5 Year Cost of Model 3: 70,000 Miles

Fuel Cost 1/3 of Insurance Spending

Our 5-Year Tesla Ownership Cost: Most Misleading Price in Automotive History

A major hindrance to widespread adoption of electric vehicles presently is the increased expense of EVs set alongside traditional combustion engine cars.

Electric automobiles usually cost more upfront, but they come accompanied by bigger additional costs such as higher insurance charges, steeper depreciation rates, and the requirement of at-home charging capabilities– a feature that is highly recommended.

It’s beneficial for individuals to ascertain the comprehensive cost of possessing an electric vehicle (EV) during an extended timeframe, to be able to weigh up if it is within their budget and potentially save money as compared to a conventional fuel vehicle in the long run.

Kim Java, a celebrated YouTuber, just presented her newest video giving an exhaustive modification of the biennial costs of her Tesla Model 3 Long Range bought in 2018 and driven over 70,000 miles. This eagerness to demonstrate the investment cost of the electric car motivated her well-liked audience.

The largest expenditure, for sure, was the purchase price – in this instance, $54,000. Since then, Tesla have drastically slashed their figures, consequently, you are now able to buy a Model 3 RWD from as little as $40,000, making it a more appealing purchase. For Kim, owing to the U.S. EV federal tax credit she was eligible for of $7,500, the amount she had to outlay on her setup of Model 3 was $46,500.

Insurance for the Tesla Model 3, as costly as it was at approximately $6,200, was only the second most expensive expenditure for her. The cost of maintenance constituted a much more reasonable $2,400, and repairs (with there being just one in five years) set her back only $214, which entailed replacing a certain lower control arm.

Regarding fuel costs, they were just $2,300 throughout the course of five years since the car was usually charged at home, with an average of approximately $0.11-$0.14 for each kilowatt-hour. Kim additionally had to shell out $820 for the EV tag authorization, elevating the ultimate total to $58,500 in the span of five years for the most convenient vehicle she has ever owned.

Clearly, the outlay of ownership diverges from one individual to another as these expenses are determined by a multitude of aspects including electricity tariffs around the nation, the motorist’s behavior that can have an effect on repairs, the driver’s insurance grade, the quantity of accidents a car is in, fortune, and numerous more.

Evidenced by the video, the Tesla Model 3 is currently hard to outperform in terms of total ownership expenses, rendering it a more logical option compared to the Toyota Camry or BMW 330i.

It is crucial to remember that one is now able to pick up a Tesla Model 3 RWD for an amount of $14,000 below the price Kim had to pay for her 3 Long Range version; thus, over five years, the overall cost of ownership may significantly diminish.

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