How Much We Paid for Our 2021 Tesla Model Y

After sharing with you details on the ordering process, the estimated amount of delivery time, and what we wish we knew before we buy a Tesla Model Y, it’s time to talk about how much we paid for our Tesla Model Y. Therefore, in this blog post I am going to share with you how much we paid in total, including taxes, fees, rebates, and financing, for our 2021 Tesla Model Y.

The Base Price of Our 2021 Tesla Model Y

Starting with the base price of our Tesla Model Y, we purchased it for $49,990. There were options including a variety of paint colors, upgraded wheels, and the tow hitch that we could have chosen. However, we decided to keep it as stock as possible to qualify for the Massachusetts MOR – EV Rebate, which was worth $2,500 so we had to keep our MSRP below $50,000.

Throughout 2021 Tesla has been experimenting with different prices for the Model Y and for a short time the base cost was $1,000 less than what we paid, and the price has kept growing ever since. Also, when you are looking on Tesla.com know that there are two different ways to look at the price: purchase cost and ‘potential savings’. So, when you are doing your research know that you need to click on ‘purchase price’ to see the actual cost you will owe Tesla, ‘potential savings’ includes a calculation on how much you will save over time by switching from a gas car to a Tesla, which is obviously and EV.

Once we received our purchase agreement, there were a few additional charges. There was a $1,125 Destination Fee, a $75 Documentation Fee, and a $100 Order Fee. So, the final price of purchasing our car was $51,290, before subtracting our trade-in and adding sales tax.

You could also consider the option of a trade-in either through Tesla or another car merchant of your own choice which may offer a higher trade-in value. Due to our Trade-In, our total price decreased to $50,940. So, the final cost including the Sales Tax, which came to $3,183 and a Title Fee of $100, was $54,573.

Financing Our Model Y

To finance our car, we went through Tesla’s financing, but we ended up getting a better rate through another bank and then price matching it to Tesla. Starting with Tesla, their best available rate was 2.49%. We then went to Bank of America and got an approval letter of 2.04%. Then price matched it with Tesla, where they offered us an even better rate of 1.84%. So, our monthly payment is $749, which we will pay Tesla for the next 72 months.

Definitely shop around for a lower rate and then go back to Tesla to see what they will offer because the process for financing through Tesla has been seamless and easy.

And you may read on our delivery day blog, our delivery cost was $3,123, which we had to pay once we received the car, through the Tesla App during the ‘Accepting Delivery’ step of the delivery day.

Massachusetts State EV Rebate

Unfortunately, Tesla no longer qualifies for the Federal Rebate so only State EV Rebates are available. As I mentioned earlier, there is a program called MOR – EV Rebate in Massachusetts, which offers a $2,500 Rebate back to people who purchase an EV with an MSRP of under $50,000. And sadly, the Model Y doesn’t qualify for this program any more thanks to the price increases.

I hope this post and video shed some light on the process for not only buying a Tesla but also all the fees and other costs associated with it, especially if you choose to finance it through Tesla. If you are considering buying a Tesla be sure to check out our Delivery Day Checklist and our Top 10 Tesla Accessories.