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

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Tesla Model 3 ownership cost after 5 years & 120,000 miles

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0:00 Tesla Model 3 Ownership Cost
0:51 Upfront Cost
1:51 Service & Insurance Cost
4:45 Charging Cost
6:49 Toyota Camry Cost Example
8:17 Tesla vs Gas Car Cost

A few years ago I thought I was crazy when I splurged on a brand new Tesla Model 3, but recent news just came out that claims a Tesla Model 3 is actually cheaper than the average new car in the US. But when it comes to total cost of ownership how does an “expensive” Tesla Model 3 actually stack up when compared to “cheaper” popular cars like the Toyota Camry?

My 2018 Tesla Model 3 is one of the 1st production RWD versions with the long range battery. It has standard 18” wheels, red paint, premium upgrade package, Enhanced Autopilot. This particular variant was $56,000. But I received the full $7,500 federal EV tax credit which brought the price down to $48,500. However, I had to install an outlet in my garage to charge the car which brought the total upfront cost to $49,440.

In the beginning before my Tesla Model 3's new vehicle warranty expired there were a few minor repairs that were done - all covered for free under the warranty and fixed by a mobile technician at my location. Here are all the repairs and maintenance that I’ve paid for out of pocket: Tesla's recommended 2-year service checkup (brake calipers & brake fluid) for $390. My driver side window buttons needed repaired for $94. My charge port stopped automatically opening/closing which cost $311. My driver seat occupancy sensor needed replaced for $99. The 12v battery that provides auxiliary power needed replaced for $109. All of my maintenance & out-of-warranty repairs cost $1,003.

I pay about $150/month for full coverage insurance on my Tesla. I’ve only replaced my tires twice for a total of $1,411. Nearly all of my tire rotations were done for free at a local tire shop, but for my last two rotations I decided to pay Tesla to come to my location to do it for $50 each. This brings my total cost for tires & insurance to $10,511 after 5 years.

To drive 120,000 miles my Tesla Model 3 used 30,361 kWh. I’ve had free Supercharging for the majority of my ownership, but I'll pretend that I had to pay for it. 94% of my charging is at home & 6% is at Superchargers while traveling. The total energy pumped into my car at home is 28,539 kWh. In my city of Louisville KY electricity costs 10 cents per kWh. That means my total home charging has cost $2,853. That leaves 1,821 kWh of electricity when traveling on trips. The average Supercharger cost is 25 cents per kWh. That means my total Supercharging cost (if I actually paid for it) is $455 which brings my total estimated charging cost to $3,308.

This brings my Tesla Model 3’s grand total cost of ownership to $64,262 after 5 years & 120,000 miles.

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[grahamnewton]

One of the biggest costs of car ownership is depreciation/resale value. It needs to be included for a real comparison.

[colinellicott]

I travel less than 3, 000 miles per year, cannot write off taxes, but mostly do my own maintenance. This makes buying a second hand reliable car, and running it to extinction my best economic option.

[privateerburrows]

You forgot something very important: re-sale price. Re-sale price should be discounted from the total cost of ownership for the given time period.

[senioraces]

Please re-release this comparison video after your first battery replacement. The Camry, with proper maintenance, will never need a new engine, or transmission before some three decades.

[martincday]

Surely the biggest factor missing is what the residual value of each of the vehicles would be after five years?

[thomassandwick]

It would appear that you didn't figure into the equation the fair market value of each car after the five years.

[billmartin]

You didn't take into account the much higher auto and homeowners insurance premiums for EVs. In our state, homeowners insurance excludes coverage of damage caused by vehicle fires in a garage -- as a result, people either don't buy an EV or they mount the charger on an outside wall and park the car outdoors.

[rayfunk]

You're living in a future dream world as to electricity vs. gas costs. Sure, the advantage is to electricity right now, but a lot of the gasoline costs are road taxes which the government will not easily relinquish should electricity replace gas. Those costs are going to be transferred to your electricity bill and the impact will be staggering.

[danlucking]

I would be curious to see both vehicles' depreciation cost after the 5 years.

[darrellmellott]

I just read and article about a fellow in British Columbia, Canada, who sustained minor damage to the battery protective cover of his 2022 Ioniq 5. The dealership he went to said they could not guarantee the battery was not damaged, so to maintain his warranty coverage, he had to get the battery replaced. Cost of a battery replacement $60, 000 CDN. Cost of a new Ioniq 5, $58, 000, so ICBC (the only option for liability coverage in BC), wrote the car off. The object he hit had only caused minor damage to the battery cover, but if he kept driving the car and the battery caught fire, he would not have any liability coverage, not to mention, no warranty. People will think long and hard about range limits and long term battery reliability when they weigh the options between an ICE or EV purchase, but rarely think about the implications of getting involved in a collision. Even if your car isn't written off, there should be concerns about the number of shops that are qualified to fix it and how long it won't be available for you to drive.

[NOBODY-zfnt]

What is the cost of battery replacement?
What is your Tesla's resale value compared to a Camry?
Have you experienced long waits to charge on long road trips?
How convenient is service compared to regular vehicles?

[motors]

I'm a licensed dealer in Canada. When an EV comes through the dealer auctions, there is absolutely NO interest. The commentator speaks of owning the Tesla for 10 years. It will be interesting to see how they plummet in value (at least that's what I think is going to hsppen) when batteries are worn out.

[DraegerV]

I've got 3 Toyotas. A total of 5 years and 55k miles of ownership. The only issue ive had across all 3 vehicles was a nut came loose on the back hatch of my 4runner. It took me 10 minutes to fix. I know where my money is staying.

Also, a battery pack replacement is significantly more expensive than an engine replacement.

[puits-de-science]

One big issue is missing : in case of even a minor accident, the repair shop may not agree to garantee the battery operation (risk of fire). That is why EVs with apparently minor body damage end up at the car dump.

[scottsinfl]

A battery replacement cost needs to be factored in if your going to keep it for 10 years. So that blows your comparison out of the water.

[jayaywhy]

I figured it would be about that. Pretty even at the end. There is just one thing you forgot to consider... That $20, 000 battery pack in the Tesla you have to replace every 7-10 years.

[newsbluestv]

What other factors which need to be taken into account, is the current resale value of each vehicle, plus the cost of replacing the batteries, when needed. This is one factor, few ever regard, when comparing.

[Kvik]

Hey Andy. Enjoyed your price breakdown. But you missed something. When the Toyota is sold at 120, 000 miles it still has significant value because while looked after it easily has another 120, 000 miles that can be put on it. This is not likely for the Tesla. At some point during the next 120, 000 miles the battery will need to be replaced the cost of which is roughly equal to the cost of a new Tesla. The Toyota has no such cost. I currently drive a Toyota echo with 215, 000 miles, the last 100, 000 of which I put on the vehicle. I have had no significant cost related to the upkeep of this vehicle. Battery, brakes, tires, lights, oil have needed replacing. But that's it. So I would be interested to see you add the resale value of each vehicle added to your cost comparison.

[kevinwaters]

When you try to sell your car, then you will realise just how cheap it really is.

[NaYawkr]

imagine you live in a 3 decker house in Boston, no garage, no way to charge at home, Park on the street especially in Boston;s bitter winter, and how much do you pay to keep the battery car charged everyday. In old cities in the Northeast thisis reality for most people. Buy the Camry, have no range anxiety, buy gas everywhere, no wait, Compare a Toyota Prius and again the battery car loses.