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How Much is a Tesla?

How Much is a Tesla?

Tesla is a pioneer in the electric vehicle (EV) market, offering sleek designs, cutting-edge technology, and impressive performance. As more Canadians embrace eco-friendly transportation, Tesla’s lineup of all-electric cars has become increasingly popular. But how much does it really cost to buy a Tesla in Canada?


The answer depends on which model you choose, as Tesla’s range includes sedans, SUVs, and even an upcoming pickup truck. Here’s a quick overview of the Tesla models currently available in Canada and their approximate pricing:

 

  • Model 3: Tesla’s most affordable offering starts around $50,000 for the base model.
  • Model Y: This compact SUV begins at roughly $70,000.
  • Model S: Tesla’s flagship sedan commands a starting price of around $120,000.
  • Model X: The high-end SUV starts at nearly $150,000.


Of course, the final price tag depends on your chosen trim level, options, taxes, fees, and available incentives. In the following sections, we’ll dive deeper into the costs associated with each Tesla model, financing options, long-term ownership expenses, and more to help you make an informed decision.

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Model 3 Pricing and Specs

Tesla’s most affordable model, the Model 3 sedan, starts at $50,990 CAD for the base rear-wheel drive version. However, after factoring in the $5,000 federal iZEV rebate and provincial incentives up to $8,000 in Quebec and British Columbia, the net purchase price could drop to around $38,000 for some buyers.

The base Model 3 comes equipped with a single motor generating 283 horsepower and 307 lb-ft of torque. It has an estimated range of 438 km on a full battery charge. For improved performance, the Long Range AWD trim ($63,990 before incentives) has a dual-motor setup pushing 358 hp and 384 lb-ft of torque, along with an extended 576 km range.

At the top of the Model 3 lineup is the Performance AWD ($71,990 before incentives). This trim rockets from 0-96 km/h in just 3.1 seconds thanks to 503 hp and 487 lb-ft from its dual motors. It also boasts a 576 km range, premium 20″ wheels, upgraded brakes, a lowered suspension, and aluminum alloy pedals for an enhanced driving experience.

Inside, the Model 3’s minimalist interior is dominated by a slick 15-inch touchscreen display controlling most vehicle functions. Standard features include heated front seats, tinted glass roof, premium audio system, and plenty of advanced safety tech like emergency braking and blind spot monitoring. A $6,300 Enhanced Autopilot option adds adaptive cruise control and automated steering on well-marked highways.

 

Model Y

Tesla’s newest model, the Model Y, is a compact SUV that starts at $70,990 CAD for the base Long Range AWD configuration. With a range of up to 531 km (WLTP), it offers impressive capability along with utility and versatility.

The Model Y can be optioned with a third row of seats to accommodate up to 7 passengers. Even with all seats in use, there’s still a generous 28 cubic feet of cargo space behind the second row. Fold the rear seats flat and you get a massive 76 cubic feet of room for hauling larger items.

Beyond its family-friendly interior packaging, the Model Y delivers exhilarating performance thanks to dual electric motors providing all-wheel drive traction. The Long Range AWD accelerates from 0-100 km/h in just 4.8 seconds. If you crave even more speed, the Model Y Performance starts at $84,990 and cuts that 0-100 time down to a blistering 3.7 seconds.

Other key features on the Model Y include Tesla’s autopilot driver assistance technology, over-the-air software updates to continuously improve the vehicle, and access to Tesla’s global network of Superchargers for fast recharging on road trips. A premium interior with a panoramic glass roof and 15-inch touchscreen controls comes standard.

 

Model S

Tesla’s flagship Model S sedan represents the pinnacle of electric luxury and performance. With a starting price of $119,990 CAD for the base Dual Motor All-Wheel Drive model, the Model S costs more than double the entry Model 3, but justifies its premium with incredible capabilities and high-end features.

