I also own a model 3. I drive it to work 62 miles per day five days a week and it cost me about $45 a month to charge my car and I only charge from home. Very good content.
Yes but what needs to be stated is that these numbers are way off depending on state and utility company. His insurance in new York would be about 2.5 -3x more then in FL for the Tesla. Also here the average price per kwh is around .27 - .28 cents per kwh compared to FL which is usually around .10 - .11 cents. It's a massive difference.
As an insurance agent, I'd like to add one thing. He's absolutely right about shopping around for the best rate. I'd reach out to independent insurance agents because they can run quotes with multiple carriers and come back with the best option for you. While the monthly rate is very important, PLEASE PLEASE don't sacrifice coverage for the monthly cost. A good agent will show you a well-rounded quote option that keeps your price as low as possible but also makes sure that you have what you need in the event of a claim. I can't tell you how many times someone went with a low limit, high deductible option because it was the cheapest price. At the moment, that's great, but when you have a claim, most people have issues. Think about your financial situation and make sure that you're choosing an option that covers you and doesn't break the bank.
@@josephb8499 yes as long as you were deemed to not be at fault. if you have liability only, which is not comprehensive and collision coverage, that ultimately pays for damage you cause to another vehicle. It will not repair your vehicle. However, since the other party was at fault, they will pay for it
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My experience with the Model 3 is that the standard 110 V charger is all I need. Since I'm retired I don't drive very much, so a charge to 85% gives me enough juice for about a week. At 6 mi per hour, the charging is slow but that has never been an issue. I figured out that my total cost to date is a whopping $17.05! With 849 total miles and the average gas price of around $3.20 per gallon, that works out to 159.29 mpg! I didn't get the Tesla to save money but it's a nice benefit!
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How you buying a Tesla is a good decision since you are retired and do not drive much? You super overpayed the car and in order to "get your money back" you need to drive at least 300 000 km to kinda break even.....You only bought it because you like it and that's it. Bringing up $17 you paid makes no sense if you consider the big picture
@@darko6075 For starters I didn’t overpay for the car. The price has gone up thousands since I bought and the resale is higher than what I paid. As I said, I didn’t get it to save money. I wanted the technology and I like the design enough, but I would add that I hate the front end! Commenting on my cost to operate makes total sense because that’s the theme of the video, and most readers want to hear about that. A point that I didn’t mention is that insurance costs are somewhat higher on a Tesla because they are expensive to repair. I never see anyone talking about that.
If you’re financing $50k for a new car to save a few hundred dollars on gas, this isn’t about saving money, it’s just about wanting a Tesla. I love them too and thinking about ordering one but no one who spends 50K on a new car is doing it because of the $3.00+ gas prices.
And 99$ per month to get self driving access and updates and if you want self driving you pay that as upgrades 12000$ on the top of original price. There is no savings
It’s not just about wanting a Tesla tbh. My 2002 Nissan Pathfinder SE costs $60-70 to fill up PER WEEK. To make it even worse, that’s only driving to and from work everyday 5x a week for a round trip of 24 miles a day. And If I have to drive anywhere else, during that 5x a week period that means I’ll most likely be filling up *twice* in the same week, and that’s not even including the weekend. Gas at this rate will eventually cost me 4 grand a year. Not just a couple hundred, I guarantee you that. Everybody’s situation is different. At that rate I might as well have a car payment with cheaper charging prices instead.
@@libertyprime2852 Dont you Americans have access to economical ICE vehicles? In the UK, and both our diesels get 50 and 55mpg? Granted they're a modest 1.5 1.4 sized engines..
And depending on which state you may also have to pay a lot more for vehicle registration renewal. I went from paying $130 for a Honda Accord to $630 for a Model 3.
That’s probably the only downside, regular cars use gasoline which have a road tax included in the price per gallon m. Ev cars don’t use gasoline therefore the registration fee is higher to compensate for that.
Several states charge more for car tags for electric vehicles. Their justification is you’re not contributing to the taxes they collect on gas sales. They’re gonna get their money somehow 😡
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Even if I was paying $5 a gallon my car would only use $1500 a year more in fuel My car also cost $35000 less than a Tesla so it'll take 28 years for a Tesla to break even lol I can tell you for a fact a Tesla is not living that long and the battery is gonna need a $22000 replacement at least once in that time, there's much cheaper ICE cars with good gas mileage that end up costing half of what a Tesla does over the lifespan of each vehicle, until a model 3 is under $30k new, it's not worth it Plus what happens in severe weather and there's no power for days? Gas stations have backup generators and I can still get gas
This was exactly what I wanted to know, thank you!...I already ordered my Tesla, but wanted some real numbers of what I can expect once I get the car...I also have Progressive but will look at other options once I get my VIN and am able to do that...This was very helpful...
Congrats on ordering your Tesla!! I’m glad this was helpful! That’s what I was hoping for! Definitely look around and get multiple insurance quotes! You never know who will give you the best rates. If you have any questions let me know!
Yeah the cost of gas was definitely a big factor in my decision. I can only imagine with diesel. There are going to be more and more options coming out for EV trucks!! Worth looking into!
The charger the Model 3 comes with is actually a 110 and 240. The cord can charge at both. You just get the adapter from Tesla. So you have use the provided charger and charge quickly. My adapter since my outlet is a 10-30 was around $40 or so.
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Really thinking about picking a model 3 up. I work as a security guard at a gated apartment community and we have the chargers in the garages how ever I was speaking with my boss and he said I would be able to plug my charger that it comes with and then plug somewhere in the garages where I won't be blocking any cars and basically would never have to pay for gas or to charge it again
110v charger is Very Slow 🐌. Only replaces 5 to 7 mph of range. A 240v charter replaces about 30 mph of range. The community chargers are probably level 2 chargers / 240v
@@jasons7044 My boss was able to convince the office to give me some kind of compensation if i patrol in my car around the property. We have golf carts but the battery holds about an hour then its empty. so They agreed its cheaper to give me $10 extra a week in my paycheck than pay for replacement carts. It takes like, what? $12 to fully charge a long range? seems pretty good
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I’m trying to get one soon, I do doordash a lot as a job now so it’s ideal to have a Tesla, I spend $40-80 a week on gas so a Tesla would be a huge money saver
I financed half the cost of my Model 3 so my monthly payment is around $450. My electric is tied in to my rent and I’ve seen about a $20 increase with charging at home. It takes about 4 hours to fully charge on a 32A. And I drive at least 60+ miles almost every day and never have issues with range or finding a charger. My insurance when I got the car was almost as much as the car payment because most insurance companies don’t know how to deal with EVs. I recently switched to Tesla Insurance and I’m only paying $100 for the first two months and with the Safe Driving Score Beta my payments after are projected to be around $75 a month. Overall I’m paying WAY less than I was with an ICE car. The monthly costs and maintenance were insane! And it started crapping out after 50k miles and would’ve had to replace the engine they said. Teslas don’t have many moving parts so there’s less to go wrong over the life of the car which should be factored in to the cost also. You’re buying a longer lasting car for around the same as an ICE car but without the oil changes and fuel costs and buying engine parts.
