TRUE Cost of a Tesla Model 3 After 40,000 Miles!

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The total cost of my Long Range Tesla Model 3 was $59,422. But I got the full $7,500 tax credit so after that it came to $51,922. I had a small, low-interest loan for a couple months but I quickly paid the car off so the little money I paid in interest brought the total to around $52,000.

One of the best advantages of owning an electric car is not buying gas. In its first 40,000 miles, my Model 3 used 9,622 kWh of electricity (9,428 from home charging & 194 from Supercharging). I've spent a total of $54 at Superchargers, and my cost to charge at home overnight during off-peak hours is $0.07/kWh. However, 100% of the electricity does not always make it from the outlet to the wheels. In a Tesla document they estimated an 86% wall-to-wheels efficiency so based on that, my home charging cost $767 so the total electricity cost to travel 40,000 miles was $821. If I drove 40,000 miles in a similarly priced gas car (such as the BMW 3 series that gets 30 MPG) at an average gas cost of $2.50 per gallon that comes to a total of $3,333. Compared to a BMW 3 Series my total estimated fuel savings over 17 months was over $2,500.

The total cost of maintenance after 40,000 miles has been $0. I’ve had 3 minor repairs done to my car, all of which were covered for free under the warranty and each time the Tesla Mobile Ranger came to my location. So far the only recommended maintenance is tire rotations every 10,000 miles. I have a local tire shop in my city that gives free tire rotations to Tesla owners. What about the battery? Since I got my Model 3, the estimated range has actually increased by 10 miles. First my estimated range went from 310 to 325 miles as a result of a free software update. My current estimated range is 320 miles so I've only lost about 5 miles of estimated range after driving 40,000 miles. Based on this, at 400,000 miles my Model 3 could still have an estimated range of 275 miles.

Model 3 depreciation: I went on CarGurus, Edmunds, AutoTrader, Kelly Blue Book, and got the estimated value based on my Model 3's options & mileage. It's worth about $42,000. That's an estimated $10,000 loss in value so far which is right on par with the rule of thumb that says almost any new car will lose about 20% of its value in the first year. But this is not an actual expense unless you plan to sell the car. With a Tesla the car is constantly improving via software updates that improves things such as the range & performance, not to mention the promise of Tesla’s future robo-taxi service which is designed to make money for the owner.

My insurance costs about $2,000 per year for my Model 3 + my wife’s car. But since I’m saving almost $150/month on fuel, my fuel savings basically pays for my insurance which is cool. I paid a $500 deductible to get my bumper replaced. Also 2 of my 3 speeding tickets I’ve ever gotten have come since getting my Model 3 so that’s one con about owning such a quick car. So I invested in a $200 cordless radar detector. I’ve also spent about $150 on various Model 3 accessories including floor mats, console wrap, and screen protector. I paid around $900 to get a NEMA 14-50 outlet installed which isn’t a requirement for all Tesla owners. Some can get by with a normal outlet. Another optional expense was $1,700 to get the front of my Model 3 wrapped in a paint protection film because I drive so much and plan to keep the car for a long time. I also use my Model 3 for business purposes (Uber, Lyft, YouTube videos, driving to job sites, etc) so my business mileage deductions so far have actually saved me about $4,500 in taxes. That’s pretty amazing, considering this is virtually a maintenance-free car that doesn’t require gas. That’s how much it has cost me to own and drive my Model 3 during its first 40,000 miles. It's one of the best purchases I’ve ever made!

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[aslye]

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[MeteoricMarlin]

My daily work commute (mon-thurs) is 8 miles total. We have 26 FREE level 2 chargers available for a facility that has maybe 13 employees with EV vehicles. I've never paid a cent for charging or maintenance. I've had my car since march and it's been the best decision I've made in a really long time.

[brightboy]

I'm amazed that you paid off a $50K+ loan in a year, good on you.

[andywongable]

One of the best channels that have clear cut information. All the information is organized and makes sense. So many videos are all over the place when trying to talk about cost that I just get lost and stop playing the video. By far the best video on cost of owning a Model 3 which helps justify my decision to get a model 3 myself that I am picking up tomorrow.

[kevinthomes]

Compare this to a Prius. From a value standpoint, I would think the Prius would be a much better buy. You are talking about a $1, 000 difference in gas mileage, but the Prius costs about $20, 000 less to buy. We know, they are built to last. A $50, 000 Tesla, does not compare to a $50, 000 BMW as far as luxury and build quality.

[HermanWillems]

Bought a 2013 Opel Ampera (Chevrolet Volt) it can travel from 55 kilometers in winter to in summer 75km. Bought it for 14.750 euro. 70k Kilometers on speedometer. And i can drive to work and home on electric. It's dirt cheap for me. Battery is still in good condition.

