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Is a Tesla Affordable in 2024? | My Monthly Payment Breakdown

Are you considering buying a Tesla but unsure of how much you’ll end up paying per month? The cost of owning a Tesla goes beyond just the car note, as you also have to factor in insurance, maintenance, and charging costs. In this blog story, we’ll break down the monthly expenses of owning a Tesla Model 3 Performance, including the car note, insurance, maintenance, and charging costs.

Let’s start with the car note. The writer purchased a 2022 Model 3 Performance for $66,944, with a loan amount of $41,600. With a down payment of $5,250, the monthly car note comes out to $658.18. The writer also discusses the loan terms and interest rates, highlighting the importance of finding a rate that fits your budget.

Next, insurance costs are discussed, with the writer paying around $166 per month for coverage. Shopping around for the best rates is recommended to ensure you’re getting a good deal. Maintenance costs for a Tesla are relatively low, with the writer only needing to perform basic upkeep like air filter changes and brake caliper lubrication.

Charging costs are another factor to consider, with the writer spending around $30 extra on their electric bill for charging at home. Overall, the writer estimates their total monthly expenses for owning a Tesla to be around $900, including registration and taxes.

Lastly, the writer compares their monthly expenses to their income, noting that it’s around 5% of their monthly income. They discuss the importance of finding a balance between car expenses and other financial obligations, emphasizing the joy and satisfaction that comes from driving a Tesla.

In conclusion, owning a Tesla comes with its own set of costs, but with careful budgeting and planning, it can be a rewarding experience. If you’re considering buying a Tesla, it’s important to factor in all the associated costs to ensure it fits within your budget.

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