Like many of you, I wanted a Model 3 with as little ownership costs as possible. Using Getaround and Turo, popular car sharing services, I was able to essentially get a free Model 3 with minimal effort.
This will one day be possible once the full self-driving car Tesla Taxi app is released, but for now – we're stuck monetizing our assets the old-fashioned way.
First, some numbers:
- Tesla Model 3 Monthly Lease Payment: $399/mo
- Insurance: $118/mo (with Electrade insurance)
- Charging Costs: $12.48/mo (416 miles/mo at $0.03/mile)
- Total monthly ownership cost: $529.48
So as long as I can make $530 a month renting out my Model 3, it is free to drive for 416 miles a month.
Now how many days do I need to rent my Tesla to break even? Some more numbers:
- Getaround per hour rental rate: $40/hr
- Turo per day rental rate: $156
This comes out to 4 full rental days on Turo or 5.5 rental days on Getaround before my Tesla starts paying for itself.
Basically I rent it out for 1 week a month to enjoy the other 3 weeks to myself - not bad, eh?
Guest writer: Suhas Dunkel
Thank you for reading, and thank you for supporting the electification of transport. ⚡️