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Cost Per Month? Car Note, Insurance, Taxes, Stickers, Plates.....

Discussion in 'Model 3' started by Garlan Garner, May 12, 2016.

  1. Garlan Garner

    Garlan Garner Active Member

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    I'm wondering how much the bottom line is going to be.

    I'm planning on maxing out my M3. All Options available. Without question - Ludicrous mode.

    My current insurance company GEICO can't quote a price yet because there is no M3 data to do research on. Understood.

    What would a 5 year car note ( purchase ) be on a 60K car?
    I know how much the plates are
    I know how much my city sticker is
    Not sure what the Insurance costs will be.
    Not sure on what the taxes will be.
    I don't know how much my Electricity bill will increase.
    Am I missing some other costs?


    I'm hoping that the costs per month would be the same costs for an Audi A4.

    I'm just wondering if this car maxed out will approach $1k per month. What do you guys think?
     
  2. CarlitoDoc

    CarlitoDoc Member

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    There are plenty of calculators online that will help you estimate the monthly payment of a car based on the amount of downpayment and "estimated" interest rate. I sincerely doubt that costs will be less than your current A4; however, the potential gas savings will offset some of the added costs (assuming you drive a "lot").
     
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  3. Dan Detweiler

    Dan Detweiler Member

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    Well,
    with nothing down on a $60,000 car for 60 months at 1.99% (current rate from my credit union) the car payment alone is $1051.40 so, yeah, with those stipulations you will be over the thousand a month stage.

    Dan
     
  4. melindav

    melindav ☰ reserved

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    also read thru the DOE's Illinois page for EV info.
    there is various bits of info that could be useful
     
  5. SageBrush

    SageBrush Active Member

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    There are 60 months in 5 years

    At 0% apr, $60,000 divided by 60 months is ...
     
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  6. Sharkbait

    Sharkbait Member

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    I think your question is far too broad for me to answer. What you will end up paying every month will depend on many factors. Consider some of the following:

    1. Bank rate financing around 2-3% if you have good credit. Could easily rise in the next 20-24 months.
    2. Down payment and how much you will end up financing, including state and DMV fees. I will pay cash at delivery.
    3. Insurance based on your age, where you live, driving record, tickets, accidents, etc.
    4. What the pricing of options will be when you're finally asked to 'configure'.
    5. Residential costs to install the appropriate NEMA outlet and charger at your residence.
    6. And more?

    I don't look at my purchase as one that will save much money, especially over gasoline for my 2013 Prius. It's more about the car and trying to go as green as possible. My residence power needs are totally met with solar with spare left over for the M3.
     
  7. Garlan Garner

    Garlan Garner Active Member

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    Fantastic....that's exactly the thinking I was looking for. Thanks a million.
     
  8. Booga

    Booga Member

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    Insurance is one of those items that is on my mind.

    I insure with GEICO (Buy Berkshire Hathaway stock and ask for the shareholders discount!) and get very good rates, though I'm only covering a Honda Civic right now. The value of my future Model 3 is likely going to be something like 4-5x as high, which means my premiums will move up. The liability portion should hopefully not move much, but I'm not sure about the coverage for my own car. It could be higher than I would like.

    I haven't made up my mind 100% if I'll take delivery or not. It depends on many factors, which I don't know yet, including delivery timeline (tax credit implication), cost of upgrades (range, autopilot, subzero), and some consideration to insurance and energy prices. The higher that oil prices are and electricity hasn't moved up, the more valuable the electric fueling is to me.
     
  9. wbrumfiel

    wbrumfiel Member

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    A fully optioned model 3 will likely be more than $60k. Just gonna throw that out there.
     
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  10. Booga

    Booga Member

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    I would agree.

    The way I think about it is in two regards:
    1. There could be a tax credit of up to $7,500 if you reserved pre-announcement. That brings it down to $52.5k.
    2. Fuel savings (even after electricity costs) will save you money too, but depends on how much you drive. I drive a lot and so I expect this to be anywhere between $5-8k of value to me.

