Tesla Model Y: True Cost of Ownership After 9 Months
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- เผยแพร่เมื่อ 9 ธ.ค. 2020
- ► UPDATED 1 YEAR TRUE COST VIDEO: • Tesla Model Y: True Co...
Breaking down exactly what I've paid to own my Tesla Model Y over the course of the last 9 months. What's the true Model Y cost of ownership? What should you expect to pay? Let's get into it.
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Topics Covered:
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► UPDATED 1 YEAR TRUE COST VIDEO: th-cam.com/video/GkpOZ1UlkPc/w-d-xo.html
You forgot to mention that german suvs especially BMW, Mercedes depreciate "MASSIVELY" in comparison to Tesla and they become nightmare to maintain. I LOVE BMW, Mercedes and Audi but this is just a cold hard fact. Having bought and sold many and having family in the auto industry...
You failed to mention long term maintenance which is ridiculous. Very Average warranty and high cost of parts is eye watering. There is a story of a blogger who reportedly had to replace a light globe at a cost of $2000 who complained which got the attention of Musk who reportedly apologised to him personally and provided it at cost.
Good luck if your just an average person who needs parts
I'm not sure what you're trying to convey in your video, but it's not the cost of ownership. Some of your costs like paying the principle part of the loan aren't really costs - because you'll get some of them back when you sell. To calculate the true cost of ownership you should be including actual depreciation, electricity cost, maintenance cost and finance cost. Your video gives people some idea of the financial outlay of buying a Model Y if you have around $10k to put towards it, and that is helpful.
Insane is to think you save money 😂
you spent $50K to $90k to save gas and hunt for cheap insurance....great logic. $500 for a honda fit?
Good to know the Honda Fit is cheaper than an Airpods Max.
Hahahahaha
Dying
😂😂😂
Shots fired! Lol
Edmonds says a used 2008 Honda Fit is worth $800 to $3,800.
$816/mo car payment is nuts. I get that you offset that with revenue from this channel, but for most people, that just seems like a bad decision.
This video was very helpful and I would never want the first release of a car. I doubt any of these owners are keeping these vehicles until paid in full/72 months. Looking at his upfront cost, (if offered at the time) he could have paid cash to lease that vehicle for 2 years with the cash from his downpayment, trade in, etc. Makes sense why they're making fluff videos daily like their car notes depend on em lol. I totally understand now, do what ya gotta do. The cost really need to come down.
Ah yes, the internet scold appears. If you don't like it, or can't afford it, don't do it. How hard is that? Ryan ditched his FIT for five bills and that car will make someone happy (I am a fan of the FIT and if that were my budget I'd buy it in a heart beat).
Generally speaking the world doesn't need people to tell adults what they should (or should not) be spending their own $ on.
Nuts??? I agree that's cheap, compared to what I paid for my 100k 2015 Model S.
Monthly payments is relative to your place in life right now. One day that won't seem so high to you.
Your day will come.
@@henrycruz45cal I can easily afford a monthly payment that high. I choose not to take on that much debt for a car and incur a high monthly payment, but others may. I see your angle though-imply that I can’t afford it. If you read my comment, you’ll see that I said that this monthly payment is too high or would be irresponsible for MOST Americans. Guess what? Americans have a debt problem, a savings rate that is too low, and allow their desire for new and shiny things and instant gratification to put them in a precarious financial position.
@@meloapa wrong. Financial literacy is sorely missing in our culture. Most people would do well to learn financial responsibility including debt and cash flow management. When the average American can’t afford a $1K home repair and splurges on debt-fueled shopping sprees, we’ve got a problem. Grown adults can do whatever they want. Go smoke 2 packs a day, eat fast food and get fat, become a diabetic, watch tv all day, buy more than you can afford. Sure-we live in a free society. But I can still give people my opinion that maybe they should consider having some restraint. That’s just one small voice in the cacophony shouting at us to buy more, spend more, accumulate more, impress more.
Wow, one of the best, if not THE best, review of a Telsa ownership after a couple of months. Incredibly detailed and useful for everyone. Thanks a lot Ryan...
Great information in your video. But two other Tesla considerations: batteries are heavy, so your tires will wear out sooner. And as the battery ages, its charge capacity will decrease, meaning range will decrease. I believe this is true with all EVs.
And won’t using the heater and AC decrease range too? No one says how many mile decrease in range that is.
And we have all heard that Teslas cannot be towed. They have to be put in a special Service mode, but you cannot do that if you already ran out of electricity. Then there is the GM EV problem of bursting into fire. GM has a directive out to not park you GM EV in a garage but far enough away from your house, so if/when it bursts into flame, your house does not burn down. They are having lithium battery issues. I have to assume that also means don’t park in a parking garage, so you don’t burn up other peoples cars too.