The top Tri-Motor Plaid variant ups the ante even further with a mind-boggling 0-60 mph acceleration time of just 1.99 seconds – making it one of the quickest production cars in the world. With over 1,000 horsepower on tap, the Plaid can rocket you and your passengers to 60 mph faster than a Bugatti Chiron hypercar. Yet it achieves this physics-defying speed with a fully-electric powertrain and zero direct emissions.

Beyond straight-line performance, the Model S delivers precise handling and roadholding thanks to a low center of gravity from its battery pack mounted in the floor. An available air suspension provides a smooth, comfortable ride while also allowing adjustable height and an extended range mode for better efficiency.

The luxury experience inside the Model S cabin aims to spoil driver and passengers alike with premium materials, advanced technology, and thoughtful amenities. Standard features include a glass panoramic roof, heated front and rear seats, a 17-inch center touchscreen with gaming capability, wireless smartphone charging, and a premium audio system. Upgrading to the Plaid adds a carbon fiber interior trim, ventilated front seats with massage functionality, and even better audio.

 

Model X

Tesla’s flagship SUV, the Model X, is the largest and most versatile vehicle in their lineup. With seating for up to seven adults across three rows, the Model X is perfect for families or those who need ample passenger and cargo space.

Pricing for the 2023 Model X starts at a hefty $149,990 CAD for the base Dual Motor All-Wheel Drive model. The top Tri-Motor Plaid trim commands an eye-watering $179,990 price tag but delivers blistering acceleration and performance that shames many supercars.

One of the Model X’s signature design elements are the unique falcon-wing rear doors that open upwards for easy access to the second and third row seats. These automatically sensing doors require less side clearance than traditional swing-out doors.

With a towing capacity of up to 5,000 lbs when equipped with the tow package, the Model X can handle boats, campers, and trailers with ease. The available air suspension also allows increasing the ride height for modest off-road capability when venturing off the beaten path.

Despite its size and heft, the Model X still delivers thrilling straight-line performance thanks to its dual or tri-motor powertrains. The Plaid model can rocket from 0-60 mph in just 2.5 seconds, making it one of the quickest production SUVs on the planet.

 

Federal iZEV Program

The Canadian government offers a substantial rebate to incentivize the adoption of zero-emission vehicles through the Incentives for Zero-Emission Vehicles (iZEV) program. This federal rebate can significantly reduce the upfront cost of purchasing a new Tesla model.

Administered by Transport Canada, the iZEV program provides a discount of up to $5,000 for eligible battery electric, plug-in hybrid electric, and hydrogen fuel cell vehicles. All of Tesla’s current models qualify for the full $5,000 rebate under this initiative.

To be eligible for the iZEV rebate, vehicles must have a base model manufacturer’s suggested retail price (MSRP) of less than $55,000 for passenger cars and $60,000 for SUVs, vans, and trucks. Higher-priced trims and versions may still qualify if their MSRP falls below $65,000 for cars and $70,000 for passenger trucks.

The rebate is applied directly at the point of sale by participating dealers, immediately reducing the purchase price paid by consumers. For customers buying their Tesla directly from the manufacturer’s website, they can apply for the rebate after taking delivery.

While the iZEV program has been renewed through March 2025 with $700 million in funding, the criteria and rebate amounts could potentially change under the current federal government’s mandate. EV buyers should stay updated on the latest program details to ensure they maximize available incentives when purchasing their Tesla.

 

Provincial EV Incentives

In addition to the federal iZEV rebate, most Canadian provinces offer additional incentives and rebates to make purchasing an electric vehicle like a Tesla even more affordable. These incentives can knock thousands off the purchase price, significantly reducing your upfront costs.

Here’s a breakdown of the current EV rebates available across Canada by province:

 

British Columbia – Offering some of the most generous EV incentives, BC provides a rebate of up to $4,000 for qualifying battery electric vehicles. All Tesla models are eligible for the full $4,000 rebate.

