Latest news with #TeslaModel3
Irish Independent
3 days ago
- Automotive
- Irish Independent
Before you get the keys, ask yourself this: how much car can you actually afford?
As a rule of thumb, a car should never cost you more than 35pc of your gross income. Using that rule, you would need a gross income of €114,286 in order to be able to afford a brand new Tesla Model 3.
Yahoo
3 days ago
- Automotive
- Yahoo
Here's What It Costs To Charge a Tesla Monthly vs. Using Gas for a Honda Civic
Filling up your car is going to cost you money one way or another. For an electric vehicle, like a Tesla, you need to find a charging station to give your battery the juice it needs to operate. For other cars, like a Honda Civic, the price of gas can be fairly high if you are planning on getting a full tank at the pump. For You: Trending Now: So let's do the math: read below to find out what it actually costs to charge a Tesla each month compared to the price of gas for a Honda Civic in the same month. Joseph Nagle, head of Corporate Strategy at Pando Electric, broke down this question in a few ways, looking at monthly fuel costs, which will vary based on state, analyzing national costs versus two of the larger electric vehicles (EVs) states that also have a fairly wide variance between electricity pricing and gas. Nagle outlined an example based on 1,000 miles driven each month, with Tesla Model 3 efficiency clocking in at approximately 4 miles per kWh and Honda Civic coming to 33 MPG combined. When it comes to national averages, Nagle listed the cost of electricity at 15 cents per kWh while gas came to about $3.75 per gallon. Check Out: Looking at annual costs, Tesla Model 3's calculation is $37.50 per month (250 kWh x 15 cents), equaling $450 yearly and the Honda Civic calculation looks like $113.63 per month (30.3 gal x $3.75), equaling $1,363.56 yearly. This means that across the country, the savings go to Tesla at $76.13 a month, which equals $913.56 per year. To further illustrate the cost comparison between a Tesla and Honda Civic, Nagle analyzed two states: California, which has a high-cost market for transportation expenses and Florida's lower-cost region for fuel. In California, electricity costs on average 33 cents per kWh and gasoline is $4.78 per gallon. Examining annual vehicle costs in the state, the Tesla Model 3's bill comes out to $82.50 per month (250 kWh x 33 cents), equaling $990 a year, while the Honda Civic is $144.08 per month (30.3 gal x $4.78), equaling $1,728.96 a year. This means the Tesla has a savings of $61.58 a month or $738.96 per year. Florida, on the other hand, has average costs of 16 cents per kWh for electrics and $3.08 per gallon for gasoline. Factoring the yearly vehicle costs in Florida would have a Tesla Model 3 amounting to $480 a year based on $40 per month (250 kWh x 16 cents) and a Honda Civic at $1,119.84 a year coming from $93.32 per month (30.3 gal x $3.08). Again, the Tesla wins with $53.32 per month, adding up to $639.84 a year. In every scenario-national average, California's high-cost market and Florida's lower-cost region — Nagle had some insights to share. 'The Tesla Model 3 substantially outperforms the Honda Civic in terms of fueling costs. Even with California's significantly higher electricity prices, Tesla remains the cheaper choice monthly and annually,' Nagle said. 'This highlights a key advantage of EV ownership: regardless of location, driving electric consistently costs significantly less than fueling a gasoline-powered vehicle,' he added. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Warren Buffett: 10 Things Poor People Waste Money On I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on Here's What It Costs To Charge a Tesla Monthly vs. Using Gas for a Honda Civic
Yahoo
6 days ago
- Automotive
- Yahoo
Q&A with Bluestone: From overheating to undervalued, what's next for the EV leasing market?