Battery degradation should be included in the cost of ownership analysis above (but is not).
And these heavier vehicles wear out the roads quicker. No more blaming (road wear) it just on the trucks.
Dave Ramsey is shitting his pants watching this video.
This made me laugh so hard it isn't even funny.
🤣🤣🤣
Lmfaoooooo “72 months!” *faints*
Did as Dave proposes and paid cash.
Good. I can't stand him.
One thing to keep in mind is that there's an efficiency loss in the home charging equation. Tesla estimates about 80% efficiency, so 1,649 kWh of energy used by the car from home charging meant you actually used around 2,061 kWh to get that much power into the car.
Don't break his heart again.
tests have shown well above 90% for 240v charging and as low as 50% efficiency for 120v... just dont 120v
@@IkethRacing And all private homes have easy access to 240 so it's only laziness that stops an owner from obtaining the best charging situation.
@@RetroCaptain Laziness won't pay the electrician's bill to run that circuit, get a permit, pay for inspection, etc etc. Think before you judge.
Would like to see your updated video when you replace the battery bank in 3 years(aprox $20K)
It might make good sense in the short term to take advantage of free Supercharging, but it may come back to bite you in the long run. Supercharging reduces battery life compared to slower home charging, and a new battery can cost over twenty grand. You can buy a lot of kWh's at $.15 each with that kind of money.
I have a 10 year old Volvo diesel. It is reliable and has not let me down in 8 years. It can be serviced cheaply by the local guy down the road. To fill the tank from empty costs around 50 pounds. With this I get 800 miles, yes 800 miles of range. So If I fancy driving from London to Scotland and back on one tank, no problem. No range anxiety, no stress, no worries. To fill up takes 5 minutes and no hunting around for charge points. I can pick up a good second hand car in the UK for around 3 to 5k sterling. You do the math.
Same here......in Sweden i get a nice BMW X3 for 10k usd, why buy a 60k Tesla, maybe in 10 years or so.
Your car payment is more than my mortgage on a 2,500 square ft house not including taxes and insurance in Charlotte NC.
Wow that's a closet apartment in NY, please don't move to NY🤣
I need to move to Charlotte. Los Angeles home prices are awful
Ya but I can live in my Tesla and drive it wherever I feel like going
Exactly, in Charlotte!
And more than my investment property in arizona generating $.
Kinda sad. Government pumping 1200, $600 and potentially 2k for this
Loveeee this video bro. Especially the math of it all, people tend to forget that not all of your monthly payments go to the cars price and at times it could even go towards your interest first.
Yes, very glad he included all the extra costs.
I like not having a car payment way more than I like having a new car. Those payments are just insane.
Haha... same here. I have been pushing out buying a new car for years now.
Same, my 07 Honda still going strong 🤣
@@milojayjay 2006 Accord here 227k miles. New clutch at 199k. Otherwise it's just gas, tires, oil and brakes.
get a better paying job then. also, obviously, pay more cash up front and lower your car payment. I am putting down 23.000 euros as car payment on my M3 LR and my monthly cost will then be 270 euros with 1.95% interest
@@ZekeMagnum But the question is why would you put down 23,000 euros in the first place. I could buy a Tesla with cash outright but for me a car is just a means of transportation. I don’t care how fast it is or how cool it looks. I would much rather invest my money or buy property.
Thanks for the video . I rode in one the other day and fell in love with the torque . I Concidered purchasing a Tesla thinking I would save over time with the lack of fuel cost and much less maintenance . I now realize it's an expensive ,but fun , toy . I'll just keep driving my Toyota 'til the wheels fall off .
That's how I feel. I've driven a few and it's a cool experience but in the long run it's probably not worth it. Especially if you plan on owing a car for 10+ years. Tesla has an 8 year warranty on the batteries I believe. If they go bad after that point you're looking around $20,000 to replace them. Not fun. EVs probably aren't the future. Maybe gas/plug in hybrids are a better future. I'd be fine with a car that gets 50-100 miles on electric but can also run on gas.
Robert Bryce said it best in his book Power Hungry. “Electric Vehicles are the next best thing, and always will be”.
thanks for taking ur time on this video, its so helpful. thought about owning one myself so this help a lot! well done
Not at all well done!
Wow, it sure costs a lot to save money!
but it's getting cheaper all the time!
It's not really saving money until it's fully paid off.
This breakdown on ownership cost put things in perspective. I’ll keep my paid off car and rather invest that 800 - 1000 dollars right back into the market. Hell, I would rather just invest it into Tesla stock.
I guess I’m missing something. Approximately 14500 miles in a medium sized sedan would be roughly 580 gallons of fuel or $1450. I don’t see any savings? 14500 in a Honda FIT would use 414 gallons of fuel or $1,035. Seems to be cheaper by far to drive a gas vehicle.
