Tesla Model Y: True Cost After 1 Year

the tesla model y came out one year ago this month it's a very popular car but it's still pretty expensive when compared to an equivalent gas powered car electric vehicles typically come at a premium but also include many cost savings people don't know about now i took delivery in march of 2020 and today i'm going to break down what the true cost of ownership has been for the first year we're going to get into the actual cash price including taxes and required fees exact charging costs rebates insurance and financing costs so let's get into it and a special thanks to nordvpn for sponsoring this video [Music] this is a follow up to a true cost video i made a few months back and will include updated numbers as well as more accurate breakdowns of each category i'll be talking about what i paid and it will be a pretty accurate estimate for a model y sold today however teslas are always changing prices and the model wine now sells for a bit cheaper than i paid i went with the long range all-wheel drive model y in red with the upgraded induction wheels black interior and no full self driving at delivery i did end up purchasing that package after the fact and now it goes for ten thousand dollars so it adds a huge cost to your purchase if you decide to get it when you go to tesla's website it defaults to an option that calculates monthly payments and potential savings i understand what they're getting at here and cost savings from charging rather than filling up with gas is a big factor in cost of ownership as well as lack of maintenance however i wouldn't shop with this calculation in mind since the true cost with taxes and fees will end up being more as you'll see on my order agreement tesla has my car broken down as the model y at forty one thousand dollars eleven thousand dollars for the long range battery and all-wheel drive two thousand dollars for red paint fifteen hundred dollars for the induction wheels and twelve hundred dollars for the destination fee this brings the vehicle to a grand total of fifty six thousand seven hundred dollars before any fees as you can see my choice of red paint and upgraded wheels came at an extra cost so your car could potentially come in a bit cheaper considering new pricing the 1200 destination fee is required though and there's no way around that so if you bought a base model model y long range from tesla your cost would be 49 990 plus the destination fee for a total of fifty one thousand one hundred ninety dollars i paid five thousand five hundred and ten dollars more up front on the total vehicle cost than a base model goes for today also as a quick aside tesla does supposedly sell an off menu standard range model y that starts at around forty thousand dollars instead of fifty thousand so if you're interested in that you can contact tesla directly or visit a tesla store for more information if you don't particularly need the longest range possible the standard range model y could be a great option for customers so my total of fifty six thousand seven hundred dollars is what tesla will be receiving but you'll get more taxes and have more required fees to actually own this car i paid five thousand eight hundred and eleven dollars and seventy five cents in sales tax and thirty dollars for the tesla ev registration charge that brought my official cash price to sixty two thousand five hundred and forty one dollars and seventy five cents before adding on the required dmv fees at six hundred and thirty eight dollars the breakdown of those is 369 dollars for vehicle license fees 262 dollars for registration titling transfer fees and seven dollars for the california tire fee adding all of that means that if i wanted to pay cash for this vehicle out the door with no financing i'd be paying a total of sixty three thousand one hundred and seventy nine dollars and seventy five cents now i financed most of that cost and we'll get into that more in a minute but for now let's talk about rebates and then charging throughout the us there are many different rebates that the model y will potentially qualify for at the time i took delivery i qualified for a 2 000 rebate from the state of california and a 1 000 rebate from my power company those were checks for those amounts and not some kind of tax credit or anything so it brought the cash price down to sixty thousand one hundred and seventy nine dollars and seventy five cents today there are many different ev incentive programs depending on your state and california has a new program that will get you fifteen hundred dollars off the purchase price at the dealer there's also a potential 5 000 down payment assistance program through clean vehicle grants and a potential 4 500 rebate through clean vehicle rebates these are all income dependent programs but many people qualify even if they think they don't they're definitely worth looking into so i'll put links below to check out the right ones each state has different programs and the federal government may be moving forward with a change to their large tax credit incentive program later this year for up to seven thousand dollars off but that program hasn't changed yet and still excludes teslas now let's talk about charging one of the big benefits of an electric car is never needing to get gas this is clean and good for the environment but also comes with its own cost savings as well the cheapest way to charge a tesla is by using free chargers which many cities have but after that it's home charging home charging rates typically allow drivers to charge their car for much less than gas after that with a tesla you have supercharging which is more expensive but still cheaper than gas on average now for home charging you'll likely need to install a fast charger in order to fill up your battery overnight a normal plug can get the job done for those driving short distances but usually customers like a faster charger i paid 250 dollars to have a nema 1450 plug installed at my house but this can typically cost up to five hundred dollars so it's a cost to keep in mind in order to unlock the cost savings of home charging you'll likely have to pay a bit up front to install the charger over the past 12 months i drove 16 628 miles in my car on average my efficiency was 272 watt hours per mile which means that it took about .272 kilowatt hours to drive one mile so those 16 628 miles cost about 4523 kilowatt hours and i charged