As an owner of both a BMW and a Tesla 3, I appreciated the level of detail you went into for this comparison. But you left out the comparative residual value at the end, which would have indicated the levels of depreciation - typically the biggest cost of ownership. I know you captured an aspect of that by including the fulll purchase price, but wondering how the values fare today. I know Teslas initially held their value very well, but in recent years the prices have come crashing down. BMWs tend to drop in value early on and then after many years maintain a floor pricing level. BTW - you definitely underestimated the cost of maintenance on the gasoline car - BMWs and Audis I've owned start costing several thousand dollars a year to keep running after 5 -7 years
Indeed, even my Honda accord needed $2,000 tune up after 8 years. The maintenance on my Toyota Prius is also getting to be a big pain after 125k miles which cost me $3k parts only. Had I not done the work myself it would have been $5k.. and that a cheap economy car.
Yeah the cost of maintenance is high, mainly al labor costs. I have 2010 BMW 3 series and I’ve spent $500 replacing things myself when that at the dealer would have cost me over $9,000. Got repair estimates when I had a recall done. The parts are very cheap on FCP Euro and I got rid of my Lexus cause everytime that car needed a repair it was very hard to do and the parts were 2-3x the price. BMW is so easy to repair, it’s designed to be taken a part easily. And parts are cheap. Technicians don’t tell you that and the repairs are mainly labor costs. Tesla on the other hand you can’t fix yourself and she may be in for a series of high cost repairs that are coming. BMW is pretty solid until 150k or so.
This! Before getting my current model 3 I had a BMW 230i. Loved the car and was one of the BMWs with a fairly reliable engine, still I was in the shop a couple times a year with mostly unexpected repairs (coolant leaks, suspension issues, etc.) I owned the car for 4 years and each years was dropping about 3.5-5k min each year to have the car run and the cost kept rising each year. I made the decision to save money and keep myself out of dealership repair departments and I haven't been disappointment based on those two goals! Nowww my BMW was brought during covid so I got a super low interest rate and I sold it around the time when used vehicles were gaining value. I put 30k miles on the car and sold it at a 2k profit, I know I will not be able to do this with my Tesla, so that is the only downside.
in the UK 12 month depreciation on EVs is worse than ICE but by 3 years pretty much the same. The initial fear about battery life is reducing as recent battery tech and understanding have improved
It would end up badly for Tesla as the new cars were discounted a lot in the past 2-3 years, obviously lowering the prices even for used cars. But then it would be unfair for new buyers as one cannot expect another such price drop, Tesla is more closer to the manufacturing costs now. It depends on what is a purpose of such comparison.
Retired Technician here. Missdiagnosed cars with unnecessary parts replaced and billed to customer, is not a Tesla exclusive. Not by a long shot. The standard excuse is, "Turns out your car needs ADDITIONAL parts on top of the ones we sold you." The goal is to find a shop that doesn't repair by using the "Keep throwing parts at it untill it works" montra. The more complicated cars get, the harder that is to find. It is also one reason parts are becoming assembles. On an ICE vehicle, the example might be you buy a new throttle body assembly for $780 instead of a throttle position sensor for $105. "It comes as an assembly." Dealrships often aren't fixing engines or transmissions anymore. Just replace assembly. Electrical issue? Wiring harness, fusebox, and computer as a package. No need to diag and repair the actual problem. Just replace it all.
What I don't understand is that when they change such an expensive part, by law (at least in my country, Canada), they have to provide you with a written estimate of the work to be done in order to correct the problem. The repair must be successful and not exceed the amount indicated on the estimate (unless the estimate explicitly says they don't know if the problem can't be fixed). If it is not, then they have to do another estimate and get approval for it. That process gives you the right to get a refund on the first unsuccessful repair (they could remove the part and put the old one back), but obligates you to pay for the the repair that corrected the problem. Always get a written estimate, even if it costs $200 for a complicated job, as it is your insurance policy against paying for something that wasn't necessary. The estimate also forces the repair shop to do a proper diagnosis first, before attempting an expensive repair, as it can be legally binding.
Having owned many BMWs I can tell you with 100 percent certainty that the servicing costs would have been through the roof. That's why they are called Bavarian Money Wasters. Another one is Bring Mechanic Wads.
@@bengt_axle Cars can be very very hard to diagnose and repair. This adds to the propensity to sell you everything. Then you find someone who can and will diagnose and fixes your car for 5 cents on the dollar over what the dealership estimate was. Why is that. Because the dealership is covering their ass so they know the first fix will work as prescribed by law. Kind of a situation where the law makes it more expensive for the customer.
The problem with Tesla is that there are no 3rd party shops that can work on Tesla. Tesla has monopoly on services, and therefore they can charge you up for it, and scam customers for unnecessary repairs.
@@pathfollower Yes, you're right about "coverning their ass". The dealerships pad the price for parts and labour, and add parts that may not be necessary. When you go to an independent shop, you find this out. But Shelby got ripped off on the computer. TSLA should refund her for the difference.
I owned a Model 3 performance (2021) for years and loved it. Great vehicle. The only issue I had was with the pillar by the driver’s shoulder. It wiggled loose a lot and I needed the Tesla service guy to come and fix it. I traded in for a Rivian recently because I’m doing much more outdoor stuff and love it too. The Tesla was great !! I highly recommend them.
With a BMW over 5 yrs, you would have had to change your breaks 2x and you forgot annual maintenance to keep your vehicle in good running condition (includes lubrication, changing/filling your break fluid, transmission fluid and engine coolants). So the cost of owning a used BMW is even higher than you guessed by a few thousand dollars more.
New version of Model 3 is a LOT better based on numerous reviews--much better suspension/ride, higher quality interior, much quieter on the highway, more efficient, build quality, etc. They covered pretty much every common noted shortcoming of original version.
@@jonfrench7133 Lack of steering column stalks one big exception for many. There will be good aftermarket remedies tho. Maybe one gets used to no stalks before bothering to modify.
Depreciation is a major element you missed. Including the value of each vehicle at end of the 5-year period is a very important criteria for comparing TRUE cost of ownership.
@@tyoung2141 High depreciation is a fact of life for early adopters of a product whose manufacture proclaims that continual cost reduction is their major goal. But a Tesla can last 2-3 times longer than an ICE vehicle so just keep it for a while. With bimonthly updates it continues to get better than new.
depreciation is irrelevant when you are keeping the car until it dies and Tesla is even more reliable than BMW with too many complicated mechanical parts, bearings, seals, oils
Why? She has had the car for five years and it looks like she is planning on keeping it another five (or more). Depreciation only matters if you change your cars like you do underwear. If the vehicle gives her another five years at similar numbers i twill have literally paid for itself compared to the BMW at that point, even if the BMW lost absolutely no value (which obviously isn;t the case).
@@belavet It's still a true cost of ownership, the car is an asset like your house or anything else you own, and depreciation of any asset is money you have lost. She'll probably sell it within 5 years anyway for something shinier, or just due to a change in circumstances (e.g. kids).
I've had my Tesla Model 3 for 4yrs. Now, granted, it only has 27 thousand miles on it because I live in a location where things are very, very close. I've had no problems with it. Only times I've been annoyed is when it's super cold outside and the car sometimes won't start without turning it on and off. There are no tire issues, and it's very safe to drive. I personally love mine but I'm prepared when I need to replace tires and or something else. Tesla's are like driving a big computer so any replacements will be expensive. But I try to take care of it as much as possible. I'd recommend it, but that's me.
I bought a model y a year ago and already have well over 20k miles on it. Aside from some camera issues when I bought it which took 3 service visits to sort out and tailgate leaking, it’s been great.
@@G82Watts This simple isn't true. You're just thinking about the instance where you bought a Tesla in ~2022 when the supply chain crunch had all cars super expensive to buy. As supply costs came down, gas cars didn't return to normal, but Tesla actually lowered the price of their vehicles significantly. So if you bought in 2022, you really did experience massive depreciation. She bought in 2019 for normal prices and didn't experience that much. The $37k BMW is worth $13k today while the Tesla is still worth $25k or so. This is mainly because a NEW 2024 Tesla is only $32k.
@@gregb7353 then how come the same didn't happen to GAS cars? Just teslas? Also to act like EV and tesla depreciation is a new thing is delusional. Their are charts showing how quickly and how much more they deprecate over cars with an engine. U can expect to lose 10-60k more in resale value depending on the model. For instance a model s plaid 2023 can be had for 60k used with low miles. A car that was 140k just 2 years ago. Model y performance was 87k new and now in just 3 years 38k .. thats INSANE DEPRECIATION
The Tesla was the reason I originally subscribed to your channel. That the prices dropped so much was predictable, but also unbelievable. My Model 3 from March 2020 is less than half the price after 4.5 years. I am not sure the BMW or Audi would drop that much in price.
I have a 2021 BMW 330i, which I bought used for $30,000. My insurance with Geico costs $130 per month, totaling $1,560 annually. I use premium gas and drive around 15,000 miles per year. I’ve had no other expenses so far, as the car is still under warranty. I change the oil twice a year, costing a total of $260, and I’ve spent around $3,250 on gas.
@@simonmiller5118 330i is a newer generation, they're not that expensive and pretty reliable, too. However, you will have a few more things that come up after 2-3 years, just bigger services, which could be 1-2K or so. Definitely a bit more than the average electric car. It comes down to two major things: Do you like driving a BMW more (I certainly do, the feeling is so different) Is electric ok or annoying as hell for you (depending on your trip patterns etc) Do you like the I'd be ok having an electric car as my second car. But not as my only car.
@@MrTrestoor buy a BMW EV. I have a I4. Love it. She also completely over estimates cost of owning a gas car. Insurance is usually more expensive on Tesla because when the do get in accident the repairs often cost too much and the cars are totaled
So you have not had to get the brakes replaced? Those will cost you $2,000... And just wait till your warranty finishes they will do a 500 point free maintenance check and will find all the things that are broken that they are ignoring while the car is under warranty... I have owned four BMWs in my lifetime so far and don't buy them anymore for that reason
I used to own a 2016 Audi A6 and basically every year there was some part of the suspension that needed to be replaced. I spent at least $2k a year on just random cracked bushings or collapsed engine mounts. And then it had the notorious Audi coolant leak that one year that costed $5k to get fixed. I'm so glad I have a Model 3 now. The only thing I missed from the Audi is how quiet it was and how nice the interior materials were.