@@NextProcessing The cost of Fuel is a very small portion of the overall cost of buying and operating a vehicle.
Well Done !
Thank You for taking the Time to produce this informative video !
So in a nutshell, you couldn't afford a $50,000 car but you still managed to get in debt just to own one.
LOL..... Yes. But he lives rent free at his parent's home.. Stupid millennials.. Its all about the Faux look..
and then gets happy about "saving" 500 bucks in gas after getting ripped off.
@@nemesis656 Relax man. The guy drives a ton and he loves the car. He’s also made a decent name for himself with a Tesla based videos. This means he’s got some income. Lastly, if he needs to jump ship he can sell the car and not be upside down.
What makes you say he can’t afford it?
@David Amendola Well you can build your credit by getting a credit card and buying a gallon of milk once a month and paying your bill immediately.
Lol
That trade-in value is nothing until you actually trade it in for that amount, kbb says my Model 3 is worth around $40k for trade-ins, but Tesla&Carmax&Carnava all offered merely $32k-$34k.
Seriously. No one is going to pay $50k+ on a trade in for a car that is barely more than that brand new.
True, KBB had my car at $6,500 trade in and Tesla offered me $4,100
That is the least of the problems with this video!
Trade in value always sucks because the dealer has to make money off it. Got to sell directly instead of trade in.
lol $65k on a car and he talks about $500 in gas as being a significant savings. If you're spending that much on a car, nobody cares.
i was thinking the same...
I don't even care and my cars are worth a few grand tops. All of my Infinitis get 15-18 mpg lol. I still get the same range as a pos tesla...except I can fill it up anywhere and doesn't matter when I forget to refuel for that same reason.
And, nope, Tesla performance models can't even out-perform them. Booooost.
Arguably, the best and most articulate video description I have seen. Thanks.
Good cost breakdown, but being a UK resident, when comparing the sort of MPG often stated in the US (20-30) ive got to laugh really.
Our x2 diesels each avg 50-55mpg. Granted the tesla's are in the premium bracket, but for me and an awful lot of ppl, I'll comeback in 10 and see whats going on..
Also remember their gallon is smaller than ours too (we're talking 1.2x a US gallon), and they are talking about petrol only. Only big commercial vehicles run on diesel (in the main) in north America.
@@tedferkin Didn't realise that Ted
Ryan, very frank and detailed breakdown, and like the lessons learned regarding loan and insurance too.
Final decision: Buy Used Toyota Prius for $12K and $30 monthly insurance and be done with it!! Thanks for the video! ✌️😃
Hmm !
for $12k, you can get the 4th generation Prius. The 2017 models and up have TSS standard. Add Comma ai, and you can make your Prius level 2 autonomous driving for an extra $1000. I plan on doing this in 2021 when I upgrade and let go of my Prius C.
I hate all these videos of "how much money I saved by buying a Tesla"
A tesla is still out of a lot of people's finances (especially this guy's 1k/month recurring loan payment for 5+ years)
That auto loan + insurance is someone's nice 3 car house mortgage in not-California
My 2004 Prius has 126,000 miles. Had to replace the main battery for 1800 dollars 6 months ago, but that was originally a 2004 battery!
There are plenty of people driving used Priuses for over 200,000 miles. When you own a car for over 200,000 miles, you get your money’s worth.
The Tesla is more comfortable than a Prius, but the Prius is vastly more economical to own. I don’t think there is another car that will beat its value.
Sanjosemike (no longer in CA)
never drive a small car again . it is too dangerous.
Thanks for the updates
Would you recommend to get full self driving ?
i subd because youre very informative and i can appreciate the time you took to share this with us. thank you so much
Very informative but you forgot another variable in the equation: time.
Normally it takes a person 5 mins to fill their gas tank. How long does it take to charge at the supercharger?
Also, convenient fee. You easily find a gas station every 5 mins drive. How far does it take to drive to supercharger station? Is it mostly convenient for you??
Hey Ryan, do you know if you can finance full self driving if you decide not to buy it with the car initially? I haven't been able to get a clear answer on that anywhere. Thanks!
Thank you for sharing such valuable information ..
Great way of explaining
Best of luck .!
Great break down and enjoyed how you covered the topic. But theses type of cars don't work for everyone. I'll stick to my 1ton dully and 93 octane SS trailblazer. Keep up the great info amigo
I saw somewhere Tesla deletes upgrades if transferred to new owners, claiming the new owner did not pay the fee.
IF they do..... that would be some bogus shit !
This is correct, because if you upgrade to a new Tesla you keep the 10000 auto drive feature
Thank You, Ryan, great job!
