If you’re considering investing in an electric car like the Tesla Model 3, you should probably figure out how much it’s going to cost you. Figuring out its out-the-door price is the easy part, but it’s obviously not the whole story.
To figure out how much a car is really going to cost you, you have to analyze its total cost of ownership, which include fuel costs, maintenance, and more. Most people don’t take all the related costs into account. This can lead them to believe that most EVs are simply too expensive to fit into their budget. However, that may not be the case.
As we’ve reported on numerous occasions, electric cars, trucks, and SUVs are more expensive than their gas-powered cousins. To be clear, this means you’ll pay more for an EV upfront than you will for a comparable gas vehicle. However, over the long term, most EVs will save you a significant amount of money, and you’ll realize these savings as they impact your budget on a month-to-month basis.
Tesla Model 3 owner MTN Ranger recently put together a video highlighting four years of ownership (see below). However, he didn’t include a total cost of ownership analysis in the full four-year update video. Instead, he made a separate, much shorter video (above) sharing the costs.
MTN Ranger has kept track of his Model 3 ownership costs, including the EV’s financing (monthly car payment), which covers the Tesla’s total price with incentives, taxes, and fees. He also provides details about the cost of insurance, repairs, and maintenance. However, arguably the most important piece of the pie is the cost of electricity versus gas. Finally, depreciation is a biggie since the Model 3 holds its value better than most new cars.
The video is broken down into multiple topics, which you can navigate through using the timestamps below. Adding up everything he’s spent on the Model 3 to date has cost him just $18,134.10 over four years and about 48,000 miles.
- 0:00 Intro
- 0:25 TCO Categories
- 0:55 1 Depreciation, Taxes, Fees, Incentives & Financing
- 2:16 2 Insurance
- 2:45 3 Maintenance, Tires & Repairs
- 3:37 4 Electricity
- 5:03 Closing
We’ve also included MTN Ranger’s Tesla Model 3 full four-year update video so you can learn more about the ownership experience as a whole.