When Elon Musk announced the launch of Tesla Model 3 in India, auto enthusiasts went berserk with excitement. There has been a lot of buzz from the Indian subcontinent.
While a date has not been set for the release, expect the cars to start rolling by the end of 2017 with a pretty lofty price tag of $35,000. That roughly translates to Rs. 26 lakhs excluding other rates like ex-showroom price, etc. Booking price starts at around $10,000 which amounts to about Rs. 6.6 lakhs!
Additional Reading: Purchasing A Car: Does Buying With Cash Trump Car Loans?
Too expensive? But then a Tesla is not just any other car! The electric four-wheeler is custom-built to your taste. Not much has been revealed about the car but let’s give you a run down on what this car packs in for you (as much as we know):
- Type and Seating
The Tesla Model 3 is a luxury sedan that promises comfort, style and a pollution-free drive every single time. The car is made to seat five adults and will come in Tesla’s trendy colours – red, silver and black. The design borrows a great deal from Tesla’s other models like Model X and Model S.
- Mileage
The Tesla Model 3 will give you great mileage! How much you ask? About 215 miles per charge, which means every time you charge your Tesla, you’ll easily be able to drive for about 346 kilometers without having to worry about fuel (of course) and your car stopping in between those long, romantic drives.
- Fast and Fabulous!
One of the most exciting features of the Tesla Model 3 will feed your need for speed! The pickup will go from 0 to 60 mph in just under 6 seconds! That’s even faster than a Cheetah hunting for lunch (it runs at 40mph!) Dayum!
- Safety
The new Tesla Model 3 will be fit with the latest technology in road safety and will be designed to achieve the 5-star road safety ratings followed in the United States. It will also come equipped with the best auto hardware in the industry. Pictures show a sleek led screen fixed from the dashboard of the car. Autopilot will also be an added feature.
- Super-Fast Charge
The latest version of Tesla will come equipped with a super-fast charge feature. Again, not too much has been revealed of the Tesla Model 3 as of now.
India will be a debut market for Tesla. News of the launch comes amid the government’s ambitious plan to become a 100 percent Electric Vehicle nation by 2030.
“India can become the first country of its size which will run 100 percent of electric vehicles. We are trying to make this program self-financing. We don’t need one rupee support from the government. We don’t need one rupee investment from the people of India,” Piyush Goyal, the Power Minister of India said in an event organized by CII Young India.
The government seems to be keen on opening up new avenues to make electric vehicles run around smoothly in the country. Plans include making new infrastructure like a charging network and easily available docks.
“We are working (on the scheme). We can actually give the electric car for free (zero down payment) and people can pay for that out of the savings on the petroleum products. Innovation is possible; it just needs an open mind. You need to think of scale and be honest.”
(Quotes taken from: Press Trust of India)
What’s more? With the Make in India program in full throttle, the government has invited Tesla to put up an assembling – manufacturing unit in the country to cut down on the high import duties. In fact, if Tesla does put up a factory in India, it will be the company’s manufacturing hub in Asia!
Tesla is apparently positive about setting up shop in India but a sure-shot decision will only be made after the Model 3 is launched.
If you’ve been dreaming of buying a Tesla, this is the right time to start planning out your finances – because a Tesla ain’t gonna come cheap!
The Buying Experience
While we are yet to discover how Tesla will sell its Model 3 in India, the buying experience in other countries is pretty easy. Buying a Tesla is much like buying anything online. In the United States, you will just have to walk into a design studio and specify what you want in your Tesla. The price of your car will differ based on your customisation. Once all that is completed, you just have to click on the “order” button to complete your order.
You will then need to key in your contact information and make a payment of $2500 while checking out, which is more like an advance payment.
The Tesla will then be custom built to your taste in the factory in California and be sent to a service center near your house for you to pick up. If you live farther than 160 miles to any of its service centers, the car will be shipped to your address directly. That applies to all international orders.
If Tesla does start manufacturing in India, shipping won’t be a problem. The price might reduce too. However, it does take anywhere between one and four months for your car delivery. You will have to hold your excitement as the factory puts your dream car together!
Preparing to buy your Tesla
Give a penny here and take a penny there, the new tesla Model 3 will cost around 30 lakhs! That’s a lot of money and unless you have that kind of moolah sitting idle in your bank account, you would probably want to start looking at options to save or borrow.
We suggest getting a Car Loan. Below are a few Car Loans that offer competitive interest rates and great borrowing power:
The HDFC Bank Car Loan covers up to 100 percent of the car’s ex-showroom price at interest rates ranging between 9.15% and 11.60%. You have a part payment option that makes repayment easy. You can also get the loan approved within a day or two and take care of all the paperwork from the comfort of your home. In fact, this loan also has the paperless option!
This loan also offers a pretty good deal at a special 9.15% floating interest rate. The loan covers 85% of the vehicle cost and has 0% pre-closure charges on the outstanding principal amount. You can borrow up to Rs.2 Crores for a tenure of up to 7 years. You also have a part-payment option and all the paperwork is done online so you don’t have to worry about misplacing important documents.
The Federal Bank Car Loan also offers a great fixed interest rate of 9.75% only. You can borrow a maximum of Rs. 2.5 Crores for a tenure of up to 5 years. The loan covers 90% of the car’s ex-showroom price (WIN!) and you could get it approved within a week’s time. You can also club your spouse’s income to yours in order to up your eligibility for this loan.
The application process is pretty simple too – online. Their customer support is also very strong.
The most interesting feature of this loan is – minimum documentation. You can borrow a maximum of Rs. 1 Crore at a fixed interest rate of 9.25% for a maximum tenure term of 7 years. Processing fee is waived for senior citizens on the loan.
The ICICI Bank Car Loan covers up to 100% of the car’s ex-showroom price. Avail a loan at a fixed interest rate of 9.10% to 15%. Get the loan approved on the same day with its easy e-approval process and get your papers delivered home. Part payment option is available for this loan as well.
Additional Reading: The Top 7 Banks For Car Loans
Don’t want a Car Loan? How about applying for a Personal Loan? Get ready to zoom away in your Tesla Model 3 now.