I paid $2,400 cash for my used 1993 320E, pay $250 in insurance costs every 6 months, pay about $50 in gasoline a week. Maintenance is mostly oil changes, tire rotations, etc.. I’ll stick with the ICE, hard to beat on price. Cheers.
@@flyleaf2184 That’s your choice. You’re comparing a $2,400 car that’s almost as old as me to a $41,000 brand new fully loaded luxury car so if you’re trying to save money great but I like to be comfortable and not have to worry about it breaking down. I had a $1,500 car that gave me a lot of issues and a $17,000 that gave me even more and then “traded up” to a $40,000 that still gave me issues. I took care of all of them but things just go wrong with ICE cars because of all the moving parts and upkeep required. You’re also paying a lot for insurance and gas over the life of your car.
Some Charge Point stations are free. You just need your J1772 adapter and the charge point app. You see these mostly at colleges and work that may provide free for their employees. Charging at home for me is $0.16 a kw. Peak hours aren’t cheaper, just less demand on the house. Florida doesn’t give a discount price during off peak hours. Super chargers around here are $0.38. Already I see a difference, my wife used $120 a week on gas, driving 70 miles a day. Last week she spent $45 on charging on a super charger, only because we needed an extension cord for our charger at home. Got it, and now only charge at home. Hopefully that $45 a week will be cut in half.
I would try to get a Level II charger available at work. Some 110 outlets are 12 amps but some are 20 amps. If you can also charge with 120 volts overnight at home that would help.
If you are only driving to and from work, that might work. But only adding 4 miles of range per hour really cuts down on how far you can drive day after day without going to a faster charger.
You forgot folks who're buying a tesla as their first car. For a lot of the apartment buildings, this adds, in parking charges, 50-75$ per month in the best case, and for high end apartments, around 100-150$
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Wow, I pay less than 80 a month for full coverage. Of course I have a pretty good record, cdl, and bundle multiple cars, houses, and RVs. There's so many ways in which to reduce costs for insurance. 250ish seems very high.
@@x505xMRxFLACOxLCx I have State Farm also. We have had them for over 25 years. I pay 250 every 6 months for our 2020 Tahoe. They said it would be about the same for my Tesla.
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I just ordered my Model 3. I am looking forward to receiving it. I work from home so probably will not charge a lot. I had a BMW I3 prior, and charged almost ever other week. I cannot wait to get my car 🚗! I appreciate your information.
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Our Model Y is extremely cheap to own. We were fortunately able to pay cash for it, so no monthly payment. And we have solar panels on our house, with a monthly electric bill of $8.20 per month (only paying taxes and fees). The only thing we pay is the insurance, which is $120/month for 2 drivers. We’ve also been fortunate to have free supercharging for 2021 because we bought our car in December 2020.
Everyone thinks Tesla’s are so expensive and difficult to own. Really once you purchase the car it’s not expensive to maintain and they are very easy to drive.
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Mike good info BUT here is what is coming! In California they are going to start charging a mileage fee for electric cars every year when you tag it. Did anyone really think California was going to let all that gas tax money disappear? And PGE is going to start charging a monthly hook-up fee from solar to their grid.
I drive a leased Chevy Bolt. I am 71 and State Farm charges me $464 twice a year for 500/500 deductible. I have been with State Farm since I was 16 years old. I asked them what it would cost to insure a Model Y: She asked the price of the vehicle and said about $750 twice a year--she emphasized that this was only an estimate. I assume it will be at least $800 twice a year. I hope we have Tesla Insurance here in Iowa by the time October 2022 arrives as my Model Y is scheduled to be delivered then as well.
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For my Mach-E in December 2021 I traveled 969 miles and it cost me 41 dollars estimated, plus my electric company gives me a discount for charging on off peak hours which will be credit on my electric bill. So that $41 from my charge-point app will be less. When I have to go into the office it’s 68 miles to and back from work, at times I was paying $200 in gas. So for me EV is saving me money. Plus all the crazy tax credits and checks I’m still getting in the mail. Maryland just sent me a $700 check for switching from ICE to EV so many different programs you can search for some are hidden.
I have had my 2021 tesla M3 for almost 2 months. I live in Oklahoma and my insurance with all state is almost the same as yours. I'm put 2700 miles on my car and haven't spent a dime in travel.
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Saved 1700 from changing the insurance for different insurance and old insurance company said they will increase 700 extra for 6months.. since 2021 Y due to it’s expensive to repair… 2021 x5 and y saved 1700 for 6months definitely need to shop around the insurance for sure! Paid around 100 per month and 100 dollars for y full covers.
My model 3 is a long range dual motor. It takes 75 KWh to charge the battery to full. In San Diego there is an EV rate plan for your home power. It reduces the KWh to $0.08 a KWh from 12am-6am. I charge during those times only. On Sat and Sun it’s 12am-2pm so I can charge longer. That runs me about $6 for 350 miles of charge. Now that mileage varies depending on how you drive. But since Tesla claims a 350 mile range on full battery that’s an easy math conversion. Just find out your cost per KWh and multiply by your battery’s KWh. Simple I just bought the $40 adapter from Tesla and use the provided cord to charge in my 240 outlet. I get 24 miles per hour. That depends on my 240 outlet since it’s a 10-30. For those of you who don’t know what I’m saying the easiest way is the shape of your 240 outlet. The fastest is a 14-50 which is 45 miles per hour. Mine is plenty for me.
