Owning an electric vehicle can save you thousands, but how much exactly? Discover how Shelby Church saved big by choosing a Tesla Model 3 over a BMW 3 Series!
Tech and lifestyle YouTuber Shelby Church, known for her insightful automotive comparisons, recently shared an eye-opening analysis of owning a Tesla Model 3 versus a pre-owned BMW 3 Series over five years. The numbers revealed significant savings associated with electric vehicle ownership, sparking interest among potential car buyers considering their next vehicle purchase. If you're contemplating making the switch to an electric vehicle or simply curious about the cost implications, the insights from Shelby Church's experience are invaluable.
The Initial Investment Breakdown
The decision to purchase a vehicle often hinges on the initial investment and the long-term costs that follow. When Shelby acquired her Tesla Model 3 back in 2019, she paid around $50,000, which included:
- $41,000 for the purchase price
- $4,000 in sales tax
- $4,400 in interest
- $500 for registration fees
The initial cost was mitigated somewhat by EV tax rebates, showing that the true cost of owning a Tesla Model 3 was closer to $45,018. In contrast, Shelby considered a 2017 BMW 3 Series, which would've had an initial cost of approximately $37,829. This consisted of:
- $32,000 for the purchase price
- $3,200 in sales tax
- $300 for registration
- $2,300 in interest
Though the BMW 3 Series presented a lower price tag initially, the long-term expenses tell a different story.
Analyzing Running Costs
A petrol vehicle often comes with hidden costs, particularly in fuel and maintenance. Shelby meticulously calculated her total expenses for both vehicles over the five-year period and found fascinating results.
- Tesla Model 3:
- Total ownership cost: $58,574
- Maintenance: $1,000
- Insurance: $8,008
- Charging electricity: $2,250
- BMW 3 Series:
- Total ownership cost: $63,343
- Maintenance: Estimated $3,000
- Insurance: Almost double that of the Tesla, at $14,400
- Gas expenses: $8,064
Upon concluding the detailed analysis, Shelby discovered that the Tesla Model 3 saved her $4,769 over five years compared to the BMW 3 Series, equating to an annual savings of $954. Such significant savings underline the financial benefits of transitioning to electric vehicles.
Why Electric Vehicle Savings Matter
The financial implications of owning a car extend beyond mere purchase price. The growing popularity of electric cars like the Tesla Model 3 stems from their long-term savings potential and lower environmental impact. Highlights of electric vehicle savings include:
- Reduced fuel costs: Electric charging costs are substantially lower compared to gasoline prices. For Shelby, her Tesla charged her only $2,250 in five years, while her BMW would have cost $8,064 for gas, demonstrating a saving of over $5,800.
- Lower maintenance costs: Electric vehicles typically have fewer moving parts and require less frequent maintenance, which decreases these additional expenditures.
- Government incentives: Many regions offer EV tax rebates, reducing the upfront financial burden of purchasing electric vehicles.
Concerns of Initial Investment
A prevalent myth surrounding electric vehicle investment relates to their initial costs, which can often deter potential buyers. While the Tesla Model 3 starts at a price point of $29,990, additional costs such as sales tax can increase the overall expenditure significantly. Despite this, the long-term savings tied to charging costs and maintenance frequently outweigh the initial price difference.
Those thinking about transitioning from gas vehicles to electric options should also keep in mind that many manufacturers including Tesla provide lease incentives and buying options that make their cars more accessible. Research on local incentives and offers can further improve the investment quality.
Wrap-Up: Is the Investment Worth It?
The findings from Shelby Church's comparison shed light on the financial benefits that come with owning a Tesla Model 3. While the BMW showed a more attractive price tag initially, the long-term running costs indicate that electric vehicles may lead to better financial outcomes over time. Investing in electric cars like the Tesla Model 3 not only contributes to a more sustainable future but also positions owners for significant savings in the long run. If you're ready to make a change, consider how these calculations might inspire your next big decision on wheels!