On social media, many viewers stunned after a viral video showed Man shares the total cost of owning a Tesla Model 3 for four year.
Owning an electric vehicle like the Tesla Model 3 is becoming increasingly common.
However, the total cost of ownership can vary depending on several factors.
One Tesla owner, known as Electric Vehicle Man, shared a detailed breakdown of the costs he incurred over four years of owning his Tesla Model 3. His insights provide valuable information for prospective buyers.
The initial costs and maintenance of the Tesla Model 3
Over four years, Electric Vehicle Man has completed 60,000 miles in his Tesla Model 3. During this time, he had two MOTs and one service. The total cost for these services amounted to $270.
At the time of filming, Electric Vehicle Man’s vehicle tax was £0. However, this will change on 1 April 2025, when the vehicle tax for electric vehicles like his Model 3 will rise to $238 annually.
Throughout his ownership, Electric Vehicle Man had to replace tyres several times. After factoring in future tyre replacements, he calculated the total cost for 12 tyres to be $2,400.
Man reveals the total cost of charging his Tesla Model 3
One of the major costs for any electric vehicle is charging. Electric Vehicle Man estimated he spent £1,000 on home charging and £750 on using the Tesla supercharging network for a total of £1,750 over 60,000 miles.
He noted that this estimate was intentionally biased to reflect higher-than-realistic charging costs, ensuring a conservative calculation.
Comparing Fuel Costs: Tesla Model 3 vs. Petrol cars
In the footage, Electric Vehicle Man also compared the cost of charging his Tesla to the fuel cost for a petrol car. Over the same period, he estimated that driving a petrol vehicle would have cost him $9,500, making the Tesla a significantly cheaper option.
One of the biggest expenses in owning any car is depreciation. For his Tesla Model 3, Electric Vehicle Man calculated a depreciation cost of $27,000 over four years. He chose not to include insurance costs in his final total, as insurance varies greatly depending on the driver. However, his own insurance was around $732-$693 annually.
After adding up all the costs, Electric Vehicle Man reached a total of $ 31,679 for four years of ownership. This equates to $ 7,919 per year for owning and maintaining his Tesla Model 3.
While the initial cost of owning a Tesla Model 3 may seem high, the overall costs over time can be much lower than those of a petrol car.
The video quickly went viral and sparked debate among viewers
Commenters were divided on his breakdown, with some skeptical about the depreciation, while others found it ‘really interesting’ and appreciated the details.
One person said: Saved $7,3k on fuel and spent it in service stations on coffee and cake whilst waiting for the battery to charge !
A second wrote: Yes, you save on gas. Wait for maintanace repare cost of the car and when it is time to replace the cost of the battery. You would say did I really save money on gas?
While a third commented: When the battery is scrap in another 4 years, how much of a saving will he have made when the cars worth nothing on resale.
Rented a Tesla and the savings are definitely not there. About the same, probably more expensive. Another added.
With savings on fuel and the upcoming vehicle tax change in mind, Electric Vehicle Man’s breakdown offers valuable insight into what Tesla ownership truly costs.
This detailed breakdown serves as a helpful guide for anyone considering making the switch to an electric vehicle.