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How to buy and finance a Tesla in Canada
Find out how to buy a Tesla in 5 easy steps, plus compare your Tesla financing options in Canada.
There are a number of ways to secure Tesla financing in Canada if you know where to look. Find out how to buy a Tesla in Canada and get a snapshot of how much you might have to pay for different models. From there, learn which financing option might be the best fit for you.
Step 1: Choose your Tesla model
Tesla offers a number of different models to choose from, each with its own unique array of features. The 5 main types of Teslas to choose from are the Model S, Model 3, Model X, Model Y and Cybertruck. Learn more about each model and its associated pricing below:
Tesla Model S Sedan
Tesla pricing in Canada starts at $136,990
The Tesla Model S sedan offers the longest range and quickest acceleration of any electric vehicle in production. You can get the plaid or the long-range version of the Model S – each with slightly different specifications. The specs below are for the plaid version of the Model S sedan.
Tesla Model 3 Sedan
Tesla pricing in Canada starts at $61,980
The Model 3 is similar to the Model S, but it comes with features such as the option of dual motor all-wheel drive, performance brakes and a lowered suspension. It’s a little bit slower than the Tesla Model S sedan, but it’s a solid all-around vehicle for off-road or winter driving. You can get the Tesla Model 3 sedan as a performance, long range AWD or standard plus vehicle. The specs below are for the performance model.
Model X SUV
Tesla pricing in Canada starts at $157,990
The Model X is very similar to the Model S but comes with a fully-kitted out interior and sharper handling. It’s designed with speed and comfort in mind, though it’s a little bit slower than the Tesla Model S. That said, it comes with some funky features such as a built-in trailer hitch to compensate. You can get either the Model X or Model X Plaid.
Tesla Model Y sedan
Tesla pricing in Canada starts at $86,990
The Model Y is like the minivan of Teslas – with tons of storage space and a sleek design. It has seating for 7 people with an optional third row depending on how much space you need. This vehicle is equipped for all 4 seasons and is built for maximum safety. You can get this model in performance or long range. The specs below are for the performance model.
Only available for pre-order but no price indicated
The much-awaited Tesla Cybertruck offers all the utility of a truck with the performance of a sports car. It comes with a reinforced metal shell and break-proof windows to prevent damage to the exterior – even on the most rugged terrain. It’s slower than Tesla sedans given its increased weight, but still packs a punch when it comes to speed and acceleration. Specs are for the US only as they have not yet been developed for Canada.
Step 2: Customize your Tesla
Once you figure out which base model you want, you’ll need to think about the extra features you’d like to add to your Tesla. Extras include the following:
- Paint. Paint that’s not included as a default colour is between $1,300 and $3,300.
- Charging parts. Charging parts cost between $255 and $510.
- Interior. Changing the interior décor can cost between $1,300 and $2,600.
- Wheels and tires. You can pay between $2,000 and $7,200 for a new set of Tesla tires.
- Full self-driving capability. This is an additional $12,800. Features include navigating on autopilot, auto lane change, auto park and more.
The amount of the add-ons you choose can add hundreds or even thousands of dollars to your total cost. You’ll need to think about what extra features you want to add before you tally up your final bill and apply for financing.
Step 3: Figure out how much you need for Tesla financing in Canada
The average cost of Tesla financing in Canada based on the model you choose is outlined in the table below. You can reduce your financing needs if you make a down payment or partially cover your purchase with cash.
Tesla financing amounts (by model price in Canada)
|Tesla model & starting price||Tesla price in Canada|
|Model S sedan: Starts from $136,990|
|Model 3 sedan: Starts from $61,980|
|Model X sedan: Starts from $157,990|
|Model Y sedan: Starts from $86,990|
|Cybertruck – Only available for pre-order but no price indicated|
Prices are from the Tesla Canada website as of July 5, 2022. Taxes, vehicle registration, insurance, delivery and any other applicable fees are not included.
Step 4: Secure Tesla financing in Canada
The type of financing you’ll need to lock in will depend on the model of Tesla you want. For Model 3 and Model Y sedans, it should be relatively easy to get financing in the same way as you would with a normal vehicle under the $80,000 mark. For the Model S and Model X sedans, you may need to take out a luxury car loan.
1. Finance through Tesla
Tesla offers financing in Alberta, British Columbia, Nova Scotia, Ontario, Quebec and Saskatchewan. The loan terms are from 3 to 8 years. Car loan interest rates will vary based on your credit score and other personal factors.
2. Apply for Tesla financing through a bank or private lender
You may want to consider lenders other than Tesla if you want to get the best rates on your financing. You can approach your bank or a private lender to ask about a car loan with lower interest rates. Just be aware that your lender may require you to have a significant down payment, and some won’t finance over $50,000.
