The hidden costs of owning electric cars
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- เผยแพร่เมื่อ 3 ม.ค. 2024
- EV owners love their cars. But an 8 News Now Investigators' examination of insurance costs and other money associated with ownership of electric vehicles shows the bottom line might be a lot higher than consumers realize.
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I’m still trying to figure out who’s paying $6K a year for car insurance on a ford escape? That’s wild! And who’s actually paying $4K a year for a Camry? That’s ridiculous!
Right?? I’m paying about $1700 a year for my Camry and I’m in Cali lol
yeah lmao I pay double rates becuase im under 20 and I still only pay like 4k/y for my civic
No clue. I'm paying $130 a month for my Tesla, full coverage, plus some. So this whole report seems fake AF.
Yes, this looks to be an anti-electric vehicle video. Probably they inflated some numbers.
This floored me, I've been driving a ford gt mustang 2004 for the last 10 years (bought with cash), insurance 480$ full coverage for 6 months.
I'm never going to go past 2010 models for a while.
I am here to learn about the hidden cost of owning an EV. Then they lost me when they started by comparing the Model X with Camry. It is hard for me to believe there is no bias in this video.
Exactly. Comparing insurance costs of a $100K vehicle to a $40K vehicle is dishonest at best.
Don’t say EV , say Tesla that is the only EV that matters. Unless you don’t have an iPhone lol.
They also compared a teen owning a Tesla to an "old truck". lmao.
Yes wtf! Like saying ooh, a Mercedes G wagon is more expensive to ensure than a VW Golf.. well duh!
I was just about to write this same comment. A Camry isn't even close to the same class as a Model X.
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What is bro yapping about
"Glorified golf cart". Well that's a vote of confidence 😂
lol that is pretty much what the rental people told my parents when they rented a tesla to visit my wife and I. crazy part was, it was the cheapest opinion. My dad and I went to go charge it, took 45 mins from 20-80 % took us another 20 mins to figure out how to get the charge to 100%, who TF has time for that BS?
people who wants to save gas money @@Rheisler1475
@@Rheisler1475
AND there's the rub. The recommendation is to charge at 20% and it's "quick" to get to 80% using a super charger, meaning 40 minutes, but takes hours to get to 100% so in essence only 60% of the battery is useful meaning that whatever range the car maker quotes take 40% off that value.
@@Rheisler1475yeah, it's pretty hard to figure things out when you're stupid whose fault is that that you don't know how to operate that vehicle. Weirdo
And yet he's passionate about it. It appears @1776GalacticXRP has slow on uptake with humor.
Comparing an $80k Model X to a $30k Ford Escape? LOL give this man the Pulitzer Prize.
that price for a ford escape seems triple normal price
So glad you called that out
I wonder why the Escape has such high liability? Is it lack of visibility for the driver?
easy to steal @@BoltRM
@@THEBLACKMANISGOD82 ahh then joyriders crash it into something else
$7k for 12 months insurance? What?! My friend owns a Tesla and only pays $1400/year. Not sure who’s doing the math here.
Same here, i own a Tesla and my basic plan is $1200 per year, i believe the old profesor from the video is a Tesla hater
...welcome to the real world. Insurance is based on where you live, state and city etc., and your personal factors. Performance factors also play a big part. A RWD Model 3 won't get priced like a Model S Plaid.
I pay 150 a month for my Tesla performance
Paying $1300 per year for the Model X, I was only paying $900 when I was primary for the Model 3. This is in CA.
Just checked. Same here. Tesla Model 3 - older driver with a good record. $1200 for the year in Ohio. @@edpz5190
So we’re going to compare $100,000 Tesla model X versus a $30,000 Camry….
And we’re shocked that it’s more expensive to insure?
At least do model 3 versus Camry then,
At least, both of those are sedans, and both of those are somewhat reasonably priced .
The gap would be far smaller, obviously
Right?? Even my model 3, which is the price of a Camry, i pay 98$ a month for full coverage thru Tesla Insurance. But that wont engage clicks though, im sure.
Is it true the battery will cost about $20,000 to replace should it ever get wet from water splash on the road?@@IMAPOTATOZ
but that would not make headlines if they are fair... they need to spin it to make it so that the bias is correct.
1:13 Director: “Ok, now zoom in on his old hands. Yeah, that’s nice.”
Starting price on Model X = $68,590 starting price on a Ford Escape Plug-in Hybrid = $40,500. Yeah, insurance is going to be higher on the car that costs almost $30,000 more! Great job 8 News Now.
Good catch, I bet you they even specs out the model x to $120,000 and the escape to the min. Obviously this is paid for FUD by the auto union
@@dothework73 No big oil, Auto unions produce EVs too.