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3:00 0 My insurance for my Tesla Model 3 (bought in 2018) was LOWER than it was before with my 8 year old VW TDI (Diesel) Jetta. So definitely shop around insurance. Some companies will charge less because Tesla's have such amazing safety, others will charge more because repair cost is high.
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Hey, at the time of making this video, and even now, I’ve only owned it for a couple months. So far the only paid “maintenance” I’ve had is for a tire rotation which was $55. I had to have a headlight replaced but they covered it 100% under warranty. Otherwise, no other issues or breakdowns (knock on wood)!
I’m spending $900 just on gas for my Charger which is a V8. This is not even my car payment and insurance. I’m also in cali, really thinking about getting a Tesla.
Local electric rates vary by a lot, well over a 500% variance in the USA. Add in battery charge life based on weather and drive conditions. Finally, road taxes are mostly today collected through fuel per gallon. This will probably change to miles driving with electric since charging isn’t a fixed point that can be taxed reliably. None of this is even discussed with EVs.
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The apartment building does have a garage for all the residents. There are outlets around the garage so I can plug into those and charge. There’s about 10 EVs in the building and we have asked for chargers to be installed but the management company has ignored our requests.
I was quoted $1400 for 6months paid upfront its like $300 mo to mo. My rental house pays for the card payment soo no brainer not spending $400 a month in gas.
Any computer can be hacked including an automobiles, now think about that and look up drive by wire where you'll soon find that someone could remotely take control of the speed, the brakes and the steering of your car while you're driving it.
Thanks to Tesla’s cost savings in fueling (estimated to cost $20 per 300 mi) and I got $3500 in tax incentive, it’s worth increasing your car budget by $10k. Not to mention the vehicles are high quality and highly sought after making them retain most of their value. I can currently make $6k in profit selling my model 3 AWD ($53k after taxes goes for $59k)
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With regards to your insurance it would be interesting to know what your credit score was that you were able to get the rates you got and what options you chose to come up with the monthly car note you quoted. But still good info. Thanks.
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One thing to keep in mind, at least when I looked at the options, is the Tesla leases don't offer the ability to purchase the car at the end of the term. Most other leases give you that option. Except for very specific business cases, a car lease is the most expensive way to "own" a vehicle - mainly because you never own it - you are just renting. The flexibility to trade in your car for a newer one at the end of a lease is very nice, but you do pay a premium for that. With that, EVs are changing so fast these days that getting a lease might be a less terrible financial decision than normal.
Yes, I’m looking to lease rather than buy. For 25 years I’ve always purchased used cars with limited warranties and long loan terms 3-4 years or even more! which I now realize is simply ridiculous. Older cars come with their own challenges as far as repairs and maintenance costs and I’m so sick of constant costly repairs after hitting 100k miles, or just after warranties run out. I don’t mind paying a bit more per month and I only live half a mile from my work so restriction on miles per year won’t be an issue. I do like the idea of upgrading every 3 years or so and I’ve wanted an EV since they’ve been in production. My 25 yo son bought a Ford hybrid and really likes it. He does all his charging at his house and spends very little for gas, I think he can go about 400 miles before filling up. I’m still doing a lot of research; I don’t plan on doing this until my current vehicle is paid off then my youngest will be 16 and I plan on letting him drive that. I’m leaning towards the Y but still researching.
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I just sold my car which had a similar payment that your Jeep had, so this is a really good comparison. The approximate $300+ will be offset by the savings in gas, but not that much. Still debating whether to order the car or wait for the Cybertruck (for reals).
The insurance is insane. I test drove a model 3 and was interested in buying but once I looked into insurance, I decided it wasn’t worth it. All the gas savings goes into paying insurance. I was quoted from $600 per 6 months to almost $900 per 6 months. I have a Jeep Gladiator that only costs about $260 per 6 months. 3 vehicles on my policy right now don’t equal what a new Tesla would for insurance. That is ridiculous. Here is another sad part about Tesla. They don’t give you a charger with the car anymore. The mobile charger is now $230.
Few things to note. The charger that comes with the Tesla can do 110 and 220 volts. Just need the adapter and the outlet. My wife Ubers with our Model 3, drives 150miles a day easy. We spend roughly $145 a month on charging cost, those same miles if driven on a ICE vehicle would translate into around $545 a month on gas prices. Each city varies with gas/Eletric rates. We were able to get our insurance down to 100 a month. Tesla offers a lot of perks. Especially now with gas prices rising. It makes a lot of sense to own an EV car in general.
The question in your title is my newest realization! The Ford dealership in Madera CA has 2 Tesla Model 3. Both are mid-$50+. Both are black. In the summer months it gets up to 100F +. Who do you Tesla buyers get your Model 3 financed through?!
With the average cost of all new cars at nearly 50k, electrics are starting to make more senses. I drive a 2015 Lexus that looks and runs great and its paid for. I spend $150 on gas (work from home) a month, which is a lot better than $700
I pay 13 cents per kilowatt hour of charging in my garage. It is a Clear Creek Level II charger with 40 amps of 240 Volts running to it. Because I only have 100 AMP service to my town house, I have a gas cooking stove and oven, and a gas heated clothes dryer so that I have plenty of extra amps for the car charger. (My hot water heater is electric. If it were gas I may have run a 50 amps line to my garage for the charger instead of the 40 amps. Although the 40 amps that I do have does add about 22 miles of range per hour--that is adding 220 miles of range for 10 hours of charging over night.
I personally think the best way to treat a Tesla is like an iPhone. Trade it in every 3-5 years that way it is always under warranty and usually avoids any major maintenance issues.
@neal cassady Yeah I ordered a model 3 in march expecting to get it in July and now it looks like I wont get it until November if I am lucky. Thinking about just moving on from the car and losing the $250 deposit to get something else. You save money in gas, but end up paying a good chunk of change because of things that break out of warranty.
@neal cassady I have the money for the Tesla, and I own a house and real estate already. For me though, it seems the Tesla build quality isn't getting any better and I the closest service center to me is almost 2 hours, so having to take it there often would be a headache. I'm thinking of just getting a Ford Maverick hybrid truck for like $28k which would still save me over $1000 in gas every year.
99% of my charging at home is done overnight. Sometimes if I drive around a lot during the day for work and have to go somewhere at night, I’ll charge up for a little bit before going out.