I’m curious on your upgraded suspension. What the name of your aftermarket shocks, Where did you find the data to upgrade, Where did you go, what was the cost and how do you like it?
He did a great job detailing a terrible financial decision.
Especially when I can buy a good used car outright for his nine-month ownership cost.
He is going to have to own that car for a long time to make it work out financially.
This will be insane profitable since he got fsd
Don't forget how well these hold value. If he went to sell it he could get most of that money back.
he did make a youtube channel out of it and makes a living on talking about it.
@@aboutface102 He spent $62K ($68K with interest) to buy the car. He also said KellyBB puts the car at $53K. So if he sold after 9 months, he'd lose $9K and some change.
Outstanding breakdown and explanation of your costs, even if most folks couldn’t stomach the payments (by reading the comments). Thanks for doing this.
Good video. I'm weary of the KBB trade-in value though. Will Tesla take back one of their cars as a trade-in say wanted to upgrade to a new model S, X or 3? How much would Tesla give you for the Model Y? I think it would be good for viewers to share what they were offered if anyone has successfully traded in any model Tesla for either a new Tesla or a conventional car to see how accurate KBB's Trade-In Value calculation is. I learned a lot. Thanks for taking time to make this.
Good video and thanks for the breakdown 👍🏻. At 60K you could get a loaded Toyota and use the 30K saved for life time fuel and maintenance
I’m trying to tell my wife the same thing
@@benh5774 good luck from west Tennessee
But then you are comparing a 60k car to a 30k car, you could say the same about any car. If you get an actual 30k electric car then it would make a difference. I understand you are not for electric cars, but why make a claim like this, when you know tesla is supposed to be a "luxury" vehicle. I'm not saying it actually is, but that that is the price range tesla has set it self up in for now. There are plenty of electric cars in the 30k range.
@@MrDannyboilove if you've been in and driven some Teslas you would know that they are far from a luxury vehicle. Their interiors and craftsmanship is subpar.
Got a used Toyota Prius for 11k. I get 58 to 60 mpg to my work.
Winning!
I've got pictures to prove it.
Very thorough and interesting. Thank you and well done.
How can he be disrespecting the Honda Fit like that. Those things never die. I got a 2007 civic with 260,000 miles and still runs perfect.
AND the number of hours sitting in your car during charging time, add to that, the half charge max in East coast cold weather!
@m mars This is not a gasoline powered vehicle. Since there is no danger of spillage and fire, you are not required by law to stay with your vehicle while it is fueling, as you are with an ICE car. Most people intelligent enough to purchase an electric car are intelligent enough to figure out that they can eat at a restaurant, shop, or sleep (at home, at a campground, or in a hotel) while the car is charging, so the time penalty is minimal. See my reply to Evan Wu above for more.
Thank you for the detailed breakdown!
Thanks for the honest review!
Nice video, thank you for this. If you would have invested that money in tesla stock in March, you would have had @ $140k now. Insane
Dayummmmm
LOL. Nice comment.
That’s what I did! Maybe buy a Tesla courtesy of Tesla!
@@rubendominguez2868 you're a legend!
"that money"? Tesla stock tripled since March: $16k ("the money he actually spent") * 3 is $48k... not $140k.
The $2K rebate program in CA has ended, but it has been replaced with a clean fuel reward of $1500 (as of 11/17/2020) which is automatically applied by Tesla at purchase.
Very helpful vid, thanks 😊 👍
Thank you. Great info.
THANKS for talking me OUT of getting a Tesla!
It retains its value and has a lower cost to own. And you DONT want that? FOOL!
The Tesla still cost way more for the “average” person than a normal gas car. When you can buy a descent Toyota for half the price. You will never get back the extra savings from the Tesla.
@@chrishubbs8633 You can buy a ton of cars for less, but they don't do half the things. If all you want is a cheaper car, you're right, there are a lot of options
@@NashvilleWarEagle Half the things? Are you speaking of technology wise? The average consumer don’t care about self driving capabilities, auto pilot, blah blah blah. They just want a dependable affordable car. Which Tesla is not, its aimed at a niche market. Which I think is locking itself in a box. All you are paying for is the technology and the battery tech. Which who is driving 300 miles at one time constantly on a daily basis? And if they are, guess what they aren’t in a Tesla. They are more than likely driving a fuel efficient gas or Hybrid vehicle.
Same here. LOL. That Honda Fit is looking pretty sweet.
Through review. Thank you. Since about 89% of Tesla recharging happens at home, I wonder what the cost to recharge at home for 89% of your miles would have been? I bet you could have gotten an average rate of 10/kwh with heavy reliance of CA's super off peak rates, bringing the cost down to somewhere in the ballpark of $450-ish total, with minimal supercharging. Good to know for the average person who does not have supercharging credits.