Yeah, comparing a luxury SUV to an economy sedan isn't quite apples to apples
Democrats, right?
Cult like belief in evs.
I was hoping more people weren't fooled by that. How are they going to compare insurance costs of a vehicle that's 2 and 3 times more expensive
This is the reason people don’t trust the news. A model X cost $90,000 to purchase. The Toyotas and Fords are economy cars and will cost $45,000 Max. Model X are in the same price range of Porsche or Audi’s. Check a comparison to those cars insurance rates.
Are you comparing Tesla to audis and Porsche 😮😮😮. 😅😅😅
@@ju4121 Absolutely He is, because Teslas are way more reliable, better performance and much lower total cost of ownership!
@@ju4121 Also I have a friend who's family owns an Audi dealership and he admitted to me recently that they make most of their money on service to the cars! Tesla doesn't do this and makes the cars as reliable as possible because they want to turn them all into Robotaxis in the near future. So Tesla has a very different business model, which requires the cars be as reliable as physically possible!
@@TheForwardThinkeryep my Audi A4 blew a cylinder head and turbo. Two issues I don’t have to worry about on my model 3.
@@ju4121 why not? faster, more reliable, less TCO, better resale value
As someone who doesn't live in Las Vegas, I just gotta say, WTF?? about those insurance premiums. That's the most significant hidden cost right there. There are other, cheaper, non-desert places to live where insurance is lower than a car payment.
Guess that’s the price you pay if you want no state income tax 😂
This was on my recommended list. I've lived in Turkey all my life and the algorithm decided a Las Vegas news station might pique my interest.
That's funny. Maybe someone who lives in Vegas was recommended a Turkish news channel to keep the world in equilibrium?
Name me a time when insurance companies reported a loss for the year.
No doubt, they even fund sport stadiums and all that expensive advertising. It’s a business
That's how insurance works. They HAVE to make money. If they don't make money they don't have money to pay claims. They are literally in the business of always making more than they have to pay out.
they got lot of goverment bail outs before.
They should be more regulated. No more expensive ads and wasteful race boats. It's completely unnecessary!
Self insure.
Comparing the insurance rates for a 100k car vs a 30k car is CRAZY lol. Also, there are two Tesla shops in Las Vegas. Who is doing these reports? 😅
The TV stations sales department. The sell commercial time to car and manufactures dealers. But, Tesla does NOT advertise.
We did it Joe😂!
I drove a lady to a repair shop she bought a brand new Tesla and she's already said she's selling it a bunch of cars piled up at the Tesla service center in line to get new parts she said there's a back order on parts she may have to wait 3 months the hell with that she said
@@dobermanguy9437 I just don’t understand this info going around. I have 1 service center in my city it was easy to get in and I had to have a major part replaced once and it was a quality issue the part stilll worked fine they had the part in stock. Also lost the center cap for one of my wheels once called had that in stock too and picked it up 20 mins after hanging up. People do you own research cause a lot of falsehoods are out. And there are TONS of Tesla’s driving around in the major metropolitan area I live in.
0:57 “now even though this real world person totally disproved the exact point we’re trying to make, we still need to finish this news video so we sat down with someone who will tell us exactly what we want to hear”
What kind of driver pays $5000 annually for liability??? They probably shouldn't be driving.
When I just got here in 2016, I was classified a new driver and my annual insurance on a $4000 car was $5600.
Today I pay $1500 annually for a 50k SUV
An idiot. I have my 2015 tundra and my wife 2023 model y for 180 premium in costco car insurance
It's mostly for their inflated ego and to virtue signal they're "environmentally" conscientious, not even knowing how big and more dangerous of a polluter lithium batteries are for the Earth in the long term.
People that live in Las Vegas. And most of the people here shouldn't be driving, but they mess it up for the ones that are decent.
My friend got a tesla model 3... her insurance with same coverage thru tesla insurance is the same price as was her 2014 bmw 3 series car. This reporting is absolutely made to scare people away from evs.
Did they really just compare the insurance bill on a 100k car to a 30k 😆? Why not use similarly priced cars
LOL! That’s what I said too! Horrible reporting.
Because they wouldn't have a video
I'm not sure their point, maybe that the fans tell you tesla is mainstream?
When I checked the Model 3 against the new Prius it was still nearly twice the cost. At multiple insurance companies. One of my engineers got a deer with his rivian. It took 5 months to fix and cost $27,000.
model 3 is 30k, model Y plus tax credit and discount is also 30k+
I pay the same for my model 3 as I did for my Camry (insurance). I pay far less for fuel/electricity and zero maintenance other than tires. I've had two idiots run into me and the repairs were no more than any other vehicle.
Going on 4 years and 60k miles. Best car ever. This video is a hit piece.
