Dude, this is above and beyond. Thank you for keeping the numbers on screen instead of showing flashy footage of a Tesla driving around - which I can find just about anywhere. Thanks for breaking everything down, giving helpful suggestions, for sharing your spreadsheet tool and then explaining everything about it. Amazingly helpful!
Great video! For a reference from across the world: . That same car: Tesla Model 3 LR is just over $79,000 with taxes here in Sweden (i just ordered one). Then again gas is $6,50 /gallon and financing through Tesla can usually be had at roughly 1.8 - 2.0% intereset rate. At the time of my order they had a special offer on the financing so I got 0.45% interest on the loan over 7 years.
Wow this is the EXACT video I’ve been looking for! You break down everything I‘ve been looking for. In conjunction with your M3P vs LR AWD video, I’ve solidified my choice and have an accurate picture of what it’s going to cost me. Thanks so much for your videos! 👊🏽
Project Future I’m sorry, but I have a follow up question. Did you have to pay the taxes AND the destination fee at delivery? Or was the delivery fee added to the financing? Just trying to get all of my ducks in a row..
Hey Marc! No worries at all. The destination fee should just be lumped into the total cost of the car, so you can definitely finance that. The taxes can get interesting because it largely varies by state. Here in Colorado, you actually have to pay 4% state sales tax at delivery and then another 4.15% when you register the vehicle (because those are city/county taxes). You might be able to finance some of the taxes, but I would guess that any down-payment you have will first go towards paying those (assuming they are due at delivery in your state). This is largely because a bank probably won't want to give you a loan for more than the car is worth. Let me know if this didn't answer the question.
Project Future thanks again! My tax rate is 9.5% in LA county and I know there are some credit unions that allow for over 100% Ltv to account for taxes and such but I want to pay those outright so this does answer my question. I had to rewatch the video to answer another question I had but you answered it with regards to the taxable amount. You had a trade in with positive equity so it allowed your taxable amount to be lower correct ? It wasn’t on the sticker price right?
Great! As far as my trade in, you are correct. I was offered $12k for my car and still owed ~$8,000, so my effective trade in was about $4,000. Most states allow a tax break on trade ins, where it actually reduces the taxable amount of the new car by the full trade in value. In my case, this reduced the taxable amount by $12k. Unfortunately for you... I just looked and it appears California is one of the few states to not allow this tax break.. so you will have to pay the 9.5% on the entire purchase price, regardless of trade in. I'd recommend looking to sell your car privately if possible (or to somewhere like CarMax), since this really eliminates the benefit of trading in to Tesla. To reflect this in the spreadsheet, you should just set the "trade in" cells (both of them) to zero and put any value from selling your prior car into the "Additional Down Payment" cell. That should even things out and remove the tax break since you can't get that in California.
You’re a life saver since you setup a spreadsheet for us with formulas set in place 😇. Now we can know the “true” cost owning one of these beauties. You’re lucky to have $100 monthly in California where I live you’re looking at $200-400 monthly on insurance alone! Definitely expensive to live here. By the way, I hear if you finance through Tesla they’ll ask for the tax to be paid on delivery? So might finance through my own bank if I find a decent deal. I also got a ‘18 Honda with about 20k (kbb) worth trade in good condition. If I get the standard range + you think I could get a $380/monthly payment 🧐 🤔? If not I rather get a more affordable car can’t do $600-700 like your range. Hmm how I wish I made more money 💵. Thanks for the video!!!
Here is the link to the Cost Calculator! You'll have to "Make a copy" in order to edit. Let me know if you have any issues or questions on it. Like and subscribe if it has helped you :) docs.google.com/spreadsheets/d/1IJ2Z-nvvwHHEhzNkjqmzDRwv1G5iEco-ttcofTGZk5s/edit?usp=sharing And if you are thinking of buying a Tesla.. Use my referral code to place your order and get 1,000 miles of free supercharging! ts.la/zackary49214
@@zacktripp well you're adding in another 4-5 ish thousand dollars to what you are financing. i did 12k down on mine and when you use it the way you have set it up the payment was high. as soon as i excluded the tax and destination the payment was bang on.