@@mvez10 Service guy said in the comments below, that it was miscommunication by Tesla service. He said that this car had computer, wire to camera and camera failures. They charged her only for the computer as the rest was a software issue that was fixed later on. So you can relax ☺
Hi, loved your video. I am now in the Tesla family. Just picked up my Model 3 LR AWD last Sunday and it is an amazing car. Currently I’m on the wait list for parking in my building but when I receive my spot my charging will only cost me $19 a month. Absolutely crazy, I love it.
@@RodrigoroRex yeah I don’t get it, anyone that knows anything about cars knows what an M3 is. It’s an iconic car that’s been around for almost 40 years… They’re just trolling
Being in the insurance business I will say in my experience electric vehicle insurance has increased to be more expensive than a traditional ICE vehicle. Also it would be interesting to pretend you sold the Tesla and BMW after 5 years to show the real cost of ownership. I am guessing the 5 year old Tesla has taken a HUGE depreciation hit. Come back in 5 more years when it will cost you $15 or $20k to replace the batteries and lets see how that plays out.
I wish the person who thought that all batteries (like they are all the same chemistry?!) would die after 8, 10, whatever years, would know refund their thoughts, when every battery I have used just gets degradation. Tesla's have been on the road for 16 years now, and many examples of getting well into the 200k, 300k, and way more ranges, sans a battery replacement. I owned a Model 3 for 106,000 miles, but unfortunately I needed a higher car to get in and out of (Model Y) so I sold it, but the new owner has put another 30k on it, still no battery replacement. Also, battery cost continue to go down. It was 15k last I checked, but that is 10k less than 6 years ago. Expect it to be the cost of the engine in a few years.
@@teslaafters9133 I appreciate the owner feedback and I get that there are cases of batteries lasting a long time but there are also numerous cases of batteries going bad after the warranty period basically making the car financially totaled. I am not a hater and I hope battery replacement does advance and come down a lot but even at the math of a $15,000 replacement and lets say they last 10 years that is an extra $125 a month (over 10 years) in operating costs if you planned to keep the car longer. I am just trying to see the totally transparent ownership cost. I have had Hybrid Toyota's and have experienced batteries going bad after the 8 year warranty. Good dialog.
@@Fulloctanegarage I am a member (former admin for some years) of a 6k member count Tesla Owners club in Maryland, and as us human beings tend to do, I trust I would have heard of a vast number of battery replacements being done, at least in my area, by way of the numerous complaints of various kinds that get posted to the group, but to make my point stronger, pail in comparison to love for their Tesla's posts. Do battery replacement happen, sure because this is a mass manufactured product (and I trust you would be in the know about how many happen through your company at least) but is it the case for most people, or (while yes probably half the cost) there is no cases of gas car owners out of warranty getting full engine replacement, I doubt it. Some 6 million Tesla's on the road, if memory serves, and how many have you seen been claimed for (to get an idea of what percentage might be the case here)?
Modern batteries don't need replacement.. ever for most drivers. In my country at least (Switzerland), insurance premium for EVs are 10-15% LOWER than those of comparable ICE cars. I looked recently at swapping my 2019 Model 3 LR for a 2024 version. What I was getting for the old Tesla was within 1% inline with what I would have got out of a Toyota Camry of the same age and mileage, and significantly more than a BMW! That depreciation story is nothing but FUD.
Shelby, thank you for such an incredible video. I love how you explained in detail about your purchase and how you bent over backwards in giving the used car maintenance such a small amount. I'm glad you gave Tesla a hard time about warranty work and how bad it smelled on them charging you for a new computer and it was just a $130 camera that was the issue. You have every right to feel the way you did. Great video and I love every time you bring out a new video Thank you!
The fact that you didn’t pull out the “I’m a TH-camr with 1.8mil subscribers” to get out of paying $2300 for a computer shows how decent you are. Keep up the good work.
@@aaxa101 True, unfortunately she probably got screwed by the shop on that one. But with modern cars there are so many parts, and the repair shops can transform a software glitch or a small wiring thing in a: it needs an expensive part to replace and 10 hours man work at the shop. How are we going to find out that they are cheating...?
My model 3 just turned 6 years old. I’ve purchased 2 sets of tires in its 62,000 miles. (About $2,800 total) Spent a total of $120 on maintenance (new small battery can’t remember what’s it’s called). That’s it. Best car I’ve ever owned.
I bought a 2009 Honda Civic for $4300 after taxes with 188k miles. I put on 60,000 miles over 5 years so far. I spent $700 on repairs and one set of tires for $700 (IDK how you spent that much on tires - I even go with Michelen). My car is still worth $3-4k and I'm out maybe $5k in fuel. You would have spent $2400 charging roughly. Considering your depreciation, you are out $12k plus. In terms of money saving...it doesn't?
We got a 2019 Model 3 too. It was a great car for us. Replaced the tires and windshield wipers. No other maintenance expenses. We traded it in for the new 2024 Highland Model 3 and man, there is a huge difference between the 2. Its much much quieter. Its has double pane glass for all the windows, plus it has the internal noise cancelation. The interior has better materials but its the ride that really stands out. It has the new suspension and it rides so much better than our last model 3. The new Highland model 3 is so much better than our 2019 even though I loved that 2019. They did a really good job improving an already good car.
Yep, the newer ones are getting closer to the luxury car status.. so I agree with the comparison more on the newer ones. The older ones its hard to compare them to a luxury vehicle.
if you live in a commutable city/town, e-bikes and e-scooters have made cars and public transportation obsolete. Just be careful, a lot of e-scooter people are careless.
Dont forget she owns the tesla though. It still holds value and when she goes to sell it will recoup a lot of that cost. If she sells it for $30k then that cost over 5 years is only $28000 or $5600 a year which factors in depreciation, insurance, charging etc which is a pretty average figure. Still a lot of money, so if you live somewhere with nice weather and only commute a couple miles a day Id get the E bike too! lol
Escooter? But what can you do with it? I could run anywhere local if needed but again not practical at all for so many reasons. Escooter seems cool but how do you transport your cooler? Or passengers? Or anything big like a table, huge pumpkin, groceries, bunch of beer etc. Also escooter seems cold in winter time. Seems good for some situations tho@RuneMamba
Great video. Would be interesting to take residual value into account. What's the value of a 5 year old Tesla compared to an 8 year old BMW and how does that affect the overall cost of ownership? I also discovered your channel back when I was researching buying my own model 3 😀
Very interesting, Shelby. And if you need another video idea... I'm a remote worker that's sick of paying so much for a car that I don't use as much anymore. And lately, I've been considering moving into or near a mixed-use development/community and either selling or storing my car (And yes, cancelling the registration and insurance). Maybe you could interview some people around that country that tried this -- to see what they think of their experiment so far.
I turned my trade in in Dec 2019 and thought I'd think about what I wanted for a couple of months then COVID happened and everyone was stuck inside anyways so now 5 years later I still haven't bought a new one. Granted my husband still has his so I wasn't exclusively reliant on ubers but I found I consolidated my chores to the weekend and then walking to places etc.
Here in Seattle, remote work is dead. Amazon started the trend and it’s spreading. They are telling us to be in the office 5 days a week or find a new job. Not sure if that’s the case across the country m. Traffic has gotten significantly worse as a result.
2018 Model 3 long range here. 197k miles. I've put 3 sets of tires on it. The only issue I had was at 186k miles. I didn't replace the 12v battery before it went bad. When it went bad, it took out one of the body control modules with it. That turned a $100 item into a $1000 fix. It has been a great car so far and has a little over 10% degradation.
afaik new batteries degrade even less. I don't buy new cars (out of my range) but I think in few year I wanna switch my Zafira to tesla 2023-24. Older models.. I am littlebit afraid, as they can have lot of degradation diue to full charging (that stiff kills battery prety fast in older models)
Back in 2022 when I was researching which EV to get, your video helped win me over to get my Tesla. It was between a Model Y and Audi e-tron. Very happy with my decision. Thanks for the vids!
Same, I found her channel through Tesla key word in search. For Shelby, I just wanna say you're astonishing after watched your Tesla video then perusing your other videos in your channel. Bravo 👏 🎉
this is one of the better videos I've seen that breaks down the cost and savings. i don't feel like your a tesla snob and I didn't get bored while watching. impressive.
Appreciate this video Shelby. I have a model Y and actually love it so much. Switching from a BMW X4 3 yrs ago was the best decision ever. Wouldn’t look back. I’m no the biggest Elon fan these days but Tesla is an excellent product.
Everyone should be a huge “fan“ of Elon Musk! He is the most amazing man alive today. He is changing the way humanity lives for the better like no one else on this planet. If the fascist left in America, from Biden to Newsom, had not tried to destroy this man and his six amazing companies, he would still be a Democrat voting for Democratic candidates! Everyone in this country should decry fascism and Marxism and if you don’t know what these words mean, look them up. It is a shame what the Democratic Party has come to.
She ignored the Depreciation, a huge expense, which will be much higher on the Tesla since it is a new car ... and a used $37K BMW doesn't cost $388/mo to insure, lol.. probably about the same or less than a Model 3.
She overestimated the cost. Go to bmwusaservice and it has the prices. Oil change in LA is $119. Brake pads $330 not $1500. Also who gets brakes done at 42k miles? Plus she would have a factory warranty the first few years. I’ve owned 2 bmws
@@G82Watts Depreciation is especially terrible on a NEW car vs a 2-3yr old used car. It always amazes me how EVERYONE calculating "cost of ownership"... fails so miserably at running those numbers, lol. It's not the purchase price or car payments that matters at all.. one pays for the DEPRECIATION (the purchase price minus the price ya sell the car for).