Indeed, the fossil fuel mafia will stop at nothing to kill Tesla😮
Same here.
Same here but who are you going to believe? Your own personal experiences and those of literally every Tesla owner you run into or a number cruncher who's never operated the vehicle?
Been hit in a Ev? Resale value?
@@raywhitehead730 Yes been hit twice. It's currently worth 60% of the original purchase price with 65k miles
Collision repair bills for any modern vehicles, especially electric vehicles, is outrageous. I work at a collision repair shop and I see $20k repairs for minor accidents every day
This, I have a Tesla Model 3 and I absolutely love the car and EVs as a whole, but I despise these bullshit repair bills for body work or any work due to collisions.
This is thanks the safety standard that all cars must now past. There are crumple zones in all cars, ICE or EVs. These zones fold in a collision to absorb the impact. This prevents the passengers body's from having to absorb this force. I would much rather get a new car or have a major car repair than break my leg, arm, hip, etc.
@@JBoy340a I agree, but EVs in particular are well known for costly repairs than their gas counterparts. Part of it is that production costs are very high for now until further innovation is made and the lack of parts in general or access to repair shops. Tesla in particular is worse than them all, since they are very well known for requiring a specialized service, limiting the number of body shops, and having a large delay in obtaining parts for a repair.
K but it’s MUCH worse if the vehicle is electric.
There was a Hyundai EV that was scratched in Canada, the repair bill was $40,000!
They won’t mention that because the narrative they’re paid to push is “electric car bad”
did big oil make y'all do this video?
We have a Bolt EUV. Our insurance went DOWN because of a multi car discount. Our electric bill went down because we charge during off peak hours on an EV rate plan. We have a gas car but save $100-200 on gas each month (depending on driving habits that month) by driving my EV part time. Is it a luxury car? Not at all. Does it have fantastic range? 249 miles to a charge. It charges slowly, but we also just drive it (like most Americans drive) to and from work, the store etc
“There’s no maintenance. No fan belts.”
“$15,000 battery entered the chat.”
$15 fan belt “LOL!”
Apparently it has no filter, so you get dirty AC
@@Dontatmebr0 the filter most people talk about is the oil filter EV’s do not have those. It does however have a cabin air filter all cars have those DUH! As well do you know how rare it is to have the battery replaced and it’s not $15k I priced it, it’s 9k and again it’s very rare to have to replace and the batteries come with a 8 year up to 125k mile warranty as well as the drivetrain. That’s like pointing out how much it cost to change an engine in a I.C.E car which is similarly priced and rarely has to happen as well.
Those insurance prices are insane for normal cars and the teslas.
Yeah, that's crazy amount of money for insurance
@@emotionalolThat doesn't mean the insurance price isn't insane. What a driver can afford has no correlation.
Those insurance prices are not on regular vehicles , they are only for EVs. Listen to what they're talking about. god some people are so stupid.
I considered a Tesla but the repair costs are really what concern me. I feel like I can’t truly afford one until I can afford two, just in case.
@@lookingthroughice7843 The comparison cars (Camry, Altima, and Escape) are all ICEs... you were saying?
I'm a Tesla owner. I've heard that insurance can be more expensive. I haven't compared the cost of my premiums lately. But they seem reasonable. This report is sounding like they started out with a conclusion, and then went out to try to prove it. Unfortunately, they clearly had a tough time doing that. Otherwise, why would they compare insurance costs on a Tesla Model X to a Ford Escape's insurance cost?!! Those 2 vehicles are no where near the same class. The Model X is Tesla's most expensive vehicle. It's loaded with performance and tech. The Ford Escape is a basic family hauler. It's a fine car, but easily a couple tiers lower by any measure. That's a bogus comparison. Even the next model down from the Model X, the Model Y, is a step up from the Ford Escape. Ridiculous! They sprinkled in a few honest tidbits. Yes. Tires wear more quickly. And yes, having your kid drive a used truck will bring down your insurance costs as long as it isn't a Ford Raptor. Bad reporting guys. The information you're imparting is flawed... and seems to be done so on purpose.
It’s like when people compare Glock to Sig Sauer. Gotcha! Tesla luxury is better than a ford soccer mom car; jus as Sig is better than Glock by miles.
Soo...you haven't looked at the numbers, but you know better?
SMFH
When I first bought my car back in 2018, I did compare. It was no more expensive than anything else I was looking at. Honda Accord Hybrid, Camry Hybrid, etc. I currently pay $934 per year in Central Ohio for my Model 3. Also, would you compare a Ford Escape to any luxury brand SUV? Is that a fair comparison? What would you say is comparable to a Tesla Model X? @@onemotherpucker
shouldn’t they compare it to at least an Edge or the Lincoln equivalent?