Thank you so much my husband and I are really considering buying one
Great job and clear explanation 👏 Tnx a lot
One of the best videos I’ve seen about owning a Tesla by the way paying $816 + car insurance was close to 1k a month but maybe the shocking part for me was the monthly insurance payment I was expecting more in the car insurance especially after going from a Honda fit to tesla!
Thanks for the helpful breakdown. Definitely solidifies that I can't afford a nice vehicle like this for probably another 5 years or so.
There are other EV options out there that will not break the bank. Bolt, LEAF Plus, Model 3 SR+, Niro EV, and all of the used options as well.
@@pioneer7777777 thanks! I'll definitely look into it
Great video - very informative 👏🏻👏🏻👏🏻 however I think I’ll wait another 10 years before I start thinking of the transition to electric.
How about giving this man a thank you!
Thanks, your Honda was not terrible because you got 200k miles out of it.
Thats it 200,000
Good video . . . But, what about the battery pack replacement cost down the line? I'm talking about your want to sell after 8/9 years, but, now the batter pack has MUCH less range & a HUGE cost to replace! Will this factor not affect the resale cost at that time? Also, what about your time wasted waiting at super chargers?
With a battery-pack degrading to about 80% of its capacity at about 300k miles, if you need to replace the battery pack, you have already used your vehicle for longer than most gas cars. If you compare cost between a tranny and engine replacement, you are at a comparable level (in price) to a battery replacement. If right to repair gains more steam, then we could be seeing cheaper repairs by third parties to squeeze some more life out of existing packs
@@VlikeInMewe I'll bet that 2008 Honda Fit was on original tranny and engine. My 10 year old Acura still runs like new, never needs anything but maintenance and consumables. Fully expect it to get 250k+ miles with no major issues.
What is the true cost of recycling a battery? Man hours, energy, tools and machinery.
Cost of disposal PLUS $1000, needs to be factored into the initial price of the Car.
The $1000 (which the car owner will receive from a qualified recycler, upon delivery of Car)
is an incentive to do things properly... not just crush, bury, or ship off to Africa.
Also from what I understand is that Telsa is also selling individual cars at a loss. They make a profit from getting some kind of green rebate, either from the government or by selling "greenness" to other auto-manufacturers who don't do electric cars yet.
this is the best review ever, i mean that
Very informative! Thank you!
Interesting, I think audi offers lvl 3 self driving and may actually be superior. How much is your new insurance? I've heard all the camera based driving assist cars have pretty crazy insurance because it makes windshield replacement super expensive and as you know that is a really common claim.
you traded your honda fit for $500, notify me when you trade in your Tesla Model Y!
but don't worry, he saved a whopping 500 bucks in gas!!!
Why did you upgrade the suspension? What brand do you recommend? Does it void the warranty? How much did it cost? Thank you.
great video thanks for sharing
I considered Tesla, but in terms of features and driving range I found Honda CRV a much better value for money. CRV has very nice interiors and costs less than half.
Tesla interiors are poop. Incredibly bland especially if it's a Model 3. Some people are into that though and that's totally cool but I prefer the interiors of most gas cars. I love mine and my wife's VW interiors and dash. Much more intuitive and easier to use than Tesla's rely on the screen for everything take on things. I think once some other brands make cheaper and efficient EVs Tesla will be in a bit of trouble.
And what is your time worth sitting at a charger?
I like your break down, gave me a lot to think about.
this was a great breakdown
So, basically, to make it appear cheaper to own, he had to ignore some of the costs, include subsidies, and compare it to a BMW.
Lot of creative accounting to juice the numbers.
It was a fair comparison.
Tesla is viewed as a luxury car. It had brand appeal.
The initial cost and depreciation is the biggest chunk. This is why some cars are worth paying a higher price for because you can sell them for more later. Sure if he bought a similar sized car but cheaper, the money saved would probably pay for the fuel until he sold it.
At the moment Teslas have high resale value compared to regular cars. Personally I think that is mainly due to the lack of availability. 10k to turn on a software feature and be a guinea pig is a rip off IMHO. Some dude used the auto park feature at the cars suggestion and Tesla told him "bad luck" when it failed and damaged the car.
Of course, (I admit I skipped a lot of the video, hoping for a simple chart at the end), what price on convenience of recharging and range etc.
It sounds like his car is more of a toy rather than used in a practical way most people use cars. 2 hours to "refuel" or 3 minutes?