@@KrustyKlowndepreciation is a noncash expense. It's totally reasonable in an apples to apples to not compare depreciation since she hasn't sold the vehicle.
Lexus ES 300h is more reliable than any Tesla, BMW, Audi, etc and gets almost 50 mpg (regular gas) and has a proper interior and best resale value by FAR. Meets in the middle of electric and gas. Easily the most pragmatic choice if you don't care about driving dynamics. Much more comfortable too.
My experience with Tesla service is they will fix your issue under warranty 50% of the time the other times they will tell you it’s not covered. Example I had a weird chip paint in between 1 panel and the corner small mirror plastic thing which was impossible for me to damage without a car accident. No idea how that part can even chip off all off on its own. They also won’t fix my taillights peeling. Btw I got my model y performance in 2022. Also weird problem after 1 1/2 years every time I set the charge it would never charge exactly or close to the set number example 80% it will charge to 84-86%
Thank you the info. I got a new model 3 in Aug. 2days later, and right after an update, my computer died. it took over a month for them to fix, free. it broke again, with in a week. I brought it right back and they replaced the computer and a cable, so far so good. You are the 1st person I have heard with the same issue. Hopefully I will also be saving $$$ over the next many years. take care
Totally agree with you about the interior. Tesla is software engineers making a car, luxury car brands really know how to make interiors nice. I generally like my Model Y better than my husband’s Porsche, but I will say that the interior of the Porsche is really well done and feels very high end. I’m curious how you got such cheap insurance though. My Teslas insurance is almost double the Porsche insurance and I don’t have any sort of bad driving history. Every agent I spoke with said it’s because Tesla’s are expensive to repair. I got a quote for nearly 2 grand to fix a small scape on the front bumper because they have to do a whole sensor recalibration.
I own a 2018 BMW X3 and I can confirm that the maintenance and just insurance alone can be rough. Now to be fair, my wife has a Rav4 and her insurance isnt much cheaper (insurance is a scam!) but regardless, "luxury" branded cars are just more expensive to own. I think cars have come such a long way that if you are in the market for a new car - shopping used is never a bad idea! New cars and car payments are keeping people poorer than they should be when good used cars exist.
Only item I would have added to the analysis is what is the residual value of the vehicles now. So I tried doing that myself on KBB comparing a 2017 BMW 3 series to a Tesla Model 3. Assuming the BMW had 20k extra miles and two extra years than the Tesla, the Tesla came out with about $5k more residual value than the BMW.
so the cost difference ends up to be about 7k extra for the model 3 on just the depreciation? Since she paid 12k more for the tesla and it ends up being 5k more in residual value?
Why did they charge you for the computer? It wasn’t broken. They misdiagnosed the problem with your car. That is sooo ridiculous. I feel like they purposely did that after your warranty expired. 🤦🏻♀️
"They misdiagnosed the problem with your car." Actually not. They communicated the false problem. It WAS the computer AND the cabling AND the camera. And yes, Tesla computers had a problem with Software updates. Those were completely solved since 2021.
@@wolfgangpreier9160 bro, how are you going to try and explain the situation to us? When we are literally watching what actually happened in the video. We don't need some rando clarifying anything. the video is crystal clear 😒
i think they should have paid to fix the computer stuff... it was obviously a manufacturing issue. Loose connections causing to have a new computer then it's not the fix... blah. You look great girl! Good video on the cost
Excellent review. I own a 2019 Model 3 and I enjoy every moment of ownership. My Tesla insurance in NorCal is $100 a month with twice the coverage compared to previous Progressive insurance. They too suddenly upped my insurance after being an excellent customer for about 5 years. Fortunately where I live I pay about $0.15 per kilowatt hour so my electric costs are pretty low. I changed all four tires twice now and Costco is the best and least expensive option. Only service I paid was tire rotation the first time because I wasn’t sure if most service places know how to handle a Tesla. I have no regrets at all.
@ same as with regular brake pads in my opinion, replace them when they go bad. I own 4 electric cars, have driven over 500,000 miles between them and have only replaced one pair of pads across all 4 vehicles.
@@jps101574 I've not been keeping count but I get around 40,000 miles per set of tires with normal driving. I am not an aggressive driver and my driving is a good mix of city and long distance mostly in hot climate locations.
Wow, I've been debating on getting a Tesla or Toyota. You have a Tesla with over 200000 give me hope that if I bought a tesla I could drive it well into 200,000.
Love it…just crashed my 2018 Model 3 and this makes me miss it already. Also, just like you said in the end of the video, if it wasn’t for this car, you wouldn’t have met a ton of other new people, me included. ☺️
Agree with owning a Tesla. We both got ours at the same year and model. We have 147k kms and it has saved us sooo much money and I have not had one issue with it so far. Planning on owning it and letting the savings stack up for years to come!
As an insurance agent you a bit off on insurance. The standard companies started to learn they were totaling out Tesla more often then repair which is why your premium went up. Tesla insurance obviously they make the car so they have a lower cost, also if I remember correctly Tesla insurance is based on mileage so if you drive more you pay more. State Farm/all standards is unlimited
I just watched ur vid that compared buying rental properties vs investing in the stock market and now this one. All I can say is I am now a subscriber, great detailed videos!!! Good job, answers allll the questions I had on BOTH videos! Now I just need someone from the east coast to make this same vid to compare cheaper gas/insurance/maintenance costs lol
You can save more if you just buy a gas SUV like Honda CRV. I have one 2021 EXL, bought it for about $21k, insurance is $1.3k per year, all 4 new premium tires (replace every 4-5 years) and front brakes+rotors at $900 (replace every 3-4 years). It uses regular gas.
Well the Tesla certainly isn’t the cheapest car to own, but it’s super fast and has luxury features so it’s more in the league of the luxury brands. If you compare to a Toyota Corolla, the Toyota will win on cost unless you drive a ton.
Thanks for this video - I am one of those followers who found you from your Tesla videos. I got mine around the same time. Thanks for the warning about the autopilot. I haven’t had a problem with mine, but if I do, I will definitely ask about the cameras.
what about dep, apart from the extreme depreciation that an electric car experiences, wouldnt the bmw depreciate less since post 3 years it has already taken the bulk of its depreciation
My uncle’s Mercedes S Class depreciated very quickly compared to the Tesla. I was fortunate enough to pick up both of my Teslas when the prices dropped. My BMW M3 is still holding the price fairly well. I am looking at getting into a 911 S which seems to hold value or even appreciate.
Im on my eleventh tesla and sticking with model x refresh and the latest model 3 performance. Such good cars compared to the older models. Hey shelby go test drive the new model 3, it is on a different level. Fit and finish, suspension, everything. Youll like it
@@yankeedoodle7693 my 2013 model s was horrible though. So many issues. My refreshed model x i just put 50K miles without any maintenance at all. Just perfect
Great vid. Now that Teslas are plentiful on the used market and the price has depreciated drastically, it would be interesting to see the difference between a used Tesla Model 3 and a Used BMW 3 Series (or Camry for that matter). Tesla depreciation has been so huge over the last few years due to lease returns, drop in new car pricing, and the fear of unknown out-of-warranty stuff. I recently decided to take the plunge on a used 2019 Mod3 LR (Battery and Motors are covered for 8yrs/120K Miles under Tesla Warranty). The car came with Acceleration Boost. So it is as fast as my modded Audi S4 was. However, I don't need premium fuel to get that kind of performance. What I love mostly is the instant torque, handling, one pedal drive, autopilot, and charging at home.
I bought a new 2023 Tesla Model Y LR and got the acceleration boost after about a year of ownership. I have 24,000 miles so far. That instant response when pressing on the go pedal is so awesome. I love the other aspects of Tesla you mention as well. It's so nice with that smooth acceleration with no gear changes. I did have a computer replaced 2 months into ownership since the main screen was freezing up. I had a couple of rubber trim pieces replaced along the roof line above the doors since they were uneven. I look forward to longer range batteries with low degradation and faster charging in future models. The low maintenance is great as well.
Amen. I owned a BMW and Audi and both had superior quality interiors and fit & finish compared to my model Y. No comparison. You buy a Tesla mainly because you’re done paying for gas!
Thank you for the review. I will be car shopping soon and trying to decide between an Acura and a Tesla so this information is great. So glad I discovered your channel when I saw your video about airport lounges. Your recent video about real estate and stock is terrific as well. Look forward to the next video and keep up the good work.
Me getting electric BMW ads during this video 😀 The TCO figure can't be complete though without taking in account deprecation. EVs depreciate quite substantially. One TH-camr I follow has a Polestar and it is worth less than the outstanding loan, after just two years 😳
@@DevonHensley211 Polestar 3 and 4 depreciate at the same rate as a Tesla Model Y, about 52% after 3 years and the Polestar 2 62%, but all this depends on where you are. In Germany dealers don't trade in used EVs for example.
Always calculate residual value of both cars too! The older used lux sedan residual likely less than your Tesla. That is a basic accounting practice that is totally fair! Love your video.
You have to change tires more often with Teslas because the batteries are very heavy. At the end of the 5 years, how much money will either cars be worth? Is there a strong market for Tesla? BMWs are notoriously expensive to maintain and repair.
I was just about to make a video about how much car ownership cost. It's definitely a big expense whether it's a Tesla or another car but it's necessary in most cities since they are just designed for driving . Seems like you got some big savings though 👍🏿
@@ShelbyChurch LA did, but the movers and makers in town got bamboozled into cars. Look up the history of LA's streetcars. Yes at one time you really didn't need a car in LA.
I have the pleasure of driving a 2021 Mercedes CLA 45 AMG. While considering a Tesla, I have truly enjoyed my experience with this vehicle despite the yearly maintenance costs, which can be pretty high, much like those of a BMW. I just hit 52,000 mi and it is still going strong!
