Overview
This video provides a detailed breakdown of the real costs of buying, leasing, and owning a Tesla Model 3 and Model Y, factoring in purchase prices, tax credits, financing, insurance, maintenance, and energy costs. The presenter uses personal experience and current pricing to offer practical guidance for potential buyers considering the end of the EV tax credit.
Tesla Model 3 & Model Y Pricing and Options
- The base Model 3 starts at $42,490, with upgraded versions up to $62,990 before incentives.
- Model Y starts at $44,990, with higher trims and maxed options reaching $58,990.
- EV tax credit of $7,500 applies to many configurations, bringing base Model 3 to ~$34,990 and Model Y to ~$37,490 if eligible.
- Options like paint, wheels, and interiors can each add $1,000–$2,000.
- Full Self-Driving (FSD) package costs $8,000 upfront or $99/month subscription.
Purchasing a Tesla: Financing and Costs
- Additional fees include a $1,390 destination fee and a $250 order fee.
- Taxes and registration depend on location (example: ~$6,200 in Phoenix).
- Financing rates and deals vary; higher interest rates can significantly increase the total cost.
- Example 2024 Model 3 purchase: $6,249.58 down payment, $696.96/month payment for 72 months at 6.59% APR.
- Tesla often shows lower payments with optimistic assumptions on website calculators.
Leasing a Tesla: Model Y Example
- 2026 Model Y lease: $10,196.91 down (including tax credit), $271/month, plus insurance and other costs.
- Leasing now allows for buyout at lease-end, increasing flexibility.
- Upfront cost versus monthly payment tradeoff is key; large down payment can be risky if vehicle is totaled.
Insurance and Ongoing Expenses
- Tesla Insurance premiums vary by state and driver profile; $80/month for Model 3, $102–$150/month for Model Y in presenter’s case.
- Industry averages are typically higher ($255–$282/month).
- Insurance on Teslas can be expensive due to repair costs, so compare rates.
Additional Ownership Costs
- Premium connectivity subscription is $10/month; can use Tesla referral credits to offset.
- Tires average $227 each; plan ~$38/month for tire replacement.
- Maintenance is minimal: cabin filters, wiper fluid, and tire changes.
Energy and Fuel Costs
- Electricity for 800 miles is ~$48/month at $0.25/kWh (CA); less in cheaper regions (e.g., $28 in Phoenix).
- Supercharging is pricier and varies by location.
- Gas equivalents for similar mileage are notably higher.
True Monthly Cost Calculations
- For purchased Model 3: $862.96/month including payments, insurance, tires, and electricity.
- Adding FSD and premium connectivity raises cost to ~$991.77/month.
- Leased Model Y: $511.40/month (lease payment, insurance, tires, electricity); $632.10/month with FSD and premium connectivity.
Decisions
- Recommend Model 3 or Model Y as best value Teslas for most buyers.
Action Items
- TBD – Potential buyers: Check eligibility for EV tax credit before purchasing.
- TBD – Buyers: Use Tesla’s calculator and check local taxes and fees for accurate total cost.
- TBD – Buyers: Shop around for insurance rates to minimize monthly expenses.
- TBD – Interested owners: Explore referral programs for possible discounts or trial features.