Stop me if you heard that EV ownership is more affordable than running an internal combustion-engined vehicle. There is, however, genuineness to this claim from a theoretical standpoint and practically speaking.
YouTube vlogger and Tesla owner Cleanerwatt put together a cost-of-ownership analysis for the Model 3 Standard Range Plus, starting with the retail price of $37,990 excluding potential savings. Destination and documentation add $1.2k, but that’s only the tip of the iceberg.
The “True Cost” of driving the all-electric sedan for three years and 45,000 miles (72,420 kilometers) starts with the amount of retained value, namely $33,312 or 85 percent. Loaning the car for $4,500 at $519 per month over 72 months with an annual percentage rate of 2.49 percent translates to $17,992 for the loan balance and $26,123 for the payments and tax.
If you were to sell the Model 3 Standard Range after three years, you’d have approximately $15,320 of equity in the vehicle. So far, the true cost is estimated at $10,803 yet that figure isn’t fully correct.
Jon highlights that “true total cost of ownership” is a very different affair because you have to take into consideration how much you’ll spend on charging, insurance, and maintenance. In the case of the Model 3, the 25,000-mile or 24-month service is $425 or thereabouts, the cabin filter adds $35 to the tally, and a new set of tires will set you back around $750.
Based on the EPA-rated combined MPGe rating and an average cost of $0.78 for every 25 miles of range, 15,000 miles of driving per year would translate to $450 based on 45 percent highway and 55 percent city driving. Adding all these figures and the ones from before brings us to a grand total of $22,264 or 49 cents for every mile in your three years of driving the Model 3 SR+.
There is, however, a problem with Jon’s estimates. The resale value in particular is “wishful thinking” at best, primarily because Tesla is pushing down the purchase price while continuously improving the Model 3 to attract new customers and to convince existing customers to upgrade. Value retention, therefore, is most likely unrealistic at 85 percent.
After a 1:43 scale model of a Ferrari 250 GTO sparked Mircea's interest for cars when he was a kid, an early internship at Top Gear sealed his career path. He's most interested in muscle cars and American trucks, but he takes a passing interest in quirky kei cars as well. Full profile
Would you like AUTOEVOLUTION to send you notifications?
Google News