I never owned one but rented it a few times. I liked how it drove but it felt like a Corolla inside lol. Also, on roadtrips, if you get a flat or get stuck in traffic in the desert or something, good luck! Plus, supercharging is alright but it’s still not as convenient as filling up gas which barely takes like a minute or two. Also, battery anxiety was real. I can’t live like that. Maybe in a few years it’ll be better!
I have driven my Teslas from San Francisco to Los Angeles several times with no issues. I like having the car drive for me with little to no stress. I also have several ICE vehicles. I drive the Teslas the most and save on gas and maintenance.
So what is the issue with getting a flat or stuck in traffic with a tesla? The tesla would use barley any energy when stationary. Also most people rarely charge/fuel up. They charge it overnight and leave the house every day with a full 250mile charge. The 2 times a year they drive more they charge it at a supercharger. This lady did not consider the time savings on not having to go to the gas station and not having to leave her car 5 times for a day to do the services.
@@mocheen4837what if i told you there are places to drive in the US besides a supercharger dense route between 2 major california cities? Try taking it through some mountains and see how easy it is to not get stranded lol
@@ohhimark8028 a have a friend who has driven over 200,000 miles in his Y, all through the US on sales trips. He's had exactly 1 problem to deal with and it was in North Dakota - no where else. His driving is MOSTLY not on key routes - but state highways and other roads. The country is becoming very well populated with charging options in addition to the charger 240V he added in his garage - actually same one as his dryer uses.... One thing he's said is that destination chargers that were often free at hotels was most of his charging. Uses the navigation tool in the car and has never had an issue.
My Model 3 turns 4 this December and I think I’m going to buy Tesla’s 2 year extended warranty for peace of mind. Especially with what happened with your autopilot! The warranty costs less than what you paid to replace the computer. Great video, Shelby.
My friend has 150,000 miles on his Tesla and has gone through 3 sets of tires and a $150 battery to run the accessories. Normally he gets oil changes every 3-4 months. He has saved thousands on gas and maintenance. He liked it so much that he just picked up a Model Y.
You forgot two mention two of the most important things: the huge depreciation of the Tesla after 5 years and the much better and more luxurious driving experience of the BMW.
I have an Audi a3 from 2001. I did 40.000 km in a year and not even a problem. From places -16 Celsius to +43 Celsius, mountains, beaches etc. I drove it in like 10 countries or more around Europe. I have paid for the car 1200 euros. Also, I have paid once 100 euros for the 2 tires in the front, 50-70 euros for a battery, 18 euros for 4 pairs of front lights and 200 euros for change the oil, filters and breaks
We recently purchased a used 2021 Long Range AWD Model 3 and we love it. We had a BMW X3 prior. The Tesla is definitely less expensive to maintain in our experience. Tires were about $400. Per tire on the BMW and the other maintenance costs were pricey as well.
Where is depreciation? That's the worst cost by far. You can't get out of it by saying you will drive it forever. If someone crashes into you and the car is totaled, you're getting a check minus the depreciation even if the accident is not your fault. That's why you can't ignore depreciation cost.
2020 330i BMW with MSport package (so the brakes and tires were 😢 expensive when I changed them) former owner here. Brake replacement and oil changes on a BMW are covered in the ultimate care + package. 7 years would cost you $2,700. Doing the brakes without the package would cost you $516 a pair. Two Pirelli P7 tires $760. The package makes sense for oil and brakes (tires are not covered). Labour and parts are included in those sums above. Insurance is depending on the driver. In CA, with Geico, it cost me $111 per month for a 6 month policy. $1k deductible. For gas, in CA: Premium at the pump ran me around $100 from a quarter tank to full. Depending on the rates. At the highest, I spent $400/month on gas. That’s $4,800/ year. Nice job with the Tesla info. I enjoyed the video. Just throwing in my old data to help your analysis. Cheers.
Fantastic video🔥🔥! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
If you are trading without a professional guide... Ah, I laugh, because you will stay where you are or even suffer huge losses that will prevent you from trading, this has been one of the biggest problems for new traders.
Tesla and all electric cars lose 50% of value in 2 to 3 years. That combined with sketchy quality has me keeping my Lexus. No issues whatsoever after 5 years.
@@DesmondNwanel tric cars lose their value much faster the non ice-vehicle and in a few more years those older teslas will be worth nothing yet the ice vehicles will still have value if taken care of
It's a right of passage for females and model 3s. Tbh though.....a lot of dudes do it too unfortunately. As a model 3 owner myself, I genuinely can't understand why so many people lack awareness with curbs.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. She has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
''STACY LYNN STAPLES’' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them..
We recently bought a 2 year old, in perfect condition, low mileage LR Model 3 for significantly less that (43% off) original sale price. It is almost a free car compared to the old petrol car and fueling costs. 2nd hand is the way, let someone else pay for that initial depreciation. 👍
worked at Tesla as a production supervisor, and I have a model Y! love this breakdown well done! although my tesla battery died on me at 113k miles smh but it was under warranty so it was free
Great video! I have owned my Model 3 since February 2022. Without a doubt it is the best car I have ever owned. Regarding Tesla insurance people need to be aware it might save many people money. A caution, however, is that in most states Tesla uses a Safety Score that is created by the car monitoring the drivers driving. Factors monitored include speed, frequent late night driving, fast braking, etc. In California, the state does not allow Tesla to use the Safety Score to determine Tesla insurance premiums. Maybe in the future you could consider doing a test drive of the 2024 Model 3. For 2024 Tesla did a major overhaul of the Model 3 under a program labeled the Highland refresh. The refreshed Model 3 has various improvements such as a refreshed and quieter cabin.
I'm surprised nobody's mentioning the ethics of the CEO. It affects every part of a vehicle including safety and that's enough to cross it off my list of considerations. Being able to trust the values of leadership of an organization comes above cost calculations, performance, etc for me.
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
As an owner of both a BMW and a Tesla 3, I appreciated the level of detail you went into for this comparison. But you left out the comparative residual value at the end, which would have indicated the levels of depreciation - typically the biggest cost of ownership. I know you captured an aspect of that by including the fulll purchase price, but wondering how the values fare today. I know Teslas initially held their value very well, but in recent years the prices have come crashing down. BMWs tend to drop in value early on and then after many years maintain a floor pricing level.
BTW - you definitely underestimated the cost of maintenance on the gasoline car - BMWs and Audis I've owned start costing several thousand dollars a year to keep running after 5 -7 years
Indeed, even my Honda accord needed $2,000 tune up after 8 years. The maintenance on my Toyota Prius is also getting to be a big pain after 125k miles which cost me $3k parts only. Had I not done the work myself it would have been $5k.. and that a cheap economy car.
Yeah the cost of maintenance is high, mainly al labor costs. I have 2010 BMW 3 series and I’ve spent $500 replacing things myself when that at the dealer would have cost me over $9,000. Got repair estimates when I had a recall done. The parts are very cheap on FCP Euro and I got rid of my Lexus cause everytime that car needed a repair it was very hard to do and the parts were 2-3x the price. BMW is so easy to repair, it’s designed to be taken a part easily. And parts are cheap. Technicians don’t tell you that and the repairs are mainly labor costs. Tesla on the other hand you can’t fix yourself and she may be in for a series of high cost repairs that are coming. BMW is pretty solid until 150k or so.
This! Before getting my current model 3 I had a BMW 230i. Loved the car and was one of the BMWs with a fairly reliable engine, still I was in the shop a couple times a year with mostly unexpected repairs (coolant leaks, suspension issues, etc.) I owned the car for 4 years and each years was dropping about 3.5-5k min each year to have the car run and the cost kept rising each year. I made the decision to save money and keep myself out of dealership repair departments and I haven't been disappointment based on those two goals! Nowww my BMW was brought during covid so I got a super low interest rate and I sold it around the time when used vehicles were gaining value. I put 30k miles on the car and sold it at a 2k profit, I know I will not be able to do this with my Tesla, so that is the only downside.
in the UK 12 month depreciation on EVs is worse than ICE but by 3 years pretty much the same. The initial fear about battery life is reducing as recent battery tech and understanding have improved
It would end up badly for Tesla as the new cars were discounted a lot in the past 2-3 years, obviously lowering the prices even for used cars. But then it would be unfair for new buyers as one cannot expect another such price drop, Tesla is more closer to the manufacturing costs now. It depends on what is a purpose of such comparison.
Retired Technician here. Missdiagnosed cars with unnecessary parts replaced and billed to customer, is not a Tesla exclusive. Not by a long shot. The standard excuse is, "Turns out your car needs ADDITIONAL parts on top of the ones we sold you."
The goal is to find a shop that doesn't repair by using the "Keep throwing parts at it untill it works" montra. The more complicated cars get, the harder that is to find. It is also one reason parts are becoming assembles. On an ICE vehicle, the example might be you buy a new throttle body assembly for $780 instead of a throttle position sensor for $105. "It comes as an assembly." Dealrships often aren't fixing engines or transmissions anymore. Just replace assembly. Electrical issue? Wiring harness, fusebox, and computer as a package. No need to diag and repair the actual problem. Just replace it all.
What I don't understand is that when they change such an expensive part, by law (at least in my country, Canada), they have to provide you with a written estimate of the work to be done in order to correct the problem. The repair must be successful and not exceed the amount indicated on the estimate (unless the estimate explicitly says they don't know if the problem can't be fixed). If it is not, then they have to do another estimate and get approval for it. That process gives you the right to get a refund on the first unsuccessful repair (they could remove the part and put the old one back), but obligates you to pay for the the repair that corrected the problem. Always get a written estimate, even if it costs $200 for a complicated job, as it is your insurance policy against paying for something that wasn't necessary. The estimate also forces the repair shop to do a proper diagnosis first, before attempting an expensive repair, as it can be legally binding.
Having owned many BMWs I can tell you with 100 percent certainty that the servicing costs would have been through the roof. That's why they are called Bavarian Money Wasters. Another one is Bring Mechanic Wads.
@@bengt_axle Cars can be very very hard to diagnose and repair. This adds to the propensity to sell you everything. Then you find someone who can and will diagnose and fixes your car for 5 cents on the dollar over what the dealership estimate was. Why is that. Because the dealership is covering their ass so they know the first fix will work as prescribed by law. Kind of a situation where the law makes it more expensive for the customer.
