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Model 3 Financing: How can i achieve low monthly payments ? Other questions...

creekcrosser

Member
Mar 22, 2018
17
0
USA
Looking to reserve a model 3 in the coming months as my first bought car in New Jersey. In my research on financing i'm seeing that most individuals that finance are alleging that they pay around $900-$1000 a month. The teslanomics calculator seems to support this finding, but quite puzzled.

Are monthly payments of $500-$600 achievable without putting a hefty down payment ?

Will the federal tax credit likely be available a year or so from now ?

Advice ? Recommendations ?
 

insaneoctane

Active Member
Apr 6, 2016
3,762
9,033
Southern California
Excel is quite helpful. If Excel scares you, those online calculators work too. You are NOT going to get the first production configuration in the $500 to $600 range without a hefty down payment. If you haven't reserved yet, I would question your ability to qualify for the full Tax credit. On the other hand the "base" model at $35K even without a tax credit, with only $5K down could easily be under $600 (maybe even under $500 if you went 72 months at 1.99%)
 
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PoitNarf

My dog's breath smells like dog food
Jun 7, 2016
2,870
4,317
NJ
I was able to get my monthly payment to $565 a month, but that was a result of me getting $6800 for my trade-in and putting down $8000 which does not include the $1000 reservation and $2500 order deposits. In total between all the payments plus the trade-in I have about $18K towards the car already, so I’m only financing $38K. So yeah, if you wait for a cheaper version of the Model 3 and don’t want to put down a lot of cash then you should be able to get monthly payments where you want.

This is a pretty good calculator for monthly payments specific to the Model 3: Tesla Model 3 Better cost estimate
 

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