Teslas are popular right now, and they have been for some time now. This is not just because they’re named after a man who once tried to invent the death ray, though. Elon Musk’s brainchild has cultural cachet, doesn’t need gas and has plenty of visual appeal. These are all great reasons to invest in a car. However, there are some unique steps you’ll have to follow to get a Tesla yourself.
A financial advisor could help you create a financial plan to buy a car and save or invest for other financial milestones.
Step 1: Go Online to Tesla’s Website
Tesla allows you to buy its vehicles through its official website or at in-person showrooms. In most cases, you’ll order your car and customize it, as Teslas are rarely available for immediate purchase on-site.
The best place to start is Tesla’s Design Studio, available on their website. Here, you can customize your car to fit your preferences and explore various features and options Tesla offers, including:
- Model Selection: Choose from the Model S, Model X, Model 3, Model Y, or the Roadster, each with unique features and performance specifications.
- Top Speed and Range: Depending on the model, top speeds range from 140 to 250 mph, while driving ranges vary from 259 to 396 miles per charge.
- Wheels and Design: Pick from multiple wheel options and customize the exterior color and interior design. Note that certain customizations may increase the total cost.
- Autopilot: For $12,000, you can add Tesla’s Autopilot feature, which offers capabilities like automatic steering, braking, and acceleration within a lane.
Charging Station Costs
Keep in mind that purchasing a Tesla typically involves installing a home charging station. Tesla’s Wall Connector costs from $420 to $550, and installation costs range from $750 to $1,500, depending on your home’s electrical setup. Budget for this additional expense when planning your purchase.
Charging Time Considerations
Unlike refueling a gas-powered car, charging a Tesla takes time. A full charge at home can take several hours, while a decent charge at a Tesla Supercharger may take 30 minutes or more. While this requires some adjustment, the environmental benefits and long-term savings of an electric car often outweigh this inconvenience for many buyers.
Step 2: Visit a Service Center
Don’t click purchase yet. This isn’t an inexpensive household item that you can easily return. The next step is to see if Tesla has any service centers near you.
While Tesla doesn’t run an ordinary chain of car dealerships, it does own and operate service centers across the U.S. These act as both maintenance locations and showrooms where you can see the cars in person, ask questions and take one out for a test drive. Make sure to do so. You may have to schedule a test drive in advance, because the company keeps relatively few cars at each showroom lot.
For people who don’t live near a showroom, Tesla offers two options. First, the company periodically hosts test drive events across the country and around the world. You can look up upcoming events on Tesla’s website. Second, Tesla lets you return its cars in three days if you haven’t taken one for a test drive, so technically you can try the car out after spending a year’s salary on one.
If you can get to a showroom, though, you’re better off doing it the old-fashioned way.
Step 3: Buy the Car
You’ve looked at the models and options. You picked out the car that works for you at a price that’s right. And you’ve taken it for a test drive (if at all possible). Now it’s time to buy.
Buying Through a Tesla Showroom
Depending on where you live, there are two options for buying a Tesla. States like California, Colorado, New Hampshire and Virginia allow direct sales. You should note, however, that showrooms can have limited inventory, so the exact model and configuration you want may not be available. If the showroom has stock that meets your needs, you can buy it and drive off, much like a traditional dealership. In other states, restrictive laws might prevent direct purchases from showrooms, requiring you to buy online instead.
Buying Online
Your second option for buying is to go online. The general model for buying a Tesla is through the company’s website. You can also call the company’s sales team at (888) 518-3752. You can configure your car using the website’s design studio and complete the purchase online, including filling out any paperwork for a loan.
Financing or Leasing Your Tesla
This is a two-step process. First, you’ll need to configure your car. By now you should have a good sense of exactly what you want. On Tesla’s website, you can select your model, options and price. Spend a while on this, and go back to take another test drive if you have any second thoughts.
The second step is choosing your financing option. Unless you’re purchasing the car with cash via electronic check, wire transfer or bank-certified check, you will want to determine your loan terms. (Tesla also offers leasing over the terms of 24 to 36 months, for customers who prefer not to buy.) You can finance your purchase through Tesla or use individual financing through another institution. Terms will depend on personal credit and payment schedule. If you choose to finance through Tesla, the company’s website will handle your application as part of the purchase process.
Bottom Line
The process of buying a Tesla is different from other automobiles, but it should be pretty straightforward now that you know how to buy a Tesla. Just like with any other car, you’ll want to do your research and get an idea of the cost before committing. Ideally, you’ll be able to test drive a Tesla before you commit. Once you get down to actually purchasing your car, you can either visit a showroom in certain states or go online. After that, all that’s left to do is enjoy your new Tesla.
Tips for Saving Up for a Big Purchase
- A financial advisor can help you sort through your priorities and make choices to maintain your financial health. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Teslas aren’t cheap. If you’re thinking about making the leap now that you know how to buy a Tesla, you’ll want to start saving. Making a budget might make it easier, especially if you use SmartAsset’s free budget calculator.
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