Quebec – Quebec’s rebate program provides up to $8,000 off the purchase of a new electric vehicle like a Tesla. The rebate amount varies based on the model’s battery capacity and range.

Prince Edward Island – PEI matches the federal iZEV rebate with an additional $5,000 rebate of its own for new EV purchases.

Nova Scotia – The Nova Scotia Rebate for new EVs is $3,000 for vehicles with a manufacturer’s suggested retail price under $55,000.

New Brunswick – New Brunswick provides a rebate of up to $5,000 for new battery electric vehicles.

Yukon – The territory offers a rebate of $5,000 or 25% of the purchase price (whichever is less) for new EVs.

Northwest Territories – Up to $5,000 in rebates is available for new EV purchases in the Northwest Territories.

 

Some other provinces like Alberta, Saskatchewan, Manitoba, Newfoundland and Labrador, and Nunavut currently do not have active rebate programs specifically for electric vehicles. However, policies can change so be sure to check for the latest updates before purchasing your Tesla.

 

Tesla Financing Options in Canada

When it comes to financing a Tesla purchase in Canada, buyers have several options through Tesla’s partner banks and credit unions, as well as traditional auto financing from other lenders. Tesla makes the process simple by allowing you to get pre-approved for special low-interest rates directly through their website before even selecting your vehicle.

For qualified buyers, Tesla currently offers financing rates as low as 4.49% APR on 72-month terms for new Model 3 and Model Y purchases. Rates are slightly higher on used Tesla models and for longer 84-month financing terms. Most lenders require a minimum down payment of 10-20% of the vehicle’s purchase price.

In addition to Tesla’s partner lenders, many major banks and credit unions offer competitive rates for financing electric vehicles like Teslas. It’s wise to shop around and get pre-approved offers from multiple lenders to find the best interest rate and loan terms for your situation.

Some key factors that impact your financing rate include your credit score, income, debt-to-income ratio, and the loan term you choose. Putting more money down also helps lower your monthly payments. With good credit, you can often qualify for rates under 5% to make a Tesla a bit more affordable when financing the purchase over a 6-8 year period.

 

Leasing a Tesla in Canada

For those who prefer the flexibility of leasing over purchasing, Tesla offers compelling leasing options through their partner banks and credit unions. Leasing a Tesla in Canada typically involves lower down payments and monthly costs compared to financing a purchase.

Tesla leases are offered in 3-year or 4-year terms. At the end of the lease, you can choose to purchase the vehicle at the residual value, return it, or start a new lease on the latest Tesla model. This allows you to continually drive a brand new car with the latest technology every few years.

Down payments for leasing a Tesla range from around $5,000 to $10,000 depending on the model. Monthly lease payments start around $700 for a Model 3 and go up to $1,500 or more for a high-end Model S or X. These payments are based on factors like annual mileage limits, term length, and any upfront costs rolled into the lease.

One advantage of leasing is that you may be able to deduct some or all of the lease payments as a business expense if using the Tesla for commercial purposes. However, you will not benefit from any federal or provincial EV incentives and rebates, as those are only available when purchasing.

 

Insurance Costs

When it comes to insuring a Tesla in Canada, owners can expect to pay higher premiums compared to average gas-powered vehicles. There are a few key factors that influence insurance rates for these premium electric cars:

 

First, Teslas have a higher sticker price than many mainstream models, ranging from around $50,000 for a base Model 3 up to $150,000 for a top-trim Model X. More expensive vehicles typically translate to higher insurance premiums to cover potential repair or replacement costs.

Additionally, Tesla’s advanced technology, large battery packs, and aluminum construction make repairs more complex and costly compared to traditional vehicles. While Teslas are engineered for safety with superior crumple zones and rigid battery casing, fixing one after a collision often requires specialty tools and training from certified Tesla-approved body shops.