He utterly skipped the home charger cost of ownership, but did cover the cost of electricity, and completely ignored the road taxes you pay in ICE cars which will 100% come to EV and already are reality in Norway making the cost of transport ~equal if the car cost upfront is equal in said country... Example: ~30mpg and each gallon has ~$0.50 in federal road taxes + local taxes. So, each mile driven has a TOLL(tax) of ~2c/mile and is even higher for diesel. Thus, his 14,000 miles driven will have an additional TAX of $280 that the government will 100% guaranteed get one way or another in either supercharging taxes/kWh, or in license plate taxes, or tabs or.... So, his $500 saved in fuel each year is in fact ~$200. Nothing to ignore, but not exactly a giant selling point.
And compare it to an expensive X3, when in reality the Model Y is more similarly matched to a cheaper X1.
@@OldCharlieRum1903 and the fact a Bmw will have better build quality. Some of the comments on forums and TH-cam reviews showing bad paint jobs and panel gaps etc doesn't give great confidence in Tesla. I bet most people could pick up a Bmw x1 on the second market and afford it unlike a Tesla
I think it's best to leave out the trade-in $500 (or any other trade-in amount), because it really has nothing to do with the ownership cost for the other vehicle. Good rundown other wise. I waiting on my CyberTruck (about 2 years out) and will do the math on it before committing to a final purchase. I will be replacing 2 vehicles (my 2003 SportTrac truck and a 2019 Honda Fit) in 2022/2023 when my number comes up.
Unless there was something majorly wrong with the Honda Fit, he got hosed on that trade-in. I see high-mileage models going for $6k+ today.
Good information…. But how long does it take to charge and how often do you find yourself waiting for a charge station ? Also I find that not all stations are up and running with reboot or software issues that causes a line of cars waiting….. on average for me it’s anywhere from 45min to 1.5hrs for a full charge when I’m away from home . This is a huge problem for me . So I’m going to go with a non plug-in Hybrid. Also the range is weak , unless your just staying close to home . I like the vehicle but it comes with a lot of anxiety…… good luck 🍀
Great video! Good information.
When the warranty is done, what will the cost be when you have to take it the Tesla's dealer for repairs. What was the fit and finish. People are complaining about the quality. Consumers report ranked them pretty bad.
Tesla is the latest fad. Wait a few years and something else will come along. The real world keeps catching up.
You're right. The numbers really work best when you're comparing a premium car of the same comprable price to the Tesla. Honda fit's are going for around $16,000 now. That's a big difference. Also you'd save a little bit uninsurance. Hopefully one day they will have an affordable electric car for the masses.
But the reality is that the Tesla ride, interior, comfort and quality feel is a longshot from the premium.
I personally ain’t looking forward to any electric vehicle
True my girlfriend has an 11 year old Honda Fit worth as much as she paid for it ($8,000 lol) over 5 years ago and it gets 30-40mpg. The insurance on these Tesla’s are insane so there’s no real cost saving or justification to have a car payment to save $100 in gas and pay more in insurance. It only makes sense if someone is already spending $50-70k on a vehicle and wants something that has a little bit of everything and will be cheap to run.
I’ll get a model Y blacked out performance in like 2 years when everything settles down they’re phat
Recent Tesla owner here (2023 Model 3 RWD), your channel was recommended to me and I love it. Great video! It's crazy how expensive hydro is in California. I'm in Canada (Ontario), which does not mean cost of living is cheap to live here but I pay $0.08/kwh (Time of use off peak is $0.07 so I preferred to pay the extra $0.01 and charge whenever I want).
Thanks for the realistic number and all the loan info 👍🏼
Definitely very expensive not to burn gas, I'll go with a used one in a few years but they're still a depreciating asset
You’ve been a great influence in my introduction to Tesla. I paid my $2,500 down payment for a RWD Long Range Model Y in January, but modified it last month to a AWD Y in red also. I opted to pass on induction wheels based on reports of tire damage, and don’t need (IMHO) FSD, but did add the hitch. I’m expecting delivery this month, and already have a home charger from my stint with a Kia Soul EV, so I’m super excited. Thanks for all the outstanding reporting and guidance this past year.
You're a liberal
Quick question: do you get the tax credit in a lump sum or is that paid out over a few years? Thnx for the content!
Great detailed breakdown.
Ryan, thank you very helpful. What do you think about creating a new video comparing your purchase ownership cost to a lease using Tesla’s newly announced leasing costs and process?
I would love to learn also about their leasing program, this is a good idea Bob
With the federal tax benefits $8000.00 it is advisable to own the car, not lease!
Hi Ryan, great video! Thank you for taking the time to breakdown your cost. I have one issue however and it's not just with your video but every price breakdown of owning a Tesla I've seen as well. People always say that the price of electricity is cheap and "around x cents per kw". Usually anywhere between 4 and 10. Yet I find that this is never the true cost. I own a model 3 and was surprised to see how much I was *actually* being charged from my utility company (this shock is also related to having my own house for the first time and constantly seeing the breakdown of a full electricity bill). What I see on the bill is that electricity is rated at around x center per kw (as everyone says) but the utility company also tacks on a bunch of extra charges, mainly "delivery". This shoots the true cost up to anywhere between 18 and 25 cents per kilowatt for me. I was so surprised that I asked some family and friends to send me their full electricity bill. This seems to happen all over from what I can tell. I've seen bills from MA, NH, CT, GA, and TX. Perhaps a video better explaining this would a good next topic for you to cover.
