Our friend Jonathan Stewart, known to the EV community as Cleanerwatt, has a thing for cost-of-ownership analyses. He didn't tell us about his addiction, but it's very clear if you frequent Stewart's YouTube channel.
We try to share as many of Cleanerwatt's cost-of-ownership videos as possible, but we can't write an article about all of them. He has a fantastic and consistent formula that he uses time and time again, so we suggest checking out his YouTube channel for other cost-of-ownership videos that may be appealing to you.
With that said, when it comes to the cost of ownership, it seems these days the most popular cars to compare are the Tesla Model 3 and the Toyota Camry. Heck, even Tesla chose the Camry to compare to the Model 3 in its own ownership cost analysis as part of its recent impact report (link down below).
According to Tesla, the Model 3 Standard Range Plus and Toyota Camry will cost you about the same over five years, which is interesting since the Model 3 is a $40,000 luxury sedan, and the Camry is a $25,000 mainstream sedan.
It comes as no surprise that Cleanerwatt's in-depth analysis comes to a similar conclusion. So, what does this all mean? Stewart writes:
"... the ACTUAL ALL-IN 5-YEAR ownership costs of these two vehicles is actually quite similar due to the Model 3’s low running costs. The Tesla Model 3 truly puts a PRACTICAL, LUXURIOUS and TECH FORWARD EV within reach of many buyers – and is more affordable than I think most people realize."
While many people tell us they simply can't afford an electric car, these analyses prove they're probably wrong. Sure, they may not have an easy time swinging the higher upfront cost, which means a hefty monthly payment. However, in the end, they'll likely have more money in their bank account than if they'd wasted their money on another gas car.
As always, check out the video and the related stories above. Then, head down to our comment section to share your wisdom.