The problem with Tesla is that there are no 3rd party shops that can work on Tesla. Tesla has monopoly on services, and therefore they can charge you up for it, and scam customers for unnecessary repairs.
@@pathfollower Yes, you're right about "coverning their ass". The dealerships pad the price for parts and labour, and add parts that may not be necessary. When you go to an independent shop, you find this out. But Shelby got ripped off on the computer. TSLA should refund her for the difference.
Shelby My daughter brough me to your channel a couple of years ago. She was right! You are awesome! Thank you for what you do so well. 🤩🥰
Totally agree
Do ya swallow?
I owned a Model 3 performance (2021) for years and loved it. Great vehicle. The only issue I had was with the pillar by the driver’s shoulder. It wiggled loose a lot and I needed the Tesla service guy to come and fix it. I traded in for a Rivian recently because I’m doing much more outdoor stuff and love it too. The Tesla was great !! I highly recommend them.
I have a Tesla Model 3 Performance for 5 years and my wife has a Model Y Performance. Still enjoying the cars.
With a BMW over 5 yrs, you would have had to change your breaks 2x and you forgot annual maintenance to keep your vehicle in good running condition (includes lubrication, changing/filling your break fluid, transmission fluid and engine coolants). So the cost of owning a used BMW is even higher than you guessed by a few thousand dollars more.
And being in CA, there’s the whole smog check deal which is getting pricier as time goes by.
Bnws are trash toyota lexus best of the best.
It's brakes not breaks.
What about the fuel costs? Zero for the Tesla.
@@Garysvideos did you watch the video? She details the electricity cost which is nonzero. Still less than gas though.
New version of Model 3 is a LOT better based on numerous reviews--much better suspension/ride, higher quality interior, much quieter on the highway, more efficient, build quality, etc. They covered pretty much every common noted shortcoming of original version.
Its true. I own one..
yep MUCH better, on a par with the tier 2 germans
@@jonfrench7133 Lack of steering column stalks one big exception for many. There will be good aftermarket remedies tho. Maybe one gets used to no stalks before bothering to modify.
@@Mrbfgray yes it did make me question but i personally haven’t found it to be an issue. even with the UK roundabout challenge…..
@Mrbfgray I've actually learned to prefer no stalks. Stalks seem old school now. Of course using FSD i don't signal.
Depreciation is a major element you missed. Including the value of each vehicle at end of the 5-year period is a very important criteria for comparing TRUE cost of ownership.
@@tyoung2141 High depreciation is a fact of life for early adopters of a product whose manufacture proclaims that continual cost reduction is their major goal. But a Tesla can last 2-3 times longer than an ICE vehicle so just keep it for a while. With bimonthly updates it continues to get better than new.
depreciation is irrelevant when you are keeping the car until it dies and Tesla is even more reliable than BMW with too many complicated mechanical parts, bearings, seals, oils
@@borinvlogsSure some screwed together beta product is always worse then a real car.
Why? She has had the car for five years and it looks like she is planning on keeping it another five (or more). Depreciation only matters if you change your cars like you do underwear. If the vehicle gives her another five years at similar numbers i twill have literally paid for itself compared to the BMW at that point, even if the BMW lost absolutely no value (which obviously isn;t the case).
@@belavet It's still a true cost of ownership, the car is an asset like your house or anything else you own, and depreciation of any asset is money you have lost. She'll probably sell it within 5 years anyway for something shinier, or just due to a change in circumstances (e.g. kids).
Excellent video Shelby - as always. The only thing I think you missed is the comparison in terms of trade-in value. Would be interesting to know.
We have a 2019 M3P only because there were no LRs available. Paid $56K. 55K miles and new condition we can only get $19k from Tesla as a trade in.
I've had my Tesla Model 3 for 4yrs. Now, granted, it only has 27 thousand miles on it because I live in a location where things are very, very close. I've had no problems with it. Only times I've been annoyed is when it's super cold outside and the car sometimes won't start without turning it on and off.
There are no tire issues, and it's very safe to drive. I personally love mine but I'm prepared when I need to replace tires and or something else.
Tesla's are like driving a big computer so any replacements will be expensive. But I try to take care of it as much as possible. I'd recommend it, but that's me.
I bought a model y a year ago and already have well over 20k miles on it. Aside from some camera issues when I bought it which took 3 service visits to sort out and tailgate leaking, it’s been great.
That analogy is perfect. Tesla truly is a super computer on wheels.
Teslas depreciation is the true cost of ownership and makes it more expensive to own then a BMW
@@G82Watts This simple isn't true. You're just thinking about the instance where you bought a Tesla in ~2022 when the supply chain crunch had all cars super expensive to buy. As supply costs came down, gas cars didn't return to normal, but Tesla actually lowered the price of their vehicles significantly. So if you bought in 2022, you really did experience massive depreciation. She bought in 2019 for normal prices and didn't experience that much. The $37k BMW is worth $13k today while the Tesla is still worth $25k or so. This is mainly because a NEW 2024 Tesla is only $32k.
@@gregb7353 then how come the same didn't happen to GAS cars? Just teslas? Also to act like EV and tesla depreciation is a new thing is delusional. Their are charts showing how quickly and how much more they deprecate over cars with an engine. U can expect to lose 10-60k more in resale value depending on the model. For instance a model s plaid 2023 can be had for 60k used with low miles. A car that was 140k just 2 years ago. Model y performance was 87k new and now in just 3 years 38k .. thats INSANE DEPRECIATION
The Tesla was the reason I originally subscribed to your channel. That the prices dropped so much was predictable, but also unbelievable. My Model 3 from March 2020 is less than half the price after 4.5 years. I am not sure the BMW or Audi would drop that much in price.
I have a 2021 BMW 330i, which I bought used for $30,000. My insurance with Geico costs $130 per month, totaling $1,560 annually. I use premium gas and drive around 15,000 miles per year. I’ve had no other expenses so far, as the car is still under warranty. I change the oil twice a year, costing a total of $260, and I’ve spent around $3,250 on gas.
You're probably older hence lower insurance. Get ready for some massive maintenance costs.
everyone is different with insurance i pay 63 month on my 23 model 3P its never really a thing to compare as theres so many variables
@@simonmiller5118 330i is a newer generation, they're not that expensive and pretty reliable, too. However, you will have a few more things that come up after 2-3 years, just bigger services, which could be 1-2K or so. Definitely a bit more than the average electric car.
It comes down to two major things:
Do you like driving a BMW more (I certainly do, the feeling is so different)
Is electric ok or annoying as hell for you (depending on your trip patterns etc)
Do you like the
I'd be ok having an electric car as my second car. But not as my only car.
@@MrTrestoor buy a BMW EV. I have a I4. Love it. She also completely over estimates cost of owning a gas car. Insurance is usually more expensive on Tesla because when the do get in accident the repairs often cost too much and the cars are totaled
So you have not had to get the brakes replaced? Those will cost you $2,000... And just wait till your warranty finishes they will do a 500 point free maintenance check and will find all the things that are broken that they are ignoring while the car is under warranty... I have owned four BMWs in my lifetime so far and don't buy them anymore for that reason
I used to own a 2016 Audi A6 and basically every year there was some part of the suspension that needed to be replaced. I spent at least $2k a year on just random cracked bushings or collapsed engine mounts. And then it had the notorious Audi coolant leak that one year that costed $5k to get fixed. I'm so glad I have a Model 3 now. The only thing I missed from the Audi is how quiet it was and how nice the interior materials were.
thats why you lease luxury cars...
@@MuiKaHo To be more specific, that’s why you should lease Mercedes, Audi, or BMW. You can buy Lexus though.
Charging you 2k for fixing a computer that wasn't broken is criminal...
the video ended there for me.
Yeah, that tells me all I need to know about buying a Tesla.
4k for same thing in BMW.
@@evgenyzak2035 BMW also cant diagnose their own cars? that comes off sarcastic, I wont be surprised if they cant lol
@@mvez10 Service guy said in the comments below, that it was miscommunication by Tesla service. He said that this car had computer, wire to camera and camera failures. They charged her only for the computer as the rest was a software issue that was fixed later on. So you can relax ☺
Hi, loved your video. I am now in the Tesla family. Just picked up my Model 3 LR AWD last Sunday and it is an amazing car. Currently I’m on the wait list for parking in my building but when I receive my spot my charging will only cost me $19 a month. Absolutely crazy, I love it.
When people hear M3, they think of a BMW M3
@@Mathguy363Yeah should at least use a space like M 3 or smth
I also bought a m3 AWD 4 day's ago I got onto an over night charging tariff at 6.7p per kwh so just over 5 pounds for a full charge I love my M3 😊
@@RodrigoroRex yeah I don’t get it, anyone that knows anything about cars knows what an M3 is. It’s an iconic car that’s been around for almost 40 years… They’re just trolling
@@Mathguy363 If you are 60 or older then M3 might mean a BMW M3, to everyone else it is a Tesla M3.
Being in the insurance business I will say in my experience electric vehicle insurance has increased to be more expensive than a traditional ICE vehicle. Also it would be interesting to pretend you sold the Tesla and BMW after 5 years to show the real cost of ownership. I am guessing the 5 year old Tesla has taken a HUGE depreciation hit. Come back in 5 more years when it will cost you $15 or $20k to replace the batteries and lets see how that plays out.
I wish the person who thought that all batteries (like they are all the same chemistry?!) would die after 8, 10, whatever years, would know refund their thoughts, when every battery I have used just gets degradation. Tesla's have been on the road for 16 years now, and many examples of getting well into the 200k, 300k, and way more ranges, sans a battery replacement. I owned a Model 3 for 106,000 miles, but unfortunately I needed a higher car to get in and out of (Model Y) so I sold it, but the new owner has put another 30k on it, still no battery replacement.
Also, battery cost continue to go down. It was 15k last I checked, but that is 10k less than 6 years ago. Expect it to be the cost of the engine in a few years.
