Tesla’s are not cheap. This is not news. They can, however, pay for themselves. From gas savings to renting it out, here’s how to make money owning a Tesla.
Save on Fuel
Let’s get this out-of-the-way. Although it technically isn’t making you money, the obvious way to save money owning a Tesla is through gas savings. Electric vehicles aren’t just better for the environment, they are better for your wallet also. My Model Y order, for example, estimates I will save around $1,120 per year. This adds up pretty quick and considering I intend on keeping the vehicle for a long time, the savings are significant.
Rent Your Tesla
If you are looking to make money owning a Tesla, simply renting it out is a great option. Thanks to Turo, this couldn’t be easier.
What is Turo?
Turo is a way for vehicle owners to make a little extra cash by renting out their ride. Think Airbnb, but for your car.
Through Turo, you can list your car for when it’s available, set the rate, and rent away. Insurance is covered in the rental price so there is little to worry about and you can charge cleaning fees if you like. Tesla’s go for a premium on Turo and start around $150/day!
Since my daily commute is gone thanks to the pandemic, I will be using my Tesla only for road trips. The rest of the time I intend to list it. This will give future Model Y owners an opportunity to test drive the vehicle for a few days or an opportunity for those just curious about driving an EV.
Become a Ride Share Driver
Another great way owning a Tesla can make you some extra cash is by signing up as an Uber or Lift driver. This is something I didn’t think I would ever do, however, since I won’t be driving the vehicle on a daily basis, this will allow me to enjoy driving it while making a little extra money on the side. Thanks to Tesla’s efficiency and limited maintenance, profits are higher than most vehicles. They also fit into the premium category meaning you can charge more per ride.
In a similar way as driving for Uber, delivering food is a great way to make money owning a Tesla. Again, not something I thought I would ever do. That said, I see this as a great option, especially if I’m overdriving people around.
Become a Tour Guide
Taking Uber a step further, another great way to make some cash by owning a Tesla is by offering city tours. Again, with the fuel savings and a premium ride, profits should be higher than traditional offerings.
Now I know this isn’t for everyone, however, if you love your city and are good with people, this could be a fun way to make some extra money. With my travel background (I have taken tours all over the globe), I think I can offer something unique in Vancouver. Stay tuned for more on this!
Another way I intend to make a little extra cash from my Tesla is by renting out some parts. Specifically a CHAdeMO adapter. This piece of plastic goes for around $600 CAD but, at this point, for any road trip that is off the beaten path, it’s well worth it. In Canada, there are a ton of level III CHAdeMO chargers, many in areas where there are no Tesla SuperChargers. This adapter means faster charging in remote locations for Tesla owners.
I intend to pick one up for my Quebec road trip and use for any major road trip in the future. The time in between, I will make it available for rental.
How Does Owning a Tesla Make You Money?
There you have it. A few ways to help your Tesla pay for itself. Not only are some of these easy, but some are also fun. On top of all that, in Canada, currently, you can claim up to $55,000 as a business write off for electric vehicles. So purchasing any EV and turning it into a business make a lot of sense!
Do you make money owning a Tesla? Let me know in the comments below!