As Tesla CEO Elon Musk continues to slash prices for its company’s EV lineup, more consumers are setting their sights on buying and owning one of their electric vehicles.
One model that has been affected by these price reductions is the Tesla Model 3. This car model is one of the most purchased electric vehicles in the entire world, boasting over 1.2 million sales across the globe.
Its affordable price point is one thing that has contributed to its immeasurable success. But, in truth, there’s an expansive list of reasons why a Tesla Model 3 is so popular and widely acclaimed in this day and age.
If you’re considering making the jump and securing a Tesla Model 3 for yourself, you’re making a good choice. That said, it’s crucial to dig deep and do some research before fully committing to making this relatively steep purchase.
Without further ado, here are all the things you need to know before buying a Tesla Model 3.
Tesla Model 3: Pricing and Trims
The 2023 version of the Tesla Model 3 comes in four trims: long-range RWD, standard rear-wheel drive, long-range AWD, and performance AWD.
The price of each type is as follows, as of July 2024:
- Standard Rear-Wheel Drive: $38,990
- Long Range Rear-Wheel Drive: $42,490
- Long Range AWD: $47,490
- Performance AWD: $54,990
Naturally, the more expensive the car trim, the better the performance of the vehicle.
The $3,500 jump in price from the standard RWD to the long-range RWD vehicle gives drivers an extra 160 kilometers in range and a faster acceleration speed. The range and acceleration continue to increase as we move up the ladder.
Before buying a Tesla Model 3, it’s important to know the price and the available car trims you can buy. The exterior has minimal differences, but the performance can vary drastically among these cars.
It’s crucial to know the nature of the roads and motorways that you’ll frequent with your EV. Rear-wheel drives are known to offer decent weight distribution, efficiency, and general handling capabilities. They’re cheaper too, which can be a big benefit especially if you’re driving in dry climates and smooth road conditions.
On the other hand, all-wheel drives offer more powerful traction and stability. This makes it less prone to slipping in wet and cold conditions like rain, ice, or snow.
On top of that, AWDs are also faster to accelerate since power is sent to all four wheels. If your general area has varied terrain or harsh weather, it may be better to invest in an AWD, even if they’re a tad more expensive than RWDs.
Specs and Features
Despite being Tesla’s most inexpensive car, the Tesla Model 3 boasts some pretty respectable features. And we’re not just talking about its sleek paint job.
For the RWD Model 3, it has a maximum range of 513 kilometers and a 0 to 100 km/h acceleration time of 6.1 seconds. It also has a fast maximum charging speed, adding up to 282 kilometers in 15 minutes under the best conditions.
The AWD has even more impressive features, boasting a range of 629 kilometers and a 0 to 100 km/h acceleration time of 4.4 seconds. It does this all while keeping you relaxed in a smooth, silent, and comfortable cabin.
Both trims have rear seat 8.0-inch displays where passengers can adjust the temperature or browse entertainment options like Netflix. Of course, it wouldn’t be a Tesla without a central dashboard, and this model has an upgradable one that can be customized to suit your preferences.
Furthermore, these vehicles also have adaptive suspensions and a staggered set of wheels and tyres made to improve vehicle longevity.
The automaker has also built long-standing batteries for the vehicle, reported to last more than 500,000 kilometers for its entire lifespan. This is longer than the lifespan of a standard gas car, and it’s even expected to last longer than the EV itself.
Access to Financial Incentives
While Tesla Model 3s are relatively cheap, they still are large-scale purchases. Tesla knows this and allows you to acquire your car flexibly, whether through leasing, third-party financing, or paying using cash upfront.
Fortunately, you can take advantage of electric vehicle incentives provided by federal and state government entities to lower your overall car acquisition and maintenance costs.
For Australians, you can gain tax credits to lower your filed taxes during annual reports. A popular one EV owners can get is a fringe benefits tax exemption. This is accessible if you buy your EV through the novated lease method.
State-specific incentives also exist and help reduce Tesla car costs. EV owners from the ACT and NT, for instance, can gain exemption from stamp duty incentives. Discounts and free registration fees are also accessible for residents in certain territories in Australia like South Australia and the ACT.
Certain states also have rebates for EV or EV chargers, allowing people to set up home charging systems without spending a fortune on them.
Queensland offers the most generous rebates at up to $6,000, while Western Australia and Tasmania follow closely behind. NSW, Victoria, and South Australia also had rebate programs, but they are closed for the time being.
Stay up to date for EV discounts and rebate news on the official government website on electric vehicle rebates in Australia.
Choose Your Insurance Policy Wisely
In most countries like Australia and the United States, it’s mandatory to have a basic car insurance policy. This applies to all vehicle types, including electric vehicles.
Having said that, you’re likely purchasing an insurance policy the moment that you’ve placed your order for the car or signed a purchasing agreement. But don’t think of this insurance purchase as an afterthought—it’s something that you have to prioritise for your financial wellness.
Before proceeding, it’s important to differentiate between compulsory and comprehensive insurance.
In Australia, compulsory third-party insurance covers the medical and rehabilitation costs of third parties involved in an accident with your vehicle. Important as this coverage is, it’s nowhere near enough to cover the entire breadth of adverse incidents that can occur with an EV.
Car owners who want full protection should be getting comprehensive insurance. This will cover not just injuries to third parties, but an entire breadth of other incidents that may cause damages, including:
- Damage from weather conditions like rain and hailstorms
- Property and vehicle damage
- Medical injuries to you and your passengers
- Criminal activities like vandalism, theft, and attempted theft
- Flooding and fall damage
EVs tend to have higher insurance rates because they have more specialized parts and technician knowledge. This is especially true for Tesla insurance, which has an annual cost that’s 50% higher than the national average.
Considering that fact, many opt to go for third-party insurers instead. Furthermore, these insurers can even provide you the option to raise your deductible, saving you more on your monthly premiums.
However, this can come at the expense of a lower payout (or higher cost) when the time comes for you to make a claim. So make your adjustment based on your ability to pay back.
Need more advice? Read ROLLiN’s Tesla Model 3 car insurance guide for more information.
Set Up a Home Charging Station
If you want to start driving seamlessly, then you should dedicate a space in your garage to charge your new Tesla Model 3. We recommend having it installed before bringing the car home. A home charger allows you to plug your vehicle overnight, allowing you to save more over time and access low electricity costs.
If you don’t have a home outlet set up, you can buy a wall connector in Tesla. You can choose from a bulk of options like a mobile connector and a universal wall connector. You don’t have to set up and install the charging station yourself—you should consult with a certified installer to do the job for you.
Besides that, you should also familarise yourself with charging etiquette with a Tesla. Use apps like PlugShare to know where to find charging stations around the city, as well as their respective levels. This can make it easier for you to navigate without worrying about having too little range left on your vehicle.
Get Referral Perks
Know someone who owns a Tesla car? Consider asking them for a referral code and using the link when you buy your car. Buying through a referral link gives you access to a few useful perks that can make Tesla ownership much smoother early on.
These perks include things such as a free self-driving trial valid for three months or a $500 discount upon purchase. It can also give you exclusive discounts on Tesla accessories and credits for Supercharging miles.