 price tags.
As the Tesla Model 3 Long Range is not available anymore, the only other option is the Performance trim. Because of the all-wheel drive, increased driving range, better acceleration, and other impressive specs, the Model 3 Performance starts at $62,990. Destination fees are not included, as you may have guessed so far, and Tesla charges $200-$400 extra for charging connectors .
Of course, we understand that this significant price increase is the consequence of inflation and hope at least to save on the upcoming costs, eliminating the need for expensive fuel and car parts. But how does this translate into numbers? Is the Tesla Model 3 really a cost-efficient ride that justifies the initially high purchasing price?
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Tesla Model 3 Average Sale Price And Budget To Be Closer To $50000 Based On Latest Data From Reservation Holders
A new version of Teslas first production model, the Roadster, is in the works, although production has been delayed to 2023 or beyond. It promises rocket-like performance with a 0-60 time of 1.9 seconds.
The specifics, including the price, are not yet available, however. Prospective owners can get a $50,000 refundable reservation to be one of the first to own it.
Teslas driver-assisted Autopilot technology is already one of the most advanced systems on the market, capable of maintaining speed, lane position, and more over long stretches of highway. The companys basic Summon feature works to move the car in and out of your garage without actually being in it.
But what about the companys Full Self-Driving option? A $12,000 upgrade at the time of vehicle purchase, Full Self-Driving includes Navigate on Autopilot, City Steering, Auto Lane Change, Parking Assist, and Advanced Summon features, as well as access to future upgrades of the software that the company promises will bring the technology closer. to fulfill the promise of his name.
Tesla Model 3 Named As One Of The Winners In Kbbs 5 Year Cost To Own Awards For 2022
The Tesla Model 3 Standard Range Plus is the cheapest Tesla, with a purchase price of $44,490 and an estimated driving distance of 267 miles. Dont expect the price to stay for long though.
Tesla Model 3: A Complete Guide On Features And Prices