Compare lenders offering car financing in Canada
3. Lease a Tesla
You can lease a Tesla if you live in Alberta, British Columbia, Nova Scotia, Ontario, Quebec or Saskatchewan. The available terms are 2, 3 and 4 years. You may be eligible to purchase the Tesla at the end of your lease.
Step 5: Buy or lease your Tesla
Once you’ve secured Tesla financing, you need to determine how to buy a Tesla in Canada. You have 2 main options to purchase a Tesla in Canada:
1. Put in an order at a Tesla store
You can place an order for a Tesla at a Tesla store in certain major Canadian cities. In this scenario, you’ll pay in cash or apply for Tesla financing with a licensed salesperson on site. You’ll then make your initial order payment and organize delivery options to your home address.
2. Order online with Tesla
Your second option for how to buy a Tesla in Canada is to order it online. Follow the steps below to get started:
- Go to the Tesla Canada website, click on the model you want and click “Order Now”.
- Customize your vehicle – including choosing paint colour, tires and other accessories.
- Select whether you want to pay with a loan or cash, or choose to lease the vehicle for your business.
- You’ll want to choose “Loan” or “Lease” to get financing directly from Tesla. Click on “Cash” if you’re paying in cash or you already have Tesla financing set up with your bank or a private lender.
- Fill out the required fields with your personal information and select your delivery preference.
- Choose the method you’d like to use to cover your non-refundable order payment and enter your payment information. Then hit “Place Order”.
- Upon receipt of payment, Tesla will reach out to you to negotiate Tesla financing and delivery details.
Representative example: Tesla finance monthly cost
Michael has a long commute to and from his work in Ontario and wants to buy a Tesla to save money on gas. He decides to purchase a 2021 Tesla Model S Long Range for $139,799 from a nearby Tesla store. Michael puts down a 15% down payment of $20,970 on the car and applies for financing to cover the rest (plus 13% HST). This is a snapshot of what his Tesla financing in Canada might look like:
|Cost of new car||$139,799|
|Loan type||Auto loan (term loan)|
|Interest rate (APR)||4.90%|
|Loan term||8 years|
|Additional fees||3% origination fee ($4,110)|
$0.00 application fee (waived by lender)
|Payment||$1,728 monthly or $797 biweekly|
|Total loan cost||$165,881 with monthly payments or $165,732 with biweekly payments|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Incentives for Zero-Emission Vehicles Program (iZev)
As of November 23, 2021, the following Tesla models are no longer eligible for the iZev rebate:
- 2022 Tesla Model 3 Standard Range and RWD
- 2021 Tesla Model 3 Standard Range and Standard Range Plus
If you ordered one of these vehicles before November 23, 2021, you are still eligible for the rebate. The iZev program has 2 levels of incentives:
- Battery-electric, hydrogen fuel cell and longer range plug-in hybrid vehicles are eligible for up to $5,000.
- Shorter range plug-in hybrid electric vehicles are eligible for up to $2,500.
Your Tesla may be eligible for provincial rebate programs. Read through our full guide to electric vehicle rebate programs in Canada here to learn more. Our guide also lists other electric and hybrid vehicles eligible for the iZEV rebate.
What Tesla drivers wish they knew before buying
Here’s what Tesla drivers say they wish they knew before buying:
- Find a test drive facility. Teslas are an acquired taste, so you want to make sure you enjoy driving one before you buy. Visit a Tesla store location in certain Canadian cities or call customer service to find out more about how to take a Tesla for a test drive.
- Price out car insurance before you buy. Car insurance for Teslas can cost more because they are often considered luxury vehicles. Make sure to price out your Tesla car insurance before you make your purchase.
- Install charging ports in advance. Have a qualified electrician install upgraded power points in your garage before you get the car. Typical wall outlets can charge the car but may be frustratingly slow.
- Invest in an air suspension system. If you’re tall or have issues squeezing into a lower vehicle, you may want to invest in an air suspension system. This will lift your Tesla higher off the ground and make it more comfortable for you to get in and out of.
- Remember to plug in every night. Make sure you establish a routine of plugging your vehicle in every night – even if your charge isn’t completely empty. This will prevent unexpected issues with your battery on longer drives.
- Expect to spend more on accessories. Be prepared to pay more for extras such as tires, roof racks and trailer hitches since these will often need to be custom-fit to your Tesla.
You can get Tesla financing directly from Tesla, your bank or a private lender. The minimum you’ll pay for a Tesla off-the-shelf is $59,990 and you’ll usually need to put a down payment of at least $10,000. You can also lease a Tesla if you own a business in Canada.
Frequently asked questions Tesla financing in Canada
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