With all things considered, which car will cost you less to own?
YouTube influencer and Tesla owner Adam Wellinformed has been cranking out videos about his refreshed 2021 Tesla Model 3. He took delivery several months ago, and since then, he's published many highly informative videos about the car.
Adam tends to focus on why he bought the Model 3, how it compares to a gas car, why he didn't choose a hybrid or PHEV, and how the ownership experience is playing out. In this recent video, he provides what he calls a "super transparent" cost of ownership comparison between two cars that are quite similar in many ways, his Model 3 and the iconic BMW 3 Series. He writes:
"Is the Tesla Model 3 actually cheaper than a Hybrid (PHEV) or Petrol BMW 3 Series? I take into account the purchase price, cost of ownership and estimated residuals value. These figures I tried to source in a fair and transparent way. The results I think are pretty shocking in fact. I have collated in all within a google spreadsheet to deliver a definitive cost comparison breakdown."
The video is under 15 minutes, and we feel it's well worth watching all the way through. However, we appreciate that Adam also provides topics and timestamps for people who may want to just focus on something specific. They're listed as follows:
- 00:00 Intro
- 01:41 Car Introduction and The Spreadsheet
- 03:28 Purchase Price/Finance Setup
- 03:54 Restoring The Dashboard
- 05:22 Cost of Ownership
- 09:08 Equity and Estimated Residual Figures
- 11:00 Overall Cost Outcome From Purchase and Cost of Ownership
- 11:45 Conclusion
In the end, Adam shows exactly how much money the Model 3 may save you over the 3 Series, and it's significant. Even a 3 Series Hybrid can't even come close to competing with the Tesla on the total cost of ownership.
Check out the video for all the details. Then, head down to our comment section and share your wisdom with us. Do you agree with Adam? Have you saved a substantial amount of money by owning an EV?