- I built a tool to help you figure out
how much your Model 3 is going to cost each month.
Not just the loan itself, but things like taxes
and interest rates as well as charging.
How much you can expect to pay
just to charge your car each month, stay tuned.
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I know a lot of you just want to jump straight over,
so find the link in the description down below,
but I'm sure there's gonna be some questions you have
about how it works, so make sure to come back
and finish watching this video when you're done.
A couple of weeks ago I published a calculator
that helped you understand the overall price of your Model 3
and I got a huge response, over 100,000 people using that
in the first week alone.
So thank you to everyone that gave me feedback.
One of the big things that you asked was
how much is it gonna cost to charge my car each month?
So that got me headed down the path
of building a charging calculator for you
and I quickly realized that there's a lot more
to your monthly costs of owning a Model 3,
of owning a Tesla, than just your charging
and I had to go back to the drawing board.
So, in addition to the monthly charging calculator,
I had to build one that calculates your loan payment,
because there are things like interest rates
and down payments and all kinds of other factors
into what the actual monthly cost would be.
So in addition to the charging and the loan calculators
I wanted to add things like insurance,
because this could be a big cost as well for you each month.
First, you need to configure your Model 3
with all of the upgrades you want, color, and wheel choices
as well as the tax rate and dock fees.
If you're in the US, these will auto populate for you.
If you're outside the US, you'll want to update these
to make sure they match your location.
Next, you'll 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.
If you plan on financing an amount less than that
you'll want to update it.
I've also defaulted it to the typical five-year loan term
and a current 4.5 interest rate,
which is what we're seeing commonly in the US.
If either of those don't match your situation,
make sure to update it before continuing.
From there, I need to know your driving habits
to calculate your monthly charging cost.
Now, I'm assuming that you're charging at home
with a 240 volt NIMA 14-50 outlet,
which is the standard that most Tesla owners have.
There are other options out there,
but for the purposes of this, I wanted to keep it simple.
I'm also not factoring in any free supercharging
Tesla may offer since
we don't know the details at this point.
Your driving style also plays a big factor here
because it affects your efficiency when you're driving,
which then leads to more or less energy consumption.
And lastly, I wanted to include the monthly insurance cost
and any incentives you may receive.
Since insurance prices can vary greatly
depending on your location and your situation,
I defaulted it to $120 per month, which is what I'm seeing
commonly reported on different forums.
Feel free to update that if you have a better estimate.
And lastly, I left a field here for incentives.
This is last because most likely
it won't affect your monthly payment.
Let me explain, in the US, the federal tax credit works
by first looking at your overall tax liability.
That is, how much in taxes you owe to the IRS.
So let's say you make $50,000 a year
and you pay about 20% taxes.
That would leave you with a tax liability,
how much you owe of about $10,000.
Now, if you're like most people,
you've been paying taxes on that amount
throughout the entire year and likely
will get a refund because there were other deductions
and things you added at the end and then the IRS
will then issue you a refund the following year.
So that still works here, and you're not gonna miss out
on anything because the way the credit works is
it will apply whatever amount you get.
If you get the full credit of 7,500
it'll apply that to that 10,000 tax liability.
It'll subtract it before any of your payments
or other deductions are applied.
Meaning that the following year
you'll just get a bigger refund than you normally would have
so the caveat is if you don't make enough money
to have a tax liability greater than your tax credit,
meaning if you don't even owe $7,500 bucks
at the end of the year in terms of your total tax liability
then the IRS isn't going to
write you a check for the difference,
they're not gonna give you that money back.
They're just gonna give you a credit
up to the maximum that you owe.
And when I checked a lot of state incentives,
they operate the same way.
So the reason I mention all that
is because neither of those things change the purchase price
of your Tesla Model 3.
You're still gonna have to write a check
or finance that full amount up front
and start making monthly payments on that.
Now, the net cost is included in the final results
and we'll take a look at those here in a second
and that is where the incentives actually make sense.
When you kind of think of the total cost of ownership,
but your monthly cost likely won't be affected.
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 your final cost, the net that you end up paying.
I'm still working on making this better,
so if you find any ways to improve upon it,
please leave me a comment down below.
And if you like this video and this calculator
and these tools I built, please give it a big thumbs up
down below and don't forget to subscribe if you're new here.
If you have an email, and I know you do,
go get on our email list on teslanomics.co
so you don't miss any of the things that we create for you.
And lastly remember, when you free the data,
your mind will follow, thanks for watching.
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