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How Much is the Monthly Fee for a Tesla? [2024] 💰
Have you ever wondered how much it costs to lease a Tesla? Or maybe you’re considering buying one and want to know what the monthly payments would be like. Well, you’ve come to the right place! In this article, we’ll dive deep into the world of Tesla financing and break down the monthly fees for different Tesla models. So buckle up and let’s get started!
Table of Contents
- Quick Answer
- Quick Tips and Facts
- Background: Tesla Financing and History
- How Do Tesla Payments Compare to the Average?
- Tesla Finance Options
- How We Calculated Average Monthly Tesla Payments
- FAQ
- Conclusion
- Recommended Links
- Reference Links
Quick Answer
The monthly fee for a Tesla varies depending on the model, financing option, and credit score. On average, the monthly payment for a new Tesla ranges from $557.73 to $1,397.06, while the monthly payment for a used Tesla ranges from $381.40 to $723.04. Keep in mind that these figures are estimates and can vary based on individual circumstances.
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Quick Tips and Facts
- Tesla offers various financing options, including Tesla Financing, bank and credit union auto loans, online auto loans, and in-house financing.
- Tesla Financing is convenient and may qualify you for certain Tesla incentives like tax credits and extended warranties.
- Bank and credit union auto loans are best for borrowers who qualify for discounted rates through their financial institution.
- Online auto loans allow you to shop around for low interest rates.
- In-house financing is an option for people with bad credit and limited alternatives, but it often comes with high interest rates.
Background: Tesla Financing and History
Before we dive into the specifics of Tesla’s monthly fees, let’s take a quick look at Tesla’s financing options and a brief history of the company.
Tesla, known for its innovative electric vehicles, offers its customers several financing options to make owning a Tesla more accessible. Whether you choose to lease or finance your Tesla, there are options available to suit your needs.
Tesla Financing is a popular choice for many Tesla owners. It offers competitive financing rates directly from the manufacturer, with rates as low as 6.49%. The loan terms range from 36 to 84 months, giving you flexibility in choosing a payment plan that works for you. Additionally, financing through Tesla may qualify you for certain Tesla incentives like tax credits and extended warranties.
In addition to Tesla Financing, you can also explore other financing options such as bank and credit union auto loans, online auto loans, and in-house financing. Each option has its own advantages and considerations, so it’s important to research and compare before making a decision.
Now that we have a bit of background, let’s dive into the specifics of Tesla’s monthly fees.
How Do Tesla Payments Compare to the Average?
When it comes to Tesla payments, you might be wondering how they compare to the average monthly payments for other vehicles. Let’s take a look at the average monthly payments for new and used Teslas based on different credit scores.
Average Monthly Payments for New Teslas
| Model | Starting Purchase Price | 501-600 Credit Score | 601-660 Credit Score | 661-780 Credit Score | 781-850 Credit Score |
|---|---|---|---|---|---|
| 2024 Tesla Model 3 | $38,990 | $613.30 | $571.17 | $557.73 | $597.28 |
| 2024 Tesla Model S | $74,990 | $1,301.48 | $1,212.07 | $1,183.55 | $1,267.48 |
| 2024 Tesla Model X | $79,990 | $1,397.06 | $1,301.08 | $1,270.47 | $1,360.56 |
| 2024 Tesla Model Y | $42,990 | $689.76 | $642.38 | $627.27 | $671.75 |
| 2024 Tesla Cybertruck All-Wheel Drive | $79,990 | $1,397.06 | $1,301.08 | $1,270.47 | $1,360.56 |
Average Monthly Payments for Used Teslas
| Model | Fair Purchase Price | 501-600 Credit Score | 601-660 Credit Score | 661-780 Credit Score | 781-850 Credit Score |
|---|---|---|---|---|---|
| 2018 Tesla Model 3 | $24,469 | $492.47 | $426.12 | $382.35 | $381.40 |
| 2018 Tesla Model S | $32,772 | $693.33 | $599.92 | $538.29 | $536.95 |
| 2018 Tesla Model X | $34,000 | $723.04 | $625.62 | $561.35 | $559.96 |
| 2020 Tesla Model Y | $32,549 | $687.94 | $595.25 | $534.10 | $532.77 |
Please note that these figures are averages and can vary based on factors such as down payment, loan term, and interest rate. It’s always a good idea to consult with a financial advisor or Tesla representative to get an accurate estimate based on your specific situation.
