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With the fuel prices showing no intention to stop soaring, many people started considering electric vehicles to cut traveling costs. Surely, EVs are often more expensive than their gas-powered counterparts, but they save a lot of money in the long term. After you initially cash out a large amount of money, you can expect to save a lot on ownership costs.
In this ever-raising interest for EVs, Tesla's vehicles stand pretty well. They are usually at the top of every buyer's list because of their excellent performance, specs, and design. The Model 3 is a particularly attractive option, known as the cheapest Tesla within the lineup and an admirable performer.
But how much does it really cost to own the Tesla Model 3? While you can calculate your initial costs easily, it may be challenging to decipher how much this EV costs in the long term. Are there any hidden fees? How much does it cost to maintain the vehicle after the purchase?
Today, we calculate the Tesla Model 3 ownership costs to help you make an informed buying decision.
How Much Will It Cost You To Get The Tesla Model 3?
The cheapest Tesla that was once (a very long time ago, as it now seems) $36,000 now starts at $46,990. You have to pay this amount for the base model with rear-wheel drive, 18-inch wheels, and other standard equipment. Any extra feature will cost you at least $1,500 more each, with the Enhanced Autopilot and the Full Self-Driving Capability reaching the $6,000 and $12,000 price tags.
As the Tesla Model 3 Long Range is not available anymore, the only other option is the Performance trim. Because of the all-wheel drive, increased driving range, better acceleration, and other impressive specs, the Model 3 Performance starts at $62,990. Destination fees are not included, as you may have guessed so far, and Tesla charges $200-$400 extra for charging connectors (surprise, surprise).
Of course, we understand that this significant price increase is the consequence of inflation and hope at least to save on the upcoming costs, eliminating the need for expensive fuel and car parts. But how does this translate into numbers? Is the Tesla Model 3 really a cost-efficient ride that justifies the initially high purchasing price?
The Tesla Model 3's Maintenance And Servicing Costs
First and foremost, Tesla claims the Model 3 saves about $6,600 you would otherwise spend on gas in six years. This is a significant amount of money, although you must wait to see the benefits over time. The more noticeable (and immediate) difference compared to gas-powered vehicles is in maintenance and repair costs.
The Tesla Model 3 is estimated to cost from $3,000 to $4,000 for upkeep over ten years, which is about half the price of regular luxury sedans. You can expect to perform some major repairs during that time, but again, the chances are lower than with gas-powered vehicles. The one thing you'll have to pay straight on is insurance, which will cost you about $2,000 per year (or $10,000 per five years), depending on the provider.
When it comes to maintenance costs, the Tesla Model 3 is quite affordable because electric motors in EVs have fewer moving parts than internal-combustion engines. There's no need to change the oil, fuel filters, spark plugs, and similar. The Tesla Model 3 only requires you to replace your cabin air filter and perform a brake fluid test every two years. Air conditioning service should take place every six years and tire rotation, balance, and wheel alignment every 6,250 miles. There's also a recommended HEPA filter replacement (every three years).
The Resale Value And Depreciation Of The Tesla Model 3
All Tesla models hold their value pretty well. They are actually better to buy new because of this, considering used Teslas are usually not much less expensive than new ones.
According to some estimates, the Tesla Model 3 may depreciate by 21% after five years, which is a solid rate. If you get a new model, you can expect to achieve excellent resale value in case you decide to sell it. All of this is important. Not only will you save money in the long term when owning the Tesla Model 3, but you won't lose much if you change your mind and choose to replace your vehicle.
In summary, the Tesla Model 3 is not that expensive to own and should prove more cost-efficient over time compared to traditional rides. However, the fact is that you'll need to cash out a lot of money to get it in the first place, especially if you decide to play with the features during the build and get some extras, such as autonomous driving.