Bluestone explains how automotive collections companies can help lenders mitigate short-term pain and create new pathways for customer retention. The electric vehicle (EV) revolution promised a future of cleaner air and cutting-edge technology. For leasing and finance providers, it also promised a lucrative new revenue stream. But as the next wave of EVs reaches the end of their contract terms, reality is hitting hard, and the expected revenue stream many had expected has failed to materialise. Across the UK, leasing and car finance firms are facing unprecedented losses as used electric vehicle values nosedive, falling far short of the residual or guaranteed future values (GFVs) that were forecast just a few years ago. The British Vehicle Rental and Leasing Association (BVRLA), says car finance companies are now losing hundreds of millions due to unanticipated EV depreciation, prompting one executive to describe the situation as "extreme." Only a few years ago, used EVs were enjoying strong values driven by low supply and rising demand. In 2021 and 2022, as the market rode a post-COVID supply crunch, residual value models showed bullish forecasts for popular EVs. Leasing firms priced their contracts accordingly. But valuation experts like CAP hpi began ringing alarm bells. Their analysts flagged that EV values were unsustainably high and corrected their forecast models downward. Despite this, many vehicles already on the road were financed on legacy assumptions. These are the vehicles now being returned with values well below their original forecasts. Simon Frost, Head of Business Development at Bluestone Credit Management, says the current state of play is creating unwelcome headaches for lenders. He recounts a recent case: 'A colleague returned a three-year-old Tesla Model 3 with a GFV of £25,000. It was only worth £18,000. They would have gladly bought it for £20,000 and financed it again, but that option was never on the table. The result? A £7,000 hit to the lender, plus the costs of transport and remarketing.' Frost says that while car finance firms are "looking for government support in the future, today's reality is that many are haemorrhaging money as cars financed over the last three years, on PCP and leasing agreements, often fail to meet their forecast end-of-contract value. Add in the cost of transportation and remarketing, and the losses per car escalate.' A market out of balance Oxford Economics: Assessing the impact of support for the used BEV market (September 2024) BVRLA-OE-Used-BEV-market-forecast-Sept-2024Download Demand, however, isn't keeping pace. 'The used car market is nearly four times the size of the new car market,' says BVRLA Chief Executive Toby Poston. 'If we don't stabilise demand and values for used EVs, the entire transition to net zero could be jeopardised.' In May 2025, analysis from Cox Automotive shed light on how aggressive discounting of new electric vehicles (EVs) has sent shockwaves through the used market. According to the data, EVs up to 24 months old retained an average of 83% of their original cost new (OCN) when sold to the trade in 2022, a figure buoyed by post-pandemic supply shortages and strong demand. Fast-forward to April 2025, and the picture has dramatically changed: comparable vehicles now retain just 47% of their original value. By contrast, diesel vehicles of the same age were holding up far better, retaining around 70% of their OCN. With the losses mounting, many in the industry are asking: what next? Motor Finance Online editor Alejandro Gonzalez (AG) spoke to the Head of Business Development at Bluestone Credit Management, Simon Frost (SF) about SF: Recent months have seen a consistent trend in rising consumer demand for battery electric vehicles (BEVs), with the SMMT noting that BEVs recorded the highest growth in Q1, increasing by 58.5% to 65,850 units and a record 3.3% share of all transactions. They attributed this growth to increasing supply and affordable prices, creating 'a new phase where electric becomes a realistic and attractive option for more buyers.' SF: can't speculate on lenders' speed of response to adjust future values. However, regardless of this speed, what is clear is that historic high future values were already 'baked in' to lenders' EV portfolios, and it is something we believe we can help them to manage.' SF: While digitising processes and the use of AI can both help to streamline operations, there remain areas where personal intervention can help to customise the customer journey. We see this every day in helping people address historic debt issues. The end of contract guaranteed future value hurdle, where the hurdle is often too high for a consumer to move to purchase their EV, is a similar position. The one-to-one discretion to lower the height can help more customers clear the hurdle, delivering a win-win position. SF: Lenders are making individual decisions on this question, and where the decision involves an OEM keen to sell new cars, a joint decision will be needed. By highlighting the opportunity for a tailored risk mitigation option, we have given lenders another choice. SF: While never ruling out a repeat of such a situation, I think it is fair to reflect that the combination of a highly unusual post-COVID-19 car market boom with new car shortages creating unprecedented used car values and the emergence of EVs at increasing scale, helped by government support, was a unique situation. While the pain is being felt now as agreements mature, it is fair to say that lenders have adapted to the adjustment in future values. SF: Today's residual values can be mitigated to an extent, but lenders often lack the necessary processes and resources to implement what may be only a two or three year window of pain. It is an area where automotive collections experts, like Bluestone, with our outbound customer contact expertise, can pivot their model to help lenders proactively contact customers and tailor a new financing solution. "Q&A with Bluestone: From overheating to undervalued, what's next for the EV leasing market?" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
22-06-2025
- Automotive
- Business Insider
I'm a retiree living in Mexico who owns a BYD and a Tesla. Here's why I prefer the Chinese car.