You're better than me in that you actually watched the whole video. Once I saw the dishonest comparisons they were doing, I immediately stopped the video. I only got half way through. I pay $87/month for my Tesla Model YLR. This was a hit piece.
Cancel that insurance agent!!
Never go to an overpriced agent!!!
Basically in ten years electric bills will be around a thousand dollars a month
Where the hell are people paying $7K per year for car insurance?
The Tesla is worth 100k so insurance is high. Plus its full coverage. $600/ mo on full coverage for a $100k car.
@@zlonewolf I still don't get how it could be that high. My 25k car new is $100 a month full coverage in San Francisco, which has very high insurance rates. Even extrapolating, that should be now more than $400 a month. And this video does a terrible job showing electric cars being more to insure, given they compares a $100k tesla to a $30k ford... And the 30k ford was still $6400 a year... So I'd say there numbers show the tesla is cheaper.
@@zlonewolf That FORD Escape cost about $38,000 new and the insurance was still $6,346. The reported numbers are insane. Your excuses make no sense.
@@Neojhun I live in Iowa and have full coverage on my Tesla Model Y. It's $120/mo and I'm male, 31 years old so still considered "high risk" even with a clean record. There is a small chance that the MSM could be lying via cherry picking because Tesla doesn't advertise and makes money selling EVs and Ford and GM provide about 20% of all their funding with ads and lose money every time they sell an EV.
Just this month Toyota recalled 1.8 million vehicles for faulty fuel injection systems making cars die on the highway. Tesla did an over the air software update that made the car nag you more often. Guess which one got all the headlines?
they aren't, it's propaganda
lol you are comparing the cost of insurance between cars with vastly different prices. No kidding the more expensive car is going to cost more to insure. If you look up the price to insure a $300k lambo it will be even higher
yeah but no one is telling us we need to go buy a Lambo.
@@Clearanceman2 Who is telling you to buy anything?
The government for one thing. They say we have to switch to electric cars to save the world 7 states have outlawed the sale of new fuel powered vehicles starting in 2035. Norway is 2025 and England is 2030. This is a first world world wide push. They ignore boats, lawn equipment, planes, jets, cargo ships, space X rockets, power sports, construction equipment and racing. But they are serious about making us switch over, GM says they won't make fuel powered cars after 2030 for example. @@PelosiStockPortfolio
Pelosi is @@PelosiStockPortfolio
Replacing a battering = $25K
Craig/the old man is absolutely right. No maintenance, no oil change, no belt change, and NO MONEY LEFT. Another expensive toy.
Comparing insurance costs between an $80k can and $30k car is laughable.
Oh and the last part about most people won't qualify for the tax credit.
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
Median household income in Las Vegas is around $61k so I think many people will qualify.
@@hopperbopper The $7500 is a point of sale rebate now (which means that if you and the car you're buying qualify, the $7500 will be taken directly off the price of the car.
It’s almost like being car rich and house poor…just saying.
@@hopperbopper it just went into effect on January 1. They are thirsty for our money 😂😭😅😭
A household making only 60k jointly should not be buying a Tesla 😂. Even will all the tax credits you should not be buying a car that’s more than 50% of your pre tax income 🤣
Shouldn't be any gov subsidies period. If they were so great they should sell themselves
The video completely lost me when it started comparing a Tesla vs a Ford or Camry. All these claims depends on so many variables. Which state you are living in. How far you commute or how often you drive. Do you own a home or are you completely reliant on the supercharger networks. I own a Tesla model 3 2023 and believe me it’s still been waaaaayyy cheaper than the Nissan rogue I used to own. Insurance where I live is $183 per month. My Nissan rogue was at $147 so honestly it really wasn’t that big of a difference in the end.
Seeiously, comparing a Tesla to an old inki dinki truck he would let his high school son drive. That’s then only way they can prove that teslas are bad lol
The quote is for the same person and place just different cars.
Anything is better than a Nissan Rogue, yikes. I'd like to know how the model 3 stacks up against a Lexus in terms of build quality and reliability...
exactly !!
@@Chad_Max as I’ve told friends and family asking, I’m not a blind Tesla fan and definitely know that true luxury cars like say Lexus, Mercedes and BMW are higher up there in quality, Tesla is above Nissans and Toyotas Hondas etc in the general opinion but in mine I wouldn’t compare my model 3 to some Mercedes for example. However this video is definitely not comparing it fairly that’s for sure
Insurance premiums as quoted in the USA are INSANE! We pay only one tenth of these prices in Australia for comprehensive insurance to cover property damage and theft. Even if I was to add in our TAC charge for personal injury and public liability that is still only another $700 for me. All told less than $1,500.
Submission and stupidity have real consequences.