those up about half at home and half at superchargers for superchargers i stopped 61 times to charge over the past year and filled up with an exact amount of 2265 kilowatt hours that got me about 8 327 miles of driving and this is based on historical data that tesla now allows you to download in a spreadsheet from your account i calculated the exact cost but on average i was paying about 30 cents per kilowatt hours coming in at 656 spent at supercharges in the past year not as cheap as you may expect but i'll show you why this is still great in a minute for home charging i filled up with the remaining 2258 kilowatt hours that got me about 8 301 miles of driving and with my power company charging an average of 16.5 cents per kilowatt hour that brought my total home charging cost to 373.57 so if we add those together i paid thousand twenty nine dollars and twelve cents to drive my model y sixteen thousand six hundred and twenty eight miles over the past year still sound like a lot well let's compare that to a gas equivalent car getting 31 miles per gallon that's about the mid point for the very popular toyota rav4 and it's actually pretty generous for gas mileage about 8 327 of my miles were from superchargers and that total was 656.55 for the same amount of miles with an average gas price of 3.47 for the past year in los angeles getting 31 miles per gallon that would have cost me 937.48 so still nearly 300 dollars of savings from supercharging the remaining amount of about 8 300 miles were from my home charger and that total was 373 dollars and 57 cents doing the same calculation the same amount of miles an average gas price of 3.47 in la getting 31 miles per gallon that would have cost me 934.94 so almost a 600 savings between filling up with gas and charging at home now the reason i'm comparing to la gas prices is because i live in la my electric bill is la prices my super charging prices or la prices and my potential gas prices would be la prices these all fluctuate around the united states but for the most part if gas is cheaper somewhere so is super charging and home charging so for some people paying two dollars or maybe three dollars sounds insane for gas and you might think my calculations simply don't apply but paying over 16 cents per kilowatt hour will also sound insane in some areas with cheap gas so this is a fair comparison you may not save 600 charging at home versus filling up with gas but you will see similar savings in all areas even with cheaper gas additionally la gas prices are nearing five dollars per gallon at the moment so the gap will be widening even further on electric vehicle savings real quick i'd like to thank today's sponsor nordvpn nordvpn is one of the easiest ways to protect yourself online vpn stands for virtual private network and that's a service that protects your internet connection and online privacy it hides your ip address creates an encrypted tunnel for your data allows you to browse the internet safely and allows you to use public wi-fi safely with no concerns this prevents your private data or banking information from being stolen and nordvpn is incredibly easy to use on all of your devices whether that be on a computer phone tablet or something else not only does it keep you safe but it also allows you access to blocked website and content including streaming services and social networks abroad by connecting you through a remote server nordvpn has super fast servers 24 7 customer support a 30-day money-back guarantee and allows up to 6 simultaneous connections head to nordvpn.com ryan shaw linked below or use the code ryan shot to get a two-year plan plus one additional month at a huge 70 percent discount overall using those calculations i paid one thousand twenty nine dollars and twelve cents to drive my car sixteen thousand six hundred and twenty eight miles and i would have paid about one thousand eight hundred and seventy two dollars and forty two cents if i drove a rav4 that's a savings of 843 dollars and 30 cents however on top of this tesla has a referral program if you use my link in the description below to buy a tesla you will get 1 000 free supercharger miles and in turn so do i i've been lucky enough to have had a number of referrals over the past year so i actually did not pay for supercharging at all that means for me personally i paid 327.57 to drive those 16 000 miles a huge savings over a gas vehicle but for someone without referrals doing my same driving and using superchargers for half of the miles like i did it would have cost one thousand twenty nine dollars and twelve cents as i mentioned as you can see home charging is the best option by far if you're trying to maximize your savings on fuel next up would be maintenance typically a vehicle would need regular oil changes other possible repairs and more but electric cars are different i have paid zero dollars for maintenance over the past year in my tesla i will likely need to change tires soon but i'll talk about that a bit later next in order to drive a car you obviously need insurance people often think my insurance is incredibly expensive but again keep in mind that i live in los angeles my insurance only had myself on the plan and i'm young compared to many drivers so my rates will be higher in fact i was paying about 120 dollars per month with my previous 2008 honda fit and those were decent rates after shopping around in any case i'm using tesla insurance which is currently exclusive to california for the time being but likely expanding later this year i paid dollars and 148.92 cents per month coming in at 1 787 and 4 cents for the whole year tesla did issue a couple of lockdown rebates so i did receive around 100 back from them but i won't calculate that into the cost since it won't be something that will happen on the average year so now let's talk about how i paid for the car as we talked about earlier my total cash price with fees was 63 179 dollars and 75 cents i traded in my old honda fit with tons of miles and a few issues on it so i was happy for them to take it off my hands for five hundred dollars that was subtracted from the total i put ten thousand two hundred and seventy nine dollars and seventy five cents down and financed the remaining fifty two thousand nine hundred dollars i financed through tesla which ended up being through wells fargo at 3.5 percent for 72 months that put my minimum monthly payment at 816.81 with