@@tesma-m7 Congrats!! Yeah I’m working on getting back into posting new content soon! I was thinking about making one about my charging habits and tips, but now I definitely will! Thanks!
why everyone talks about monthly payment, insurance cost, hydro bill - we all know about it. Nothing new. I want to know: maintenance cost 0- what is recommended maintenance schedule . every vehicle has a maintenance program: every so often or so many thousand km - you have do to a regular inspection or replacing filters, etc What is that cost for the first 4 years?
@@TeslaEVolution Yeah but the problem is that the market will not last like that forever. Buying at the top isn’t good. Unfortunately for me I need a new car and I can’t wait for the market to come back down.
@@DoggoWillink You’re not buying “at the top”, you’re just paying standard retail. The issue of appreciation is only if you prefer to purchase a lightly used car and not wait for delivery of a new car from Tesla. That delivery issue is only going to get worse over the next 5-8 years (with a short term sweet spot in the second half of 2022 when the new factories come on line). Your best best is to buy new now...
We’re talking about a car that has a likely service life of half a million miles or more. Why are you talking about depreciation? This is a car you should buy and keep and wring all the value out of. Batteries will be so cheap in the near future, you should just get a new battery pack, maybe spruce up some of the electricals...and drive it another half a million miles!
$771 a month? No thanks! I will hang on to my pristine 2008PT Cruiser GT a bit longer. Runs and drives like a new car. It's a bit ugly, but a blast to drive and very practical. My total costs over the last three years average $110 a month -- for everything. Gas, insurance, oil changes, new tires.
Good video, I suggest to re-title it and make it clear that this is based on your personal experience, you work from home and you have free supercharing miles, that's very specific to you. Thank you for sharing your experience though.
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500 car payment, 208 insurance, 200+ a month on gas and all other car maintenance is well worth buying a Tesla. Biggest plus my job has charging stations which will allow me to charge it while I’m at work.
I also own a model 3. I drive it to work 62 miles per day five days a week and it cost me about $45 a month to charge my car and I only charge from home. Very good content.
Thank you! I appreciate it! I’m glad you enjoyed!
$45.00/ year is our cost charging at Super off peak rates 1cent/kW.!!
Yes but what needs to be stated is that these numbers are way off depending on state and utility company. His insurance in new York would be about 2.5 -3x more then in FL for the Tesla. Also here the average price per kwh is around .27 - .28 cents per kwh compared to FL which is usually around .10 - .11 cents. It's a massive difference.
In my state peak hours is Mon-Fri 8am-9pm excluding holidays.
Off-Peak hours Mon-Fri 9pm-8am and all day on Saturdays, Sundays, and holidays
That’s kind of high .
As an insurance agent, I'd like to add one thing. He's absolutely right about shopping around for the best rate. I'd reach out to independent insurance agents because they can run quotes with multiple carriers and come back with the best option for you. While the monthly rate is very important, PLEASE PLEASE don't sacrifice coverage for the monthly cost. A good agent will show you a well-rounded quote option that keeps your price as low as possible but also makes sure that you have what you need in the event of a claim. I can't tell you how many times someone went with a low limit, high deductible option because it was the cheapest price. At the moment, that's great, but when you have a claim, most people have issues. Think about your financial situation and make sure that you're choosing an option that covers you and doesn't break the bank.
Question. If you have half coverage. And some one rear ends you and you have it on dashcam. Does there insurance cover the cost for your vehicle?
@@josephb8499 yes as long as you were deemed to not be at fault. if you have liability only, which is not comprehensive and collision coverage, that ultimately pays for damage you cause to another vehicle. It will not repair your vehicle. However, since the other party was at fault, they will pay for it
@M he’s talking about insurance not the loan lol
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My experience with the Model 3 is that the standard 110 V charger is all I need. Since I'm retired I don't drive very much, so a charge to 85% gives me enough juice for about a week. At 6 mi per hour, the charging is slow but that has never been an issue. I figured out that my total cost to date is a whopping $17.05! With 849 total miles and the average gas price of around $3.20 per gallon, that works out to 159.29 mpg! I didn't get the Tesla to save money but it's a nice benefit!
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How you buying a Tesla is a good decision since you are retired and do not drive much? You super overpayed the car and in order to "get your money back" you need to drive at least 300 000 km to kinda break even.....You only bought it because you like it and that's it. Bringing up $17 you paid makes no sense if you consider the big picture
@@darko6075 For starters I didn’t overpay for the car. The price has gone up thousands since I bought and the resale is higher than what I paid. As I said, I didn’t get it to save money. I wanted the technology and I like the design enough, but I would add that I hate the front end! Commenting on my cost to operate makes total sense because that’s the theme of the video, and most readers want to hear about that. A point that I didn’t mention is that insurance costs are somewhat higher on a Tesla because they are expensive to repair. I never see anyone talking about that.
I paid $8000 for my car and get 36 mpg average, it'll take you 35 years to break even with my cost 🤣
If you’re financing $50k for a new car to save a few hundred dollars on gas, this isn’t about saving money, it’s just about wanting a Tesla. I love them too and thinking about ordering one but no one who spends 50K on a new car is doing it because of the $3.00+ gas prices.
Facts
And 99$ per month to get self driving access and updates and if you want self driving you pay that as upgrades 12000$ on the top of original price. There is no savings
It’s not just about wanting a Tesla tbh. My 2002 Nissan Pathfinder SE costs $60-70 to fill up PER WEEK. To make it even worse, that’s only driving to and from work everyday 5x a week for a round trip of 24 miles a day. And If I have to drive anywhere else, during that 5x a week period that means I’ll most likely be filling up *twice* in the same week, and that’s not even including the weekend. Gas at this rate will eventually cost me 4 grand a year. Not just a couple hundred, I guarantee you that. Everybody’s situation is different. At that rate I might as well have a car payment with cheaper charging prices instead.
@@libertyprime2852 Dont you Americans have access to economical ICE vehicles?
In the UK, and both our diesels get 50 and 55mpg?
Granted they're a modest 1.5 1.4 sized engines..
We do have access to economical vehicles. People just want to buy their expensive electric vehicles instead.
And depending on which state you may also have to pay a lot more for vehicle registration renewal. I went from paying $130 for a Honda Accord to $630 for a Model 3.
omg what state do you live in
That’s probably the only downside, regular cars use gasoline which have a road tax included in the price per gallon m. Ev cars don’t use gasoline therefore the registration fee is higher to compensate for that.