I’m rather disappointed in this journalism. You compared a luxury electric vehicle to an economy car. Try putting the Tesla X up against the BMW SUV.
Those are insane insurance prices. I have 2 expeditions with 100k/300k full coverage and it is 1800 a year for both combined. Something feels fishy here with those quotes.
That’s a great deal. With who?
@@AA_BB_CCC just geico nothing special.
Do you live in Las Vegas? Auto insurance rates vary greatly state to state.
It's very significantly different from state to state. It costs me roughly $500 per month for a 2023 BMW 228i and 2004 350z in LA. California (and Vegas as well) has a lot of uninsured drivers and thus that part of the bill is incredibly high. Living standard is also very high so repair shops cost more. Car culture is also more of a thing, so more accidents and drunk drivers.
My most recent call to my Allstate agent asking about price matching other companies' quotes resulted in them telling me that the race between insurance companies is who can raise their rates faster b/c they're all losing money here and want to get out if they can't get approved for more rate hikes ASAP by the gov't. It's a sad state right now with inflation and illegal immigration. The world is completely upside down.
@@kennethko1534 So basically it is no more expensive to insure an EV than it is to insure any other vehicle of the same class? And still the article is BS.
WRONG, I’m an EV owner in CA and the electricity cost is now more expensive than filling up with gas. PLEASE listen, as an EV owner it’s a horrible choice to go electric. Don’t fall for the EV colt mentality… I’m telling you as an EV owner myself.
Folks, EVs are very specific vehicles, where there is no existing aftermarket for either parts or repair. Everything must be done by the dealership, only. Further, there are no universal components shared among EV vehicles, other than tires, and maybe wiper blades. Second they carry a hefty risk should they catch fire. These things drive the cost of ownership through the roof.
Further, warranty on your battery pack, does not mean you get a new battery pack under warranty.
THERES NO CAR REPAIRS UNTIL YOU HAVE...TO...REPAIR...YOUR...CAR...😂😂😂
I’ve had a Nissan Leaf for two years.
I’ve spent $150 on maintenance total.
My insurance is been $1k per year.
Sadly my instance is 4k per year for Chevy bolt. Some states insurance just may more expensive for no reason.
Who is the provider?
@@richardmenz3257 you're being ripped off or something else is up. I pay approximately 1400 per year for my bolt
I have a Tesla Model YLR. 2023. I pay $87 a month to insure it. I don't know anyone spending $7k a year to insure a Tesla.
@@nahma233the only factor that goes into insurance rates (minus the obvious of age, gender, etc) is how much insurance companies have to pay out on average in that area. some areas have big time car crash lawyers that make this number go way way up which makes insurance rates go way up. im a younger kid with a car worth about 5k and I pay 4 times less than my parents who are 60. they do have a newer car but theres no reason for it to be that much more
I am 58 years old and have been insured with USAA for over 30 years. I just inputted a 2024 Tesla S for full coverage and the 6 month premium would be $931. I have a 2018 BMW M5 that I purchased new and last year my premium decreased from just over $800 every 6 months to $608 every 6 months for full coverage. Coverage is for San Diego County. The prices channel 8 is quoting seem out of line unless vehicle insurance in Las Vegas is that high.
I pay 1200 dollars a year for comprehensive insurance on my Performance MY and only have a 500 dollar deductible.
I copied you to compare the 2024 Tesla. $2,974.26 for 6 months. Assuming it’s not a loan / lease & I drive 12,000 a year & 1 car on policy
it's not. in Brooklyn New York, it costs $750 to insure (monthly) a 2022 corvette base model for a 50 year old guy with no accident history. total scam price
I pay $87/month to insure my Tesla Model YLR. I don't care if you live in downtown Beirut, nobody is paying $7k a year to insure a Tesla. This is a hit piece. They want to bash Tesla and came to a conclusion first, then made up numbers to back up their phony story.
EVs weigh more than their comparable counterparts as well, making the damage greater at a comparable accident.
There actually IS maintenance on electric cars..the owners just neglect to do it!
Oil company check has been cashed I see
Didn't need it. Ford commercial played on the mid-roll and I'm sure GM commercial played for those who watched it on TV.
Tesla doesn't pay the protection fees for this MSM racket.
lmao! Sponsered by Exxon. Btw, you know Exxon owns Lithium battery tech.
