According to Reuters, Tesla is hustling to put a new compact electric SUV on the market that would be their cheapest ride yet.
Find out below if Tesla’s new lower-priced SUV would be a good option for retirees.
Also learn if owning a Tesla helps you save big money.
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Tesla Cheap New Ride
Reportedly, this new vehicle would be cheaper than Tesla’s (currently) cheapest vehicle, the Model 3, which starts at $38,630. It would also, at 14 feet long, be smaller than the Model Y, which is 15.7 feet long. Given its lower price-point and smaller size, it’s possible this new Tesla model could be a solid investment for frugal shoppers, like retirees on a fixed income.
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What It Could Cost?
While full specs are not yet available for this vehicle (which is not likely to enter production until 2027), it is possible to use the few details that are available to compare it to preexisting models like the 3 and the Y and thereby guess what this newest Tesla innovation has to offer.
Given that this new vehicle will have a compact size (when compared to the Model Y) and a lower price than the Model 3, a target cost of $25,000 to $30,000 is more than likely.
Additionally, when estimating charging costs, this compact SUV that is slightly smaller than the Model Y would have charging costs that is slightly cheaper than the Model Y. That likely means approximately $7 to $8 for a full charge at home and approximately $15 to $25 when at public charging stations. Assuming the vehicle would rack up 1,000 miles per month, that’s $30 to $45 monthly to charge at home or $70 to $110 monthly to charge in public. Compare that to the approximate cost of filling a gas tank to drive 1,000 miles a month in a vehicle that gets 30 mph (around $150 monthly).
A Worthy Investment for Retired Shoppers?
If Tesla’s unnamed new compact SUV lives up to its rumored specs, it could indeed be a worthy investment for shoppers on a budget, like retirees. Home charging would be exceptionally cheap and even public charging would offer significant savings when compared to a gas car.
While it’s all still guesswork at this point, a compact SUV that costs less than $30,000 and requires only $50 in monthly home-charging costs could be a near-perfect retirement ride for your golden years.
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This article originally appeared on GOBankingRates.com: Is Tesla’s New Lower-Priced SUV a Good Investment for Retirees?
