Tesla became one of the early adopters of the concept of EVs. They’ve spearheaded the campaign of why it’s the future, and with multiple carmakers following suit, it’s pretty clear where things are headed.
But some people are dead-set against Tesla. Calling them out for faulty manufacturing, right to repair, working conditions, and the overall environmental impact. While there’s some truth, these hardly affect any buyer on a micro level, at least in the more expensive models.
If you’re looking to buy a Tesla Model S, there’s good news. CAREdge reckons the Tesla Model S is among the least expensive luxury cars to own and maintain. Mind you, it’s no Toyota. But when it comes to running costs, the Model S can be a relatively inexpensive luxury daily driver over the course of 5 to 10 years. But before jumping into the specifics, here’s a brief overview of the 2022 Tesla Model S.
Why Is The Tesla Model S Getting So Much Attention?
One of the advantages of owning a Tesla, or any EV for that matter, is the convenience on offer. If your commute doesn’t involve the highways and you pretty much stick within the city limits, having an EV is a great choice. Especially a Tesla.
Why? Firstly, it offers great fuel economy, or in EV terms, range. EPA rates the 2022 Model S Base to have a driving range of 405 miles. The official MPGe ratings stand at 124 city and 115 highway. The fast-charging capacity of the new Model S adds 187 miles of range in 15 minutes. However, it’s worth mentioning that if you’re running bigger 21-inch rims, efficiency does take a 7.4% hit, bringing the total range to 375 miles.
As for the performance, Tesla claims the standard Model S is capable of 0-60 mph in 3.1 seconds and a top speed of 155 mph. The 2022 Model S Plaid, on the other hand, completes 0-60 mph in under 2 seconds and will continue to top out at 200 mph. While performance offered in the Base model is more than sufficient, having the Plaid takes bragging rights to another level.
How Is The Tesla Model S The Easiest Daily Driver To Own?
According to CAREdge, the Tesla Model S will cost about $4,566 for maintenance and repairs during its first 10 years of ownership. Annual repair costs for the first three years are in the early $300 mark, which is pretty impressive for a luxury car. CAREdge estimates that the probability of any major repair is fairly low for the first 5 years, with the highest being 4%. That number doubles to 8.64% in 10 years, which according to CAREdge, is still 30% better than similar vehicles in the segment.
However, post the 10-year mark, things can get expensive. Probability of major repairs doubles to 16.6% in the 12th year of owning a Model S. The website considers any repair bill that exceeds $500, including parts and labor, to be a "Major Repair."
It’s also worth mentioning batteries and replacement costs. Per Find My Electric, Tesla’s battery can theoretically last for more than 20 years. However, they do point out a 4% average degradation rate per 100,000 miles, and factors like driving temperatures, owner habits, fast charging frequency..etc., can affect battery longevity.
Also, you may want to know how much a battery would cost in case it decides to fail. Spoiler alert! It’s not cheap. The website reports a cost between $13,000 to $14,000, which is their cheapest estimate. However, there are incidents of Tesla charging upwards of $20,000 for a battery replacement. So, it all boils down to your luck and how complicated it could end up becoming.
The Tesla Model S Does Have A Few Drawbacks
Firstly, battery replacement could lead you to have the most expensive repair bill on a car. Secondly, Teslas are notorious for not allowing third-party repairs. While they have eased a bit, it still isn’t as repairable as a normal combustion car.
Then, there are other problems like questionable reliability and build quality. Numerous reports of the infotainment freezing, odd leaks, and panel gaps have populated several forums. But seeing as Tesla’s only started pacing through the vast and sophisticated world of automobiles. It might take some time to level the expertise of established names in the industry.
With all that said, the Tesla Model S is still an impressive vehicle. The available range, impressive performance and fast-charging capabilities are enough to attract your attention. But it can be pricey. The 2022 Model S base costs $106,440, while the Plaid adds another $37,000 to the MSRP. It may sound contradictory, but if you can afford a $100,000 luxury EV, are you looking to save money through running costs? Probably not.
Sources, Tesla, CAREdge, Find My Electric