Tesla is the most popular EV brand in America. And it's reasonable to say that Elon Musk's business has a firm grip on the American market, given that Tesla automobiles account for 65 percent of all electric vehicle sales in the country.
The most recent price cuts for the Model Y and Model 3 are only boosting sales and ensure that Tesla remains the most powerful player in the market. To be fair, the brand is so popular in the U.S. that even used Tesla models are performing well. So, if you are on the lookout for a used Tesla for sale, or you’re just looking around for a new model and can’t decide if a Tesla Model 3 or Tesla Y is for you, here are 10 things you should know before buying this popular electric vehicle.
10 The 2023 Model 3 Is The Cheapest Tesla
If you’ve seen too many white Model 3s on the road, and you don’t know why, it’s because this is the entry-level Tesla. Unsurprisingly, in 2023, the Model 3 remains the most affordable Tesla vehicle with an MSRP of $43,990.
9 Tesla Prices Start At $43,990
While car enthusiasts can find a used Tesla for sale for as little as $26,000 (2013 Tesla Model S), current models are more expensive. As we’ve established earlier, the MSRP for a Model 3 is $43,990. And with a starting price of $52,990, the 2023 Model Y is the next most cost-effective choice. Elsewhere, the 2023 Model S will set you back at least $94,990, while the 2023 Model X has an MSRP of $109,990.
8 It Is More Affordable To Drive A Tesla Than A Gas-Powered Vehicle
If you're curious about how much a Tesla will cost to operate, you should know that even a used Tesla will be less costly to drive than a gas-powered vehicle. In April 2022, EnergySage compared the cost of charging Teslas annually to the cost of fuel for an average car.
“If you calculate the average of all Tesla models, it costs $614.51 to charge per year. Comparable gas-powered cars cost an average of $2,245.10 to fuel per year. So, Teslas cost approximately $1,631 less to drive each year than gas vehicles,” says EnergySage.
7 Tesla Owner Demographics
There’s this myth that Tesla owners are well-off gearheads, which is not far from the truth. According to the Hedges Company, the average household income of a Tesla Model X owner has grown from $143,177 a few years ago to $146,623 in 2022. Meanwhile, the average household income of a Tesla Model S owner has reached $151,096 per year in 2022.
6 Insurance For A Tesla Will Cost You More
Tesla cars don’t come cheap; thus, it shouldn’t surprise you that your insurance premium is higher than what you would regularly pay.
“Insurance for an electric car may cost more than insurance for a regular gas-powered car. An electric car's higher price tag and more complex equipment means it may cost more to repair or replace if it's in an accident,” says Progressive. “Generally, higher-priced vehicles cost more to insure because they also cost more to repair or replace.”
5 Tesla Cars Are Long-Lasting Vehicles
You should anticipate that most Tesla batteries endure, on average, eight years and 100,000 to 150,000 miles of driving. This is when you follow Tesla’s advice and decide to substitute the battery because it retains less than 70 percent of its capacity. However, MUO points towards Elon Musk’s comments on Twitter for a different option. “Model 3 drive unit & body is designed like a commercial truck for a million mile life. Current battery modules should last 300k to 500k miles (1500 cycles),” tweeted Musk.
4 Tesla Charging Stations Are Not Free
There’s this misconception that Tesla’s Superchargers are free. Tesla used to provide free and unlimited supercharging with the purchase of the Model S and Model X, but that is no longer the case.
3 Charging Times Are A Disadvantage During Long-Distance Traveling
If you have to travel long-distance, Tesla is not the best bet because of long charging times. Things get even more complicated when you have to travel during winter months.
Two siblings who traveled last December in a rented Tesla from Orlando to Wichita, Kansas, told Insider that they had to take frequent stops to recharge the vehicle. “We ended up having to stop every one to 1 ½ hours to charge for an hour, then an hour and a half, then two hours,” Xaviar Steavenson told Business Insider.
2 The U.S. Charging Infrastructure Is Still Inadequate
There’s a long way to go until the U.S. will have EV charging stations in every location. Accordingly, if you have to travel to rural areas or the countryside, leave your Tesla at home.
1 Tesla Cars Lose Driving Range In Freezing Temperature
According to Recurrent, the Tesla Model X and Tesla Model Y lost 15 percent of their driving range in freezing weather. Meanwhile, the Model 3 and Model S lost 17 percent and 19 percent, respectively.
Sources: Edmunds, KBB, Electrek, EnergySage, MUO, Twitter, Business Insider, Progressive, and Hedges Company