@@trumpetmasta92 some BS there
Several states charge more for car tags for electric vehicles. Their justification is you’re not contributing to the taxes they collect on gas sales. They’re gonna get their money somehow 😡
@@bgaviator Drive as a travelled under Global Citizen and don’t pay shit.
Aye man, the one word people need to keep in mind is OWNERSHIP lol. All these things, cars, leases, etc...main roadblocks for generating WEALTH.
Very good cost analysis. With the price of gas at around $5 a gallon nationwide, the savings really add up fast!
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Even if I was paying $5 a gallon my car would only use $1500 a year more in fuel
My car also cost $35000 less than a Tesla so it'll take 28 years for a Tesla to break even lol
I can tell you for a fact a Tesla is not living that long and the battery is gonna need a $22000 replacement at least once in that time, there's much cheaper ICE cars with good gas mileage that end up costing half of what a Tesla does over the lifespan of each vehicle, until a model 3 is under $30k new, it's not worth it
Plus what happens in severe weather and there's no power for days? Gas stations have backup generators and I can still get gas
This was exactly what I wanted to know, thank you!...I already ordered my Tesla, but wanted some real numbers of what I can expect once I get the car...I also have Progressive but will look at other options once I get my VIN and am able to do that...This was very helpful...
Congrats on ordering your Tesla!! I’m glad this was helpful! That’s what I was hoping for! Definitely look around and get multiple insurance quotes! You never know who will give you the best rates. If you have any questions let me know!
tesla insurance is 50 a month for me, depending on your safety score ofc
@@HungHuynh-vj3ro Do you live in CA? I don’t think Tesla insurance is anywhere except CA and TX. I wish it was because I’d highly consider it!
@@MikeAmiel I'm currently in Texas!
@@HungHuynh-vj3ro Nice! $50 a month sounds awesome!
I have a diesel truck! Which diesel is High here in Texas! Just spent $100 to fill it up!! I’m definitely leaning toward EV!
Yeah the cost of gas was definitely a big factor in my decision. I can only imagine with diesel. There are going to be more and more options coming out for EV trucks!! Worth looking into!
Rivian and Ford have interesting looking EV pickup trucks if you're looking for a replacement.
The charger the Model 3 comes with is actually a 110 and 240. The cord can charge at both. You just get the adapter from Tesla. So you have use the provided charger and charge quickly. My adapter since my outlet is a 10-30 was around $40 or so.
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Really thinking about picking a model 3 up. I work as a security guard at a gated apartment community and we have the chargers in the garages how ever I was speaking with my boss and he said I would be able to plug my charger that it comes with and then plug somewhere in the garages where I won't be blocking any cars and basically would never have to pay for gas or to charge it again
110v charger is Very Slow 🐌. Only replaces 5 to 7 mph of range. A 240v charter replaces about 30 mph of range. The community chargers are probably level 2 chargers / 240v
@@jasons7044 My boss was able to convince the office to give me some kind of compensation if i patrol in my car around the property. We have golf carts but the battery holds about an hour then its empty. so They agreed its cheaper to give me $10 extra a week in my paycheck than pay for replacement carts. It takes like, what? $12 to fully charge a long range? seems pretty good
@@LyriXpress did you get it
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I’m trying to get one soon, I do doordash a lot as a job now so it’s ideal to have a Tesla, I spend $40-80 a week on gas so a Tesla would be a huge money saver
is doordash worth it ??? thinking about doing it
I financed half the cost of my Model 3 so my monthly payment is around $450. My electric is tied in to my rent and I’ve seen about a $20 increase with charging at home. It takes about 4 hours to fully charge on a 32A. And I drive at least 60+ miles almost every day and never have issues with range or finding a charger. My insurance when I got the car was almost as much as the car payment because most insurance companies don’t know how to deal with EVs. I recently switched to Tesla Insurance and I’m only paying $100 for the first two months and with the Safe Driving Score Beta my payments after are projected to be around $75 a month. Overall I’m paying WAY less than I was with an ICE car. The monthly costs and maintenance were insane! And it started crapping out after 50k miles and would’ve had to replace the engine they said. Teslas don’t have many moving parts so there’s less to go wrong over the life of the car which should be factored in to the cost also. You’re buying a longer lasting car for around the same as an ICE car but without the oil changes and fuel costs and buying engine parts.
Wow! That's a great price for insurance now with Tesla Insurance. I can't wait for Tesla to expand that to Florida! Hopefully soon!
I paid $2,400 cash for my used 1993 320E, pay $250 in insurance costs every 6 months, pay about $50 in gasoline a week. Maintenance is mostly oil changes, tire rotations, etc.. I’ll stick with the ICE, hard to beat on price. Cheers.
What car did you have where the engine crapped out after 50k miles?
@@flyleaf2184 That’s your choice. You’re comparing a $2,400 car that’s almost as old as me to a $41,000 brand new fully loaded luxury car so if you’re trying to save money great but I like to be comfortable and not have to worry about it breaking down. I had a $1,500 car that gave me a lot of issues and a $17,000 that gave me even more and then “traded up” to a $40,000 that still gave me issues. I took care of all of them but things just go wrong with ICE cars because of all the moving parts and upkeep required. You’re also paying a lot for insurance and gas over the life of your car.
@@DreamsCascade a few break downs isn’t worth $23,000-$48,000. Learn to choose used cars better, and deal with the minor fixes they need.
Some Charge Point stations are free. You just need your J1772 adapter and the charge point app. You see these mostly at colleges and work that may provide free for their employees. Charging at home for me is $0.16 a kw. Peak hours aren’t cheaper, just less demand on the house. Florida doesn’t give a discount price during off peak hours. Super chargers around here are $0.38. Already I see a difference, my wife used $120 a week on gas, driving 70 miles a day. Last week she spent $45 on charging on a super charger, only because we needed an extension cord for our charger at home. Got it, and now only charge at home. Hopefully that $45 a week will be cut in half.
If I buy a Tesla, I can charge it at work with a 110 outlet and it wouldn't cost me anything.
I would try to get a Level II charger available at work. Some 110 outlets are 12 amps but some are 20 amps. If you can also charge with 120 volts overnight at home that would help.
