How I bought a Tesla for $78 Per Month

I just bought the new 2019 Tesla Model 3 - here’s why it was only $78.39 per month. Enjoy! Add me on Instagram: GPStephan

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So how does a $40,000 car come down to a price of $29,450?

To start, this car is eligible for a $3750 federal tax credit until June 30th, 2019. This means if you pay more than $3750 in federal taxes, you will receive this entire amount back at the time you file your tax return. That money is as good as cash.

California drivers are also eligible for a $2500 Electric Vehicle Rebate, in which the state will mail you a check for $2500 upon showing proof of purchase.

Now Tesla gets a little sneaky after this…because in that $29,450 figure, Tesla also

So excluding the gas savings and only focusing on the first two, cash-value rebates, the ACTUAL price of the car comes to $33,750. For a brand new Tesla. Standard Range Plus. With AutoPilot.

So here’s how I bought this car for $78.39 per month:

Because I financed 100% of the car, my ONLY out of pocket cost was the taxes, license, and registration - which came to $4437.01

From the remaining amount I financed, my payment comes to $640 per month, or $7680 in the first year.

That means, in the first year, my total out of pocket cost is $12,117.01 between my payments, taxes, insurance, etc.

However, after the rebates and tax credits, that brings my TOTAL cost of owning this car for the first year down to $5867.01.

Because this car is for business use, the $1438 I pay in interest on the auto loan is a tax write off, the $4437 in taxes, licensing, and registration I paid upfront is a write off, and I can depreciate the car against my income. That’s a $14,075 tax write off…which saves me roughly about $4,926.25 in taxes.

So remember…my total out of pocket cost was $5867.01 after electric vehicle tax incentives. PLUS I save $4926.25 in taxes…that means I’m effectively buying a BRAND new Tesla Model 3 for $78.39 per month out of pocket…and realistically, this works out to be a FREE car when you take into account that MOST of that $640 per month loan payment goes towards principle, and that I can invest my money in real estate at a significantly higher return than what I’m paying in interest on the Tesla. But in terms of out of pocket cost: $78.39 per month.

And after going through the experience buying a Tesla like this, completely sight unseen, without ever having driven one before, I have to say…I don’t understand the concern of Tesla’s no-dealership model. Personally, I think the entire worry is overblown - and I think we’ll start to see a lot MORE car companies embracing this online-only business model.

We’re naturally entering an era where everything is done online. I haven’t been to a mall or physical store in FOREVER because it’s more convenient to buy it online, and USUALLY for a more competitive price because online stores have lower overhead, and that savings is passed down to the customer.

And for that, I have to give Tesla credit for being the first to really challenge the traditional business model of selling cars.

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