Feasibility of Owning a Tesla Model 3 Through Ride-Hailing and Car-Sharing

Many dream of owning a Tesla Model 3, but at around $60,000 in Canada, it can be a significant financial burden. A popular alternative is to cover the monthly expenses by engaging in ride-hailing services like Uber or car-sharing platforms like Turo. Here, we explore the feasibility of this approach and compare it to other car options.

Configuring and Pricing the Tesla Model 3

Before diving into the potential earnings, it's essential to understand the cost of a Tesla Model 3. The base price of the Model 3 can vary, but some individuals have found that the total cost can double if they want specific configurations. In the case of three recent Tesla purchasers in Canada, the average price was approximately $85,000. This cost can be staggering, especially when compared to other electric vehicles like the General Motors Chevy Bolt, which generally retails for around $55,000.

Income from Ride-Hailing Services in Toronto

The ability to recoup the cost of a Tesla Model 3 through ride-hailing services in Toronto is a compelling argument. Based on the experiences of several taxi drivers on various platforms, one can estimate the monthly cost to be approximately $60 in maintenance, with a negligible cost for power. This means that operating a Tesla Model 3 can be nearly cost-neutral.

According to multiple drivers who have shared their experiences with passengers, the average income from ride-hailing services like Uber and Lyft can range from $25 to $50 per hour depending on the time of day and demand. Assuming you work about 60 hours a month, the total income would be around $1,500 to $3,000. This is a substantial amount, especially when compared to the $85,000 upfront cost of the vehicle.

However, to cover the monthly payment, you would need to work around 60 hours a month consistently. For many, this can be an achievable target, especially if you have a flexible work schedule or can work during peak demand times.

Comparing Tesla Model 3 to Other Electric Vehicles

While the Tesla Model 3 is a popular choice, there are other electric vehicles on the market that might offer a better balance of cost and convenience. For example, the General Motors Chevy Bolt is known for its affordability and reliability, with many drivers praising its performance and low maintenance costs. Some have found that the Bolt can provide similar or even better driving experiences at a much lower cost.

Conclusion

Based on the experiences shared by several drivers in Toronto, the potential for covering the cost of a Tesla Model 3 through ride-hailing and car-sharing services seems promising. While the Tesla Model 3 might be expensive, the overall cost can be minimized through careful planning and consistent work. If you are disciplined and willing to put in the hours, the Tesla Model 3 can be a viable investment.

However, it's essential to consider the long-term costs and the potential alternatives like the Chevy Bolt. Every driver's situation is unique, so it's crucial to do your own research and consider your personal driving needs and financial stability.

Key Points:

Tesla Model 3 is significantly more expensive than similar electric cars. Possible to recoup costs by driving Uber or Lyft in Toronto. Alternatives like the Chevy Bolt offer a lower cost option.