It seems that everything Elon Musk touches turns to gold, including Tesla. The company took the green electric car idea and turned it into a lust-worthy luxury car.
When the first Teslas hit the market with impressive prices of $ 100,000 or more for a brand new Model S or Model X, cars were only available to those with deep pockets.
But now, more than a decade later, a moderate income person could own one of these impressive cars. And that’s not the only big change from the early days: you can buy Tesla with Bitcoin today.
Want a Tesla? You will need to order one
Teslas are not sold through traditional dealerships that have a lot of cars. While the company has stores where you can see cars up close and possibly have a test drive, shoppers should order their vehicles online. Delivery time up to 12 weeks.
The most affordable Tesla is the Model 3, which hit the market in 2017 for a starting price of $ 35,000 but now starts at around $ 38,000. The “shipping fee” adds $ 1,200 to the price for a total of about $ 39,200.
You will also pay government sales tax on your new Tesla if you don’t live in Alaska, Delaware, Montana, New Hampshire, or Oregon.
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Base price is for a white Tesla with standard wheels and an all-black interior. If you want a black, silver, blue, or red Tesla and you want sports wheels or a black and white interior, you’ll pay more.
When placing an order for the Model 3, you will be charged a non-refundable $ 100 commission. This is far more reasonable than the $ 1,000 down payment it took to reserve a place in line when the Model 3 first debuted, and there was a lot of demand for it.
Funding, tax credit, bitcoin and insurance
Don’t get me wrong: down payment will required when you rent or finance Tesla, but this is required when signing up, not when ordering a vehicle. The company wants you to shell out $ 4,500.
The loan calculator on the Tesla website estimates that funding through the automaker will give you a monthly payment of $ 519 over 72 months (six years). Rent for three years will cost $ 371 a month.
The government has offered generous federal tax breaks of up to $ 7,500 for electric car buyers, but the manufacturer has provided limited loans and Tesla’s loans have long been sold out. Now, the Biden administration is reportedly considering increasing the loan to $ 10,000 and lifting the restrictions.
If you are into cryptocurrency, you can now buy Tesla with Bitcoin. Musk, the CEO of Tesla – or rather Technocking (his real name) – made the announcement on Twitter a month after Tesla bought $ 1.5 billion worth of cryptocurrency.
The Bitcoin buy is an option currently only offered to US buyers, although Musk says the company will expand it to other countries at the end of 2020.
Keep in mind that EV insurance is usually more expensive than regular vehicle insurance, so it’s important to look around carefully to find insurance coverage at the best price.
Buying a used Tesla
When you buy a new car, it usually loses 20% of its value in the first year. This is why, in many cases, it may be wiser to buy a used car.
But the Tesla Model 3 doesn’t 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 when you buy your car.
A study of the automotive website iSeeCars found that the Tesla Model 3 is a used car that best retains its value. A buyer of a used car a year ago pays an average of 2.1%, or $ 923, less than a buyer of a new model 3.
Tesla says the used cars it sells must pass a 145-point test and are covered by a limited used car warranty, which adds another year or 10,000 miles of coverage to what’s left of the original warranty.
One option for buying used vehicles from Tesla is to go online and use a large website with a wide range of used vehicles available for purchase, including Teslas. You can pre-qualify for funding and even get a Tesla straight to your door with a seven-day verification period prior to ownership.
Saving fuel with Tesla
In the United States, the average car has a fuel economy of 24.9 mpg, according to the Environmental Protection Agency. Let’s round it up to 25.
Federal Highway Administration data show that Americans drive different numbers of cars at different ages; the age group that can afford Tesla, on average, drives about 15,000 miles a year. There are several mileage tracking apps that you can download to your phone if you need help tracking your own miles.
Let’s say the current gasoline price is $ 2.50 a gallon, a good round number. (Note: Using round numbers makes it much easier to do and understand mathematical calculations.)
So let’s figure it out: you drive 15,000 miles a year and drive 25 miles for one gallon of gasoline. This means you have to buy 600 gallons over the course of one year. (15000 divided by 25 equals 600).
If you pay $ 2.50 for each gallon, that’s $ 600 times $ 2.50, which equals $ 1,500. Since there are 12 months in a year, you are probably paying roughly $ 125 a month for gas.
So what is Tesla’s fuel economy? That’s the equivalent of 130 mpg, according to the EPA, although the cars don’t run on gas. But you will pay for electricity, “boost” and more.
Electricity cost for your Tesla
The cheapest way to charge your Tesla (or any electric vehicle) is to find a free charging station. If you don’t know where to go, there are several apps available that will show you the charging stations closest to you.
Over time, as electric vehicles become more common, you will likely see more of these stations appear in your area. The only downside to using a free public charging station is that it can take a while to charge the battery. Expect to sit there for an hour or more…
Tesla has its own “boost stations” across the country that charge the battery in just 15 minutes. You pay for this privilege; Tesla says prices “can vary by location and prices can change from time to time.”
If there are no charging stations in your area, your only option is to charge your car at home. Most people plug their electric cars into a power outlet in the garage and just forget about them and go about their nightly chores.
If you choose to charge your car this way, you will 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 you should ask your electric company what their policy is.
Maintenance and repair costs
One potential problem to keep in mind when buying a Tesla is that cars have not been around that long. There are not many experienced mechanics who know how to fix unique vehicle features such as swing doors and complex computer systems.
This means that if something serious goes wrong, your car may have to be sent to a Tesla service center. Depending on where you live, this can be a long journey.
Renowned tech columnist Marquez Brownlee offers valuable in-depth analysis of every Tesla model on his YouTube channel. He explains that just a few thousand miles after he became the owner of a Tesla Model S, his car started having very serious steering problems that could have caused an accident. The good side was that the car was still under warranty.
Tesla takes these matters very seriously and will lease you a Tesla so you can drive while it solves the problems. Sometimes a Tesla Certified Mechanic will even come to your home to help you for free.
Remember, Tesla is still primarily a luxury vehicle; as with BMW or Mercedes, parts can be expensive. New Tesla’s are guaranteed 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 might want to consider selling it when your warranty expires.
The amount of money you save or spend by switching to Tesla will vary depending on your individual situation. You cannot save money. You can pay more.
The Tesla Model 3 is much more affordable than other Tesla models, including the Model S and Model X, which now start at roughly $ 80,000 and $ 90,000, respectively. So yeah, you don’t have to be rich to buy the $ 38,000 Model 3.
But if you make a monthly payment of $ 519 for a new Tesla Model 3, that’s $ 6,228 a year, and many more cars will cost you less.
If you’re already paying roughly $ 600 a month for the car you currently drive and have an eye on the Model 3, then go for it.
You will no longer pay that hypothetical $ 125 a month for gas. But with Tesla you will deal with additional insurance costs plus electricity costs, including any “boost” you make.