Tesla Model 3 Total Cost After 5 Years! I'm Shocked

spending fifty thousand dollars on a car is usually a terrible financial decision and a few years ago I thought it was crazy when I splurged on a brand new Tesla because before then the most money I ever spent on a car was twelve thousand dollars for a used Pontiac but recent news just came out that claims that Tesla Model 3 is actually cheaper than the average new car in the US and although that's quite impressive that stat is only about the purchase price so it got me thinking in terms of total cost of ownership how does an expensive Tesla Model 3 actually stack up when compared to cheaper popular cars well next month I'll hit five years of ownership of my 2018 Tesla Model 3 and in this video I'll show you exactly how much it has cost me to own it and will also see if it's actually been a better financial decision than buying the most popular best-selling sedan the Toyota Camry first let's calculate my total cost of ownership for my Tesla after nearly five years starting with The Upfront cost my 2018 Tesla Model 3 is one of the first production rear-wheel drive versions with the long range battery it has the standard 18 inch wheels and after factoring in all the optional add-ons including red paint premium upgrade package enhanced autopilot plus destination fees the order price for this particular model was fifty six thousand dollars but one of the biggest reasons I bought a Tesla Model 3 was because I knew I'd be eligible for the full 7 500 federal tax credit which I did receive so that technically brought the price down to 48 500 however I did need to install an outlet in my garage to charge the car which ended up being quite expensive because my garage is the furthest possible length away from my electrical panel and that cost me 940 dollars after rebates that means my total upfront cost was forty nine thousand four hundred and forty dollars now let's talk about my service costs for my model 3 so far in the beginning before my new vehicle warranty expired there were a few minor repairs that were done these included a windshield wiper clicking noise a driver door handle not closing properly a bad LTE connection board and driver door clicking noise now these were all covered for free under the warranty and fixed by a mobile technician at my location but since I drive about 24 000 miles per year the new vehicle warranty expired after about two years of ownership so here are all the repairs and maintenance that I've paid for out of pocket now Tesla has a recommended but not required two-year service checkup where they service brake calipers and brake fluid which cost me 390 dollars my driver's side window buttons needed repaired which cost ninety four dollars my charge port door stopped automatically opening and closing which cost three hundred and eleven dollars my driver's seat occupancy sensor needed replace which costs 99 and finally the small 12 volt battery that provides auxiliary power needed to replace which cost 109 dollars so all of my maintenance and out of warranty repairs cost a total of one thousand and three dollars now as for insurance and tires I pay about 150 a month for full coverage insurance on my Tesla which comes to about nine thousand dollars so far I've only replaced my tires twice for a total of fourteen hundred and eleven dollars now if you're curious I ordered both Tire sets from Tire Rack and the tires are the redistein quad track Pros which have served me very well now nearly all of my tire rotations were done for free at a local tire shop that gives Tesla owners free rotations as a clever business strategy but for my last two rotations I decided to just pay Tesla to come to my location out of convenience sake and they did it for fifty dollars each now this means my total cost for tires and insurance so far is 10 511 dollars as you can tell financial decisions are more important than ever especially now that people are paying twice as much for new cars as they were before the pandemic and 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for my model 3 charging the car I've driven 120 000 miles and in my model 3's odometer settings you can see the total energy consumed to drive that amount is 30 361 kilowatt hours and my total charging cost is split into two categories home charging and supercharging the problem is I've had free supercharging for the majority of my model 3 ownership but I'm going to pretend that I had to pay for all my supercharging so it can be a more fair comparison based on my driving habits my best guess is that 94 of my charging is done at home and six percent is done at superchargers when traveling now this might sound very lopsided but keep in mind the first 300 miles of a road trip is considered home charging since I leave with a full battery plus many times during traveling I get free charging wherever I'm staying such as hotels and airbnbs now this means the total energy pumped into my car at home is 28 539 kilowatt hours and when it's at home my model 3 charges overnight which is considered off peak and that usually has a cheaper rate than during the day in my city of Louisville Kentucky off-peak electricity costs 10 cents per kilowatt hour that means my total home charging cost is about 2853 dollars and that leaves 1 821 kilowatt hours of electricity that I've consumed at superchargers on trips according to multiple search results the average supercharger cost is 25 cents per kilowatt hour and that means my total supercharging cost if I actually paid for it is 455 dollars which brings my total estimated charging cost to 3 308 dollars so if we add up all these The Upfront cost the service and maintenance cost the tires and insurance and the charging cost it brings my model 3's grand total cost of ownership to 64 262 dollars after nearly five years and 120 000 miles that equates to an ownership cost of right around 54 cents per mile now let's see what a Toyota Camry would have cost me now for this comparison I'm choosing the higher end Toyota Camry xs8 V6 since it's the most comparable to my Tesla Model 3 in terms of performance and features this Camry's MSRP including destination fee was 35 835 in 2018. now as far as maintenance goes Toyota provides free oil changes and tire rotations for the first 25 000 miles after that an average conventional oil change cost around fifty dollars and is needed every 5 000 miles which comes to a total cost of 950 for 19 oil changes now according to repairpal.com the annual repair cost for a Camry is 388 dollars but since that probably includes oil changes that leaves all other maintenance costs to be around 990 dollars and according to fuel economy.gov this Camry has a combined 26 miles per gallon efficiency for City and highway driving to travel 120 000 miles this Camry would need four thousand 615 gallons of gas and based on the current national average cost of gasoline which is 3.47 cents per gallon that brings the total estimated fuel cost to sixteen thousand fourteen dollars if we add all that together the Toyota Camry's upfront cost the estimated maintenance cost the estimated fuel cost and a similar insurance and tire cost that brings the grand total cost of Camry ownership to 64 300 after five years and 120 000 miles that means for my personal situation a Tesla Model 3 and a Toyota Camry have the exact same estimated total cost of ownership after 120 000 miles of course this comparison can be construed in many different ways for example I could choose to compare the cheapest entry-level Camry which has a lower upfront cost and better gas mileage but the features and ownership experience would be much different and here are two really good reasons for choosing the Tesla first if we assume gas prices stay above electricity prices and since electric vehicles generally need less maintenance compared to gas cars then the longer I own my Tesla the more savings I should see secondly the Tesla Model 3 upfront cost has come way down compared to 2018. now there is a more affordable standard Range model 3 that has 40 fewer miles of estimated ranged in mine but with the full federal tax credit it would cost less than forty thousand dollars and it would be right around the same price of a high-end Camry so overall based on this comparison I think if you are planning to buy a car and keep it for at least 10 years then an electric vehicle like a Tesla Model 3 seems to be the best option for most people what do you think let me know in the comments below if you enjoyed this video please give it a thumbs up and share with others who would benefit of knowing the actual truth surrounding Tesla ownership costs subscribe to see more Tesla and Tech videos in the future my name is Andy thank you for watching I'll talk to you in the next one

Channel: Andy Slye

Views: 715,542

Keywords: tesla, tesla model 3, tesla model 3 cost, tesla model 3 cost of ownership, tesla cost of ownership, tesla cost of ownership vs gas, tesla cost to charge, tesla charging, tesla charging cost, tesla model 3 after 5 years, tesla model 3 charging cost, tesla model 3 ownership cost, cost of owning a tesla, tesla model 3 vs gas, tesla model 3 insurance, tesla model 3 repairs, tesla maintenance, tesla maintenance cost, tesla service, tesla service cost, tesla charging cost vs gas

Id: Eo-t9Q7eFW8

Length: 9min 40sec (580 seconds)

Published: Fri Mar 17 2023