After 2 Years of Ownership, how much has my Tesla Model Y cost? How much value has it LOST?

How much have I spent on my Tesla? A question I get asked all the time. Two years in I get the calculator out and work out every last penny of costs. All in, what have I spent on this vehicle?

And how much have I lost? I checked how much my car is worth and was shocked. It can't have lost that much, can it...?

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[trevorshields]

Got a brand new M3 LR in 2022. The depreciation is eye waterin. depreciation only counts if you are planning on selling the vehicle. Luckily I love mine and have no plans on selling it. Now looking to the the winter months to try out my Michelin cross climate 2 tyres!

[Lufu]

This was a really fascinating and instructive video, and your computations are extremely valuable since they are founded on your expertise as a business owner. Thank you.

[keepfitbunny]

I’m a potential “knucklehead” who had to pay for my Tesla out of my hard earned and taxed income. You should forget the tax breaks and let us know the figures based on real costs. I would be interested to compare with my own calculations

[harrypalmer]

This mindset only works if you keep it to the point of scrappage. The loss will be realised at some point - I have seen it many, many times in the Motor Trade - the number of people 'the wrong way round' on their car finance and cannot get out of the car until they pay the remaining finance, less the value of the car and inevitably the loss.

[Richard_Barnes]

Oh I can beat that! You're not even trying 😉😆13 years, V-Power (formally Nitro+ and all that) £20, 824 across 95, 149 miles = 22p a mile. See! So much better....*ahem* lol. I'll leave the servicing and running costs out of it cus that one would really hurt me to see a total of! 🤯 Thx for sharing the costs Ian, much appreciated. 👍🏻

[Roll_the_Bones]

Strangely, I'm very happy with the depreciation. The company M3 I drive, comes off-lease in 18 mths, and can be purchased directly, at that point... at market rates.

[pixie]

I watch this channel because Ian is an entertaining and very good presenter .I dont have an EV for practical reasons but find all cars with their pros and cons interesting . Really sick of the petty bickering and rivalry as nobody carried on like this comparing petrol to deisel. Keep up the great information

[martinweston]

After a house your car is normally the second most expensive possession in your life for many low mileage new car owners the real cost is most likely £1/ mile, people only ever seem to think about fuel/mile and they typically underestimate that. People were always amazed when I told them the running cost of me cycling to work, that was >£0.50/ mile when I included calories 😊

[waynehardiman]

FairPlay what a great channel to come across and clear understandings of the cost amazing thank you so much great video

[rogerhudson]

It's just like the old days with ICE cars, always buy a 2-3 year old car in 'as-new' condition, never buy new.

[oldchev]

Do the same sums in two more years and there will be even more difference. Service costs on ice vehicles go through the roof when the kilometres/age gets on. I’m sure the company is realising the current market value each year but Ian is right, it’s not a cost on any type of vehicle until it’s sold. Pretty much every car, excluding classics, are going to depreciate.

[johndinsdale]

I get it, you love your Tesla and you are probably being very kind in setting up the next owner of the vehicle to get a bargain whenever you sell. However i lease the cheapest similar sized car for 2 years and know the total cost of ownership when i sign the contract. This time around its a Puegot 408 GT and its costs £6.5k plus fuel.

[dayoadeosun]

Hi Ian, your video was nicely put together. My wife tried very hard, luring me, into buying a ModelY 2 days ago. She even took me for a test drive. I love the tech in the car and the speed. What discouarged me was the aggressive regenerative braking and the cost. However, you seem to make it sound thar it is cheaper to own than a PHEV or HEV. Thanks I'm Dayo. 👍

[Paul-]

Is there a depreciation on your little toy tanks? Massive petroleum or diesel engines. Never mind.

[ObiePaddles]

As an accountant I dont agree with your calculations.

You can’t claim the tax saved is a cost reduction. It’s simply not. It’s great you can claim the costs vs tax, but dont confuse the two. For example if we both had the same mobile plan of 30 quid a month, you have tax benefits where you can claim the income tax back but your cost is the same as mine.

Depreciation is a cost and it doesn’t matter that you havent realised the loss. Otherwise all you are calculating is the cash cost, which is important yet isn’t the overall cost. The calculation of the depreciation is a little more complicated given you have a lease with a guaranteed value at the end of the lease.

[railman]

Pl are do this video again for the majority that can’t get any tax breaks

[Travel_Day_Dreams]

Really interesting information, couple of points though (i) this is a very specific case use, in your example the benefits appear to be for those able to expense the car through their business. Private buyers are in a very different situation and as such their cost to own is substantially higher. (ii) You are right to ignore depreciation, but you also ignore the balloon payment which is sitting in the background and is going to have to be dealt with either by making that payment or by handing back the car and that means cashflow out regardless (assuming you will replace the car rather than walking everywhere). One way or another there's no escaping the fact that taking a snapshot at the end of year 2 doesn't really tell the whole picture but it's a very useful illustration nontheless.

[wyx]

£31k is better than I thought TBH!
Paid £56k cash for my blue MYLR, it is also 2 years old as of a few days ago.
I’m going to keep it proper long term, as you said, depreciation loss is only realised loss if you sell.
Also have a 10 years old Nissan Leaf, owned it for 7 years so far. Easily get more than 10 years ownership out of this brand new car.
2 years so far and car still feels new thanks to software updates, never had this feeling for so long. 😊

[raypalmer]

While an interesting point in your calculations, you are doing it from a perspective of a business car, while for the majority of people they would be doing it as a personal car. The costs would be better compared as a personal car IMHO.

[nicksportster]

Ian, i think I’ve got a few more years on you… i don’t know if you remember the financial ‘crash’ in the late 80’s (I think it was called Black Monday?). You had 100’s of people ringing into radio programs saying they had lost thousands overnight. And the financial expert at the time (can’t remember his name) said “no you haven’t…. You went to bed with certificates for XYZ shares/funds in XYZ companies…. You’ve woken up this morning with exactly the same shares and funds. It’s ONLY if you decide to sell those shares/funds will you lose anything. Just sit tight and they will bounce back, it’s a cyclical thing….”