Economics Of Owning A Tesla Model 3 – Video Series

AUG 24 2018 BY STEVEN LOVEDAY 8

What is the true cost to own a Tesla Model 3?

Enter The Money Guy Show to give us a fresh perspective on the Tesla Model 3 in regards to ownership costs. Since Brian began making Model 3 videos, we’d have to say that he’s done a fantastic job. We’ve shared several here on InsideEVs. With that being said, we’ll shorten the usual disclaimer to say that we are not here to promote his financial advice. It’s up to you whether or not you want to follow his advice. However, this newest series is a bit different when it comes to the money side of things, since Brian is breaking down the economics of the Model 3.

As more and more people begin to consider purchasing an EV, understanding the economics becomes increasingly important. In fact, it will help to promote adoption. This is especially true since there is a ton of misinformation out there. Just the other day, we read a whole comment thread on social media about electricity being much more expensive than gas (except the person was referring to their home gas bill versus their electricity bill). In addition, a follow-up post talked about costs incurred to owners when they have to pay to have their battery replaced and also pay the battery recycling fees. What?

It’s truly crazy how little people know about EVs and how much that fact fuels propaganda artists. Well, this new series will be great to share around on social media and among family and friends to give them a real perspective about the economics of owning an electric vehicle. Of course, Brian focuses specifically on the Model 3, but there is information that can enlighten anyone that’s interested, has a need to know, or may stand to be corrected. Let us know your thoughts and personal experiences in the comment section.

Check out PART 2 below:

Video Description via The Money Guy Show on YouTube:

PART 1 and PART 2: The Economics of Owning a Tesla Model 3

What is the real cost to own and run a Tesla? We go over the real numbers and explain the cost to run your electric car every month. Buckle in, this is going to be a fun ride!

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8 Comments on "Economics Of Owning A Tesla Model 3 – Video Series"

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Will

Steven, I would like got read that FUD about Electricity cost and Battery recycling fees-

ModernMarvelFan

What? Cost go up after 70kW? by power? I hope it is about 70kWh. Unless there is a demand charge.

$0.26/kWh in California? Not too bad for commercial rate.

Spoonman.

Nobody knows the TCO because nobody has a good idea of the depreciation.

Al D

Depreciation alone makes owning a Tesla 3 an expensive proposition.

Seven Electrics

For most EV buyers, lease availability is the overriding factor. For them, cash flow dominates the equation.

Bill Howland

Yeah that ‘fewer parts’ thing is a non-starter. My Roadster was simply the most expensive car to maintain of any car I ever owned, even being theoretically the ‘simplest’.

My ELR (with the 4 year, 50,000 mile complementary maintenance, and the 8 year, 100,000 mile powertrain warranty which covers the complicated stuff) is the most complicated car I’ve ever owned and I’ve had zero expenses other than a bit of gasoline and tires. It is now out of its initial complementary maintenance warranty, but I don’t expect any real surprises.

As far as the cost of electricity versus gasoline,

1). Depends on what the rates are where you live. In NY City, electric cars are almost always more expensive. But in Fairport, NY (near me – with its 4-5 cents/kwh – electric cars are basically like driving for free).

2). In cold climates such as mine, electric cars are cheaper 3 out of 4 seasons – but then the heater uses SO MUCH juice that electrics are more expensive than gasoline in the wintertime – especially since now the battery has to be heated also.

Troy

I did the math and figured it wasn’t worth carrying around dozens of kWh of 99% unused ‘battery equity’ around with me vs. getting a 2018 Leaf for well under MSRP + 0% interest for 6 years.

40kWh battery serves me fine 99% of the time. 24kWh almost did, but it was getting a little tight in the winter with the double whammy of 2 years capacity loss + cold mornings.

Not counting charging costs, insurance, or salvage value, TCO will be right around $12,000 for me ($31k OTD for the car less $15,000 in rebates etc less another $4000 I’m getting in interest on these rebates over the next 6 years).

Loaddown

You guys “absolutely love” the 3 because you have had “combustible” engine (your quote) autos in the past. You should try an internal “combustion” engine. They are cooler and way more reliable. LOL