Tesla Model 3: An EV of Superlatives
The Tesla Model 3, crowned as Australia’s leading electric vehicle (EV) in 2022, and the second most popular in 2023 only behind its larger sibling, the Tesla Model Y, continues to dominate the market in 2024. Renowned for its cutting-edge technology, top safety rating, and eco-friendly credentials, the Model 3 stands out as one of the industry’s original beacons of innovation, continually outperforming its competitors - no matter how rapidly they grow in number.
To call out the Model 3’s key features, we absolutely love its;
- Best-in-class Tesla safety features
- Longest range in class (602km range for the Long Range variant)
- Exceptional acceleration at 3.3 seconds for 0-100km/h
- Innovative roof-crush resistance
- Intuitive, tech-packed interior
The Model 3 shares its class with other popular EVs including the Tesla Model Y, BYD Atto 3, and Hyundai Ioniq 5.
What We Love
Driving a Tesla is an experience marked by lower running costs, zero emissions, rapid charging, and a serene driving encounter. The Model 3 Performance, with a 547km range, dual motor all-wheel drive, and a 3.3 seconds 0-100 km/h acceleration, empowers the driver in all weather conditions. Its safety features are unparalleled, evident in its ability to resist four times its own mass during a roof-crush test, making the Model 3 the safest car on the market. On top of the usual reasons to commit to your first EV, Tesla is undoubtedly the best in high, green tech and boasts the top safety rating of any vehicle on the market today.
The base Model 3, featuring rear-wheel drive, covers a range of 491km, reaches a maximum speed of 225km/h, and accelerates to 100km/h in 6.1 seconds. In 2023, the Model 3 Long Range, with a 602km range, top speed of 233km/h, and a remarkable 4.4 seconds for the 0-100km/h sprint, further solidifies the Model 3's impressive performance. The cabin experience is equally remarkable, featuring a glass roof, a massive 15-inch centre display, wireless phone chargers, advanced climate controls, and a 13-speaker audio system.
According to the Tesla website, the Model 3 Performance now boasts a 547km range, dual motor all-wheel drive and the ability to go from zero to one hundred (km/h) in 3.3 seconds (in the Model 3 Performance variant), this incredible car gives the driver total control in all weather conditions thanks to performance brakes and a carbon fiber spoiler that improves stability at high speeds. On the topic of safety, Tesla’s roof-crush test saw the Model 3 resist four times its own mass - even with the all-glass sunroof. That’s the same weight as two fully grown African elephants, so it’s no surprise the Model 3 is the safest car on the market.
Model History
Unveiled in 2017, the Tesla Model 3 quickly became the go-to choice for EV enthusiasts and was the world’s top-selling plug-in electric vehicle from 2018 to 2020 - only losing its spot to its marginally more spacious sibling, the Tesla Model Y. In June 2021, the Model 3 became the first electric vehicle to pass global sales of 1 million, with a refresh recently announced for 2023 which boasts an updated interior and exterior.
The Tesla Model 3 was once again a close second in the race to be Australia’s favourite EV in 2023, only surpassed by the Tesla Model Y.
Tesla Model 3: Costs
The 2023 Tesla Model 3 has an enticing starting price of $57,900 drive-away, including potential incentives and fuel savings – which you can learn more about here The Model 3 Performance variant begins at $80,000, while the upcoming Model 3 Long Range (2023) is priced around $91,600.
If financing or buying a car outright, you’ll need to factor in additional running costs including insurance, registration, servicing, and other maintenance costs. The baseline 2023 Tesla Model 3 costs approximately $210 per week in standing costs - insurance, registration and maintenance (excluding charging). At the time of writing, accurate depreciation estimates of the Model 3 aren’t yet available. It hasn't been around long enough to provide an accurate forecast and it's worth noting that vehicle supply constraints and global pricing fluctuations have muddied any future forecasts at the time of writing. Before buying, make sure you consider all the hidden costs of running a car.
Tesla Model 3: Finance
For most of us, it’s definitely preferred to either lease or finance over buying the car outright. Both help to break down the overall cost that buying a new vehicle can involve - and when it comes to your options, it’s all about making the choice that’s right for you, right now.
If you’re looking to finance your new car, you can expect to pay the price of the vehicle plus interest (usually ranging between 6% and 20%, depending on your individual circumstances). This means that the top-of-the-range Long Range, Dual Motor AWD model with additional option packs priced at $91,600 today, financed over 5 years at 9.5% interest (with no ‘balloon’ or residual payment), will set you back approximately $443 a week (plus fees), or $115,173 over the course of your loan (ex. government fees and charges). It all adds up. Thankfully, your estimated fuel savings with a Tesla Model 3 come in at $6,000 over your hypothetical 5-year loan period - which is definitely something to take into consideration - but see how it can really add up?
Smart Financing Choices: Transparent Car Loans
With most banks and lending institutions, you’ll also need to consider added monthly lender, broker, and ‘break’ fees if you want to pay off your loan early. These can add up to thousands of dollars extra, depending on your lender and finance terms.
When it comes to financing, that’s why it’s a great idea to consider all of your options. Online car loan comparison platforms like CarClarity can help you find the finance arrangement that works best for you.
Tesla Model 3: Subscription
We’ve covered the usual options when it comes to car ownership, but the good news is that there’s one more. Here at carbar, our car subscription service allows you exclusive access to a fully maintained and comprehensively insured Tesla Model 3 for a simple weekly subscription cost, similar to a lease – one of the most flexible and easiest ways to get into a Tesla today for as little as $426 per week.
There are minimum costs, but unlike a lease, there are no minimum terms. Just give us two weeks’ notice to swap cars or stop your subscription.
Why Car Subscriptions are Changing the Game
A car subscription carries most of the benefits of a car lease, but with more flexibility. Because it’s chunked into affordable weekly payments, a carbar subscription offers an alternative to traditional car leasing that can fit your budget and lifestyle as it stands today, with the freedom to stop or swap with 2 weeks’ notice should anything change.
For businesses, there may also be an option to salary sacrifice your electric vehicle subscription. Put simply, a novated car subscription is a flexible alternative to your traditional novated car lease. Because it is being run through a business, you immediately save on GST and depending on your circumstances, could save through pre- and post-tax contributions. This effectively gives you all the benefits of a fully maintained car while potentially reducing the amount of tax you pay. There could be further savings for eligible cars that are zero or low emissions vehicles that are exempt from Fringe Benefits Tax (FBT) and first held and used after 1 July 2022*.
From Subscription to Loan: Carbar's Innovative Approach to Tesla Ownership
If you love your subscription Tesla and want to own it, you can now also purchase your beloved subscription car when it works for you.
Unlike any other car retailers in Australia, carbar customers can now seamlessly switch their carbar subscription to a loan arrangement thanks to our latest partnership with car loan comparison platform, CarClarity.
We’re adding new cars to our fleet every week, with a range of vehicles in the Tesla range to choose from (and hundreds more) – whether you choose to subscribe, finance or buy.
The choice is always yours.