One more of those Murican mind-benders like price tags without tax on them
So YOU'RE that one black guy that drives a Tesla! I think I saw you the other day!
What you are experiencing is a rate hike in the cost of power. When the EPA decided coal power was bad, the only alternative was a more expensive source for your power. Since 2006, most people have seen a doubling in their electric rates. Add inflation to this cost and it looks even worse. It's most prominent in the NE since a lot of coal power was turned off in the NE.
I would say I feel sorry for people eating these rates, but the reality is I don't. When you remove a cheap source of energy solely due to political activism, you get what you get. You're voting yourselves into poverty.
@@bobhabib7662 Good comments Bob , from up north in BC Canada , it's going to be many years , a much better more practical product before I would consider purchasing a electric car.
Appreciate the solid scientific thoroughness
Excellent video. Thank you!!
Hello, Ryan thank you for the video, a great topic. I have done the math and would be paying 15.50 for a full charge at home.
@R3BOUCAS when you charge during "off peak" hours, your cost goes for 15$ to like 2$.
Cost is still WAAAAAY too steep to upgrade. I will wait. Right now, the cost of my paid-off vehicle is about $300-400 a year. Hard to beat that, especially when your monthly payments are... 2-3x that. Yikes.
Thanks for the video. My first new car was financed as well. I think it was a five year loan. We learned over time to save up and buy cars with cash, then keep them for ten years. You may benefit from reading Your Money Or Your Life, and then The Millionaire Next Door.
1 thing that goes unnoticed is tyres. You replace them earlier because all of that torque wears them out more quickly. Expect to get 30,000 kms only on a set.
In Arizona, our Model Y cost only $160 dollar for 5 years of license plate registration. A Jag or Land Rover in the same price range was $700 per year. If you live in Arizona, that's a huge savings.
I got my Model Y in October and got 5 years registration for free (or included with the cost I guess)
There is a huge variation depending on your state.
@@raygold1 Also, anything that is subsidised is just made so to lure people in and in the future they will make it more expensive.
It's a bit like when the cell provider will give you the first months subscription for free, to get you hooked.
Any calculation that is dependent on continued subsidising, is a calculation that is most likely gonna end up being wrong.
That was excellent... You have made a sale for my new 2021 Audi SQ3. Your numbers were scary real and until Tesla's prices come down I'm not a customer.
It’s an expensive car for people that can afford it. I think it’s fine if you’re looking at a car for a similar price, but the huge downside is lack of service. My boss got into an accident with his tesla (wasn’t his fault and the built in cameras proved it) and it took 2 months or so to get it fixed. I think that is currently the biggest drawback/risk to having a tesla. Once their infrastructure for repairs and service matures I think the upsides will outweigh the downsides.
He did an EXCELLENT job!! Thank you!!
How much is your insurance? How many charging stations are there across the country? How long do batteries last?
I would have given you $600 for the FIT. Reach out next time. ;)
I would have given $601 for the fit.😎
Have to factor in sales tax for private sale of the Fit.
$625 for your Fit
@@vinnieng1216 LOL right? that fit couldve probably gone to 350k
@@vinnieng1216 a Honda motor? No doubt about it
How long do you expect to own the car ?
I am interested to see a review at the 3 year and 5 year mark, if you keep this car that long.
I usually keep my cars for 10 to 15 years.
That is five battery replacements. Yikes!
@@superstarcat7654 Lol what battery are you thinking of? triple AAA batteries? at worst he would need to change 2 times, and there are new batteries on the way
@@cythose4059
I am going off of the Tesla batteries. Three years life for a battery, saying you want to keep the charge above 200 miles of a battery that new gives you 280 miles. And 250,000 to 280,000 miles total. And no one says how much using the heat and AC cuts into your mileage.
This is amazing for my analytical brain! Thanks man… I’ll check out your updated videos. Do you have a comparison video for owning a Tesla for 10 years+? I’m looking for a 15-20 yr car.
I still have my “White Album”
Received it as a gift in ‘68.✌🏻
Love your McCartney!