    Those two bring the original $60k down to anywhere from $44.5k-$47.5k for someone like me. I'm hoping to start with a car that comes to maybe $42-44k after upgrades, call it $48k after sales tax, and so with the two adjustments above, I'm back to maybe $35k or so.

    If gas prices go up between now and then, it might be even more valuable and a cheaper car, economically. If options come out cheaper or more expensive than I thought, that could swing the decision as well.

    I'm really hoping for an inexpensive range upgrade, AP, and subzero options. AWD would be great, but is lower on my priorities.
     
  11. eye.surgeon

    eye.surgeon Member

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    Something else to consider...if the yearly cost of the car all-in is more than 20% of your income, you're probably spending too much. If you're financing over 5 years (rarely a good idea unless it's a play on the cost of money) that means the total cost of the car + 5 yrs of operating expenses should be less than your annual income.
     
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  12. Trips

    Trips Member

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    Even with the tax refund and gas savings I am looking at $1,326 before maintenance. You should not figure in gas savings unless you are counting gas costs of an ICE.

    5 year totals
    Nebraska Sales Tax + Registration + EV Tax = $9,003
    Insurance: $6,000
    Payments: $63,060 (1.99% for 5 years)
    Electricity: $3,000 (based on $10/kWh and 12,000 miles/year)
    Total Cost: $90,066 = $1,501.10/month

    Gas Savings: None, Included above but would be $3,000 (based on $2/gallon, 20mpg, 12,000 miles/year)
    Refund: $7,500
    Total Cost with savings: $82.566 = $1,376.10

    Cost of $60k ICE + Gas = $92,816 = $1,546.93/month

    Side Note: A Luda or faster will be more than $60k
     
  13. Garlan Garner

    Garlan Garner Active Member

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    #13 Garlan Garner, May 13, 2016
    Last edited: May 13, 2016
    Absolutely fantastic. This and others posts are exactly what I needed to get my mind around the grown up part of all of this - called financials.

    BTW - I hate your Side Note - Although I believe you are correct.

    I have currently saved $40K and I am looking for a way to get the Luda at approx. $500/month with insurance included. ( I know, I know....save more money )
    I have also determined that going to work @ 55 miles each way would require 16KWH ( MS85D ).

    My average solar production on my house has been 39KWH per day. This means that I might have to start paying an electric bill again. I haven't had an electric bill in 3 years. SolarEdge

    I currently pay approx. $.05/KWH according to my electric bill - which would equate to $1.60 every day for electricity to run my M3. Hmmmm. I wonder if I'm willing to sit at a Tesla Charging Station for $1.60? Hmmm

    My entire house does not use 32KWH on a daily basis. ( trip to work and back using a Model S 85D).


    Trip to work.png
     
  14. Garlan Garner

    Garlan Garner Active Member

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    Excellent Point
     
  15. FirstSea

    FirstSea Member

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    Great cost breakdown Trips, I just hope I don't have to pay too much for the insurance.
     
  16. SageBrush

    SageBrush Active Member

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    3 - 4 miles a kWh strikes me as a fair range of owner experience, so you will consume between 15,000 - 20,000 kWh. At 10 cents/kWh, this works out to $1,500 - $2000 over five years.

    I calculate $6000
     
  17. Garlan Garner

    Garlan Garner Active Member

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    I currently pay approx. $.05/KWH according to my electric bill - which would equate to $1.60 every day for electricity to run my M3. Hmmmm. I wonder if I'm willing to sit at a Tesla Charging Station for $1.60? Hmmm
     
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  18. Sharkbait

    Sharkbait Member

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    Ah, I presume that $40K is an addition to a minimum of 6-12 months of your salary also squirreled away in the event you become unemployed for that long. Remember 2008?
     
  19. JeffK

    JeffK Active Member

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    Hated 2008, I was unemployed for months!!
    Oh, and as a result of 2008, bankruptcy falls off credit report mid 2018... just a few months after I no doubt get some excellent rates on financing a fully loaded Model 3 (sarcasm) o_O

    At least nowadays I have a secure, decent paying, job.
     
  20. zenmaster

    zenmaster Member

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    If it's more than 10% you're probably paying too much.
     
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