Hmm the way it's set up it takes the total purchase price with destination fee and taxes, then subtracts trade in and any additional downpayment to calculate the financed amount. I also put about 12k down, but after taxes and the destination fee, it was only about 8k off of the purchase price.
@@zacktripp okay so you're assuming that 12k down means payment prior to pick up. that's a little confusing to me at least when i hear down payment i assume it just on the purchase price not including taxes and doc fee. i put 12 down but payment prior to pick up was like 14.5. thats where the confusion is. i might be a dumb ass lol but you might want to call that out
I'm a little lost. This was good info, but it was a bit of a data dump. What would you say is the total savings over the life of the car? Call it 10 years, though I'm sure Tesla's could push it to 20 :)
It is definitely a lot of information, sorry about that! Unfortunately there is no simple answer to this question, since total savings is highly dependant on what you're comparing too. Do you have a specific example?
@@zacktripp I'm going to. I've had the same broker for 20 years for all my insurances, but maybe it's time a looked elsewhere. The amount I spend in insurances is ridiculous. Ordered my long range model 3 two weeks ago!
That's awesome! Yeah I've always had to shop around when getting a new car unfortunately. The range in offers is shocking. One will be 2500 a year and another will be 1200. Bundling with home insurance is always good too!
These Tesla Evengelists make me laugh. Here is the real thing. * The bad * 1- If you buy this car because it is green, make sure that where you live the electricity is not produced with coal or natural gas. If so, you are not green at all. 2- Even though Tesla keeps the value, it is quite difficult to sell as most people will prefer to buy it new as the price difference is not that big and you have a brand new one. I saw a garage with an older Tesla, they've been there 8 months, they just can't sell them for the price they want. 3- Many people compare Tesla with BMW or Mercedes. It's not at all comparable, as Tesla quality is not premium. I give my daughter my 2008 Mercedes and the paint quality is amazing, the build quality is really not the same. You should compare it to a Honda Accord for the quality of the car. Also, BMW is not good at gas mileage. 4- The insurance is 1000 $ for me for model 3, pray not to have an accident with it. I saw tesla hitting by front end and bumper, hood, fender, estimated repair cost was 50K as they are all made aluminum. 5- The monthly payment is high, even if you save on gas, it's like quitting smoking, you save but you don't really see it. * Good. * 1- Fun car to drive, the performance is incredible. 2- The technology of the car is cool too. 3- You save gas. 4- Tesla is worth it if you do a lot of mileage.
Thanks for setting me straight with the "real thing"! 1- Good thing the electric grid is becoming greener every year, and then there is the option to add solar. Gas cars not going to get cleaner with age, but an EV will. Also, most power plants are not located in heavily populated areas, so even if you are driving an EV run 100% on coal, you are increasing your local air quality. 2- Sounds like they are charging (ha!) too much... Generally when a product sits for 8 months, its because the price is too high.. 3- Build quality could certainly be better, no doubt. Good news is that you can afford a new (and better) paint job after 10 years with all of the money saved on maintenance and repairs compared with the ICE! Feel free to use the tool I provided to compare the costs to any car you'd like. 4- My insurance on the Model 3 is less (by 20%) compared to my previous Audi A4... sounds like a localized issue. 5- It's not a cheap car, but there is also a lot packed in there... comparing to a Honda Accord is not really fair when considering zero emissions, performance, and technology.
@@zacktripp Here there are a lot of used Tesla, people ask too much the differential is about 5K, so it is more advantageous to buy new ones. It is not easy to sell a used Tesla, it could take months. Indeed, by comparing an electric car to a gasoline car regardless of the model, you will always save money with an electric car. People compare it because of the price match. It's like comparing an orange and an apple.
