It's a well known fact that electric cars require much less maintenance than ICE or hybrid vehicles. Simply put, EVs are much less complex and therefore there's fewer things that can go wrong. But just how much cheaper is it to own an EV? YouTuber Cleanerwatt lets us know in his latest video, comparing a Tesla Model 3 to a Honda Accord Hybrid.
Cleanerwatt compared both cars across a 5-year, 75,000-mile ownership cycle. He factored in all necessary categories.
The average 2022 Honda Accord Hybrid EX-L costs $38,432 (factoring in dealer markups) meanwhile the higher Touring trim's typical price is just over $41,500. Meanwhile the Model 3 starts at $48,190 in RWD guise. The Long Range AWD, a comparable rival to the Touring trim Accord, starts at $55,690.
Using the latest prices available, the Model 3 will cost around $550 to run per annum. Meanwhile the Accord will set you back between $1,350 and $1,500 depending on trim level. All figures are for 15,000 miles.
Although it can vary widely, the Accord will cost you $4,271 to maintain over a 5-year period per data from Edmunds. Meanwhile the Model 3 will set you back around $3,820 according to Cleanerwatt's calculations.
The Model 3 RWD has an 8-year, 100,000-mile battery / powertrain warranty and a 4-year, 50,000-mile general warranty. The Model 3 LR comes with an 8-year, 120,000-mile battery warranty, an 8-year, 100,000-mile powertrain warranty and a 4-year, 50,000-mile general warranty. The Accord Hybrid has an 8-year, 100,000-mile battery warranty, a 5-year, 60,000-mile powertrain warranty and a 3-year, 36,000-mile general warranty.
A 2017 Model 3 LR has, on average, lost around 35% of its value meanwhile a 2017 Accord Touring has lost approximately 42% of its value. Data was not provided for the Model 3 SR, which was the base Model 3 back in 2017.
Factoring in all of the above, the total cost of ownership for a Model 3 RWD is $38,016 ($0.51 per mile) meanwhile total cost for an Accord Hybrid EX-L is $40,246 ($0.54 per mile). As for the Long Range Model 3, total 5-year cost of ownership is $42,990 ($0.57 per mile) while the Accord Hybrid Touring comes in at $42,772 ($0.57 per mile). One thing that wasn't factored in is local / state incentives, hence in all scenarios the Model 3 is likely cheaper to own, despite the high initial cost.