This as-told-to essay is based on a conversation with John Romer, a retired radiologist from Huntsville, Alabama, about his BYD Song Plus hybrid and Tesla Model 3. It has been edited for length and clarity. I'm a 73-year-old former radiologist. I retired from practice in Huntsville, Alabama, nine years ago, after working there for 35 years. I retired to Florida, but after a while, my wife and I decided to move back to Alabama, where we bought a small home to be close to our children and grandchildren. But I'm pretty much living in Mexico most of the time now. I've been a resident for eight years, and I spend about nine months of the year in the country, going back to Alabama around four times a year to see family. Chinese cars have become extremely popular in Mexico, so when the time came to buy a new car, BYD was the logical choice. They've come in with a strong presence and have a number of dealerships scattered throughout the country. I test-drove a BYD Song Plus hybrid SUV back in early October and really liked it. I bought one for around 777,000 Pesos ($41,000), and it came in early November. I've had it for six or seven months, and it hasn't had a single issue. It's extremely efficient — I'm probably getting over 40 miles per gallon — and having a hybrid gives me the flexibility of being able to go wherever I want. I would have gone with a pure EV, but Mexico doesn't have the charging infrastructure yet that they have in Europe or the US, so I was more comfortable with the hybrid here. The Song is a very comfortable ride, and it also has a number of safety features that I like. It's very large, which can make it a bit difficult to drive, but it does have blind-spot warning and automatic front and rear braking if there's traffic that you haven't seen in front of you or behind you. Tesla vs. BYD Back home, I have a Tesla Model 3, which I bought two years ago for around the same price as I paid for the BYD Song Plus. Please help BI improve our Business, Tech, and Innovation coverage by sharing a bit about your role — it will help us tailor content that matters most to people like you. What is your job title? (1 of 2) Entry level position Project manager Management Senior management Executive management Student Self-employed Retired Other Continue By providing this information, you agree that Business Insider may use this data to improve your site experience and for targeted advertising. By continuing you agree that you accept the Terms of Service and Privacy Policy . I use it when I go home to Alabama, but for now, it sits in the garage most of the time. I'm probably going to give it to my grandson, who's turning 16 next year. Comparing a hybrid to a fully-electric car is like comparing apples and oranges, but I do prefer the BYD to the Tesla. The Tesla has been a good car, but it is a little bit troublesome. When I'm in Alabama and I drive to see my daughter in Kentucky, I have to stop to recharge it. It's not a huge deal, but it's a little awkward. I'm almost sure that if I had a hybrid, I wouldn't have to stop. I also don't care for Tesla's 'Autopilot' mode at all. I update it regularly, but it has yet to perform the way I think it should. For instance, in my experience, it cannot handle traffic circles, and it struggles around construction work. [Tesla did not immediately respond to a request for comment from Business Insider.] I don't think it's ready for primetime yet. The BYD has a similar setup, which I'm yet to use. The infrastructure in Mexico is not good, and there's a lot of construction around my area, so I'm a bit wary about using it here. The Tesla is also not as well put together, in terms of the finish, as the BYD Song Plus. The BYD feels very solid, the interior is very well upholstered, and in my opinion, it has a better quality of construction than the Tesla. I'm a real tech person, and the BYD has all kinds of advanced technology. As well as a heads-up display and automatic lights, it's got a nice 3D model of the car on the display — Tesla has one too, but it's not as accurate as the BYD one, which is really helpful when parking and maneuvering the car. US drivers miss out BYDs are everywhere in Mexico, and their prices are very competitive. I'm planning to buy my wife the BYD electric Dolphin Mini. We were going to get a golf cart to use around the community where we live, but the golf cart costs about $13,000, and you have to spend about $1,500 every two years replacing batteries. The BYD Dolphin Mini is $21,000 and has an eight-year battery guarantee, so it gives you a lot more flexibility for only $3,000 to 4,000 more. I don't agree with the tariffs on Chinese EVs in the US. I've always believed in free trade. I'm very disappointed in the tariffs that Trump is imposing. I think competition is always good, it encourages the development of new technology and better quality products. I do think that if you can't compete in an industry, then you need to find another industry you can compete in and let things get sorted out, rather than trying to artificially encourage industries with tariffs, which only drives prices up.