@@teslaafters9133 I appreciate the owner feedback and I get that there are cases of batteries lasting a long time but there are also numerous cases of batteries going bad after the warranty period basically making the car financially totaled. I am not a hater and I hope battery replacement does advance and come down a lot but even at the math of a $15,000 replacement and lets say they last 10 years that is an extra $125 a month (over 10 years) in operating costs if you planned to keep the car longer. I am just trying to see the totally transparent ownership cost. I have had Hybrid Toyota's and have experienced batteries going bad after the 8 year warranty. Good dialog.
@@Fulloctanegarage I am a member (former admin for some years) of a 6k member count Tesla Owners club in Maryland, and as us human beings tend to do, I trust I would have heard of a vast number of battery replacements being done, at least in my area, by way of the numerous complaints of various kinds that get posted to the group, but to make my point stronger, pail in comparison to love for their Tesla's posts. Do battery replacement happen, sure because this is a mass manufactured product (and I trust you would be in the know about how many happen through your company at least) but is it the case for most people, or (while yes probably half the cost) there is no cases of gas car owners out of warranty getting full engine replacement, I doubt it. Some 6 million Tesla's on the road, if memory serves, and how many have you seen been claimed for (to get an idea of what percentage might be the case here)?
Modern batteries don't need replacement.. ever for most drivers.
In my country at least (Switzerland), insurance premium for EVs are 10-15% LOWER than those of comparable ICE cars.
I looked recently at swapping my 2019 Model 3 LR for a 2024 version. What I was getting for the old Tesla was within 1% inline with what I would have got out of a Toyota Camry of the same age and mileage, and significantly more than a BMW! That depreciation story is nothing but FUD.
try selling both and see how much you get
Shelby, thank you for such an incredible video. I love how you explained in detail about your purchase and how you bent over backwards in giving the used car maintenance such a small amount. I'm glad you gave Tesla a hard time about warranty work and how bad it smelled on them charging you for a new computer and it was just a $130 camera that was the issue. You have every right to feel the way you did. Great video and I love every time you bring out a new video Thank you!
The fact that you didn’t pull out the “I’m a TH-camr with 1.8mil subscribers” to get out of paying $2300 for a computer shows how decent you are. Keep up the good work.
She should. You dont replace a computer because of a bad software update.
@@aaxa101 True, unfortunately she probably got screwed by the shop on that one.
But with modern cars there are so many parts, and the repair shops can transform a software glitch or a small wiring thing in a: it needs an expensive part to replace and 10 hours man work at the shop.
How are we going to find out that they are cheating...?
My model 3 just turned 6 years old.
I’ve purchased 2 sets of tires in its 62,000 miles. (About $2,800 total)
Spent a total of $120 on maintenance (new small battery can’t remember what’s it’s called).
That’s it.
Best car I’ve ever owned.
I bought a 2009 Honda Civic for $4300 after taxes with 188k miles. I put on 60,000 miles over 5 years so far. I spent $700 on repairs and one set of tires for $700 (IDK how you spent that much on tires - I even go with Michelen). My car is still worth $3-4k and I'm out maybe $5k in fuel. You would have spent $2400 charging roughly. Considering your depreciation, you are out $12k plus. In terms of money saving...it doesn't?
I spent $180 on oil changes to add.
We got a 2019 Model 3 too. It was a great car for us. Replaced the tires and windshield wipers. No other maintenance expenses. We traded it in for the new 2024 Highland Model 3 and man, there is a huge difference between the 2. Its much much quieter. Its has double pane glass for all the windows, plus it has the internal noise cancelation. The interior has better materials but its the ride that really stands out. It has the new suspension and it rides so much better than our last model 3.
The new Highland model 3 is so much better than our 2019 even though I loved that 2019. They did a really good job improving an already good car.
Yep, the newer ones are getting closer to the luxury car status.. so I agree with the comparison more on the newer ones. The older ones its hard to compare them to a luxury vehicle.
I have a 24 model y and rented several older model 3’s and the ride is really rough. For my 2nd car I will definitely get the new updated model 3.
The quality of your analysis is excellent. Thank you for that effort.
$58,000 over 5 years ? . . . . That $1000 Electric Bike I've been considering doesn't look all that bad now.
if you live in a commutable city/town, e-bikes and e-scooters have made cars and public transportation obsolete. Just be careful, a lot of e-scooter people are careless.
Dont forget she owns the tesla though. It still holds value and when she goes to sell it will recoup a lot of that cost. If she sells it for $30k then that cost over 5 years is only $28000 or $5600 a year which factors in depreciation, insurance, charging etc which is a pretty average figure. Still a lot of money, so if you live somewhere with nice weather and only commute a couple miles a day Id get the E bike too! lol
@@TCxfanHer Tesla is worth more like $20k though.
Be cautious, I had two of those ebikes, they steal them like hot cakes
Escooter? But what can you do with it? I could run anywhere local if needed but again not practical at all for so many reasons. Escooter seems cool but how do you transport your cooler? Or passengers? Or anything big like a table, huge pumpkin, groceries, bunch of beer etc. Also escooter seems cold in winter time. Seems good for some situations tho@RuneMamba
As someone looking into buying a new Model Y in early 2025, I find this video very helpful. Thanks for the great work!
Great video. Would be interesting to take residual value into account. What's the value of a 5 year old Tesla compared to an 8 year old BMW and how does that affect the overall cost of ownership? I also discovered your channel back when I was researching buying my own model 3 😀
As someone who bought a 2017 Mercedes in 2020, this was really eye opening. Thank you, Shelby!!
Very interesting, Shelby.
And if you need another video idea...
I'm a remote worker that's sick of paying so much for a car that I don't use as much anymore. And lately, I've been considering moving into or near a mixed-use development/community and either selling or storing my car (And yes, cancelling the registration and insurance).
Maybe you could interview some people around that country that tried this -- to see what they think of their experiment so far.
I turned my trade in in Dec 2019 and thought I'd think about what I wanted for a couple of months then COVID happened and everyone was stuck inside anyways so now 5 years later I still haven't bought a new one.
Granted my husband still has his so I wasn't exclusively reliant on ubers but I found I consolidated my chores to the weekend and then walking to places etc.
Here in Seattle, remote work is dead. Amazon started the trend and it’s spreading. They are telling us to be in the office 5 days a week or find a new job. Not sure if that’s the case across the country m. Traffic has gotten significantly worse as a result.
2018 Model 3 long range here. 197k miles. I've put 3 sets of tires on it. The only issue I had was at 186k miles. I didn't replace the 12v battery before it went bad. When it went bad, it took out one of the body control modules with it. That turned a $100 item into a $1000 fix. It has been a great car so far and has a little over 10% degradation.
afaik new batteries degrade even less. I don't buy new cars (out of my range) but I think in few year I wanna switch my Zafira to tesla 2023-24. Older models.. I am littlebit afraid, as they can have lot of degradation diue to full charging (that stiff kills battery prety fast in older models)
I like how you try to make the numbers as fair and representative as possible, like with the tyre fhange cost
Back in 2022 when I was researching which EV to get, your video helped win me over to get my Tesla. It was between a Model Y and Audi e-tron. Very happy with my decision. Thanks for the vids!
Found Shelby through her Tesla videos in 2019...discovered the vlog channel and have kept up ever since.
Same, I found her channel through Tesla key word in search.
For Shelby, I just wanna say you're astonishing after watched your Tesla video then perusing your other videos in your channel. Bravo 👏 🎉
this is one of the better videos I've seen that breaks down the cost and savings. i don't feel like your a tesla snob and I didn't get bored while watching. impressive.
and you scuffed the shit out of your rimms.
Appreciate this video Shelby. I have a model Y and actually love it so much. Switching from a BMW X4 3 yrs ago was the best decision ever. Wouldn’t look back. I’m no the biggest Elon fan these days but Tesla is an excellent product.
Hey I’m not a big fan of Trump either but I voted for him.
@@mikedv7954smart man
Everyone should be a huge “fan“ of Elon Musk! He is the most amazing man alive today. He is changing the way humanity lives for the better like no one else on this planet. If the fascist left in America, from Biden to Newsom, had not tried to destroy this man and his six amazing companies, he would still be a Democrat voting for Democratic candidates! Everyone in this country should decry fascism and Marxism and if you don’t know what these words mean, look them up. It is a shame what the Democratic Party has come to.
Maintenance for the BMW would have been so much more. You were really generous with that.
She ignored the Depreciation, a huge expense, which will be much higher on the Tesla since it is a new car ... and a used $37K BMW doesn't cost $388/mo to insure, lol.. probably about the same or less than a Model 3.
She overestimated the cost. Go to bmwusaservice and it has the prices. Oil change in LA is $119. Brake pads $330 not $1500. Also who gets brakes done at 42k miles? Plus she would have a factory warranty the first few years. I’ve owned 2 bmws
What about depreciation? Tesla are TERRIBLE with that compared to luxury brands
@@G82Watts Depreciation is especially terrible on a NEW car vs a 2-3yr old used car. It always amazes me how EVERYONE calculating "cost of ownership"... fails so miserably at running those numbers, lol. It's not the purchase price or car payments that matters at all.. one pays for the DEPRECIATION (the purchase price minus the price ya sell the car for).
@@KrustyKlowndepreciation is a noncash expense. It's totally reasonable in an apples to apples to not compare depreciation since she hasn't sold the vehicle.
Lexus ES 300h is more reliable than any Tesla, BMW, Audi, etc and gets almost 50 mpg (regular gas) and has a proper interior and best resale value by FAR. Meets in the middle of electric and gas. Easily the most pragmatic choice if you don't care about driving dynamics. Much more comfortable too.
No more car with pipes please.❤
I’m thinking about financing my first Tesla for my birthday & your video pretty much made up my mind! 😎
My experience with Tesla service is they will fix your issue under warranty 50% of the time the other times they will tell you it’s not covered. Example I had a weird chip paint in between 1 panel and the corner small mirror plastic thing which was impossible for me to damage without a car accident. No idea how that part can even chip off all off on its own. They also won’t fix my taillights peeling. Btw I got my model y performance in 2022.