Younger drivers, those with poor driving records, or living in major urban centers can also expect to pay on the higher end for Tesla insurance. Insurers look at demographics like age and location, factoring in higher risks from less experienced drivers or higher claims rates in densely populated areas.

Most Tesla owners report paying 10-30% more for insurance over a comparable gas vehicle. However, the added premium is at least partially offset by savings from cheaper “fuel” costs by charging at home instead of filling up at the gas station. Many find the performance, high-tech features, and environmental benefits of driving an electric Tesla to be worth the extra insurance costs.

 

Charging a Tesla at Home

One of the biggest advantages of owning a Tesla is the convenience and cost savings of charging at home. Rather than paying per gallon at the pump, you can simply plug in your EV overnight and wake up to a “full tank” each morning.

To charge a Tesla at home, you’ll need a Level 2 charging station installed. These 240V outlets provide faster charging speeds than a regular 120V household outlet. Tesla recommends professional installation by an electrician, which typically costs $500-$1,000.

With a Level 2 home charger, it takes around 10-12 hours to fully replenish a Tesla Model Y or Model 3 battery from near empty. The larger Model S and X batteries take a bit longer at 12-15 hours. These times assume the maximum charging rate of around 11-12 kW for most Level 2 stations.

As for electricity costs, this varies by your local utility rates and electricity plan. On average across Canada, a full charge for a Tesla Model 3 Long Range costs around $8-$12 based on a $0.15/kWh rate. The bigger battery packs like the Model X run $12-$18 per full charge.

To estimate your charging costs, take the battery size in kWh and multiply by your electricity rate per kWh. So for example, the 82 kWh battery in a Model X Long Range at $0.15/kWh would be 82 $0.15 = $12.30 per full charge.

In terms of cost per mile or kilometer, Tesla’s efficient powertrains keep operating costs very low. Most owners can expect to pay just $0.03-$0.05 per mile or $0.02-$0.03 per km when charging at home rates. This provides huge savings over a gas-powered vehicle.

 

Public Charging Networks and Costs

While home charging will cover most of your day-to-day driving needs, Tesla owners have access to an expansive network of public charging stations across Canada for longer trips. Tesla’s proprietary Supercharger network is included with new vehicle purchases and provides the fastest charging speeds.

The Supercharger network currently has over 35,000 stalls worldwide, with new locations being added constantly. In Canada, there are over 800 Supercharger stalls spanning all provinces. Supercharging is essentially free for new Tesla buyers, as unlimited complimentary access comes included for the first few years of ownership.

After the free Supercharger miles are used up, you can continue accessing the network by paying per kWh of charge received. Supercharger per kWh rates vary by region but typically fall between $0.25 to $0.40 per kWh. A full charge from 10% to 90% battery capacity might cost around $10 to $15 on average.

In addition to Tesla’s network, there are thousands of other public Level 2 and DC fast charging stations available through providers like ChargePoint, Electrify Canada, Petro-Canada and more. These can be accessed on a pay-per-use basis or with a membership plan. Rates range from $0.25 to $0.50 per kWh depending on the network and charging speed. Most also have session fees between $1 to $5 to initiate a charging session.

 

Maintenance and Repair Costs

One of the major advantages of owning a Tesla is the dramatically reduced maintenance requirements compared to a gasoline-powered vehicle. With far fewer moving parts and fluids to worry about, a Tesla’s routine service needs are minimal.

There’s no engine oil, transmission fluid, spark plugs, belts, or other typical components that require regular replacement. This translates to lower ongoing ownership costs. According to data from Tesla, their vehicles can have service costs up to 90% lower than a comparable gasoline car over the first 200,000 km.

Tesla recommends just two maintenance services in the first 200,000 km – a brake fluid change every 4 years and an air conditioning service every 6 years. Other than tire rotations, there are virtually no other scheduled service requirements.

The advanced regenerative braking system in Teslas also puts less wear on the brake pads and rotors, meaning they can last much longer before needing replacement. Owners report brake life well over 100,000 km in many cases.

