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It’s financially insane to not buy a Tesla Model 3
- Thread starter SanDiegoM3
- Start date
jebinc
Well-Known Member
Meh, that website isn’t informative because it doesn’t customize enough and makes generalities. There’s no time of use or EV charging rates quoted, which heavily skew financial results. Even the California rates are woefully understated.
jebinc
Well-Known Member
Inventory cars? Do you mean like test drive vehicles and cars that weren’t accepted or turned back in?
Fair point
conversely, over here in the bottom corner of the Pacific Ocean, we pay the equivalent of US$6 per gallon of fuel, or US$0.12 per kWh... and, a major factor for me was that the Model 3 Performance is actually slightly cheaper here than in its home market before subsidies, whereas most car manufacturers slap on hefty margins for our small market. Tesla wins my approval for their transparent, fair, direct pricing model.-Alex
With SDGE, I recieved a $500 EVCC credit in 2018 for having an electric car. 15,000 customers received the credit. In 2017, 7000 people received a $200 credit. I believe the application period is over already for 2019 but I believe it will be around the same as 2018. That pretty much covers the monthly $16 fee for the whole year, and then some. Although it’s not a guarantee you will get it or if it lasts throughout your EV ownership, it’s still a great incentive. Also, first responders and teachers are also eligible for a $1k point of sale rebate, limited to the first 2000 applicants residing and working in SDGE serviced areas. We took advantage of that program with our Model 3.
I’m with you and mostly agree However, don’t forget residual value in your TCO calculations. The S has fared well but that is likely due to little competition and a limited pool of cars. A mass market car like the 3 is anyone’s guess. The rapid pace of EV development coupled with the complete onslaught of new competitors will drive used 3 prices downwards. The BMW used values are likely known, and pretty poor unless you have a M3 but residual has to be taken into effect.
Candleflame
Active Member
pjoseph
Member
Here in Texas, we have a much more favorable electricity cost structure. All numbers are rough averages from my napkin memory method.
- Mostly unregulated markets. Lots of provider choices and flat rates of $0.09 /kWh
- Austin Energy is $0.12. Our ToU program has a flat rate of $30 /mo. Less than the cost of one gas tank fill ups for some cars.
- Gasoline is $2.35 /gal.
- And oh, we are not accepting any new Californians.
Atari2600
Active Member
My savings match OP figures but my energy and fuel are both cheaper. It’s awesome to be able to make a 120 mile trip where I average 70MPH and have it cost under $2.50.
I’m on track to save over $2,000 this year easily.
My only decision is what to do at the 8 year 120,000 mile mark? Gamble or switch cars? I have 7 more years to figure that out.
I’m on track to save over $2,000 this year easily.
My only decision is what to do at the 8 year 120,000 mile mark? Gamble or switch cars? I have 7 more years to figure that out.
True, but... You don’t buy a Model 3 to save money either? You buy a Gen 1 Leaf, or a 10-yr-old Toyota, or a pushbike and a bus ticket for when it rains
Maybe saving money is a relative goal? In that case the BMW M340i was probably quite a saving compared to the M3.
-Alex
I'm curious how the insurance between the BMW and M3 compare? There has been some talk about this in other threads and I'm curious if there is a significant difference in So Cal and if that would change any of these metrics? As for the Driving experience... I believe the M3 is now "the ultimate driving machine" IMHO!
I guess you mean Model 3 not BMW M3... in my post I meant BMW M3, just to be clear
-Alex
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Runebane
Member
Don't forget here in California the Air Pollution Control Districts each have incentives. For San Juaquin Valley, it was $3000.00 per EV you buy, while they money lasts. I assume (I know, I know) that the others have something similar.
But yes, this thread is very biased towards California drivers as we pay the most in gas but also have the most incentives to purchase an EV. Hell, going on the TOU5 plan and adjusting a few settings (doing dishes after 10pm etc..) our house eclectic bill nearly halved. SCE also paid to have my charging station installed in my garage, plus $450 rebate which just about paid for the Tesla charging station. We just had to submit the electrician's bill to SCE along with the electricians license number.
But I would have had a much different experience if I had lived in another state.
But yes, this thread is very biased towards California drivers as we pay the most in gas but also have the most incentives to purchase an EV. Hell, going on the TOU5 plan and adjusting a few settings (doing dishes after 10pm etc..) our house eclectic bill nearly halved. SCE also paid to have my charging station installed in my garage, plus $450 rebate which just about paid for the Tesla charging station. We just had to submit the electrician's bill to SCE along with the electricians license number.
But I would have had a much different experience if I had lived in another state.
I have to respectably disagree with OP's title. I do however agree that model 3 compared to a similar priced BMW is a no brainer.
Most people I know would love to drive a Tesla, but they simply can't afford it. It's financially insane for them to stretch their budget just to get a Tesla. Of course Tesla is superior in almost every possible way there but how do you convince someone that drives a Honda Fit (roughly 1/3 the price of SR+ now) to switch over? My colleague's response was, I can buy THREE Honda Fits that'll last me 200k+ miles, and insurance is cheaper with Fit. Can't argue with that, he's just in a different car market segment.
Now if OP changes the title to it's financially insane to buy a BMW/Mercedez nowadays, I'd wholeheartedly agree.
Most people I know would love to drive a Tesla, but they simply can't afford it. It's financially insane for them to stretch their budget just to get a Tesla. Of course Tesla is superior in almost every possible way there but how do you convince someone that drives a Honda Fit (roughly 1/3 the price of SR+ now) to switch over? My colleague's response was, I can buy THREE Honda Fits that'll last me 200k+ miles, and insurance is cheaper with Fit. Can't argue with that, he's just in a different car market segment.
Now if OP changes the title to it's financially insane to buy a BMW/Mercedez nowadays, I'd wholeheartedly agree.
SleeperService
Member
Factor, yes, driver...no. Driver was that I wanted an extremely fun [fast] car that was also very efficient [GHG emissions per mile]. Low TCO per mile is also very important since I drive 70+ miles a day, but as someone else said, if that were the only driver a [another] used Civic would be the correct choice. This is the ONLY car that fits that bill.