[irszgatti]

Cost of oil changes on a 3 series is another savings point

[DennisCW]

Love watching videos about how low maintenance the model 3 is - that’s why I got mine! Best value out there

[shepherdsknoll]

I took delivery just before you (#10, 400), same color, aero wheel covers. I have 45, 000 miles. I too have $0 in maintenance. We have taken 4-5 road trips, Mt. Rushmore, Grand Canyon, just got back from seeing Starship (highly recommend). I replaced the rear tires with just over 40, 000 miles but the fronts still look like they can do a couple of k more, I’ve rotated them once . The car drives like new, it is easily the best personal property I have ever purchased.

[ethanashby]

Just hit 24k miles on mine, its amazing how much money I've already saved.
My electricity costs for charger are under 6 cents per kwh. I was driving a tuned mustang, premium fuek ran me over $3.30 and I got about 23 mpg. I drive about 1500+ miles a month.
I also bought my car private party, its fully loaded (red w/19s LR RWD) and I paid $45.6k (even has fsd, clear bra, and ceramic coating). I save about $500-600 a month in fuel and maintenance, I havent laid a penny in maintenance. Home charger cost me under $200, seat covers and little interior things here in there cost $350. $300 for new tire after hitting a pothole. Such an amazing car!

[Mrbfgray]

Depreciation is a real cost, typically the biggest price of owning any new car for1st. several yr.s. Cars are not investments but they can be fun. :D

[adamcravets]

You forgot to take into account oil changes (or lack there of). Over 40, 000 miles the manufacturer would likely tell you to have had around 8 of them. That’s another $800 savings.

[rtyp]

You understand that the Porsche Tyacan cost what it does because it uses the 800 Volt charging architecture, has an interior that is far superior to the Model 3, and has Porsches best electric steering, which is the best in the industry. Consider Porsche's approach to the Tycan's thermal management system and no regen when lifting off the throttle, instead coasting which the R&D Porsche did can be just as effective as regen with a slippery drag co. It's the hot rod of EV's so just like there are performance variants of ICE vehicles the Tycan can take the abuse(ie Nurburgring) and bring some feel to the EV experience for enthusiast who want an experience/an occassion and not their car to be an extension of their cellphone. Enthusiast are willing to take a gas guzzling hit for ICE performance cars in exchange for some tactile feedback. Same can be said for EV's and the different approaches each manufacturer brings.

Btw, that's a big what if for your battery. You or anyone dont know how long the batteries will last. I will say, Teslas feel disposable and that's an approach to cars I don't like.

[samonesa]

Quick point I'd like to make, in your video, if you spend about $52k on a BMW, you need to use at lease premium gas to avoid hurting the engine system, so you will definitely end up with spending much more than the fuel cost you showed in the video. Because recently, any gas higher than 89 will be a lot more than $2.50. If you use cheap gas, it's gonna screw up the engine and you will have to pay even more to get it fixed.

[sushanthsuresh]

Video Review: thank you for not beating around the bush and getting straight to the point.

[HotrodsMotorcycling]

I have only seen 1 tesla where I live, most people around here can't afford a $50k car. You should do a video down the road that breaks down the cost of owning one out of warranty or when there are no more updates.

[SpawnPoiint]

Thanks for breaking the prices down. 40k miles is an awesome achievement too!

[TomHarrisonJr]

My Model 3 (same spec as yours) is at 37k and I have had a similar experience, including driving for Uber/Lyft. Zero maintenance so far. In New England, electricity is far more expensive than most of the US, but still about 1/2 the cost of gasoline. Insurance is cheaper because of all the active safety features of the car. Despite the incredibly bad roads I drive every day in Boston, the car is still tight and rattle-free. My Uber customers are thrilled to have a chance to see this amazing car -- nearly all are impressed and surprised and the change to ride and ask questions has caused the purchase of many Model 3's from my passengers. Awesome car.

[minoly]

No too big a deal since it's a small part of expense but... @1:30 you either did not take actual numbers from your electric bill to show cost of electricity and or you added a cost that should not be added ie efficiency.
if it cost $10 to charge your bank and you got 100 miles, you don't have to then add another percentage to the cost for "efficiency losses. 10 dollars is 10 dollars that's what it cost to go the 100 miles. If you are estimating the cost based on the price of electricity in your area, then we'll never really know how much it really cost.

[nannyg]

40, 000 miles on my $12, 000 gas-only Chevy Spark. Total spent on gas; $2500. $900/yr insurance. Only maintenance; $180 worth of oil changes.