Also weird problem after 1 1/2 years every time I set the charge it would never charge exactly or close to the set number example 80% it will charge to 84-86%
Thank you the info. I got a new model 3 in Aug. 2days later, and right after an update, my computer died. it took over a month for them to fix, free. it broke again, with in a week. I brought it right back and they replaced the computer and a cable, so far so good. You are the 1st person I have heard with the same issue. Hopefully I will also be saving $$$ over the next many years. take care
!!!! 🤣🤣
Totally agree with you about the interior. Tesla is software engineers making a car, luxury car brands really know how to make interiors nice. I generally like my Model Y better than my husband’s Porsche, but I will say that the interior of the Porsche is really well done and feels very high end.
I’m curious how you got such cheap insurance though. My Teslas insurance is almost double the Porsche insurance and I don’t have any sort of bad driving history. Every agent I spoke with said it’s because Tesla’s are expensive to repair. I got a quote for nearly 2 grand to fix a small scape on the front bumper because they have to do a whole sensor recalibration.
I own a 2018 BMW X3 and I can confirm that the maintenance and just insurance alone can be rough. Now to be fair, my wife has a Rav4 and her insurance isnt much cheaper (insurance is a scam!) but regardless, "luxury" branded cars are just more expensive to own. I think cars have come such a long way that if you are in the market for a new car - shopping used is never a bad idea! New cars and car payments are keeping people poorer than they should be when good used cars exist.
Only item I would have added to the analysis is what is the residual value of the vehicles now. So I tried doing that myself on KBB comparing a 2017 BMW 3 series to a Tesla Model 3. Assuming the BMW had 20k extra miles and two extra years than the Tesla, the Tesla came out with about $5k more residual value than the BMW.
so the cost difference ends up to be about 7k extra for the model 3 on just the depreciation? Since she paid 12k more for the tesla and it ends up being 5k more in residual value?
in the end it s eems to be about the same cost of ownership, not a huge difference assuming the rest of the numbers are the same
You are on a roll. I love these types of videos. The airbnb comparing to stock was amazing too. Thank you!!!!
Why did they charge you for the computer? It wasn’t broken. They misdiagnosed the problem with your car. That is sooo ridiculous. I feel like they purposely did that after your warranty expired. 🤦🏻♀️
It was really odd
"They misdiagnosed the problem with your car." Actually not. They communicated the false problem. It WAS the computer AND the cabling AND the camera. And yes, Tesla computers had a problem with Software updates. Those were completely solved since 2021.
@@wolfgangpreier9160random TH-cam commentator has spoken y'all. 😒
@@kingiam9271 You must be full of yourself. Please make sure you don't explode near children. Would not want them laughing at you.
@@wolfgangpreier9160 bro, how are you going to try and explain the situation to us? When we are literally watching what actually happened in the video. We don't need some rando clarifying anything. the video is crystal clear 😒
The analyst in me loves these videos. I was doing a lot of car cost comparing when shopping for a new vehicle this year.
i think they should have paid to fix the computer stuff... it was obviously a manufacturing issue. Loose connections causing to have a new computer then it's not the fix... blah. You look great girl!
Good video on the cost
I’m wordless, such an incredible video. I haven’t idea about the insurance cost. You’re amazing
You'll have to try new refreshed Model 3! The quality is so much better.
Excellent review. I own a 2019 Model 3 and I enjoy every moment of ownership. My Tesla insurance in NorCal is $100 a month with twice the coverage compared to previous Progressive insurance. They too suddenly upped my insurance after being an excellent customer for about 5 years. Fortunately where I live I pay about $0.15 per kilowatt hour so my electric costs are pretty low. I changed all four tires twice now and Costco is the best and least expensive option. Only service I paid was tire rotation the first time because I wasn’t sure if most service places know how to handle a Tesla. I have no regrets at all.
Girl this video came just in time!
I have to apologize thinking that this video that popped into my feed looked like clickbait garbage but this was actually very insightful! Thank you.
Agreed 100%. I have a 2018 model 3 with 287,120 miles on it and I’m still on the original brake pads! Amazing cars!
Wait that’s crazy. What’s the rule of thumb for changing brake pads when you have regenerative braking?
@ same as with regular brake pads in my opinion, replace them when they go bad. I own 4 electric cars, have driven over 500,000 miles between them and have only replaced one pair of pads across all 4 vehicles.
Just curious. How many sets of tires?
@@jps101574 I've not been keeping count but I get around 40,000 miles per set of tires with normal driving. I am not an aggressive driver and my driving is a good mix of city and long distance mostly in hot climate locations.
Wow, I've been debating on getting a Tesla or Toyota. You have a Tesla with over 200000 give me hope that if I bought a tesla I could drive it well into 200,000.
Love it…just crashed my 2018 Model 3 and this makes me miss it already.
Also, just like you said in the end of the video, if it wasn’t for this car, you wouldn’t have met a ton of other new people, me included. ☺️
My first video of your was your Tesla video. Love the content! Looking forward to the new Model Y.
And the best part is that the over the air updates continue to make the car better. Over the past 5 years there's been so many added features.
Like what?
Fart noises? 😒
Great video, Shelby! Keep up the great work!
Agree with owning a Tesla. We both got ours at the same year and model. We have 147k kms and it has saved us sooo much money and I have not had one issue with it so far. Planning on owning it and letting the savings stack up for years to come!
As an insurance agent you a bit off on insurance. The standard companies started to learn they were totaling out Tesla more often then repair which is why your premium went up. Tesla insurance obviously they make the car so they have a lower cost, also if I remember correctly Tesla insurance is based on mileage so if you drive more you pay more. State Farm/all standards is unlimited
I just watched ur vid that compared buying rental properties vs investing in the stock market and now this one. All I can say is I am now a subscriber, great detailed videos!!! Good job, answers allll the questions I had on BOTH videos! Now I just need someone from the east coast to make this same vid to compare cheaper gas/insurance/maintenance costs lol
You can save more if you just buy a gas SUV like Honda CRV. I have one 2021 EXL, bought it for about $21k, insurance is $1.3k per year, all 4 new premium tires (replace every 4-5 years) and front brakes+rotors at $900 (replace every 3-4 years). It uses regular gas.
Well the Tesla certainly isn’t the cheapest car to own, but it’s super fast and has luxury features so it’s more in the league of the luxury brands. If you compare to a Toyota Corolla, the Toyota will win on cost unless you drive a ton.
@@mylesgray3470 I prefer my 2016 Honda Civic coupe.
Thanks for this video - I am one of those followers who found you from your Tesla videos. I got mine around the same time. Thanks for the warning about the autopilot. I haven’t had a problem with mine, but if I do, I will definitely ask about the cameras.
what about dep, apart from the extreme depreciation that an electric car experiences, wouldnt the bmw depreciate less since post 3 years it has already taken the bulk of its depreciation
My uncle’s Mercedes S Class depreciated very quickly compared to the Tesla. I was fortunate enough to pick up both of my Teslas when the prices dropped. My BMW M3 is still holding the price fairly well. I am looking at getting into a 911 S which seems to hold value or even appreciate.
Wow! Great analysis. I may have to put Tesla back on my new car list! Thanks Shelby for the insight.
Im on my eleventh tesla and sticking with model x refresh and the latest model 3 performance. Such good cars compared to the older models. Hey shelby go test drive the new model 3, it is on a different level. Fit and finish, suspension, everything. Youll like it
Yeah the service department is a pain. So true
if theyre so good why did you need to buy eleven of them
@@yankeedoodle7693 I flipped most of them to make money
@@yankeedoodle7693 my 2013 model s was horrible though. So many issues. My refreshed model x i just put 50K miles without any maintenance at all. Just perfect
11 cars? Amazing what a pile of waste one person can produce in a few years.
Great vid. Now that Teslas are plentiful on the used market and the price has depreciated drastically, it would be interesting to see the difference between a used Tesla Model 3 and a Used BMW 3 Series (or Camry for that matter). Tesla depreciation has been so huge over the last few years due to lease returns, drop in new car pricing, and the fear of unknown out-of-warranty stuff. I recently decided to take the plunge on a used 2019 Mod3 LR (Battery and Motors are covered for 8yrs/120K Miles under Tesla Warranty). The car came with Acceleration Boost. So it is as fast as my modded Audi S4 was. However, I don't need premium fuel to get that kind of performance. What I love mostly is the instant torque, handling, one pedal drive, autopilot, and charging at home.
I bought a new 2023 Tesla Model Y LR and got the acceleration boost after about a year of ownership. I have 24,000 miles so far. That instant response when pressing on the go pedal is so awesome. I love the other aspects of Tesla you mention as well. It's so nice with that smooth acceleration with no gear changes. I did have a computer replaced 2 months into ownership since the main screen was freezing up. I had a couple of rubber trim pieces replaced along the roof line above the doors since they were uneven. I look forward to longer range batteries with low degradation and faster charging in future models. The low maintenance is great as well.
I dont know why they call Tesla premium.
I LOVE my model 3 and i think it was an incredible buy. However, it is no where near top of market premium
The tech is. Software is the new premium. I’d rather have a simple car with premium software than a premium car with subpar software.
Amen. I owned a BMW and Audi and both had superior quality interiors and fit & finish compared to my model Y. No comparison. You buy a Tesla mainly because you’re done paying for gas!
@@Sb69minis no you get a Tesla when you want a smart car with premium software!
@@RoqueExclusives A smart car with premium software that is also faster than most gas cars on the road.
@@kdb4u and at a better value!
I just have to say, Great job doing all this, you answered all my question's. Thank you!!!
5:39 BMW 3 series, Tesla Model 3 are NOT luxury sedans.
Thank you for the review. I will be car shopping soon and trying to decide between an Acura and a Tesla so this information is great. So glad I discovered your channel when I saw your video about airport lounges. Your recent video about real estate and stock is terrific as well. Look forward to the next video and keep up the good work.