Agreed! Used prices are too high right now. And hopefully more manufacturers start producing compelling EVs to drive higher standards so us consumers have even better options!
It's almost always going to be cheaper to just keep your current car, regardless of what it is compared to buying something new. In a couple years, you can compare a 4 year old Honda to a 4 year old Model 3 and see how the numbers work out. Not really a fair comparison though to compare a new Model 3 to a used Honda.. if cost is the only concern, buy a 20 year old Honda for $1500. The comparison in this tool and video is intended to compare apples to apples, one new car to another.
With no downpayment.. the single motor Cybertruck would be a monthly payment around $674 for 72 months, and the dual motor would be around $838 for 72 months. Then probably $100-200 more per month for charging, insurance, registration, etc. No gift card required, the sub is enough support :)
Good analysis but as an accountant there is an expression I can create a spreadsheet to prove or say anything you want
For the record. I love spreadsheets too. I use them every time I plan to make a decent purchase or any kind of financial purchase.
Haha yes! That's exactly what I do too.
Dude, this is above and beyond. Thank you for keeping the numbers on screen instead of showing flashy footage of a Tesla driving around - which I can find just about anywhere. Thanks for breaking everything down, giving helpful suggestions, for sharing your spreadsheet tool and then explaining everything about it. Amazingly helpful!
The spreadsheet is amazing and extremely helpful! Thank you!!
Glad it's helpful! Let me know if there are any questions.
Great video! For a reference from across the world: . That same car: Tesla Model 3 LR is just over $79,000 with taxes here in Sweden (i just ordered one). Then again gas is $6,50 /gallon and financing through Tesla can usually be had at roughly 1.8 - 2.0% intereset rate. At the time of my order they had a special offer on the financing so I got 0.45% interest on the loan over 7 years.
Wow this is the EXACT video I’ve been looking for! You break down everything I‘ve been looking for. In conjunction with your M3P vs LR AWD video, I’ve solidified my choice and have an accurate picture of what it’s going to cost me. Thanks so much for your videos! 👊🏽
That's great to hear! Glad I could provide some valuable information. Good luck with your purchase! You'll love it 😁
Project Future I’m sorry, but I have a follow up question. Did you have to pay the taxes AND the destination fee at delivery? Or was the delivery fee added to the financing? Just trying to get all of my ducks in a row..
Hey Marc! No worries at all. The destination fee should just be lumped into the total cost of the car, so you can definitely finance that. The taxes can get interesting because it largely varies by state. Here in Colorado, you actually have to pay 4% state sales tax at delivery and then another 4.15% when you register the vehicle (because those are city/county taxes). You might be able to finance some of the taxes, but I would guess that any down-payment you have will first go towards paying those (assuming they are due at delivery in your state). This is largely because a bank probably won't want to give you a loan for more than the car is worth. Let me know if this didn't answer the question.
Project Future thanks again! My tax rate is 9.5% in LA county and I know there are some credit unions that allow for over 100% Ltv to account for taxes and such but I want to pay those outright so this does answer my question. I had to rewatch the video to answer another question I had but you answered it with regards to the taxable amount. You had a trade in with positive equity so it allowed your taxable amount to be lower correct ? It wasn’t on the sticker price right?
Great! As far as my trade in, you are correct. I was offered $12k for my car and still owed ~$8,000, so my effective trade in was about $4,000. Most states allow a tax break on trade ins, where it actually reduces the taxable amount of the new car by the full trade in value. In my case, this reduced the taxable amount by $12k. Unfortunately for you... I just looked and it appears California is one of the few states to not allow this tax break.. so you will have to pay the 9.5% on the entire purchase price, regardless of trade in. I'd recommend looking to sell your car privately if possible (or to somewhere like CarMax), since this really eliminates the benefit of trading in to Tesla. To reflect this in the spreadsheet, you should just set the "trade in" cells (both of them) to zero and put any value from selling your prior car into the "Additional Down Payment" cell. That should even things out and remove the tax break since you can't get that in California.
