Ben Sullins of Teslanomics took the time to analyze over 100,000 responses to his Tesla Model 3 configuration survey and the results are in.
People jumped on Sullins' opportunity to share their Model 3 configurations. Users selected car color, wheels, Premium Upgrades, and Autopilot. Somewhat shockingly, Ben's data revealed that the average monthly Model 3 budget will ring in around a whopping $900. So much for an affordable electric car right? There's more to consider though ... read on.
Tesla Model 3
As we previously reported, Sullins' Model 3 monthly cost calculator also factors in range based on driving style, charging costs, and insurance.
For this reason, the actual monthly loan payment will not be $900, so don't be mislead by the larger-than-expected figure. This also doesn't mean that nobody plans to configure a less expensive Model 3, they'll just have to wait a long time to get it.
Nonetheless, Ben's estimator is a really great tool to know exactly how much it might cost you each month to own a Model 3, with all things considered.
The survey dug up some pretty interesting/surprising information:
- 75 percent chose a 60-month loan, 10 percent chose 72 months
- Half chose black as the paint color
- 60 percent chose aero wheels
- 60 percent chose the Premium Package
- 50 percent opted out of Autopilot and Full Self-Driving
- 49 percent plan to choose the Long Range model
- When determining the loan payment, a $5,000 down payment was used (so $900 is actually low if you plan on putting less down)
Video Description via Teslanomics by Ben Sullins on YouTube:
I analyzed data over 100,000 responses to what options people say they’ll choose for their Model 3 and the average price is going to be around 900 per month….probably more than you thought right?
A couple weeks ago I launched my Model 3 Cost calculator (https://teslanomics.co/model3cost2) to help you calculate your real monthly cost of owning a Model 3.
In the calculator, you can select all the options you want, add in the taxes, fees, insurance cost, and even driving habits to get a detailed estimate of your Model 3 monthly cost. In the first two weeks over 100K times people submitted their choices. Being the data geek I am, I logged all of that so we can go through it and see what people decided.
When it comes to color almost 50% of you chose black, which is the free option so I’m not sure if you're just cheap or if you actually like it? Rounding out the top 3 you have Midnight Silver Metallic and Deep Blue Metallic
For the wheels over 60% of you chose Aero! ARGGHHH! I’m guessing that’s because you saw the video of how they’re actually hubcaps. It turns out you can remove them to a decent looking wheel underneath.
Almost 60% of you said you want to upgrade to the premium package which adds $5,000 to the cost but also should get your car delivered sooner.
When it comes to the battery it looks like the Standard option with 220mi is the winner here which I can't agree with. I understand 9K is a lot for the upgrade, but as someone with a Model S that gets just 200mi on a charge I can attest that I wish I had went bigger.
As for autopilot I was shocked that nearly 50% of you don’t want even the convenience features. For me, this was surpassing because honestly if you’re okay without this, you might be able to find a used Model S for cheaper.
75% of you listed 60 months or 5 years as your loan term which makes sense, with just over 10% of you choosing 72mo or 6 years which is lower than expected.
For driving both Europe and the US reported an average daily commute of 40mi. In the future, I’m going to add an option to list that in Kilometers to make it more accurate.
Adding all of those choices up plus an average interest rate of 4.5%, tax of 8.25%, down payment of $5,000 (incl. $1K deposit) you’re looking at a monthly cost of just under $900.
That breaks down to 736 in the payment, about 35 in charging and 120 of insurance.
I still need to add a couple of missing options like AWD and the Performance package which we know are coming, but we don’t have official pricing from Tesla yet.
Of course, once we get official word on those I’ll update the calculator so to make sure you get notified once that happens - go to teslanomics.co/join and get on our email list.