How much will your Tesla Model 3 cost per month? I built a tool to help you calculate exactly that. This tool calculates monthly cost of owning a Model 3 including price, taxes, fees, loan interest and monthly charging costs. Learn more at https://teslanomics.co/model3cost2
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There are some important notes about how the Tesla Model 3 Cost Calculator works so make sure to leave me any questions you have below after watching the video.
A couple weeks ago I published my first version of this Tesla Model 3 Price Calculator that showed what your overall cost would be for a Tesla Model 3. Since then I’ve had almost 100K of you use that tool and I’ve received tons of feedback.
A big question left unanswered with the previous version was what the monthly charging costs would be. This lead me down a path to build a calculator specifically for that. Along the way, I realized that I should instead make this new calculator more comprehensive so I went back to the drawing board. So I built a monthly charging calculator for a Tesla Model 3.
After finishing the Model 3 charging cost calculator, I started work on adding up all the other expenses you might encounter and which ones I could reliably estimate. So in addition to the overall cost and monthly charging amount, I built a loan calculator so you can see what you'll pay each month for the loan as well. Towards the end, I wanted to include things like taxes, delivery fees, and any incentives you might receive for buying an EV, so I added options for all of this towards the end. To get started calculating your monthly cost of owning a Tesla Model 3:
First, you need to configure your Tesla Model 3 with the upgrades you want, color and wheel choices, as well as your tax rate and doc fees. If you’re in the US, these will auto populate. If you’re outside the US, you’ll want to update these to match your location. Next, you’ll need to enter your loan information. Here I’ve calculated the taxes and fees in addition to the purchase price of the car and auto-filled that as your loan amount. You'll want to update this if you don't plan on financing the full amount of your Tesla Model 3. I’ve also defaulted it to the typical five-year loan term and the current 4.5% interest rate we’re seeing the US. If either of those doesn't match your situation, you’ll want to update before continuing.
From there I need to know your driving habits to calculate your monthly charging cost. I’m assuming here you’re charging at home with a 240v NEMA 14-50 outlet. There are other options, but for this, I wanted to keep it simple. I’m also not factoring in any free supercharging Tesla may offer since we don’t know those details at this point. Your driving style also affects the amount of energy your Tesla’s efficiency so if you tend to have a heavy foot when driving you’ll want to update that.
Next, I wanted to include a monthly insurance cost and any incentives you may receive. Since Insurance prices can vary widely depending on your location and situation, I defaulted it to $120 per month. Feel free to update if you have a better estimate.
And lastly, I have a field here for any incentives. This is last because most likely this won’t affect the monthly cost. Let me explain….
In the US, the federal tax credit only reduces your tax liability, that is, how much you owe to the government. The IRS isn’t going to write you a check here though. So if you make less than about 50,000 USD, you’ll likely not be able to take full advantage of the credit. Since the credit is applied when you pay taxes, the following year, it won't affect the purchase price of the vehicle nor will it affect the monthly payment.
In fact, when researching I couldn’t find many examples where any incentives offered reduced the purchase price of the vehicle. This is why I include the incentives at the end, to give you a “net cost” of your Tesla Model 3, even though it doesn’t change your monthly cost.
Once you’ve made all your choices it’s time to see the results, click the big button there and get a breakdown of your Monthly Costs, Charging Details, and Net Costs of owning a Tesla Model 3.
I’m still working on making this better so if you have ideas for how to improve, please let me know down below. Enjoy!
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