You work at a place that's not normal to 99.9 percent of workers. Grats tho, I'd consider it as well
I work at a public school.
If you are only driving to and from work, that might work.
But only adding 4 miles of range per hour really cuts down on how far you can drive day after day without going to a faster charger.
Great review 🏎
You forgot folks who're buying a tesla as their first car. For a lot of the apartment buildings, this adds, in parking charges, 50-75$ per month in the best case, and for high end apartments, around 100-150$
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Great Vid Mikey! Like a real host for a show and stuff. Im impressed.
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Insurance $57 per month through State Farm. Electric bill has gone up about $35.
Thanks! That’s a great price for insurance and also great on your electric. How much driving do you typically do a day?
@@MikeAmiel I haven’t had a accident or ticket in 35 years, so that helps with the insurance. (knock on wood). I drive roughly 300 miles per week.
@@scottp4862 Yeah that’ll definitely help! Thanks for following up!
This video is as very helpful. I am still trying to weight the pro’s and can’s so I can make the best decision.
Thanks! I’m glad the video helped! If you have any questions, feel free to ask!
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Thanks for the information. I hope I am able to order a model x by next summer
Wow, I pay less than 80 a month for full coverage. Of course I have a pretty good record, cdl, and bundle multiple cars, houses, and RVs. There's so many ways in which to reduce costs for insurance. 250ish seems very high.
which insurance company is it ?
@@manojBadam state farm
Yeah that seems high, he must have a terrible driving record. I pay $280 a year full coverage on a 2019 Lexus es350. Insurance is USAA
@@x505xMRxFLACOxLCx I have State Farm also. We have had them for over 25 years. I pay 250 every 6 months for our 2020 Tahoe. They said it would be about the same for my Tesla.
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Thanks for the info I’m researching now so this and the comment crew are very informative.
I just ordered my Model 3. I am looking forward to receiving it. I work from home so probably will not charge a lot. I had a BMW I3 prior, and charged almost ever other week. I cannot wait to get my car 🚗! I appreciate your information.
Usually if you buy a new car your insurance extend coverage for 15 days - 30 days. Really depends on the insurance company.
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Thank you for sharing this important EV cost.
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I pay 100/month on Geico for a Model Y Performance. Home charging is negligible.
That’s a great price! Thanks for watching and sharing your costs! I wish I could get that great of a quote!
What state are you in?
Very informative video. Not many people go into detail on car payment and insurance costs
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The model 3 I ordered will have a lower payment than just putting gas in my truck. I'll miss the truck, but I can't wait for delivery next month.
That’s awesome! Enjoy!
@@MikeAmiel I will!
Thank you so much! Very informative regarding TESLA car investment. Very fast and comfortable car, but lowest maintenance.
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Our Model Y is extremely cheap to own. We were fortunately able to pay cash for it, so no monthly payment. And we have solar panels on our house, with a monthly electric bill of $8.20 per month (only paying taxes and fees). The only thing we pay is the insurance, which is $120/month for 2 drivers. We’ve also been fortunate to have free supercharging for 2021 because we bought our car in December 2020.
That’s amazing! I’m jealous of that insurance. Sounds like you have a great setup! Thanks for watching and sharing!
Everyone thinks Tesla’s are so expensive and difficult to own. Really once you purchase the car it’s not expensive to maintain and they are very easy to drive.
Great setup! You are fortunate in many ways.. esp these days! ENJOY, vrooom vroom! :) ~ Stay safe & be well.
What company did you go through for solar panels were they expensive?
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Mike good info BUT here is what is coming! In California they are going to start charging a mileage fee for electric cars every year when you tag it. Did anyone really think California was going to let all that gas tax money disappear? And PGE is going to start charging a monthly hook-up fee from solar to their grid.
Wow! Thanks for the info! I knew increases would come like this but I didn’t think it would happen until the EV market was much further along.
I just switched my Tesla model 3 insurance company and total 12 month premium is $936 for normal coverage at MA.
In Australia there are a lot of FREE charging stations
That’s awesome! I wish we had more of those here
Thanks for this video! 😊
The question to ask is. What is the monthly payment, Auto insurance and maintenance. When do we get to the break even point To owning an EV.
I know I can't, but the want is so strong. Model 3 dreams and Honda Accord pockets.
I drive a leased Chevy Bolt. I am 71 and State Farm charges me $464 twice a year for 500/500 deductible. I have been with State Farm since I was 16 years old. I asked them what it would cost to insure a Model Y: She asked the price of the vehicle and said about $750 twice a year--she emphasized that this was only an estimate. I assume it will be at least $800 twice a year. I hope we have Tesla Insurance here in Iowa by the time October 2022 arrives as my Model Y is scheduled to be delivered then as well.
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I dig this content man, thank you! New sub!
Thanks for watching and subscribing!!
For my Mach-E in December 2021 I traveled 969 miles and it cost me 41 dollars estimated, plus my electric company gives me a discount for charging on off peak hours which will be credit on my electric bill. So that $41 from my charge-point app will be less. When I have to go into the office it’s 68 miles to and back from work, at times I was paying $200 in gas. So for me EV is saving me money. Plus all the crazy tax credits and checks I’m still getting in the mail. Maryland just sent me a $700 check for switching from ICE to EV so many different programs you can search for some are hidden.
I have had my 2021 tesla M3 for almost 2 months. I live in Oklahoma and my insurance with all state is almost the same as yours. I'm put 2700 miles on my car and haven't spent a dime in travel.
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Saved 1700 from changing the insurance for different insurance and old insurance company said they will increase 700 extra for 6months.. since 2021 Y due to it’s expensive to repair…
2021 x5 and y saved 1700 for 6months definitely need to shop around the insurance for sure! Paid around 100 per month and 100 dollars for y full covers.
Your Y is made of steel so it’s cheap to fix
My model 3 is a long range dual motor. It takes 75 KWh to charge the battery to full. In San Diego there is an EV rate plan for your home power. It reduces the KWh to $0.08 a KWh from 12am-6am. I charge during those times only. On Sat and Sun it’s 12am-2pm so I can charge longer. That runs me about $6 for 350 miles of charge. Now that mileage varies depending on how you drive. But since Tesla claims a 350 mile range on full battery that’s an easy math conversion. Just find out your cost per KWh and multiply by your battery’s KWh. Simple
I just bought the $40 adapter from Tesla and use the provided cord to charge in my 240 outlet. I get 24 miles per hour. That depends on my 240 outlet since it’s a 10-30. For those of you who don’t know what I’m saying the easiest way is the shape of your 240 outlet. The fastest is a 14-50 which is 45 miles per hour. Mine is plenty for me.