Dude, thanks for the interesting info, but ... I would not include the downpayment in full in the 9 month cost or I would do a second alternative where I would amortize the downpayment over the full number of months you plan to own the car. I would also suggest doing a lifetime average cost per month and year and comparing that to an ICE vehicle. I would even do a comparison for your Honda Fit (avg / mth over total life) and for the BMW X3. I have a Model Y that I'm due to take delivery of within the next week. I have owned 3 BMW 5s over the last 25 years. I buy them as they come off lease (to avoid the initial depreciation). The first one I had for almost 10 years and planned to get to 200k miles but I was forced to trade due to needing 2 big repairs that I was not going to pay for on a car that old. The next one lasted to 100k before the same scenario and the last one is at 75k and I'm bailing because of a $4,000+ set of needed repairs. Each has cost me more each year due to the shortening lifespans. I'm paying more for my model Y than I ever have for a vehicle but I expect to actually get to 10+ years and 200k+ miles this time with the only big expenses being tires, brakes, and possibly some suspension repairs due to wear. I calculate that this will be the least expensive vehicle -- n terms of the total cost of ownership per month -- that I have ever owned.
Same, I’ve owned quite a few BMWs, they’re the only cars I’ve purchased. I started with a 323i and progressed to 528iA, X5 and another X5. Traded in the 323 for the 5series, hydroplaned in the 5series, the air suspension went out in my first X5 leaving me with a lowered backside so I traded that in for my current X5 that’s having a repair bill of $5k and the Model Y is actually the least expensive vehicle to buy at this point. I would like to add though that all my BMWs achieved high mileage before having to come into high repair bills and I’ve owned them for some time. My current X5 is a 2012 and a friend wants to buy it from me at $8k because he only wants it to transport his grand daughter in 🤣😂 because he has a brand new Camaro.
But I’m waiting on a few things to be added to the model Y before I order mine.
Christopher K. What are you looking forward to being added?
Looks like you would have, almost certainly, done a better job than he did.
@@DanielEndy2 the new center console and hoping heated steering wheel and really really hoping they surprise me with a magnetic suspension or something 😬 and the new unibody casting.
Yeah, the guy is a long way from being a proper accountant. Btw, the comment immediately above yours on my screen (from a "dalton knox") claims it will need a total battery replacement ($12,000 or $24,000, can't tell what he's trying to say) every 100k miles.
This section is fizzing with hatred for Tesla. Just red-hot, fists-clenched, blurred-vision anger.
Charging cost should include time cost as well.
I'm also wondering that. I can easily drive over 300 miles a day and don't want to spend my time at a charging station verses the few minutes it takes to get gas. Plus my current car gets over 600 miles to a tank of diesel!
@Evan Wu It effectively takes almost no time to charge at home in your garage while you sleep. If you take only a couple of long trips per year, the total time spent at charging stations will be LESS than the total time loss for a ten-minute gas station visit every week: 10 minutes x 52 weeks = 520 minutes or 8.5 hours. Most electric vehicle recharging sessions are 30 to 45 minutes at most. You might well get in 10 to 15 recharging sessions (while you are grabbing a lunch or taking a toilet break) in the same total amount of time you now spend waiting around inhaling poisonous fumes. Think about it.
I'm assuming u got da lowest insurance rate wi tesla!? If so, is Tesla in general lower then most other ins companies? I'm planning ahead here incase I buy a Tesla.
Great vid!!
Have you calculated the time you need for charging at a supercharger instead of getting gas in 3 minutes on average? Of course, to be able to charge at home saves some time. What about the initial cost of an EV over a similar gas engine car?
Time is money. Many people do not equate those together.
If you have 30 minutes to an hour to hang out in a grocery store parking lot waiting for your battery to charge halfway, an electric car is for you.
@@kevinpohlner2840 not really,I'm not being a dick here but he has alrdy spent about 35 k more in 9 months 4 his Tesla than I have in 12 years 4 my edge just sayin
@@rickwhite9220 now one talks about the annual registration fees being significantly higher than annual gas registrations. Also, in years 2 and beyond, one would not have the rebates to reduce the annual cost.
@@kevinpohlner2840 That is assuming you have a station available for you to charge into... The more the EV market will develop the more "traffic" you will get on the charging stations. Like SW mentioned, a gas station is for a few minutes, less than 10 in worse case scenario while charging is far longer than that.
I think you are forgetting the insurance premium, for me all the “fuel” savings are
Lost in insurance premium alone.
I just got a quote from estrange which bumped up 6m premium by $60 for switching from Honda Accord hybrid to model Y
Very good point, and in my state, I’d have to pay a lot more in property tax on the car.
FWIW My Model Y insurance is less than I was paying for a 2017 Honda Civic.
@@raygold1 was it a type r?
@@raygold1 I don’t know how that can be. If the value of the car is higher, it should cost more to insure it. Did you have a terrible deal on your old insurance policy?
I like the Dave Ramsey approach! The cheapest car you can own is the one that is paid for. Good video. When I do go to purchase a new ride it will be made by Tesla.