Me getting electric BMW ads during this video 😀 The TCO figure can't be complete though without taking in account deprecation. EVs depreciate quite substantially. One TH-camr I follow has a Polestar and it is worth less than the outstanding loan, after just two years 😳
Cause it's Polestar - you cant combine all EV's in same bucket. Do you put all ICE cars in same bucket to compare?
@@DevonHensley211 Polestar 3 and 4 depreciate at the same rate as a Tesla Model Y, about 52% after 3 years and the Polestar 2 62%, but all this depends on where you are. In Germany dealers don't trade in used EVs for example.
How much did TESLA Y cost 3 years ago VS now in Germany?
@@DevonHensley211 Currently a LR is about $58K, after recent price cuts due to low demand. Pricing is a bit erratic though through the years.
Always calculate residual value of both cars too! The older used lux sedan residual likely less than your Tesla. That is a basic accounting practice that is totally fair! Love your video.
Hi, Shelby. How is battery degradation(if there is any)?
Stoked you still love it! We feel the same about our Model Y. The question is how'd you feel in a Rivian R2 when it comes out?
Fawk it's been 5yrs, I still remember watch that video of u
HAHA.... wait until you're 70 and have to adjust you thinking to the fact that things you did in you 30's are over 30 years ago... :D
You have to change tires more often with Teslas because the batteries are very heavy.
At the end of the 5 years, how much money will either cars be worth?
Is there a strong market for Tesla?
BMWs are notoriously expensive to maintain and repair.
A Tesla Model S Plaid weights 4,766 lbs and a BMW M5 Sedan weights 5,390. So will the tires last longer on a Tesla now??
I was just about to make a video about how much car ownership cost.
It's definitely a big expense whether it's a Tesla or another car but it's necessary in most cities since they are just designed for driving . Seems like you got some big savings though 👍🏿
I just want to get around on an E-Bike and Public Transit
It really adds up with insurance, maintenance fuel and everything! Kind of wish LA just had a subway or something
@@ShelbyChurch- Robotaxi is what you may like in the future. I would certainly give up my car (and costs) if I could call a cheap robotaxi.
@@ShelbyChurch actual good, fast, frequent public transit would be a GAME CHANGER
@@ShelbyChurch LA did, but the movers and makers in town got bamboozled into cars. Look up the history of LA's streetcars. Yes at one time you really didn't need a car in LA.
I have the pleasure of driving a 2021 Mercedes CLA 45 AMG. While considering a Tesla, I have truly enjoyed my experience with this vehicle despite the yearly maintenance costs, which can be pretty high, much like those of a BMW. I just hit 52,000 mi and it is still going strong!
I never owned one but rented it a few times. I liked how it drove but it felt like a Corolla inside lol. Also, on roadtrips, if you get a flat or get stuck in traffic in the desert or something, good luck! Plus, supercharging is alright but it’s still not as convenient as filling up gas which barely takes like a minute or two. Also, battery anxiety was real. I can’t live like that. Maybe in a few years it’ll be better!
1 or 2 minutes what do u drive ?a scooter
I have driven my Teslas from San Francisco to Los Angeles several times with no issues. I like having the car drive for me with little to no stress. I also have several ICE vehicles. I drive the Teslas the most and save on gas and maintenance.
So what is the issue with getting a flat or stuck in traffic with a tesla? The tesla would use barley any energy when stationary. Also most people rarely charge/fuel up. They charge it overnight and leave the house every day with a full 250mile charge. The 2 times a year they drive more they charge it at a supercharger.
This lady did not consider the time savings on not having to go to the gas station and not having to leave her car 5 times for a day to do the services.
@@mocheen4837what if i told you there are places to drive in the US besides a supercharger dense route between 2 major california cities? Try taking it through some mountains and see how easy it is to not get stranded lol
@@ohhimark8028 a have a friend who has driven over 200,000 miles in his Y, all through the US on sales trips. He's had exactly 1 problem to deal with and it was in North Dakota - no where else. His driving is MOSTLY not on key routes - but state highways and other roads. The country is becoming very well populated with charging options in addition to the charger 240V he added in his garage - actually same one as his dryer uses.... One thing he's said is that destination chargers that were often free at hotels was most of his charging. Uses the navigation tool in the car and has never had an issue.
My Model 3 turns 4 this December and I think I’m going to buy Tesla’s 2 year extended warranty for peace of mind. Especially with what happened with your autopilot! The warranty costs less than what you paid to replace the computer. Great video, Shelby.
Compare New with New. Not New with used. A warranty to warranty comparison makes much more sense.
She was using her frame of reference and price points. It makes complete sense.
My friend has 150,000 miles on his Tesla and has gone through 3 sets of tires and a $150 battery to run the accessories. Normally he gets oil changes every 3-4 months. He has saved thousands on gas and maintenance. He liked it so much that he just picked up a Model Y.
@ there is no oil to change on a Tesla. 🙄
Another great review. You are again, making good content focused on a finance topic. Love it, keep em' coming.
You forgot two mention two of the most important things: the huge depreciation of the Tesla after 5 years and the much better and more luxurious driving experience of the BMW.
I have an Audi a3 from 2001. I did 40.000 km in a year and not even a problem. From places -16 Celsius to +43 Celsius, mountains, beaches etc. I drove it in like 10 countries or more around Europe. I have paid for the car 1200 euros.
Also, I have paid once 100 euros for the 2 tires in the front, 50-70 euros for a battery, 18 euros for 4 pairs of front lights and 200 euros for change the oil, filters and breaks
Love that she has 'break pads' and not brake pads 😀
Great video Shelby, super detailed and incredibly fair. I feel that way every time I watch your videos.
The curb scratches on your rims 😂
women
We recently purchased a used 2021 Long Range AWD Model 3 and we love it. We had a BMW X3 prior. The Tesla is definitely less expensive to maintain in our experience. Tires were about $400. Per tire on the BMW and the other maintenance costs were pricey as well.
Where is depreciation? That's the worst cost by far. You can't get out of it by saying you will drive it forever. If someone crashes into you and the car is totaled, you're getting a check minus the depreciation even if the accident is not your fault. That's why you can't ignore depreciation cost.
2020 330i BMW with MSport package (so the brakes and tires were 😢 expensive when I changed them) former owner here.
Brake replacement and oil changes on a BMW are covered in the ultimate care + package. 7 years would cost you $2,700.
Doing the brakes without the package would cost you $516 a pair. Two Pirelli P7 tires $760. The package makes sense for oil and brakes (tires are not covered). Labour and parts are included in those sums above.
Insurance is depending on the driver. In CA, with Geico, it cost me $111 per month for a 6 month policy. $1k deductible.
For gas, in CA: Premium at the pump ran me around $100 from a quarter tank to full. Depending on the rates. At the highest, I spent $400/month on gas. That’s $4,800/ year.
Nice job with the Tesla info. I enjoyed the video. Just throwing in my old data to help your analysis. Cheers.
Fantastic video🔥🔥! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
If you are trading without a professional guide... Ah, I laugh, because you will stay where you are or even suffer huge losses that will prevent you from trading, this has been one of the biggest problems for new traders.
I think l'm blessed if not I have met someone who is as spectacular as expert mrs Fenella..
Highly recommended🙌
Wow, I'm surprised to see Fenella mentioned here as well. I didn't know she had been kind to so many people
I'm also a huge beneficiary of her..
I thought myself and my family were
the only ones enjoying Fenella
trade benefits...
Maintenance on an aging BMW is astronomical. You saved more than you thought, plus you would have rental car cost while the BMW was in a shop.
Tesla and all electric cars lose 50% of value in 2 to 3 years. That combined with sketchy quality has me keeping my Lexus. No issues whatsoever after 5 years.
80% of new cars (electric or not) loose 40% of their value in 2 to 3 yrs
Gas cars lose 60% the second you drive it off the lot, it’s just how cars work
@ No not 60% the same day you buy it, unless you severely overpaid.
@@DesmondNwanel tric cars lose their value much faster the non ice-vehicle and in a few more years those older teslas will be worth nothing yet the ice vehicles will still have value if taken care of
The new model 3 is a huge jump in quality + luxury. Would make a fun video to go test drive one and compare it to yours
the rim scratches at 06:05 🤣
It's a right of passage for females and model 3s. Tbh though.....a lot of dudes do it too unfortunately. As a model 3 owner myself, I genuinely can't understand why so many people lack awareness with curbs.
Lolll
Hoping of buying the Model 2 with my Tesla profits by 2026. Great video Shelby
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. She has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
''STACY LYNN STAPLES’' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them..
We recently bought a 2 year old, in perfect condition, low mileage LR Model 3 for significantly less that (43% off) original sale price. It is almost a free car compared to the old petrol car and fueling costs.
2nd hand is the way, let someone else pay for that initial depreciation. 👍
how about depreciation comparison ?)
worked at Tesla as a production supervisor, and I have a model Y! love this breakdown well done! although my tesla battery died on me at 113k miles smh but it was under warranty so it was free
great video - however depreciation wasn't taken into account
And the title is "TRUE Cost of ownership".... mmmm...
Great video! I have owned my Model 3 since February 2022. Without a doubt it is the best car I have ever owned.
Regarding Tesla insurance people need to be aware it might save many people money. A caution, however, is that in most states Tesla uses a Safety Score that is created by the car monitoring the drivers driving. Factors monitored include speed, frequent late night driving, fast braking, etc. In California, the state does not allow Tesla to use the Safety Score to determine Tesla insurance premiums.
Maybe in the future you could consider doing a test drive of the 2024 Model 3. For 2024 Tesla did a major overhaul of the Model 3 under a program labeled the Highland refresh. The refreshed Model 3 has various improvements such as a refreshed and quieter cabin.
I'm surprised nobody's mentioning the ethics of the CEO. It affects every part of a vehicle including safety and that's enough to cross it off my list of considerations. Being able to trust the values of leadership of an organization comes above cost calculations, performance, etc for me.
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.