2022 Tesla Model 3 vs Honda Accord Hybrid: 5-Year Ownership Cost

How much does it really cost to own a 2022 Tesla Model 3 for 5 years (75K miles), and how does this cost compare to the popular Honda Accord Hybrid? In this video I do the math to determine which vehicle is likely to have a lower 5-year cost of ownership.

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Disclaimer: All of the content found in this video is based on my own research and should NOT be regarded as financial advice. Please do your own research before making a purchasing decision. While the information in this video is believed to be accurate at the time of recording, no guarantees are being made about the accuracy of the information presented in the video.

[YK-uncu]

I bought a Honda Accord Hybrid basic in March 2020. I was seriously considering Model 3. I set 2 main criteria for my search and comparison: the upfront cost, and cost per gallon. After thorough research and heavy calculations, it turned out the Honda was much cheaper in a long term. In 2 years of ownership the maintenance cost was about $100, oil change which I do myself. I'm getting about 52.8 miles per gallon for the last 8, 000 miles, I drive speed limit only. If the sign says 45, I go 45. Tesla needs to be charged every 7 days, even though you do not drive it. It is much smaller inside, and no leather for that much money. Do I regret I did not buy a Tesla? Not a bit. Will my next car be an EV? Most likely. But I like the idea of the Plug in hybrid, instead of EV only.

[deanmcmanis]

Nice analysis. One point is that home solar is not exactly "free power" because you need to purchase and install it. You could figure in the overall net cost of an EV and home solar together, but the payback will be many years off. My next daily driver will be an Aptera EV, which promises to be VERY economical. But also my current plug in hybrid is very cheap to operate and has very little depreciation because I bought it used. I do agree with your points overall that EVs clearly have a lower operating cost when buying new. Even when comparing against very economical and reliable gas powered cars like Hondas and Toyotas.

[tylerpetit]

My off peak is now $0.348 (2024) from $0.27181 (2023). It’s a 24% increase. Now cheaper for me to drive a hybrid or gas car on my 100 mile commute.

[officialyasir]

You compared the most expensive accord hybrid trim vs the cheapest Tesla. I understand you wanted to compare similar features but if someone is trying to save money, they would be willing to give up some features. This means you can get a hybrid accord for under $30k, do your own oil changes and basic easy maintenance like brake pads and air filters and you will save a good amount of money over the Tesla.

With the Model 3, $48k is the lowest price, you have no option to give up some features and save money. The original price of $38k was perfect, the price hike takes away the good value.

[daved]

Drove Tesla model 3 and it was 9.7 cents per mile for super charging. My Toyota Camry hybrid was only 6 cents per mile. Plus my hybrid charges/fuels in 2 minutes at any gas station. I can drive 600 miles before refueling. In the Tesla, I charged after about 170 miles. Hybrids are better for people who drive any significant distances.

[darkwinter]

My next car will be electric. I’m also in the middle of installing a DIY solar-electric system (13.6kw; it’s a ground mount system).

[rustyroquet]

2020 M3 SR+ and we love it. 17, 000 so far, and without a doubt the best car my family has ever owned!

[richardshultz]

You really made the case for the Honda. Compare the most expensive Honda to the cheapest Tesla, and use outrageous gas prices still the Honda is very competitive. Electricity in Cali is probably around 25 cents not 14.

Sad as it is to say, any apples to apples comparison with anything, the Honda is going to win.

So just buy the Tesla because it is super cool and be happy.

[brianc]

Thank you for this cost comparison. A couple of differences for me: In my area, the interest rate for financing any Honda is 3.9%. Tesla is about 4.49% right now. Also, the variable portion of our electricity that would be affected by an EV is $.23 p/KWH (confirmed by my provider). So, the comparison wouldn’t look as good. The fun factor still helps, though! Lol

[scdi]

The only thing you forgot was the price of happiness that comes with a Model 3. Good video. Thx.

[GregHassler]

I'm at 64, 000 miles on my Model 3 after 2.25 years. Still working great, super cheap to run. Only service I've done not covered by warranty is tires, wipers, and cabin filter.

[shanekruitbosch]

2 things: Average vehicle ownership is 79.3 mo. (1) I would like to see a comparison pushed out to 7-10 years, which would have to figure in the cost of battery replacement at $5, 000-20, 000? (2) As solid-state batteries and EV's become available near the end of this decade, do you think the value of a Model 3 is really going to be significantly different than a Hybrid or appreciate (particularly if you haven't replaced the battery)?

[masoncnc]

Nice comparo.
Guess I'm staying with my $23, 000 Honda Accord hybrid.

[osoquik]

This was a great comparison for the average consumer (buy new and drive for 5 yrs). As for owners looking toward longevity, I wonder what the numbers would be given potential battery replacements, gas prices, & etc.

Couple points, I wanted to highlight. 1) solar panel comment. There’s an up front cost (I.e., buy solar panels, installation, battery storage, and wiring) for “free electricity. ” in other words there’s no free lunch here.

As for long trips, driving time is overall longer provided you have to recharge every so often while with a hybrid you can fill up relatively quickly.

[ih]

Perhaps it is just an upfront cost, but the home charging station and installation can be a significant cost over the first few years depending on your home. New panel, etc.

[PN-velf]

$4800 maintenance for 5yrs on new honda? That's inaccurate.

[alexisgalarza]

The cost to insure a Tesla is high, I was quoted about $150 monthly, I have a new midsize truck for just $80 a month. I like the idea of electric cars, and likely own one when range is over 500 miles minimum. Recently I rented a Tesla, car needed recharge and that was painful, either slow charges or not compatible to the vehicle.

[ZacharyOtt]

I just recent purchased a Tesla Model 3. I agree with some commenters that a comparison to 3 Series BMW would be more in the same class of vehicle. One thing that isn’t being factored into the calculation for cost of ownership is the cost of installing home charging. It is varied from person to person. I have heard of people installing a charger for around $500, but in my case my situation had my charger costing me well over $2500 to install.

[filteredfit]

Great info. I recently rented a model 3 for 3 wks. Ended up purchasing 22 hybrid sport.

[larryspiller]

Do another one with bmw 4 series audi/Mercedes etc with their premium fuel and what not I'm sure it would make for a blowout