How Much Tesla Can You Afford? New Calculator Helps You Decide [highlight]

How Much Tesla Can You Afford? New Calculator Helps You Decide [highlight]

– Okay, the next thing
I want to talk about is an affordability
calculator that I built. Let me just pull this up for you here. So Tesla has an affordability
calculator already but it doesn’t include the Model 3, and that, I thought, was lame. So I wanted to basically rebuild or kind of do my spin on
something that they’ve built but also include the Model 3. And so what this is, you can go, the link is in the description, and I’ll put it in a dropdown
on the website as well. Now there are a couple
of assumptions here. So this includes S, X, and 3, every option that I was able to calculate, so literally if you’re
getting a custom paint versus a multi-coat paint, if you’re getting a different wheel size, if you’re getting the full self driving with enhanced autopilot and
blah blah blah blah blah, every single option I’ve
tried to break it down. Now I did not include cars
that you cannot currently buy, so for example the standard range Model 3 or all-wheel drive with white interior unless they just added that. All of those things, I went
through the Tesla website and I looked at every single
configuration combination and figured out what the price
of those vehicles would be. Then I used some basic loan
math, loan calculations to come up with how much your
monthly payment would be. Now, I’m assuming that
you’re financing some or all of the car and so that’s how it’s set up. I know that they don’t
have a lease option yet but on the other calculator
there is a lease option so you can go use that and also there’s a cash
option, so this isn’t for that. This is for assuming that
you’re gonna have a loan and you’re going to finance some of it, which is most people. So that’s kind of what I
was going for with this. I know there are edge cases here and there that I just probably
won’t ever update it for but here’s how it works. You punch in your interest rate and I defaulted it to 3.5%
so this is a whole number so if you get a better one or if you think you can get
a better one, go for it, just update that. You punch in your loan period in months, so 72 is the longest one Tesla offers, you can also punch in 60,
which is a five-year loan which is what commonly
people would get for cars and then you have a down payment so I default it to $2500
’cause that’s the minimum but then you can also,
if you want to do more you can kind of punch that in and see. Then you have this little slider here and you just adjust the
slider left and right to see which cars are in your price range. Now, I have it filtered
so it only shows you the, it’s gonna refresh of course, it only shows you the top
three most expensive ones for that model that are in your budget. So the reason I do that
is because I’m assuming that if you set a budget
like in this case of $1200 that you want the most car for your money, you’re not looking for the cheapest car otherwise you would adjust your budget. So you can agree or disagree
with that design choice but that’s how it works. So in here you can see for $1200 a month on a 72 month loan at 3.5% with a $2500 down payment, you could get the, now I
have these labeled as 3P that’s the performance model, you can get that with
the performance package, white interior, enhanced
autopilot, full self-driving or you could get it with
the performance package, custom paint, white interior, enhanced auto pilot, full self-driving, or you could get the
multi-coat paint, etc. And you can kind of see the prices here. There are bar charts all
over the prices so similar I may kind of remove it, I’m not sure. And then if you scroll down, you can see what you have with the Model S and then you have the Model X. Now if you wanted to, you
can either click in here and just type it in or
you can move that slider so if I were to move the slider, let’s say down to $1000, let’s go down to say $800,
I think a lot of people were thinking okay 800 bucks a month, let me see if I punch
in $800, there you go. You can see here are the
ones that you can get. So you can get the dual
motor with custom paint, the dual motor just regular, or the long range multi-coat paint with 19 inch sport wheels. So it’s not perfect, I may include just a list of all of them or a way to click out to see all of them and that’s kind of how it works. So have fun with this, guys. Let me know what you think about it. It might be a surprise to you in terms of how expensive things are. For example, if I put down $5000 but then change this to a 60 month loan, you can see that this all adjusts. So again now your cheapest
car at all is 800. So with a 60 month loan and $5000 down, you’re getting just the
base Model 3 long range, and again I don’t have
the standard edition one because it’s not currently
available for purchase. So there you have it, if you want to put in
$20000, I don’t know, just to see what happens
then, $800, boom look at that. So you get more options there. Okay, so I hope you guys enjoy this. The link is in the description. Let me know if you find bugs, I just thought it would be
a cool way for you to look and kind of plan alright what
Model 3 is in your budget and then, of course, if you expand it out you’ll get Model S and
Model X options as well. And I did focus specifically on the monthly payment, the
estimated monthly payment, because I think for a lot of people that’s kind of where it comes home. We can look at these things
and say oh there’s incentives. You’ll save money on maintenance,
you’ll save money on this, and those are all fine and good assuming you can afford
the monthly payment because the savings on those
other things don’t matter if you can’t afford your house payment because you’re paying too
much for your car that month. So I disagree that those things
are of greater importance. I think that the first prime
gate you have to get through is whether or not you can afford a Tesla from the monthly payment standpoint. So that’s why it focuses on this. And yeah, let me know what
you guys think about it. Let me know if you find bugs,
again, seriously, honestly. There are definitely bugs in there.

26 thoughts on “How Much Tesla Can You Afford? New Calculator Helps You Decide [highlight]

  1. I can't even fathom paying $1K or more per month for a depreciating asset. I think I'll just pay cash for a used Model 3 whenever they pop up on the market.

  2. On my phone, I can't select anything other than the performance version of the model 3. It just doesn't give more than the top three options.

  3. Hi Ben and viewers, i would like know ball park approximation how the cost of electricity compares between Tesla Supercharger (for those that wont get free SC) and some of the other charging stations you see in shopping malls etc. Is it about the same?

  4. I thought Tesla forces the premium package in new pricing scheme. So there is no Base v Premium upgrade option.

  5. If you have to finance it, you can’t afford it. See Dave Ramsey. You don’t need a calculator to look at your bank balance.

  6. I would recommend your dashboard having 3 columns (S, 3, X) with all the cars listed instead of an index filter of top 3. Then you could see the top affordable cars next to each other. I think showing all car configurations in a scroll down would be more ideal. It would also be nice to have the options listed on the right in a multi select filter to remove features you aren't interested in. Like FSD. Even if I had the budget I wouldn't want that listed as my top car to buy. Just my opinion. πŸ™‚

  7. No tax or Registration were factored in which can increase the monthly payment significantly for a 50k plus vehicle.

  8. Cant see this mainstream until they get to the majority average Joe pricing I would think no more then 500$ a month.

  9. Can you do a video about buying Used Tesla? What to look for, difference between buying from Tesla and from dealer, also the warranty situation. What model year is significant. Thanks!

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