Tesla’s luxurious, all-electric speedsters have everyone’s head turned. But before you trade your kid’s college fund for one, let’s evaluate how much it will actually cost you.
There are two models currently on the market from Tesla: the SUV Model X and the Model S. We’ll be looking primarily at the latter. While it’s by no means a budget car, there are ways to save money when you buy a Tesla.
If you’re in the market for a “green” vehicle, you should research how costs work for electric and hybrid cars. But we’re here to talk about Tesla, so let’s look at the base costs for its eco-friendly sports sedan.
Purchase price for a Tesla Model S
Here are the 2016 prices for all models currently offered by Tesla:
| Model | Base price | 0-60 speed (seconds) | Range (miles) | Top speed (mph) |
|---|---|---|---|---|
| S 60 |
$66,000 |
5.5 |
210 | 130 |
| S 60D | $71,000 | 5.2 | 210 | 130 |
| S 75 | $74,500 | 5.5 | 249 | 140 |
| S 75D | $79,500 | 5.2 | 259 | 150 |
| S 90D | $89,500 | 4.2 | 294 | 155 |
| S P90D | $109,500 | 3.1 | 270 | 155 |
| X 75D | $85,500 | 6.0 | 237 | 130 |
| X 90D | $95,500 | 4.8 | 257 | 155 |
| X P90D | $115,500 | 3.8 | 250 | 155 |
D signifies all-wheel driving capability; P signifies the “performance” category.
Tesla launched the all-electric Model S in 2012. It’s a hatchback sedan that competes with luxury brands such as BMW and Mercedes. It offers 31 cubic feet of cargo space and has room for seven passengers, if you opt for the $3,000 rear-facing, third row seat.
It can also accelerate from zero to 60 mph in 5.5 seconds or less.
The Model S starts at $66,000, and because of Tesla’s direct-order system, there’s no haggling. Simply visit a Tesla store online or in person, configure the car as you want it, and it will be built to your specifications. The base model comes in several different flavors, which cost up to $109,500.
Tesla also offers various upgrades. For $3,000, Teslas can be outfitted with futuristic autopilot capabilities, including automatic lane changing and self-parking. A $10,000 “ludicrous speed” upgrade for the high-performance P85D lets drivers accelerate to 60 mph in 2.8 seconds instead of 3.1.
The company also rolled out the SUV-style Model X in the fall of 2015, priced at $85,500 and up. In 2017, it will be followed by the more affordable compact Model 3, for $35,000.
The Teslas currently on the market are expensive, but there are factors that reduce the cost of buying and owning one, including tax incentives, fuel savings and insurance discounts.
Federal and state tax credits
A federal tax credit for purchasing an electric car effectively reduces the price of a Model S by $7,500. In some states, additional tax credits or rebates can knock an additional $9,500 off the purchase price. Drivers can claim rebates right after purchase or at tax time. Some states also offer noncash incentives, such as carpool lane access and free parking.
Fuel costs
Tesla’s cars are completely electric, so you can ditch the gas pump. That can save around $1,500 a year, or about $7,500 over the average five-year car ownership period, according to fueleconomy.gov.
Let’s compare a similarly priced luxury car: the BMW 7 series 740i. If you drive it 15,000 miles per year, spend about $3.03 a gallon and get an average 25 miles per gallon, you can expect to spend about $2,250 on gas annually. Tesla drivers will save that money, but they’ll see an increased electric bill from charging the car overnight. Tesla estimates that driving 15,000 miles per year will cost a driver an extra $602 in electricity, so deduct that from the gas savings.
Net savings: $1,648 per year.
Insurance discounts
NerdWallet found the lowest average insurance rates among 10 large insurers for the 2015 Tesla S in California and Illinois, two states with high Tesla ownership levels. Drivers can also take advantage of discounts for eco-friendly cars offered by many insurance companies.
| Cheapest Tesla Insurance Rates: California and Illinois | |
|---|---|
| CA | |
| USAA |
$1,635/year |
| Mercury |
$1,938/year |
| Allstate |
$2,406/year |
| IL | |
| USAA Note: Available only to active military, veterans and their family members. |
$1,707/year |
| Country Financial |
$2,153/year |
| American Family |
$2,214/year |
Methodology: NerdWallet averaged rates from the largest insurers for 30-year-old men and women in 10 ZIP codes per state with 100/300/50 liability insurance limits, 100/300 uninsured/underinsured motorist bodily injury coverage, and collision and comprehensive with a $1,000 deductible. We used a 2016 Tesla S60.
Insurance quotes vary greatly by company, state and individual driving record. It definitely pays to compare rates.
What about the Model 3?
If you’ve done the math and would rather wait for the more affordable Model 3, you’re not alone. In fact, almost 400,000 people have signed up to reserve a Model 3 to date. Just getting on the waitlist is $1,000, and there’s a limit of two per person.
Tesla has also dedicated a special FAQ page for questions related to reserving the Model 3, and is releasing regular updates on details of the car — without divulging the complete breakdown.
Just remember: State incentives don’t last forever, and you shouldn’t count on them for future cars. Plus, while $35,000 is far less than even the cheapest Model S, you may still purchase upgrades when the base Model 3 is completely unveiled.
Nicole Arata is a staff writer at NerdWallet, a personal finance website. Email: narata@nerdwallet.com. Additional reporting from Robyn Parets.
This article was updated July 19, 2016. It was originally published in April 2014.
from NerdWallet
https://www.nerdwallet.com/blog/loans/cost-tesla/
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