It costs more upfront to buy a Tesla Model Y over a Honda CR-V Hybrid. However, to figure out which is the better deal, we need to take a close look at the total cost of ownership. While EVs still tend to cost more at the time of purchase, they may save you money over the long term.
YouTube influencer Cleanerwatt has been doing such comparisons between electric cars and gas cars for a long time now, and it seems he has the system all figured out. We often talk about how the Tesla Model 3 compares to cars like the Honda Accord, the Accord Hybrid, and even BMW 3 Series and 4 Series rivals. This is because people may be cross-shopping these cars, and it's helpful for them to understand the ownership costs involved.
In this particular comparison, we get to see how two similar SUVs stack up. Both the Tesla Model Y and Honda CR-V Hybrid are popular, roomy, practical, and thrifty. In fact, the Model Y is the most popular EV on our shores and one of the most popular vehicles of any kind across the globe.
Meanwhile, the CR-V has made a reputation for itself over the years as one of the best-selling compact SUVs, alongside the Toyota RAV4. However, Honda isn't moving nearly as many as it used to, which is also the case with competitors, and the CR-V Hybrid doesn't sell nearly as well as the gas-only CR-V.
At any rate, just looking at the starting prices of these vehicles, the Model Y starts at $54,990, though it will set you back nearly $57,000 once you add in order and destination fees. The CR-V Hybrid starts at $32,950. However, to get a CR-V Hybrid that's equipped with features similar to the cheapest Model Y, you have to opt for the $39,100 CR-V Hybrid Sport Touring model. The trim is currently selling in the US for around $40,000, including the fees.
As you can see, the cheapest Model Y in the US will cost you over $16,000 more than the similarly equipped CR-V Sport Hybrid. To get a true five-year cost of ownership, we have to look at these vehicles' average miles driven, energy/fuel costs, efficiency, insurance costs, maintenance and repair costs, and estimated depreciation.
In the end, after compiling all the pertinent information, Cleanerwatt concludes that the Tesla Model Y Long Range has a true five-year (75,000-mile) cost of ownership of $46,904, or 63 cents per mile. The Honda CR-V Hybrid's five-year 75,000-mile cost comes in at $37,218, or about 50 cents per mile. Instead of a $16,000 difference, it's more like $10,000, and that's before factoring in any tax credits or local incentives for the Model Y.
If we add in the $7,500 US federal EV tax credit some people may be able to get when purchasing the Model Y, the Tesla crossover's ownership costs drop to $39,404. Moreover, thanks to the efficiency and low maintenance costs, the more miles you drive in the EV, the more substantial the savings. Check out the video for many more details. Then, scroll down and leave us your takeaways in the comment section.