Another unique advantage is Tesla’s ability to diagnose many potential issues remotely and apply software updates and fixes over-the-air, just like updating a mobile phone or computer. This eliminates countless repair shop visits for minor bugs or recalls that plague traditional automakers.

Of course, Teslas aren’t completely maintenance-free. Any damage from accidents or wear items like tires, windshield wipers, etc. will still need to be addressed. But for routine service costs, Tesla’s EV design provides significant savings versus gas-powered competitors.

 

5-Year Cost of Ownership Analysis

While the upfront purchase price of a Tesla is higher than many gas-powered alternatives, the overall 5-year cost of ownership can be lower for electric vehicles when factoring in fuel and maintenance savings. Let’s break down the projected costs for a new Tesla Model 3 Standard Range Plus compared to a similar gas sedan like the Toyota Camry over 5 years and 100,000 km of driving in Canada.

 

Tesla Model 3 Standard Range Plus:

Purchase price: $59,990 (after federal rebate)

Electricity costs: $1,500 (300 kWh/year at $0.12/kWh average)

Maintenance: $2,000 (tires, brakes, annual services)

5-year total: $63,490

 

Toyota Camry LE:

Purchase price: $30,000

Fuel costs: $12,000 (10L/100km, $1.50/L avg gas price)

Maintenance: $4,000 (oil changes, repairs, etc.)

5-year total: $46,000

 

As the numbers show, despite the Tesla’s significantly higher sticker price, the fuel and maintenance savings allow it to cost around $17,000 less over 5 years compared to the gas-powered Camry. And this doesn’t even account for the Tesla’s higher residual value and longer lifespan.

The gap would widen even further for a higher-end Tesla model, or if factoring in potential future increases in gas prices. Of course, electricity rates and maintenance costs can vary as well. But in general, the operating savings of an EV help offset the premium you pay upfront when buying a Tesla or other electric vehicle in Canada.

 

Are Teslas Worth It for Canadians?

Weighing the premium pricing against the impressive performance, cutting-edge technology, potential fuel savings, and environmental benefits, Teslas represent a compelling – albeit costly – option for Canadian drivers. While the upfront costs are higher than average, the long-term operating savings and intangible perks of going electric largely offset the initial investment for many owners.

From a financial perspective, a Tesla can pay off through lower fuel and maintenance costs over 5-7 years of ownership, depending on driving habits and electricity rates in your area. Factor in federal and provincial EV incentives that discount the purchase price by up to $13,000, and the payback period shortens considerably. Affordable financing and leasing options also make the upfront costs more palatable.

Beyond just numbers, Tesla’s sleek designs, powerful electric motors, and instant acceleration provide an exhilarating driving experience that many owners rave about. The high-tech dashboards, autopilot capabilities, over-the-air software updates, and mobile app connectivity also give Teslas a distinct “wow” factor compared to conventional gas-powered vehicles. And of course, there’s the satisfaction of reducing your carbon footprint and supporting sustainable transportation.

For Canadians willing to pay a premium for performance, innovation, and environmental responsibility, Tesla offers a unique combination of capabilities that few other EVs can match. While the upfront costs are substantial, the potential long-term savings and cutting-edge ownership experience make a compelling case that a Tesla can indeed be a smart investment for the right buyer.

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Questions About Tesla Pricing

The Tesla Model 3 starts at a manufacturer’s suggested retail price (MSRP) of \$50,990 for the base 2024 model in Canada. With options and fees, expect to pay between $55,000 and $80,000 depending on the configuration. The Long Range model starts at an MSRP of $64,990.

The base 2024 Tesla Model 3 in Canada has a single electric motor with rear-wheel drive, a 60.5 kWh battery pack, and an estimated range of 417 km. Standard features include cloth seats, a 15” touchscreen, WiFi connectivity, keyless access and start, and more. Additional options cost extra.