Here’s some personal and real life numbers. My wife and I own a 2023 Model Y Performance and a 2022 4Runner Limited. Our coverage is the same for both that includes 300/500K bodily injury, 100K property, 300/500K uninsured, $500 collision and $200 comprehensive deductibles. We also have car rental, towing and mechanical breakdown that is basically an extended warranty. This is through Geico and we also have a $1M liability umbrella and I have GAP through my lender on both. So we’re covered. The insurance cost $994 for the Tesla and $539 for the 4Runner every 6 months. The umbrella is a couple hundred dollars a year, if that. So the figures they’re quoting are exceptional and may be for subpar drivers. Our 4Runner with all time 4 wheel drive is killing us in gas and that makes us appreciate and advocate for the low cost electric. Charging at home is like 10 cents or less per KW compared to Tesla Superchargers at about 30 to 37 cents. So those are the facts but your bias will always prevail and good on you for whatever you choose.
Your story may be completely true RIGHT NOW....but within 1-3 years EV owners are going to get hit with a slew of new "fees" and taxes. These politicians have you right where they want you. New Zealand and Australia have both begun instituting these money making (for the government) ways to extort lots of money. You'll see. Oh, almost forgot: home insurance companies are taking a close look at homes with chargers because of the many fires they have caused with these runaway thermal fires with lithium-ion batteries.
Yea my insurance is similar. But I don’t live in Nevada
This is real facts… limits and deductibles.
Yeah but the best part about the Tesla is the Little women and children in third world countries that are forced at gunpoint to mine the Cobalt and the lithium out of the Earth in the Congo. Did you know that Elon musk's family are precious stone minors in Africa? So every time you drive your Tesla just think about the little children that died so you can drive your golf cart
Australia is 3x that per Kw for electricity at home😖… 34c/Kw
The job of a news provider is to create articles that are fair. This article is so bias. Such a sad day for journalism when news provider decides to give a lopsided information, bias, and poor job at creating an article that presents facts.
Comparing and escape with an X is idiotic, the escape starts at $28,000 and the model X starts at $79,000 🙄
Those numbers are a crazy. Even for a normal gas car.
I'm 27/Male and have a 2020 Modely Y(bought new) and when I was initially shopping around for full coverage insurance(when I was 24). I was given quotes between 120-250$ a month.
I went with 120$ a month and i'd imagine i'm not in the greatest bracket for pricing giving my gender/age.
You can get a 50cc scooter with 120mpg (equal to many EVs) for under $5k and insurance, registrations, & fees costs les than $100/year. your EV is keeping you poor.
@@kevinmanan1304ah yes that just what we need a freaking scooter that exposes us to the elements and we’ll risk life and limb because the only protection we’ll have is a helmet. I’ll gladly spend more for more comfort and protection on the road.
A few years older than you and my auto insurance cost about the same for my 2020 model 3.
@@xtrey19x just priorities bro. You get a shiny new EV car and I get the decision to retire at 55. At least your car is fully insured for the month for the same amount amount I spend a year
@@kevinmanan1304 I also have savings and investments. Make sure you keep paying that mortgage every month because I need my REIT dividend payouts on time 😉.
Furthermore, I also plan to retire before 60 and not riding that scooter on the highway will increase my odds of actually making it to that age.
I'm in the San Francisco Bay Area and we had a 2013 Prius that was totaled. We bought a 2023 Model 3 and the insurance premium through Tesla Insurance is $40.00 less per month with more coverage. This article is what he media does best... Poor journalism.
The Prius is similar because it is expensive to replace the catalytic converter.
Just crossed the country in our Model Y, when we arrived my father in-law wanted to show off his new Prius... He couldn't get the nave to connect to apple car play or his phone pocket to charge his phone.
He got in the Model Y and an hour later had an order placed before he even verified that he could return the Prius.
Journalists hate Tesla because Tesla doesn't advertise. They are talking about "slowing growth" when EV sales went up by 58% in 2023 to mislead people and give GM and Ford time to work out the bugs in their EVs that are selling at a loss.
This is LV prices
Just wait
@@s.v.5829 By far the best car and the most fun to drive I have owned after having BMW's (in my 20's), Porsche Cayenne and 911 (in my 30's), Toyota's Prius's in my 40's) now a Tesla (I am 53). It has its quirks and there is room for improvement but after 6 month and 11K miles, I would buy another.
Tell father-in-law congratulations 👍
Making one battery for an electric car will do more damage to the environment than a gas guzzler will do in 60 years
The car insurance prices are non sense. Not even close to the actual cost. What a terrible worthless segment. I wonder what union car company paid for this.
Wow, in Finland, where I live, I insure my Model S for 1200€/year, and that's with everything covered, like glass repair. 1200€/year is considered very expensive for insurance around here.
Insurance in Las Vegas is extremely high because people are allowed to purchase alcohol 24/7, consume it anywhere, and there are a ton of DUIs …that’s what that little comment about “and in this town, you’re gonna have some damage” was about
How do I know? Was actually planning on moving there recently cuz a lot of other cost of living things are cheaper there
SAY hello to Kimi Raikonnen if you see him
“In this town, you’re gonna have some damage.” That’s a bold claim to assume every car is going to be damaged. They’re basing this on the guarantee that you’re going to get into an accident.
