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Is It A Good Buy?

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Electric cars have a higher upfront cost than gas-powered cars, but you can still save a lot of money over time because EVs are cheaper to fuel and maintain than gasoline-powered vehicles. With gas prices soaring now, the savings should be more obvious. However, there are always exceptions. This owner shares how much it costs to own a Tesla Model 3 for over a year.

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The Tesla Model 3 isn’t nearly as expensive as other Tesla models, but it’s still not cheap. Tesla has raised prices frequently, and the entry-level Model 3 now starts at $46,990. That’s a far cry from Tesla’s $35,000 version of the bid for about a minute, but it’s not out of line for an electric car. The Model Y now starts at over $60,000, and most premium EVs cost more than the Model 3. Even most mainstream options carry prices starting above $40,000.

After all, Ryan Shaw recently shared the true cost of owning his Tesla Model Y after two years. We’ve linked that article below, along with an article comparing the Model 3’s five-year cost of ownership to the Toyota Camry’s cost of ownership.

Just over a year ago, Shaw picked up the least expensive Model 3, which at the time was called the Standard Range Plus. Now, however, the base version is simply called the Model 3. The 2021 Model 3 Standard Range Plus is a single-motor rear-wheel drive sedan with an EPA-estimated 263-mile range.

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Shaw has owned the Model 3 for 13 months, during which he covered nearly 9,000 miles. He details what he paid for the car, including taxes and fees. Then, Shaw shares how much it costs to bill it, insure it, maintain it, and more.

The Model 3 costs Shaw only about $45,000, though he does get a California point-of-sale rebate of $1,500. If he had billed exclusively at home, the trip cost of about 9,000 miles would have been just $465. He took into account the cost of electricity, as well as the phantom drain, but the cost of electricity varied by location and time of day. Replenishing all those miles would cost Shaw an $800 shame. Meanwhile, driving the same petrol car would cost more than $1,500.

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At this point, we’ll let you watch the video and learn more about Shaw’s Model 3 cost of ownership. However, we will tell you that he has no maintenance fees for the first 13 months. Shaw also noted that he could probably make $6,000 if he sold the Model 3 today, meaning he drove it for over a year for free, and then some. Watch the video and leave us a comment.

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