Humans are thriving because today we have what the earlier civilizations didn’t have. We have the means to survive, come what may and it is all down to adaptation and innovation. Transportation is one of the key elements that made humans such a powerful species and it is evolving day by day. Today people are interested in EV cars as they are the future of transportation due to increasing pollution. Tesla is the top brand when it comes to EV cars. However, as EV tech is still new, these Teslas are on the expensive side. Many people wonder is buying a Tesla a good investment and are Teslas worth it? In this article, we have done a detailed analysis of Teslas to answer those questions.
Are Teslas Worth it? An Analysis
Tesla is to vehicles what iPhone is to smartphones. When you own a Tesla you belong to a different league. But it comes at a cost which might be too much for some people. The EV market is expanding and there are options other than Tesla as well. It begs the question, are Teslas worth it? Before we find that out, let us learn more about the company that makes them.
What is Tesla?
You must have been living under a rock or must be constantly avoiding the topic on purpose if you claim that you don’t or haven’t heard about Tesla. Tesla is an automotive and clean energy company headed by Elon Musk. The company is headquartered in Austin, Texas, and is never far from being in the news for good or bad reasons. The company is into manufacturing and designing a lot of products and because of that, it is one of the world’s top most valuable companies and the top most valuable automotive company.
Previously the company was known as Tesla Motors, Inc and it was founded in 2003 on 1st July. The company was founded by Martin Eberhard and Marc Tarpenning and Elon Musk became its largest shareholder and is the CEO of the company since 2008. Recently, Tesla has been in the news because of their electric cars, self-driving cars, and CEO who happens to be the world’s richest man and the new head of Twitter. The company is sixth in the US to reach a valuation of 1 trillion dollars which is no mean feat.
The company also deals in batteries and has charging stations lined up at places where you can charge your electric vehicles just like you have petrol pumps for vehicles. They also have various updates and upgrades that you can buy for your car which give you more features to use in your vehicle. The company also services vehicles and comes with features that you would have in a smartphone making it a smart car company. Let us now answer are Teslas worth it?
Is a Tesla Worth it?
Even when talking about the company you see just how much praise was there to shower on it and there is a reason why it is so. Before buying anything the practical approach is to question yourself if is it worth buying in case the object is not a necessity. Similarly, with a Tesla, you have the question are Teslas worth it? And the answer to this question is not as straightforward as you would want it to be. The question will have a different answer depending on who you ask so we are of no help there but what we can do is provide you with points that can help you answer the question for yourselves.
The cheapest you could own a Tesla for is just less than 50,000 dollars. Now it is safe to say that for this price you can own either multiple cars from other companies or you could own a sports car or a top-end model of certain cars but with Tesla, you are getting the base model for such a high price so you might want to ponder on this point. Also, to add certain features, or software, or to get a different color car you might have to pay a bit more than this and so the car becomes a bit more pricey.
Buying a Tesla could also be a task in itself. There are places where you can go and have a look at the car and even test drive it but the buying happens online and delivery might take up to 12 weeks. So ordering and delivery of the car can both be a task in itself and might force you to rethink your decision. However, you can customize your Tesla and get to choose color options, wheels, etc. which is one very good thing about the company.
When buying a Tesla you can go for the loan option but that would require you to pay 4,500 dollars or 5,714 dollars upfront depending on the loan tenure you choose. A 6-year loan would see you pay 703 dollars for 72 months and a three-year lease would see you pay 519 dollars a month.
You might ask if, is buying a Tesla a good investment. While we can’t comment on that, what we can say is that buying a Tesla might be the reason that you start making investments. Why so? Because Tesla can be purchased using Dogecoin. Now, this not only makes payment options more flexible but also allows you to enter the investment space that is the crypto market.
Electric cars are more pricey in a lot of ways than the normal petrol and diesel cars and one way you would come to realize this is when you go and check for insurance plans. So it might significantly add to your costs. This is a crucial point when it comes to answering are Teslas worth it? You should definitely research this aspect if you are planning to buy a Tesla.
Subscribe to Moneymint Weekly
Every Sunday we email people like you with top tips, insights and opportunities to manage your finances and build your online business. No hype, no scams, no fake gurus. Sign up below to get the next one.
New or Owned
Tesla doesn’t lose value like other cars and so buying an old car or a new car is not much different. You can opt for either and expect to get a good deal because you are about to own a car from a top car company.