I’ve lived in the Bay Area California for many years and have never had a significant damage accident on four wheels because I am a pretty defensive driver. Two wheels is a slightly different story 😅.
Ya, that was a weird quote, I'll be sure to stay away from Vegas with my car.
Honestly, the idea that you need insurance to cover everyone else who is also required to have insurance to cover everyone else is actually absurd. Insurance should be completely optional and cover yourself only..
Misleading. there is a 20K difference in value between Tesla and ford listed. Yes buying a 50-70K tesla will cost more in insurance than a 30K (other) and a 120K BMW will cost more to insure than an 80K telsa. duh. These aren't hidden costs of owning an EV. They are perfectly expected costs of buying a 70K car
Cost of insurance depends on cost of vechicle too Ford escape cost much less than Model Y. Better to comparare to BMW or mersedes
The insurance cost for that Gasoline $38,000 Ford Escape is insane. That's someone with a horrible driving record.
No one seems to be talking about the cost of electricity to charge an electric car, especially here in San Diego where we have the highest electric costs due to our uncontrolled SDGE costs, thank you PUC.
Tires at 7,000 miles, insurance sky high, unbelievable repair costs, battery replacements that are more expensive than the car, can’t get range at extreme temperatures or unfavorable road conditions, no chargers, broken chargers, long wait and charge times, etc…. thank god I don’t have to do an oil change!
I’m 25 male and own a Model Y 22 and Model 3 23 and combined I pay $308 a month for both. That’s with a recent 96 in a 45 speeding ticket. Before it was $160, no way they are actually trying to sell those fake numbers for insurance lol
You’re fake.
Not bad. How much is each payment for the cars?
@@tomc8157 $308 a month is "not bad"? 😂 I pay $537 for 6 months
@@CarShopping101 I don't care about that part, I was interested in the other half. I pay 50 a month for 2 cars.
What city ?
How can they compare insurance rates between a $75,000 car, and a $30,000 car? Of course the Tesla will be much more expensive to insure than a Ford Escape.
But the Ford Escape annual insurance still cost $6,436. That is some wild numbers.
@@Neojhun don’t think one can put too much stock in these numbers. I have an EV that cost around the same as a Tesla, and my insurance is about $2200 a year.
You are comparing the most expensive Tesla to the Toyota Camry and Nissan Altima? Seriously?
4:07 Next day bros insurance rate doubled 😂
Key takeaways from this video.
-The man who’s a Tesla fan owns 4 Teslas, obviously a wealthy guy, so him and others who can afford a Tesla likely wont be affected by any repair or insurance costs. Kind of like how Range Rovers are extremely unreliable but they keep selling because the owners dont mind and can afford the repairs.
-What kind of insurance rates are those for? A 16 yr old kid? Those rates seem awfully high
Probably why you should not be comparing a $60-$120,000 car to a Toyota Camry
@@aigtrader2984 They probably cost about the same per pound. A Tesla is like 1500 lbs heavier than a ICE of the same size
A simple fact is that the cost of repair is not due to the fact that it is an electric vehicle, it’s due to the mindset of the companies making the vehicle who simply want them to be more difficult and expensive to repair, so that people come to the OEM to repair, or if that option is to expensive comparatively, to pressure the consumers to buy a new car; either of these options clearly grow their bottom line, one way which this is clear is something you guys said in this video, many shops are unable to work on teslas, this isn’t because they don’t have the expertise to fix cars, it’s because Tesla tries to use software to make the cars unfixable by anyone but them.
You are absouletly right.
A battery problem in an EV will result in replacing the whole array of batteries as you can't just take one a cell and replace it. And the cost of batteries itself is 2/3rds of the car cost.
Old guy says there's no maintenance, no oil change, no spark plugs. He forgot one thing - there's no future!
This is a ridiculous segment. They are comparing the insurance cost of a Tesla Model 3 to low priced cars. Compare it to a BMW 3 series. They even compared the Model X to a low priced car. The Model X is a $80,000-$100,000 aluminum body car. How about comparing it to a Range Rover which is also aluminum. And to say that an old truck is less expensive to repair when in an accident, ok but it's not the same class of vehicle.
We sold ours because the cost of operation. Plus a huge hassle. Owned it for 5 months
What did you have?
In my opinion, insurance is a big scam
It costs a lot to feel virtuous. No gas, no gas tax, so the rest of us get to pay for maintaining the roads.
I have a Mazda cx5 2019 and pay $180 a month for insurance with State farm. My friend just got Model Y 2023 and he pays $130 monthly through Tesla. We are about the same age, have relatively similar coverage, the only difference is he lives in a less “accident risky“ area, however his car is worth more than mine. To summarize, he actually pays less insurance than me. Just my personal experience.