This was so awesome! definitely going to use the spreadsheet you made!
Awesome! Let me know if you have any questions 😁
Project Future will do! Thank you!!
Very helpful 👍
Good info , subbed :)
Thanks for the sub!
Just one thing - wish there were spots for insurance and registration for ICE and Tesla separately. They are drastically different in my state.
You’re a life saver since you setup a spreadsheet for us with formulas set in place 😇. Now we can know the “true” cost owning one of these beauties. You’re lucky to have $100 monthly in California where I live you’re looking at $200-400 monthly on insurance alone! Definitely expensive to live here. By the way, I hear if you finance through Tesla they’ll ask for the tax to be paid on delivery? So might finance through my own bank if I find a decent deal. I also got a ‘18 Honda with about 20k (kbb) worth trade in good condition. If I get the standard range + you think I could get a $380/monthly payment 🧐 🤔? If not I rather get a more affordable car can’t do $600-700 like your range. Hmm how I wish I made more money 💵. Thanks for the video!!!
Here is the link to the Cost Calculator! You'll have to "Make a copy" in order to edit. Let me know if you have any issues or questions on it. Like and subscribe if it has helped you :)
docs.google.com/spreadsheets/d/1IJ2Z-nvvwHHEhzNkjqmzDRwv1G5iEco-ttcofTGZk5s/edit?usp=sharing
And if you are thinking of buying a Tesla.. Use my referral code to place your order and get 1,000 miles of free supercharging!
ts.la/zackary49214
I wish I had of planned as well as you. I recently found a cheaper insurance provider, these things all add up right.
They can definitely make a big difference. Always ways to save more money out there! Jealous that you get to drive your M3 around NZ!
I want to buy a Tesla model 3 some day when I have a good stable or even multiple sources of income
Sounds like a wise plan! Always best to stay in your comfort zone when buying any depreciating asset (like a car..).
on the spread sheet you included the destination fee and sales tax in the amount financed, which isn't the way it works
Assuming your downpayment/trade in is greater than the doc fee and taxes, then it shouldn't make a difference.
@@zacktripp well you're adding in another 4-5 ish thousand dollars to what you are financing. i did 12k down on mine and when you use it the way you have set it up the payment was high. as soon as i excluded the tax and destination the payment was bang on.
Hmm the way it's set up it takes the total purchase price with destination fee and taxes, then subtracts trade in and any additional downpayment to calculate the financed amount. I also put about 12k down, but after taxes and the destination fee, it was only about 8k off of the purchase price.
@@zacktripp okay so you're assuming that 12k down means payment prior to pick up. that's a little confusing to me at least when i hear down payment i assume it just on the purchase price not including taxes and doc fee. i put 12 down but payment prior to pick up was like 14.5. thats where the confusion is. i might be a dumb ass lol but you might want to call that out
Ah yes this explains it! Definitely understand how that could be confusing. I'll take a look and try to clarify. Thanks for letting me know!
Where’s the link?
In the description! Should be under "Tesla Cost Calculator Tool". I have also added it to a pinned comment.
I'm a little lost. This was good info, but it was a bit of a data dump. What would you say is the total savings over the life of the car? Call it 10 years, though I'm sure Tesla's could push it to 20 :)
It is definitely a lot of information, sorry about that! Unfortunately there is no simple answer to this question, since total savings is highly dependant on what you're comparing too. Do you have a specific example?
If I drive 25000 miles each year would it be worth buying a Tesla model 3 if I currently drive a Prius
If the Prius is paid off, buying a new car is never going to be cost effective.
Do you insure with Tesla, or are you with a 3rd party company?
3rd party. I use Progressive. I believe Tesla's insurance is only available in the state of California.
Wow, your insurance on the spreadsheet is cheap. My quote is 960 more a year than my current Passat. $6000 over 5 years more.