Since you are dealing with an electric vehicle you can be assured that you will end up paying less than what petrol and diesel vehicle owners are paying. Firstly the range on those vehicles is nowhere near to what the EV gives you and on that, the fuel prices are much higher than charging costs so you should know that you will be saving a lot of money by owning a Tesla.
Tesla can be pricey to own when it comes to maintenance and repairs. Your average mechanic wouldn’t know how to repair a Tesla so you would have to get your car to a Tesla service center which is the first pricey thing to do and then next you would have to pay a more than decent amount to get the car fixed because the car parts are pricey and you more or less own a top end car which is bound to be expensive.
Is Buying a Tesla a Good Investment?
Considering every point that we have broken down above we would say, yes, to answer the question, is buying a Tesla a good investment? The reason comes down to the fact that while the cost and other things around the car are a bit pricey you also should not ignore the stuff that comes with owning a Tesla. The car is pricey but does it not offer premium worth? are Teslas worth it for real?
The car can be a self-driving one, you get to customize the car, and the car belongs to a company that is not your regular car company. Apart from all this, you are owning a luxurious and premium car whose value also doesn’t fall as easily as that of other cars after buying it which is another strong point to consider. Pair this with the fact that you can buy your car using a cryptocurrency which makes the experience all the more unique and one of a kind.
The money you put into buying a Tesla does not go to waste either by depreciation or by opting for an average car. So there’s not much in it to think about. To own a Tesla you should consider yourself blessed as it means that you have the money to buy such a pricey car and belong to a group of individuals who own a top-end car with the best facilities on offer.
What’s more, is that you own an electric car so you are also benefiting mature and saving costs on fuels at the same time and so every penny invested in the car might just be worth it. If you are convinced and thinking that the answer to is buying a Tesla a good investment is yes then wait. Teslas come with many hidden costs which you can find all about in the next section.
Hidden Costs of Owning a Tesla
We have hyped up the car enough for you now is the time to come back to Earth just for a little bit. You have many positives to answer the thought are Teslas worth it? But now we have a few negatives in the form of hidden costs of owning a Tesla that might give you something to think about.
- Getting an EV means getting a charger installed. And not just any charger you need a good charger for safety purposes and such a charger might cost you more than 1,000 dollars also not to forget that the person installing it also needs to be paid.
- Just like petrol and diesel cost you money, using charging or supercharging stations will also cost you a significant amount from time to time.
- The servicing of your car will need you to shell out some money every few years even if it’s just a couple hundred dollars.
- Your Tesla may require repairs from time to time and it might need a specialist to look at it which means a few more dollars spent on the car now and then. Remember that the car cannot be treated by anyone and needs you to go to someone who specializes in these cars and no doubt that it can be pricey.
- The car you own is a premium one and so are its parts. So replacing the parts means spending a decent amount of money on premium parts that are pricier than usual.
- Tesla cars come with a lot of cool features and you might want to have them. However, for each feature, you would need to pay some added costs making you shell out more cash. There are premium features available too but they cost more than the regular ones so more money.
- Getting your car insured is necessary and since it is an EV and a premium car the insurance also is pricier for it.
- You also have to factor in the inspection and registration pay into the car cost when opting to outright buy the car.
- To keep the car in top condition you would need to spend money on its cleaning, washing, and other aspects. Not to forget that battery costs might also have to be factored in since the battery might need replacing or maintenance of its own.
- Since you can customize your car you can always opt to get more accessories added and that means spending more money on the car.
- In case of a collision be ready to pay a handsome amount. Also, if you move to snowy areas then make sure to buy winter tires as spare. In both cases, more money is to be spent on the car.
- The last of your hidden charges include paying destination fees and acquisition fees. The first one is laid for getting your car delivered to your doorstep and the second one is required to be paid when leasing the car.
Also Read: How to Buy Land in the Metaverse
Should you buy a Tesla?
The question is subjective and every person will go about it the way they please. Owning a car this premium and pricey is no joke so be ready to spend a significant amount of money on the car from time to time. However, you save money on fuel and avoid visiting fuel refilling stations. This car also boasts the highest safety rating among all the cars ever rated. So the choice is tough and it will depend on your budget and various other factors.
We have covered all aspects of Teslas from their pricing to how much time will it take to get one delivered. The answers to questions like are Teslas worth it? Is buying a Tesla a good investment? will vary from person to person. All we can say is that Tesla is a premium brand and the best among its peers. If you are thinking of buying one then we suggest you do your research, check your financial situation and then make a decision.