> Elon has said that his motivation is to make humanity a multi planetary species thereby lowering the risk of extinction (asteroid impact, nuclear war, pandemic, biological warfare, catastrophic climate change, what have you).
None of those will leave the Earth even a millionth as inhospitable to life as Mars already is - so this motivation makes no logical sense.
Not to mention, with anything resembling current technology, any Mars colony will be highly dependent on Earth for a good few hundred years - there is no way to bootstrap a fully functioning high tech economy any quicker than that, and life on Mars would depend critically on the highest of high-tech (there is no way to live on Mars without computers, for example - so you would need to be able to build, supply and man advanced chip fabs on Mars before you could have a self-sufficient colony).
It also can't be forgotten that there is no proof that a human population can survive on Mars at all, given our current technology. For example, we have no way of knowing yet if humans could successfully reproduce and bear children healthy enough to reproduce themselves in such a low-G environment. We may require genetic engineering to actually be able to live on Mars (or at least human settlements might require huge centrifuges of some kind simulating high-G, which is way beyond our current abilities to do on a planet, or at least increases the costs thousand-fold).