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Cost of owning a Tesla Model 3 after 5 years and 120,000 miles
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0:00 Cost of owning the Tesla Model 3
0:51 Initial cost
1:51 Cost of service and insurance
4h45 Charging cost
6:49 Toyota Camry Cost Example
8:17 Tesla vs cost of gas cars
A few years ago, I thought I was crazy when I splurged on a brand new Tesla Model 3, but recent news claims that a Tesla Model 3 is actually cheaper than the average new car in the UNITED STATES. But when it comes to total cost of ownership, how does an "expensive" Tesla Model 3 actually compare to "cheaper" popular cars like the Toyota Camry?
My 2018 Tesla Model 3 is one of the first production RWD versions with the long-range battery. It features standard 18-inch wheels, red paint, a premium upgrade package, and upgraded autopilot. This particular variant was 56,000. But I received the full 7,500 federal electric vehicle tax credit, which brought the price down to 48,500. However, I had to install an outlet in my garage to recharging the car, bringing the total initial cost to 49,440.
Initially, before my Tesla Model 3's new vehicle warranty expired, a few minor repairs were made – all covered under warranty for free and fixed by a mobile technician at my home. Here are all the repairs and maintenance I paid for out of pocket: Tesla's 2 year recommended maintenance check (brake calipers and brake fluid) for 390. My driver's side window buttons needed to be repaired for 94. My charging port stopped opening automatically. /closing which cost 311. My driver seat occupancy sensor had to be replaced for 99. The 12v battery that provides auxiliary power had to be replaced for 109. All my out of warranty maintenance and repairs cost 1,003.
I pay around 150/month for full insurance on my Tesla. I've only replaced my tires twice for a total of 1,411. Almost all of my tire rotations have been done for free at a local tire store, but for my last two rotations I decided to pay Tesla for that. 'she comes to my house and does it for 50 each. This brings my total cost for tires and insurance to 10,511 after 5 years.
To travel 120,000 miles, my Tesla Model 3 consumed 30,361 kWh. I have benefited from free supercharging for the majority of my possessions, but I will claim that I had to pay for it. 94% of my recharges are done at home and 6% at Superchargers when I travel. The total energy pumped into my car at home is 28,539 kWh. In my town of Louisville, KY, electricity costs 10 cents per kWh. This means that my total home recharge cost 2,853 euros. This leaves 1,821 kWh of electricity when traveling. The average Supercharger cost is 25 cents per kWh. This means my total recharge cost (if I actually paid for it) is 455, bringing my total estimated recharge cost to 3,308.
This brings the total cost of ownership for my Tesla Model 3 to 64,262 after 5 years and 120,000 miles.
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