Newsflash: Many Tesla Model 3 owners aren't rich, but you do have to be smart with your money.
For years, Tesla cars have been primarily for the wealthy, although we do know a good number of people that own a Model S or Model X and aren't rich by definition. However, they do pretty well financially and tend to have a lot of nice things. This is primarily due to their priorities and how they handle their money. Keep in mind, however, it's difficult to handle your money well if you don't have much to throw around.
Some of the Model S and X owners we know either bought them used, leased them, or dipped into some extra funds that may have been set aside for retirement, vacation, a college fund, or the like. We don't suggest this, nor do with take issue with it. We're just spelling it out for you. The interesting part here is that many people who wouldn't usually splurge for a car have done everything in their power to take ownership of a Tesla. Some call it the "Tesla Stretch."
When the Tesla Model 3 came along, it was supposed to be a Tesla for the masses. However, no car with a ~$50,000 price tag is really for the masses. Nonetheless, the small Tesla sedan began gaining massive popularity even when it didn't arrive at the promised $35,000 price point. Over time, the Silicon Valley automaker was able to offer less expensive variants, and now, you can get a Model 3 for as little as $35,400, plus taxes, destination, fees, etc. Or, you can lease one for $399 per month.
Even a $40,000 car loan with a good interest rate and a long, 72-month term will cost you over $600 per month. YouTuber Jeremy Judkins pays over $800 per month for his $50,000 Model 3. How can he afford it? He must be rich, right? It's a known fact that all YouTubers are millionaires!
All jokes aside, there are many Model 3 owners out there who aren't rich. In fact, many people that buy the Model 3 came from a less expensive car, like the Toyota Prius, Camry, or Corolla. Studies show that while the Model 3 is more expensive to buy than most of it rivals, it costs less to own over the long term.
At any rate, Judkins shares with us how he affords his Model 3. We'd love to hear your story in the comment section below.
Video Description via Jeremy Judkins on YouTube:
How I can afford a $50,000 Tesla Model 3 | $800 A Month Car Payment!
My Tesla Model 3 car payment is over $800 a month. How can I afford a car payment that is as much as some people's Rent and Mortgage?