Aim for 10% Down on a Used 2023 Tesla Model 3
Put at least 10% down on a used 2023 Tesla Model 3. Prices range from $28,000 to $35,000. That means $2,800 to $3,500. You lower your monthly payment. You pay less interest overall. You start with positive equity.
Used Model 3 prices hover around $30,000. A 10% down payment drops your loan from $30,000 to $27,000. Lenders often charge mid to high single-digit APR on used EV loans. Check this table for a 7% APR over 48 months.
| Down Payment | Amount Financed | Est. Monthly Payment | Est. Total Interest |
|---|---|---|---|
| $0 | $30,000 | $721 | $4,589 |
| $3,000 (10%) | $27,000 | $649 | $4,128 |
| $6,000 (20%) | $24,000 | $577 | $3,672 |
A 10% down payment works well. It cuts payments without emptying your savings. You save on interest. Lenders give better rates with more equity. You cut the risk of owing more than the car is worth if prices fall.
Put 20% down if you can. Payments drop more. Interest falls further. If 10% feels tight, start with 5%. Add extra principal payments in the first year. You still save interest and build equity quicker.
Smart Steps to Pick Your Down Payment
- Check real prices. Look at listings and values for 2023 Model 3 trims near you.
- Map your budget. Keep car payments at 10% of take-home pay. Add taxes and fees.
- Stack your funds. Mix cash and trade-in value to reach 10% to 20%.
- Get preapproved. Compare offers from credit unions, banks, and Tesla Financing.
- Test the math. Run numbers on a loan calculator for payments and interest.
- Keep cash reserves. Leave your emergency fund alone.
- Factor in extras. Add insurance, home charging, and warranty costs to your budget.
Quick Down Payment Targets
- Minimum: 10% down, or $3,000 on a $30,000 car.
- Strong goal: 15% to 20% for lower payments and quick equity.
- Backup plan: 5% down plus extra payments in months one and three.
Sidekick lets you see how down payments change payments, interest, and costs for a 2023 Model 3 in your zip code.