Tesla Finance Options
Now that we have an idea of the average monthly payments for Teslas, let’s explore the different financing options available for Tesla vehicles.
Tesla Financing
Tesla Financing is a convenient option for financing your Tesla directly through the manufacturer. With competitive financing rates and flexible loan terms, Tesla Financing offers an attractive solution for many Tesla owners. By financing through Tesla, you may also qualify for certain Tesla incentives like tax credits and extended warranties.
Bank and Credit Union Auto Loans
If you prefer to finance your Tesla through a bank or credit union, you have the option to explore auto loans from these financial institutions. Many banks and credit unions offer discounted rates for qualified borrowers, making it a favorable choice for those looking for competitive financing options.
Online Auto Loans
Shopping around for the best interest rates? Online auto loans provide the convenience of comparing rates from multiple lenders without leaving your home. By leveraging online platforms, you can find competitive rates and terms that suit your needs.
In-House Financing
For individuals with bad credit or limited financing options, in-house financing may be a viable solution. In-house financing typically comes with low eligibility requirements, but it often comes with higher interest rates. It’s important to carefully consider the terms and conditions before opting for in-house financing.
How We Calculated Average Monthly Tesla Payments
You might be wondering how we arrived at the average monthly payments for Teslas. Here’s a step-by-step breakdown of our calculation:
- Find the starting purchase prices for each Tesla model.
- Subtract the average down payment from each price. The average down payment for a new vehicle is $6,907, while the average down payment for a used vehicle is $4,111.
- Use a loan calculator to determine the average monthly payments based on the average APRs and loan terms for new and used car purchases in Q3 2023.
Please note that these figures are estimates and can vary based on individual circumstances. It’s always a good idea to consult with a financial advisor or Tesla representative to get an accurate estimate based on your specific situation.
FAQ
Does Tesla charge a monthly fee?
No, Tesla does not charge a monthly fee. However, there are other costs associated with owning a Tesla, such as insurance, maintenance, and charging expenses.
Read more about “What is the Monthly Payment for a Tesla Model 3? … 💰”
What is the $9.99 monthly charge by Tesla for?
The $9.99 monthly charge by Tesla is for the Premium Connectivity package, which provides additional features such as satellite maps, live traffic visualization, and streaming music services. This package is optional, and you can choose to subscribe or unsubscribe based on your preferences.
How much is a Tesla monthly payment?
The monthly payment for a Tesla varies depending on the model, financing option, and credit score. On average, the monthly payment for a new Tesla ranges from $557.73 to $1,397.06, while the monthly payment for a used Tesla ranges from $381.40 to $723.04.
Read more about “Best Zero Down Car Lease Deals …”
What is the cost per month of a Tesla?
The cost per month of a Tesla depends on various factors, including the model, financing option, and credit score. On average, the cost per month for a new Tesla ranges from $557.73 to $1,397.06, while the cost per month for a used Tesla ranges from $381.40 to $723.04.
Read more about “How much is a Tesla Model 3 per month? … 💰”
Conclusion
In conclusion, the monthly fee for a Tesla varies depending on the model, financing option, and credit score. On average, the monthly payment for a new Tesla ranges from $557.73 to $1,397.06, while the monthly payment for a used Tesla ranges from $381.40 to $723.04. It’s important to consider your individual circumstances and consult with a financial advisor or Tesla representative to get an accurate estimate based on your specific situation.
If you’re considering purchasing or leasing a Tesla, it’s worth exploring the different financing options available, such as Tesla Financing, bank and credit union auto loans, online auto loans, and in-house financing. Each option has its own advantages and considerations, so take the time to research and compare before making a decision.
Remember, owning a Tesla is not just about the monthly payments. You’ll also need to consider other costs such as insurance, maintenance, and charging expenses. However, with its innovative technology and environmental benefits, a Tesla can be a rewarding investment for many.
So, are you ready to take the leap into the world of Tesla? We hope this article has provided you with valuable insights and information to help you make an informed decision. Happy driving!
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