Tesla's EVs are undoubtedly game-changing, and when people talk about the automobile industry and its progress, Tesla is almost always one of the first companies to come to mind.
There are countless reasons to own a Tesla car - from the interior space to the sleek exterior design. Moreover, many people assume that Tesla cars are too expensive for the average person, but there are several ways you can finance a Tesla, and perhaps one day, a Tesla will be parked in your garage.
Through Turo
You may know the actual price of Tesla EVs, but you might not be aware of the EMI options that Tesla offers. The Model S currently costs $1,225 a month to lease in California with a 0% down payment.
The rear-wheel drive Tesla Model 3 has a base price of $459 monthly but requires a minimum down payment of $2,500. Sounds affordable? There more! You can reduce the cost of owning a Tesla by using Turo. Turo is a company that allows you to rent out your car to others when you're not using it.
According to statistics, you can make up to $1000 within ten days by renting your Tesla as it comes under their luxury sedan policy. That's enough to cover most, if not all, of your monthly car payment.
Buy a used Tesla
Bad news, New cars depreciate 20% or more of their initial value during the first year. The good news is Tesla provides certified pre-owned automobiles at significant discounts, and the website even features an affordability calculator to assist you in determining your monthly payment. Furthermore, you want to confirm that you're receiving the greatest vehicle loan rate. Since most sellers have subpar interest rates, you should compare interest rates from multiple lenders.
Declare it as a company car
Declare your Tesla as a company car if you own a business. Although you should speak with a tax accountant before making this decision, the potential tax savings may make it worthwhile.
Switch your vehicle from gas to electric
According to the U.S. Environmental Protection Agency, the average car has a fuel economy of around 25 miles per gallon. And the Federal Highway Administration estimates that the average driver covers 13,476 miles yearly. So, paying $2.51 for a gallon of gas (the national average in late January 2020) adds up to an annual fuel bill of $1,353.
However, according to the Office of Energy Efficiency & Renewable Energy, the electricity equivalent of a gallon of gas (eGallon) only costs $1.19. This means that you would spend $641 on electric power for your car annually – more than $700 less than you would spend fueling with gasoline.
Key takeaway
Although there are many ways to afford a Tesla, the most promising way is undoubtedly saving? No, it's investing. You can invest in stocks and bonds; the cherry on the cake will be investing in Tesla stock itself.
It may sound quirky, but investing in Tesla stock might get you a Tesla car. It is extremely volatile and a rocky road that goes beyond low and rising highs. According to stock experts, Tesla stock (TSLA) looks like a very promising investment and might reach up to $3000 by 2030.
