How a Tesla Model 3 is Now Essentially FREE

With the $7,500 federal tax incentive in place, the cost of a Model 3 is down to about $36k for the base model. For most gas car owners, gas costs around $2k a year while the cost of maintenance is around $1,000. Getting a Model 3 represents around $2,000-2,500 savings per year which can add up significantly if you drive the same car for 10 years or more. In a way, if you sell your current car for $15,000, this financial move will cost you about the same as driving the gasoline car. Most likely, the gas car wont even last that long but the Model 3's battery will.

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[waynewong]

Some potential costs with the Tesla: 1) Since it is very heavy, the tires wear out about twice as fast and they are expensive. 2) Insurance on the Tesla is much more than most gas vehicles. 3) There are fewer repairs, however, any repairs are extremely expensive, and Tesla is known for being very slow. 3) There is a good chance the main battery will not make it 10 years. Whenever it significantly degrades, it is very problematic, because it is so expensive. If it lasts 8 years, then you are stuck paying a huge bill to get a new battery.

[VGSoundFX]

My recommendation before buying one is find out what your local electricity cost is per kWh. Also check your states annual registration fees for ev’s. These two things can make a big difference in costs

[Go]

Actually if you buy japanese cars like toyota. Maintenance is close to zero first five to ten years too. Only need oil chances, no way it will need more than $500 yearly

[benchoflemons]

6:36 you do not have to replace brake fluid because it gets hot, you have to replace it because it’s hydrophilic.

[timsuniverse]

Forgot to include cost of Smog check every two year for an ICE car and hybrid car in California.

[krissantos]

I guess I’m an exception to your rule, because for 35 years I have a company vehicle, they pay for the gas and maintenance, it cost me nothing. My own car is a 67 chevy which I may drive about 3000 miles a year, owned it for over 20 years and it never went into a shop, I do my own maintenance which is once a year on oil change.

[jkimo]

That $7500 will be credit AT PURCHASE starting 1/1/24. No waiting....

[vonnnner]

Great video illustrating benefits of switching to an EV.

Note - insurance and registration are going to be higher on a $36k car vs $15k car. Depreciation, tesla maintenance (eg faster tire wear, higher but less frequest repair costs), and opportunity cost should also be factored in :-)

[TheRainHarvester]

If break even is in ten years (10k in gas), you could invest that 10k and in ten years you'll have more. So you NEVER break even.

I've been wanting an ev but the economics are not advantageous.

The car companies know this and make the car cost more so the break even is always around 10 years. Prius too.

[DeeSock]

With Tescamp and Tesla camping mode instead of rent, the Model 3 probably pays you an income😅

[spencerl-yfbg]

Depreciation is often the largest cost of owning a new car and with used cars, reliability becomes paramount. I'd rather buy a used Toyota Corolla. It's already taken the bulk of the depreciation hit, still gets great gas mileage, and has solid reliability. There's little chance the gas savings of a Model 3 can catch up, even after 10+ years.

[jxsn]

Lexus 400h 2008 insurance is $580 a year. Insurance is a major cost.

[marksanders]

I just do not think you can “call it even” when comparing a Corolla insurance/registration/Excise Tax to a brand new Tesla. I am looking at a large excise tax increase for a new Tesla and insurance increase of $500-$600 per year compared to a Honda Accord.

[xkidmidnightx]

Grossly underestimated repair and maintenance costs. 2 seconds of googling will give you much better estimates

[kidneystonez]

Battery degradation is about 5% a year for me, man!

Registration is about 5x my old car and Insurance is about 4x my old car.

A Tesla is more than 10x better than my old car so I’m not complaining about extra costs.

[emanuelbandrabur]

I have a granny toyota camry, never breaking only changing oil. Currently paying $100/month on gas. I would only save $200/year on gas if I were to switch. That's a very bad investment for me. $36k returning $200/y. I would rather put my money in a money market account and get back about $1500 in interest

[tdgdbs]

My Camry hybrid is far cheaper to operate than a Tesla; for the first 5 years. I doubt it will change up to 200K miles; but Tesla's fan boys will have their say.

[Native]

Worried about battery degradation and replacement cost

[stoqnovst]

My VW Passat 2019 consumes on average 5 l/km (~50mpg). 95000 km so far. Since I bought it it was with the dealer twice to change the oil and breakpads. I think you calculations are in favor of Tesla.

[GhostofTradition]

I'm just in shock electricity is 3x in CA compared to my state. you guys really shot yourself in the foot with that one