Yahoo
21-06-2025
- Automotive
- Yahoo
3 of the Best Luxury Cars of 2025 Cost Less Than $45K
Luxury cars don't always come with a six-figure price tag. Acura Integra, Tesla Model 3, and Audi A4 deliver sleek styling, premium features and strong performance for under $45,000. Discover Next: Find Out: If you want an upscale ride without overspending, these three cars are worth a closer look. Price: $34,195 to $39,195 Miles Per Gallon: 26 to 29 miles in the city, 36 miles on the highway Drive Type: FWD Power: 200 hp at 6000 rpm Acura Integra is considered to be a sporty, luxury hatchback with 18-inch wheels and has an option for a six-speed manual transmission. The interior offers faux leather seats with faux suede inserts, an 8 to 12-way adjustable driver's seat with a four-way adjustable passenger seat and a generous 24 cubic-foot cargo area. Add the Technology package for a 9.0-inch infotainment display and wireless smartphone charging. The car's powertrain warranty covers six years or 70,000 miles, which is more than the Integra's competitors. Complimentary scheduled maintenance is offered at two years or 24,000 miles. Read More: Price: $44,130 Miles Per Gallon: 145 in the city, 128 on the highway Drive Type: RWD Power: 295 hp at 7000 rpm Tesla Model 3 Long Range RWD is a luxury electric compact sedan with a driver-assist system that has earned a spot on the Car and Driver Editors' Choice List for 2025. One improvement Tesla has made to the Model 3 is moving its turn signals to the steering wheel. Also, the gear shift is now on the display screen. The interior is unlike any other car on the market due to its simple design that's dominated by the extra-large touch screen secured in the middle of the dashboard, which controls almost all the functions except for those located on the steering wheel. Even with the interior being streamlined, there are many areas for storage, and the trunk space provides ample room for up to 15 carry-on suitcases. For rear passengers, there's an 8-inch touchscreen for climate control and entertainment options, including arcade games, Netflix and YouTube. The Model 3 has a Powertrain warranty that covers eight years or 100,000 miles, but no complimentary scheduled maintenance. Price: $44,100 Miles Per Gallon: 26 in the city, 36 on the highway Drive Type: AWD Power: 201 hp at 4200 rpm Audi A4 is a luxury small car that was made for the daily driver, which is now in its last year of production. The myAudiapp remote engine start is now featured on all trims of the A4. Its leather upholstered interior has a sunroof, spacious rear seating, 12 cubic feet of trunk space and a 10.1-inch touchscreen for infotainment. Adding the Premium Plus trim will allow the driver to experience many features, including a powerful Bang and Olufsen 19-speaker audio system and the Virtual Cockpit with an awesome digital gauge display. A4's Powertrain warranty covers 4 years or 50,000 miles. However, there's no complimentary scheduled maintenance included. More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 3 of the Best Luxury Cars of 2025 Cost Less Than $45K Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
