Some Sample Pricing for a Brand-New Model Y Performance

I am not overly educated on the electric car business to know all the ins and outs, so this involves much of my own research. I drove a hybrid once but never had an interest in making the expensive jump to electric.

I want to break down this tax credit first. It is on the opening page of Tesla, and I just had to read up on this selling point. Here is an excerpt from their website so this situation can change. You can read straight from their website:

You can learn even more through the IRS website:

Here are a few more rules:

Model Y Performance has a $7,500 credit that most people will qualify for. With the credit, the price of a Model Y Performance is $38,590. But. The wall and mobile connectors do not come at that price, so the total will be $39,295. That also has a baked-in $8,400 in estimated 7-year gas savings. So, the total you will be purchasing the car with no self-driving and no charging no tax credit, and no odd gas savings will be $54,380. This is the price we will use in the APR.

Total Estimated Selling Price is $54,380

Estimated APR According to Tesla

7.32%

7.3% no trade-in value 84 months = $75,684 financing paid after no down payment per month is $901. Total paid: $75,684

7.3% APR $5,800 down 84 months = $68,208 financed paid AND Per Month is $812. Total: $74,008

7.3% APR $10,000 down 84 months = $62,832 financing paid per month is $748. Total: $72,832

7.3% APR $20,000 down 84 months = $49,980 financing paid $595 a month. Total: $69,980

The interest is able to grow so much when the term length is stretched out over seven years of your life. You are paying $15,000 extra to keep the payments “low”.

Estimated APR According to Tesla Fair credit score 11.49%

11.49% no trade-in value 72 months = $82,152 financing paid after no down payment per month is $1,141. Total paid: $82,152

11.49% APR $5,800 down 72 months = $74,088 financed paid AND Per Month is $1,029. Total: $79,888

11.49% APR $10,000 down 72 months = $68,184 financing paid per month is $947. Total: $78,184

11.49% APR $20,000 down 72 months = $54,216 financing paid $753 a month. Total: $74,216

Very close to hitting $20,000 of interest paid with a 72-month term length. 11.49% APR is brutal.

Estimated APR According to Tesla Good Credit

9.49%

9.49% no trade-in value 60 months = $74,460 financing paid after no down payment per month is $1,241. Total paid: $74,460

9.49% APR $5,800 down 60 months = $67,140 financed paid AND Per Month is $1,119. Total: $72,940

9.49% APR $10,000 down 60 months = $61,800 financing paid per month is $1,030. Total: $71,800

9.49% APR $20,000 down 60 months = $49,200 financing paid $820 a month. Total: $69,200

Less than $15,000 in interest with a $20,000 down payment with this APR that is just barely under 10%. Not good.

Estimated APR According to Tesla Very Good Credit

8.49%

8.49% no trade-in value 48 months = $69,888 financing paid after no down payment per month is $1,456. Total paid: $69,888

8.49% APR $5,800 down 48 months = $63,024 financed paid AND Per Month is $1,313. Total: $68,824

8.49% APR $10,000 down 48 months = $58,032 financing paid per month is $1,209. Total: $68,032

8.49% APR $20,000 down 48 months = $46,128 financing paid $961 a month. Total: $66,128

Shortening the term length and increasing the monthly payments still hits you with just under $12,000 in interest.

Estimated APR According to Tesla Excellent Credit

6.19%

It stinks that the Tesla APR calculator only goes down to 6.19% we will try our best to get out from underneath this with a 36-month term.

6.19% no trade-in value 36 months = $64,836 financing paid after no down payment per month is $1,801. Total paid: $64,836

6.19% APR $5,800 down 36 months = $58,428 financed paid AND Per Month is $1,623. Total: $64,228

6.19% APR $10,000 down 36 months = $53,820 financing paid per month is $1,495. Total: $63,820

6.19% APR $20,000 down 36 months = $42,804 financing paid $1,189 a month. Total: $62,804

Even by cutting down the term length to 36 months with this APR we will be still paying almost $10,000 in interest even with a sizable down payment. These are just a few sample prices to get behind the wheel of a brand-new Tesla Model Y Performance. Is it worth it? Would you get into debt for one?