Switching from gas to electric? Discover how the Tesla Model 3 costs stack up against a used BMW over five years.
A recent analysis reveals that Tesla's electric vehicles provide unmatched savings in the long run. Shelby Church, a technology and lifestyle YouTuber, made a remarkable discovery after owning her Tesla Model 3 for five years, showcasing the financial benefits of going electric.
Understanding initial costs
The initial investment for electric vehicles like the Tesla Model 3 can be daunting. Shelby purchased her Model 3 in 2019 for approximately $41,100, factoring in sales tax, interest, and registration fees, bringing the total to around $50,000. She also benefited from EV tax rebates, which lowered her initial costs significantly.
On the other hand, Shelby compared her costs with a 2017 BMW 3 Series, which had an initial purchase price of about $32,000. After taxes and fees, that totaled around $37,800. The initial difference may suggest the BMW has a lower entry price, but the savings over time tell a different story.
Running costs comparison
The true test came when evaluating the running costs associated with each vehicle over five years. Here's how they stacked up
- Tesla Model 3
- Electricity costs: $2,250
- Maintenance: $1,000
- Insurance: $8,008
- Total costs: $58,574
- BMW 3 Series
- Gas costs: $8,064
- Maintenance: $3,000 (potentially higher)
- Insurance: $14,400
- Total costs: $63,343
Shelby's Tesla Model 3 only cost about $2,250 for electricity during the same time period, significantly lower than the estimated $8,064 Shelby would pay in gas for the BMW. Additionally, Shelby spent $1,000 on maintenance for her Tesla, compared to an estimated $3,000 for the BMW.
Overall, owning the Tesla Model 3 cost Shelby $58,574 over five years, while the BMW would have racked up expenses totaling $63,343. Notably, this means that switching to electric saved Shelby a whopping $4,769, equivalent to about $954 a year—a number that could have been even higher if not for some unexpected maintenance issues with the Tesla.
Maintenance and insurance costs
Maintenance costs have historically been viewed as a significant burden for car owners, but Shelby's experience challenges this assumption when comparing BMW 3 Series maintenance costs with her Tesla. The Model 3 owners tend to enjoy lower maintenance costs thanks to fewer moving parts, leading to lesser wear and tear.
In fact, while many drivers face significant expenses with internal combustion engine vehicles (like the BMW), Shelby's Tesla Model 3 maintenance was only a fraction of what she would have faced with the BMW. Insurance also played a crucial role in this comparison; finding that the Tesla premiums were more manageable than those associated with the BMW highlighted another area of savings.
Environmental benefits
The environmental impact of going electric is substantial. Not only do electric vehicles like the Tesla Model 3 save money over time, but they also contribute to decreased greenhouse gas emissions. Each mile driven in the Model 3 reduces reliance on fossil fuels and helps lower one’s carbon footprint.
Final thoughts on electric vehicle savings
Switching to an electric vehicle like the Tesla Model 3 undoubtedly requires a higher upfront investment. However, as Shelby's five-year comparison illustrates, the electric vehicle savings accrue over time, leading to substantial financial benefits. As gas prices fluctuate and maintenance costs increase for traditional vehicles, owning a Tesla can seem like a more sensible choice, especially for those looking to save money in the long run.
For anyone contemplating moving from gas to electric, Shelby's analysis serves as a compelling case for making the switch. The dramatic savings on electricity, maintenance, and insurance showcase that an upfront investment in a Tesla Model 3 may yield significant returns over five years.
With evolving government policies surrounding electric vehicles and potential tax rebates, this might just be the right time to consider an electric vehicle purchase. With savings like these, one can feel both financially sound and environmentally responsible—two wins for any car buyer.