Wow! Did you shop around? That seems like a lot.
@@zacktripp I'm going to. I've had the same broker for 20 years for all my insurances, but maybe it's time a looked elsewhere. The amount I spend in insurances is ridiculous.
Ordered my long range model 3 two weeks ago!
That's awesome! Yeah I've always had to shop around when getting a new car unfortunately. The range in offers is shocking. One will be 2500 a year and another will be 1200. Bundling with home insurance is always good too!
These Tesla Evengelists make me laugh.
Here is the real thing.
* The bad *
1- If you buy this car because it is green, make sure that where you live the electricity is not produced with coal or natural gas. If so, you are not green at all.
2- Even though Tesla keeps the value, it is quite difficult to sell as most people will prefer to buy it new as the price difference is not that big and you have a brand new one. I saw a garage with an older Tesla, they've been there 8 months, they just can't sell them for the price they want.
3- Many people compare Tesla with BMW or Mercedes. It's not at all comparable, as Tesla quality is not premium. I give my daughter my 2008 Mercedes and the paint quality is amazing, the build quality is really not the same. You should compare it to a Honda Accord for the quality of the car. Also, BMW is not good at gas mileage.
4- The insurance is 1000 $ for me for model 3, pray not to have an accident with it. I saw tesla hitting by front end and bumper, hood, fender, estimated repair cost was 50K as they are all made aluminum.
5- The monthly payment is high, even if you save on gas, it's like quitting smoking, you save but you don't really see it.
* Good. *
1- Fun car to drive, the performance is incredible.
2- The technology of the car is cool too.
3- You save gas.
4- Tesla is worth it if you do a lot of mileage.
Thanks for setting me straight with the "real thing"!
1- Good thing the electric grid is becoming greener every year, and then there is the option to add solar. Gas cars not going to get cleaner with age, but an EV will. Also, most power plants are not located in heavily populated areas, so even if you are driving an EV run 100% on coal, you are increasing your local air quality.
2- Sounds like they are charging (ha!) too much... Generally when a product sits for 8 months, its because the price is too high..
3- Build quality could certainly be better, no doubt. Good news is that you can afford a new (and better) paint job after 10 years with all of the money saved on maintenance and repairs compared with the ICE! Feel free to use the tool I provided to compare the costs to any car you'd like.
4- My insurance on the Model 3 is less (by 20%) compared to my previous Audi A4... sounds like a localized issue.
5- It's not a cheap car, but there is also a lot packed in there... comparing to a Honda Accord is not really fair when considering zero emissions, performance, and technology.
@@zacktripp Here there are a lot of used Tesla, people ask too much the differential is about 5K, so it is more advantageous to buy new ones. It is not easy to sell a used Tesla, it could take months.
Indeed, by comparing an electric car to a gasoline car regardless of the model, you will always save money with an electric car. People compare it because of the price match. It's like comparing an orange and an apple.
Agreed! Used prices are too high right now. And hopefully more manufacturers start producing compelling EVs to drive higher standards so us consumers have even better options!
So try those numbers with a four year old Honda....
It's almost always going to be cheaper to just keep your current car, regardless of what it is compared to buying something new. In a couple years, you can compare a 4 year old Honda to a 4 year old Model 3 and see how the numbers work out. Not really a fair comparison though to compare a new Model 3 to a used Honda.. if cost is the only concern, buy a 20 year old Honda for $1500. The comparison in this tool and video is intended to compare apples to apples, one new car to another.
I'll send you a 30$ gift card if you create one of these for me lol I need a single motor Cybertruck and a dual motor Cybertruck. No trade in ☺️
With no downpayment.. the single motor Cybertruck would be a monthly payment around $674 for 72 months, and the dual motor would be around $838 for 72 months. Then probably $100-200 more per month for charging, insurance, registration, etc. No gift card required, the sub is enough support :)