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How much do you pay for Model Y per month?
- Thread starter hamzah1985
- Start date
You are never going to get the full picture from anybody. That includes the pro-BEV & pro-ICE/hybrid crowd. And not because everyone is deceptive but because nobody every includes the full numbers or even agrees upon the full numbers. If you were to ask me how much I pay for my 2021 Model Y.. I can tell you that it only cost me $75 more a month to drive than the 2018 CRV I owned before.. if you consider the gas savings. And there is alot of truth to that statement. But what I left out was that I put $5K down, pay $50 more in insurance, paid $500 wall connector to charge it faster and still need to pay $2000 for an electrician to install everything. And thats without any consideration for the cost of tires or depreciation.. or the fact that I dont pay anything for actual electricity (because my wife pays the electric bill lol!!)
The reality is Tesla's in general are very expensive upfront.. with the idea that you will eventually save money in the long run you will save money on gas & maintenance. And that is true for most people and a big reason why I went ahead and pulled the trigger. I would imagine that a $50K Tesla with absolutely nothing down and ignoring anything else.. is going to run most people about $1000/month to drive including just insurance & electricity. As with anything YMMV.. and you could get additional savings depending on cheaper insurance, cheaper taxes, more tax credits/refunds, cheaper electricity options like existing solar installations.
What is also important is value. And yes I do feel like for the EV experience.. in particular the Tesla experience.. I am much happier driving a Model Y compared to driving a dull appliance like the CRV. And that value means the extra money upfront was worth it and I have no regrets. I also expect EV's to grow in popularity and competition.. which means I've already paid the biggest cost upfront.
The reality is Tesla's in general are very expensive upfront.. with the idea that you will eventually save money in the long run you will save money on gas & maintenance. And that is true for most people and a big reason why I went ahead and pulled the trigger. I would imagine that a $50K Tesla with absolutely nothing down and ignoring anything else.. is going to run most people about $1000/month to drive including just insurance & electricity. As with anything YMMV.. and you could get additional savings depending on cheaper insurance, cheaper taxes, more tax credits/refunds, cheaper electricity options like existing solar installations.
What is also important is value. And yes I do feel like for the EV experience.. in particular the Tesla experience.. I am much happier driving a Model Y compared to driving a dull appliance like the CRV. And that value means the extra money upfront was worth it and I have no regrets. I also expect EV's to grow in popularity and competition.. which means I've already paid the biggest cost upfront.
$468/month on a 2.5% loan. Of course a few months after I got the car the loan with the same lender was 1.99%
I'm about $95/mo on insurance; fully covered with max coverage on almost everything.
Edit: Also, I don't really look at buying a Tesla to be a way to "save" money. Maybe if you have the car 10+ years you'll end up saving, but sometimes charging in some states can even be fairly close to the cost of gas with a car that got good mileage (think like 35+ mpg). What you should look at is the cost of ownership vs another car priced about the same, think mid range Merc, BMW, or Audi etc. If you spent $47k on a BMW or $54k on a Tesla, that kind of stuff.
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If the stock market is returning 7% (or better, lately it seems to be WAY better) and a loan is costing you 2% to 2.5% wouldn't it be better to finance and keep as much of the money you have earning a return?
Then having the extra room of the hatch back makes it worth it. Plus saving time charging at home instead of going to the gas station. I make several 200-250 mile round trips every week, so I should be able to charge that at home at night.
~$2.5k per month is what I currently budget for
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$1.8K on a 3 year 1.99% auto loan, paying extra to reduce total loan amount paid w/ interest.
$400 for parking in a garage w/ free charging
$141 for car insurance
~$159/month on car wash products, parking garages, tolls, snacks, tickets and random accessories.
Yes they were. I also found this calculator that adds up everything but the insurance. So, this answers my question
Auto Loan Calculator - Monthly Car Loan Payment Calculator
Use our free auto loan calculator to calculate monthly car payments for the duration of your loan.
www.edmunds.com
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