Assuming a 5 year loan with an interest rate of around 5%, monthly payments on a $55,000 Tesla Model 3 would be around $980. A more expensive $70,000 Model 3 would have monthly payments around $1,240. Add insurance, electricity, maintenance and other costs on top of the loan payment.

The federal government offers up to a $5,000 incentive in Canada for qualifying electric vehicles. Some provinces also offer additional rebates up to $8,000. Depending on the province, total savings off MSRP could be up to $13,000 for the Tesla Model 3.

Charging costs for the Tesla Model 3 in Canada vary greatly depending on electricity rates in your province. Generally, a full charge costs between $10-20. Charging overnight at home with lower rates can significantly reduce charging costs compared to public fast charging stations.

Insurance for the Tesla Model 3 typically costs between $150-300 per month, depending on your age, driving history, location in Canada, coverage levels and other factors. Getting quotes from multiple insurers is recommended, as EV insurance rates can vary more compared to gas vehicles.

The Tesla Model 3 has very few mechanical components to wear out or break compared to gas vehicles. Consumer testing shows excellent reliability so far. The electric powertrain and battery pack are designed to withstand Canada’s extreme cold temperatures without issue or range loss.

Using a 240V home charger (included), the Tesla Model 3 can charge from 10-100% in around 10 hours. At public fast charging stations, it can charge from 5-80% in about 30 minutes. This provides approximately 200-250km of additional driving range with a 30 minute fast charge session.

No, unlike the larger Model X and Model Y, the Tesla Model 3 does not have a factory tow hitch option available in Canada. If towing ability is required, upgrading to the Model Y is recommended instead, with up to 2,000 lbs of towing capacity available.

The Tesla Model 3 has 425 litres of rear cargo space. The rear seats can also fold down, expanding available cargo room for hauling larger items. While good for a sedan, the cargo space is still much less than available in a comparably priced SUV like the Model Y.

The Tesla Model 3 seats 5 total occupants – 2 in the front row and 3 across the rear bench seat. No third row or additional passenger capacity options are available from the factory for Canadian market vehicles.

All Model 3s in Canada feature a large center touchscreen with navigation, entertainment, climate controls and more. Options include full self-driving mode, various advanced driver assist features, a premium audio system, satellite maps, internet streaming, and mobile app connectivity. Everything is updated over-the-air.

The Tesla Model 3 Long Range model has an estimated driving range of over 500 km on a full charge according to Transport Canada testing. The base model is rated at approximately 417 km of range. Cold winter weather can reduce overall range by up to 20-30%.

All new Tesla vehicles in Canada come standard with a 4 year, 80,000 km warranty. The battery and drivetrain components have an 8 year warranty valid for up to 192,000 kilometres. Extended service plans can provide additional protection beyond the factory warranty terms.

Yes, the purchase or lease of new Tesla Model 3 vehicles in Canada qualify for the maximum $5,000 federal rebate as of 2024. Tesla vehicles are approved under the federal iZEV program guidelines. Any further changes or cancellations to incentive eligibility will be updated on the Transport Canada website.



On top of the purchase price, expect to pay about $100-$150 in documentation fees plus taxes and licensing costs upon purchase in Canada. There may also be non-refundable order or delivery fees to consider depending on the province. Shoppers should budget accordingly for all additional purchase costs.

Sales tax for a $60,000 Tesla Model 3 varies greatly across Canada depending on the province. Expect to pay 13% HST in Ontario, 15% in New Brunswick, and 5% GST in Alberta. Quebec has special rules for EVs – consult your local Tesla store for exact pricing details if you reside in Quebec.

It is difficult to predict if or when Tesla may lower Canadian pricing on the Model 3. Currency fluctuations, shipping costs, raw materials, and supply chain issues can all impact export market pricing. Interest rates also affect affordability. Shoppers should purchase based on current market conditions.



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