Owning A Tesla – First Year Cost Breakdown
Back in November, Ben Sullins from Teslanomics, provided an in-depth year-to-date cost breakdown related to his Model S. At that time, he was only able to provide some month-to-month comparisons. Now that Sullins has been a proud Tesla Model S owner for a full year, he is providing us with an annual cost breakdown.
Sullins says that Teslanomics decodes the data behind Tesla.
Basically, as you have probably seen before, Sullins and Teslanomics do a lot of math and make tables and charts. For people that want to decipher the information, it is an excellent tool. If you sign up on Teslanomics, Sullins will send you analytical tools, workbooks, and other special promotions that you can use yourself to analyze/track your own data.
After one year, Sullins found that he saved about 30 percent over having an ICE vehicle. His total yearly costs added up to about $18,000. He mentioned that he bundles his auto insurance with his homeowners, which saved him some money, and he had zero costs for maintenance and repairs.
However, he is not using a traditional five year loan to finance his Tesla. Instead, Sullins has a three year term, so this sort of skews the data (but in a good way, since others would be paying less). In the end, though, he will actually save money financing this way, but the monthly costs are obviously higher.
Over the course of the year, Sullins had a windshield wiper break, and he had to replace the 12-volt battery. Both were taken care of by Tesla, completely free of charge, due to the warranty. To top it off, they came to his house to do the repairs.
Video Description per Ben Sullins on YouTube:
After my first year of owning a Tesla, I decided to take a look back and see what the overall cost was. Of course, many of these figures will vary for you based on your interested rate, loan terms, insurance discounts, and driving habits.
In my first Tesla post I took a look at solely the monthly cost of owning a Tesla … and in this video, I continued the analysis and even extended it. Now I have more data to look at to understand the true cost of owning a Tesla.
The main cost categories I look at are:
– Fuel/Charging Cost
– Loan Payment
– Loan Interest
Overall, I found that I saved over 30% on fuel and paid just under $18K including everything. That amount is mostly in part due to my 3yr term on my loan instead of the traditional longer term loans.
// Question of the day?
– Do you own a Model S or X? How much are you spending per year?
– If you don’t own a Tesla, would you consider paying this much?