Can I Afford a Tesla?

A Tesla is often marketed as an affordable luxury — the fuel savings, the software updates, the resale value. But the honest math looks different depending on the trim, your interest rate, and where you live.

On a $42,000 Model 3 financed at 6.9% over 60 months with $5,000 down, the monthly payment is roughly $733. Add insurance (typically $180–$260/mo for a Model 3), home charging or Supercharger costs (~$45/mo for the average driver), and you're looking at $960–$1,040 in true monthly cost.

The rule of thumb: if your total car cost sits under 15% of take-home income, you're safe. Between 15–20%, you're tight but livable. Over 20% and something else in your budget will crack — usually savings.

Use the car calculator to model your exact scenario. Try a shorter loan term: cutting 60 months down to 48 raises monthly cost slightly but saves you thousands in interest.