payments starting on may 13th of 2020 around six weeks after i took delivery as a quick note interest rates are a bit better right now and i'll likely refinance because going straight for 72 months isn't what most people would recommend the breakdown of financing shows that over the course of the 72 month loan i will be paying thirty two cents 5910.32 to the finance company so after all is said and done i'll be paying fifty eight thousand eight hundred and ten dollars and thirty two cents back on the fifty two thousand nine hundred dollar loan if i don't refinance so to total up what i personally paid for the first year to own this car i put down 10 279 dollars and 75 cents paid 11 financing payments totaling 8984.91 paid dollars 1787.55 four cents for insurance zero dollars for maintenance and if i didn't have free supercharger miles i would have paid 1029.12 for fuel or charging from that i received a total of three thousand dollars back in rebates to get to a total of nineteen thousand eighty dollars and eighty two cents that i paid for this car in the first year however don't take that as a guaranteed situation or anything ten thousand dollars of that was a down payment that was more than many might do i didn't have a good trade-in at all your insurance will probably be cheaper charging can be cheaper and you may qualify for even more incentives for many people with a decent trade-in and a smaller upfront cost the first year could easily be closer to eight to ten thousand dollars or so for the first year i'll continue my math and calculations to see what the next year will cost but based on my financing payments insurance and charging i'm estimating around 11 000 or so next year one more calculation i want to throw in there is that if i don't refinance after six years totaling the vehicle cost itself financing and rebates i will be paying sixty six thousand ninety dollars and seven cents every little piece adds up so getting a good interest rate is really important for depreciation cars typically lose a lot in their first year but tesla's have a reputation for holding their value very well the electric aspect makes the car keep its new feel and mileage doesn't wear the same as a gas car additionally with software updates the car actually gets better over time and there have been a number of features added to my car in the past year if i were to trade in my model y one year later my kelly blue book value would be forty nine thousand eight hundred and forty one dollars the kelly blue book value for a private party sale comes in at fifty four thousand eighty five dollars tesla's full self driving package is something that i purchased after delivery you can get it at delivery but it now costs ten thousand dollars so that's a huge number to add on to all of these calculations and will affect both how much you pay in financing as well as registration costs if it's worth it to you buying it after delivery may prove the smarter option but i would run those numbers first tesla will also soon be introducing a subscription option and i personally think it's best to wait and see what tesla's full self-driving beta truly ends up delivering in the future before making that plunge so what will the future look like well i just had to pay my dmv renewal and it wasn't pretty your dmv renewal is based on the vehicle cost so mine came in at 750 for the next year next i'm expecting to need some new tires at some point this year i'm expecting to pay anywhere from eleven hundred to eighteen hundred dollars for new tires based on costco tire prices although i may even go a different route and try out some smaller wheels to possibly improve ride quality and range i have a very small dent on my hood that i will want to get fixed and that will come in around 150 to 200 i'll also need to replace my cabin air filters which tesla sells for 35 dollars for the required set of two i personally like the third party hepa filters though and those come in closer to a hundred dollars for a set of two then eventually my warranty will run out the basic vehicle limited warranty covers the car for four years or fifty thousand miles whichever comes first i will likely run out of this on my third year of ownership so any repairs that aren't covered on the supplemental repair warranty or battery and drive unit warranty will be a cost to me at that point one particular repair i'm anticipating eventually is the 12 volt battery replacement but aside from that there don't really seem to be many common repairs needed for teslas over the years no battery replacements are not a normal thing contrary to popular belief when i first took delivery of my car i had a few service appointments to fix delivery issues but those were all covered under warranty besides one a big rock hit my windshield and ended up requiring a full windshield replacement so my insurance covered that i ended up paying about a thousand dollars out of pocket because i didn't have the right coverage at the time so just make sure you have coverage for a smaller out of pocket maximum on glass the entire roof of the model y is glass so you have a slightly higher likelihood of needing glass replacement and you want the right coverage don't be dumb like i was and have a large bill in an unlikely scenario in any case as you can see there are a lot of cost savings to be had with a tesla when compared to an equivalent priced gas vehicle for the time being though when comparing to a cheaper gasoline vehicle you won't be saving as much and it will still prove expensive hopefully this breakdown was helpful for you to see all the costs associated with buying a model y in some areas it's way more than expected and others it's way less so keep in mind that my first year total calculation included a 500 trade in and a 10 000 down payment most people have a far better vehicle to trade in may do a smaller down payment the price of the model y has come down a bit and more incentives may be available in your particular state so if you want to see my full 1 year review of the model y and my experience owning it for the past year you can check that out linked over here or in the description below in the meantime thanks so much for watching and i'll see you on the next one

Channel: Ryan Shaw

Views: 155,245

Rating: 4.9013786 out of 5

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Id: GkpOZ1UlkPc

Length: 17min 19sec (1039 seconds)

Published: Tue Mar 16 2021