I live in Ontario Canada, and wanted to walk through the financials of owning a model 3. No debt on my books except a mortgage $190k and am single. $75k gross a year. Car is paid off.
I spend $400 - $500 per month on gas.
Cdn model 3: $40 000 Cdn - $7 500 rebate = $32 500 / 500 = 65 months. I plan to put cash down to offset the taxes and $10k in options. Is there a fundamental cost savings in fuel by owning the model 3? I want to know what the math looks like for most of you. I am fine if the credit is not applicable, as well. But, I haven't done the rigorous calculation in terms of energy costs. Any help?
There's quite a few things you need to consider:
MPG Of your current car
Sell price of your car in 2017
Cost of electricity in your area
Supercharger availability
Current Maintenance costs (you can practically say 'goodbye' to maintenance, especially if you're driving an ICE. Include SMOG, etc. in this)
Cost of registration renewal
Government Incentives
I've recently obsessed over cost-savings, so I've kinda thought of it in a formula. Try this, and plug in your own situation's numbers:
Cost of ownership for Tesla Model 3 for 5 years
Out of your pocket= $40,000 initial price + $5,200 taxes + $315ish interest (assuming your credit is great, and based on your income I'm guessing it is) + any extra registration you'll have to pay yearly, let's assume it's an extra $100 a year for 5 years
$46,015 - 7,500 rebate = $38,515 actual out of pocket..
How much you save in gas= ($450gas*65months) - [($450gas*65months) / (100/28)] efficiency (Assuming your MPG is 28, and assuming the Model 3 is rated at 100MPGe)
$29,250 - $8193 = $21,057 (obviously if you drive more, this will be even higher.)
How much you save in maintenance= I'm not sure what car you drive now, so for this example's sake, I'll say you spend $200 a year in maintenance currently, and will spend $100 a year in maintenance for the model 3
(200*5years) - (100*5years) = 500 saved in maintenance (probably higher... since you'll have a warranty and ICE's can be very unpredictable. I'm trying to remain conservative, hence the arbitrary numbers.)
$38,515 OOP - $21057 Gas Savings - 500maintenance - The sell price of your current car in 2017
I'd say, you're looking at roughly $16,958 (minus the sell price of your current car) over the course of 5 years. The gas savings for the long run (if you plan to own the car longer than 5 years) would make this deal even sweeter (the model 3 would practically pay for itself).
I hope that makes sense. Obviously, if your numbers are different or if you think your situation overall might be different, you'll want to plug in different numbers here (or, if you help provide the numbers, I can edit this post to be more specific to your situation
). If I were you OP, (especially with how much you drive) I would definitely buy the Model 3.