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Thanks bud! Super helpful. You should’ve sliced some shots of your car in the edit
3:00 0 My insurance for my Tesla Model 3 (bought in 2018) was LOWER than it was before with my 8 year old VW TDI (Diesel) Jetta. So definitely shop around insurance. Some companies will charge less because Tesla's have such amazing safety, others will charge more because repair cost is high.
Great video and thanks for the useful information. 🙏🏾
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Wow, with the price of gas this is so worth it!
Sure is!
Especially when you live over here in Europe. Gas prices are really high. Almost 2 euros per liter of the cheapest petrol.
Price of electricity will follow when EVs become more popular
@@YouWillNeverBeAWoman only a better reason for solar
Exactly i pay $600 a month plus $160 insurance plus $120 approx a week for gas !!!!
How about some numbers on maintenance and if & when it break down??
Hey, at the time of making this video, and even now, I’ve only owned it for a couple months. So far the only paid “maintenance” I’ve had is for a tire rotation which was $55. I had to have a headlight replaced but they covered it 100% under warranty. Otherwise, no other issues or breakdowns (knock on wood)!
I’m spending $900 just on gas for my Charger which is a V8. This is not even my car payment and insurance. I’m also in cali, really thinking about getting a Tesla.
Great topic, a more personal experienced take 🙏🏾 thank you
You’re welcome! Thanks for watching!
Local electric rates vary by a lot, well over a 500% variance in the USA. Add in battery charge life based on weather and drive conditions. Finally, road taxes are mostly today collected through fuel per gallon. This will probably change to miles driving with electric since charging isn’t a fixed point that can be taxed reliably. None of this is even discussed with EVs.
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Insurance is higher,Higher cost is associated with repair cost to the insurance companies,It’s not difficult to total out one in an accident
Yeah exactly! I’ve heard it doesn’t take much for the insurance companies to total them out. And having to wait for a replacement would suck..
Thanks. I got mine as a birthday gift 🥳
That’s a great gift!
Loved this video! New subbie!
This is really helpful... I'm considering getting a Tesla model 3...
Go for it!!
You read my mind, was wondering about this. Thank you. You do video very well sir. Great job.
Thanks for watching! I’m glad this helped!
@@MikeAmiel thinking and saving towards a Hummer ev. Them things are awesome!
OMG! Your monthly car costs is more than my mortgage!
Very helpful! 😊
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How do you charge in an apartment? Do you have a garage? Did the apartment complex allow you to install a level two charger?
The apartment building does have a garage for all the residents. There are outlets around the garage so I can plug into those and charge. There’s about 10 EVs in the building and we have asked for chargers to be installed but the management company has ignored our requests.
How do you charge while living in an apartment?
I was quoted $1400 for 6months paid upfront its like $300 mo to mo. My rental house pays for the card payment soo no brainer not spending $400 a month in gas.
Thank u for making this video
Great video. Thanks for sharing!
Thank you!
Any computer can be hacked including an automobiles, now think about that and look up drive by wire where you'll soon find that someone could remotely take control of the speed, the brakes and the steering of your car while you're driving it.
Thanks to Tesla’s cost savings in fueling (estimated to cost $20 per 300 mi) and I got $3500 in tax incentive, it’s worth increasing your car budget by $10k. Not to mention the vehicles are high quality and highly sought after making them retain most of their value. I can currently make $6k in profit selling my model 3 AWD ($53k after taxes goes for $59k)
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I know people paying 20-40 a month on their car insurance for a Tesla. One of my buddies has the plaid abs he’s paying $46 a month for insurance
With regards to your insurance it would be interesting to know what your credit score was that you were able to get the rates you got and what options you chose to come up with the monthly car note you quoted. But still good info. Thanks.
I did a quote for esurance out of curiosity it was 114 a month. No accidents 26 yrs old. Bad credit
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How much is maintenance cost? How often is maintenance needed?
Great breakdown!!! Very informative…
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Great video thank you
How are you able to charge at home in an apartment? I’m in Florida as well.
One thing to keep in mind, at least when I looked at the options, is the Tesla leases don't offer the ability to purchase the car at the end of the term. Most other leases give you that option. Except for very specific business cases, a car lease is the most expensive way to "own" a vehicle - mainly because you never own it - you are just renting. The flexibility to trade in your car for a newer one at the end of a lease is very nice, but you do pay a premium for that. With that, EVs are changing so fast these days that getting a lease might be a less terrible financial decision than normal.
Yes, I’m looking to lease rather than buy. For 25 years I’ve always purchased used cars with limited warranties and long loan terms 3-4 years or even more! which I now realize is simply ridiculous. Older cars come with their own challenges as far as repairs and maintenance costs and I’m so sick of constant costly repairs after hitting 100k miles, or just after warranties run out. I don’t mind paying a bit more per month and I only live half a mile from my work so restriction on miles per year won’t be an issue. I do like the idea of upgrading every 3 years or so and I’ve wanted an EV since they’ve been in production. My 25 yo son bought a Ford hybrid and really likes it. He does all his charging at his house and spends very little for gas, I think he can go about 400 miles before filling up. I’m still doing a lot of research; I don’t plan on doing this until my current vehicle is paid off then my youngest will be 16 and I plan on letting him drive that. I’m leaning towards the Y but still researching.
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But Tesla itself offers car insurance in the US, right?
Yes they do but only in a handful of states right now.
I just sold my car which had a similar payment that your Jeep had, so this is a really good comparison. The approximate $300+ will be offset by the savings in gas, but not that much. Still debating whether to order the car or wait for the Cybertruck (for reals).
I'm in the same boat my man!! Can't decide on what to do! Now I am reading though that the price of the Cybertruck might go up when it's released!
The insurance is insane. I test drove a model 3 and was interested in buying but once I looked into insurance, I decided it wasn’t worth it. All the gas savings goes into paying insurance. I was quoted from $600 per 6 months to almost $900 per 6 months.
I have a Jeep Gladiator that only costs about $260 per 6 months.
3 vehicles on my policy right now don’t equal what a new Tesla would for insurance. That is ridiculous.
Here is another sad part about Tesla. They don’t give you a charger with the car anymore. The mobile charger is now $230.
Few things to note. The charger that comes with the Tesla can do 110 and 220 volts. Just need the adapter and the outlet. My wife Ubers with our Model 3, drives 150miles a day easy. We spend roughly $145 a month on charging cost, those same miles if driven on a ICE vehicle would translate into around $545 a month on gas prices. Each city varies with gas/Eletric rates. We were able to get our insurance down to 100 a month. Tesla offers a lot of perks. Especially now with gas prices rising. It makes a lot of sense to own an EV car in general.
$545 a month? What is the gas guzzler ? A Chevy suburban ?? 😂
@@tpike32 Im currently spending around $ 700 gas monthly driving for Uber with a Civic Hatchback
@@kauepereira6 umm no . If you are a Uber driver . The customer is paying for your gas . Technically you are paying nothing
The question in your title is my newest realization! The Ford dealership in Madera CA has 2 Tesla Model 3. Both are mid-$50+. Both are black. In the summer months it gets up to 100F +.
Who do you Tesla buyers get your Model 3 financed through?!
Great video! Can’t wait to get mine! 🤩🤩🤩
Thanks!! You’ll be enjoying yours soon enough!!
So basically whatever you save from gas you pay that and more on insurance cost for such an expensive vehicle
Payment/ insurance is just basic payments on vehicles.
With the average cost of all new cars at nearly 50k, electrics are starting to make more senses. I drive a 2015 Lexus that looks and runs great and its paid for. I spend $150 on gas (work from home) a month, which is a lot better than $700
Does the 10 year rule apply to electric cars with battery change
I was told if you keep a car ten years it would be worth the price
I pay 13 cents per kilowatt hour of charging in my garage. It is a Clear Creek Level II charger with 40 amps of 240 Volts running to it. Because I only have 100 AMP service to my town house, I have a gas cooking stove and oven, and a gas heated clothes dryer so that I have plenty of extra amps for the car charger. (My hot water heater is electric. If it were gas I may have run a 50 amps line to my garage for the charger instead of the 40 amps. Although the 40 amps that I do have does add about 22 miles of range per hour--that is adding 220 miles of range for 10 hours of charging over night.
I personally think the best way to treat a Tesla is like an iPhone. Trade it in every 3-5 years that way it is always under warranty and usually avoids any major maintenance issues.
@neal cassady Yeah I ordered a model 3 in march expecting to get it in July and now it looks like I wont get it until November if I am lucky. Thinking about just moving on from the car and losing the $250 deposit to get something else. You save money in gas, but end up paying a good chunk of change because of things that break out of warranty.
@neal cassady I have the money for the Tesla, and I own a house and real estate already. For me though, it seems the Tesla build quality isn't getting any better and I the closest service center to me is almost 2 hours, so having to take it there often would be a headache. I'm thinking of just getting a Ford Maverick hybrid truck for like $28k which would still save me over $1000 in gas every year.
@neal cassady I appreciate you discussing this with me man. You've helped me get a better understanding of what I should be driving. Thank you!
How easy is it to keep the white interior clean?
at home when do you normally charge your car day or night time ?
99% of my charging at home is done overnight. Sometimes if I drive around a lot during the day for work and have to go somewhere at night, I’ll charge up for a little bit before going out.
@@MikeAmiel thanks just got the M3 rwd so was figuring out how often do we charge !
@@tesma-m7 Congrats!! Yeah I’m working on getting back into posting new content soon! I was thinking about making one about my charging habits and tips, but now I definitely will! Thanks!
why everyone talks about monthly payment, insurance cost, hydro bill - we all know about it. Nothing new. I want to know: maintenance cost 0- what is recommended maintenance schedule . every vehicle has a maintenance program: every so often or so many thousand km - you have do to a regular inspection or replacing filters, etc What is that cost for the first 4 years?
Does Tesla perform well on rough roads with pot holes ?
Does the AC & HEATING system drain the battery faster ?
You failed to mention how many miles you drive a month. Also, the maintenance cost.
Insurance is very Expensive in USA. In Australia I pay $568.00 a Year. A Prius which does Uber Eats.
I would like to see what depreciation might end up being for the M3 LR over the next three years. My guess is 4-5k per year
Yeah that is going to be an interesting thing to watch. The current market has people getting appreciation values on their cars. It’s crazy!
Dude, they're appreciating!! Our 2 year old MR LR was $10k more than a new...2 year old, 15k miles on it!!
@@TeslaEVolution Yeah but the problem is that the market will not last like that forever. Buying at the top isn’t good. Unfortunately for me I need a new car and I can’t wait for the market to come back down.
@@DoggoWillink You’re not buying “at the top”, you’re just paying standard retail. The issue of appreciation is only if you prefer to purchase a lightly used car and not wait for delivery of a new car from Tesla. That delivery issue is only going to get worse over the next 5-8 years (with a short term sweet spot in the second half of 2022 when the new factories come on line). Your best best is to buy new now...
We’re talking about a car that has a likely service life of half a million miles or more. Why are you talking about depreciation? This is a car you should buy and keep and wring all the value out of. Batteries will be so cheap in the near future, you should just get a new battery pack, maybe spruce up some of the electricals...and drive it another half a million miles!
$771 a month? No thanks! I will hang on to my pristine 2008PT Cruiser GT a bit longer. Runs and drives like a new car. It's a bit ugly, but a blast to drive and very practical. My total costs over the last three years average $110 a month -- for everything. Gas, insurance, oil changes, new tires.
After I find the monthly rent and get something to eat, I'll think about it.
What’s the maintenance since there’s No more oil changes, or emissions?
Good video, I suggest to re-title it and make it clear that this is based on your personal experience, you work from home and you have free supercharing miles, that's very specific to you. Thank you for sharing your experience though.
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The more you drive the more you will have to pay it's like .65 a minute to charge so It's really does add up
Great video!
What about car registration
500 car payment, 208 insurance, 200+ a month on gas and all other car maintenance is well worth buying a Tesla. Biggest plus my job has charging stations which will allow me to charge it while I’m at work.
0:51 where is this located!? I do have to create account?