Did you guys just compare insurance cost of a 100K vehicle to a 30K vehicles? Hahahaha.
Fuel alone will cost an extra 2K a year and what about oil changes, tune ups, brakes, transmission flush, coolant change, fuel filters, smog checks, O2 sensors?
I agree there might be a hidden cost on insurance but it’s not as much as you reported. You need to compare 100K cars with other 100K cars. Try BMW X7. What’s the insurance on that thing? Also what about all the hidden costs of ‘ICE’ vehicles like the items I mentioned?
Not great reporting here. Btw, I drive a gas guzzling 4x4 SUV. Maintenance is much higher compared to wife’s Tesla. Insurance is only slightly better.
When ur battery goes good luck its not cheap lol😅
@@davidwade7681 400k miles is the average life cycle of a Tesla battery. That said, the $35,000 LFP Tesla Model 3 has never had a battery failure and 1 of them is up to 700,000 miles. In theory it should last about 1.3 million miles. 6000 cycles multiplied by 270 miles range with a degradation factor of .85.
How long will your engine last?
I love how the BIGGEST argument in this entire video is "Teslas and other EV's cost a fortune to insure and repair, but if you drive an older vehicle, you won't have to pay out as much". I'd seriously freakin HOPE "that old truck" would be cheaper to insure and repair than any modern car, EV or otherwise.
Model 3 are $40k... why such a freakout with insurance companies?
Sooo the prices aren’t the cars it’s the insurance … 🧐
Don’t forget states are raising the license plate registration fees to many times over an internal combustion engine vehicle because EV’s don’t pay any fuel taxes. Fuel taxes are used to build and maintain streets, roads, highways and bridges. Additionally with automakers cutting the range of EV’s to reduce sticker prices there is a lot of places an ev owner cannot drive to outside of metropolitan area and they won’t be able to do so for decades to come. Additionally EV range is dramatically cut in cold weather and if the battery charge is below a certain amount the heater and ac cease to function. EV’s might be ok in cities but they are not usable in urban and rural areas and have severe limitations on long distance travel. A Ford executive recently tried to travel across the country in his ev f150 and had to curtail his travel plans because of charging station availability and functionality. Lastly my cousin purchased a Tesla and he was told by his insurance company that he could not park it his attached garage because of fire hazards and if he did so and it caught fire he was not covered for damage to his home and his car.
The insurance quotes in this piece are insane regardless of the car type. Around $4,420/yr ($368/mo) for a Camry or Altima? Who’s paying that?
I pay about $118/mo ($1,416/yr) to fully cover my Model 3. What is this reporter talking about?
Wow, I pay $3,600/yr, 2 drivers, 4 cars (2 Teslas, 2 gas cars). Who’s paying $4500/yr for a Altima?!?!?
The benefits of looking rich and getting looks outweighs the struggles
This is hilareous. I seems someone in the Channel 8 sales department said that Tesla was cutting into their revenue because they don't sell through dealers that advertise on Channel 8. And they made the news guys discredit Tesla specifically and EV ownership (which do not need services) in general.
I just bought a cherried out 2004 Honda Civic for 1k, and I can fix it myself, with no fancy computer in it, etc
Lucky, unfortunately my car still going 10 years strong , looking forward to having a unreliable car again like in my teens .
Congratulations on being able to purchase and work on your own vehicle.
how do we tell him that pretty much every car since the 90s have computers in them
@@TypicalBlox I don’t know if he knows that meaning of the word
My god. The guy at first says the main advantage is little to no repair, they continue on to say that repair is a great expense. Feels like a piece funded by oil money tbh
I drive a model y currently and have had 6 Tesla’s (none in accidents wanted to try different versions/ranges). My current rate (through Tesla) is $130/mo. I did have progressive and geico and liberty (to try the rates out, Tesla Insurance was just the better choice). I don’t pay for maintenance, only for tires (and yes they do use up quicker) but I think it’s worth it, especially how cheap charging is. I charge at home mostly. And if you need any thing replaced (like a normal car) it’s about the same or less but Tesla does wonders for me. I love the mobile Tesla service and much more. For me at least I enjoy everything and haven’t had any minor or major issues with my Tesla or insurance coverage.
If you're paying the high insurance rates they're quoting in this video it's because you've never shopped around. Insurance companies just love those kind of people, year in and year out.
Not in the UK they're not. EV insurance figures are literally rocketing. One guy on the edge of London had his premium go from £990 pa to £2300. Of course he went to shop around and was not even offered a quote at three mainstream insurance companies.
I’m paying $1,400/year for insurance (Model 3 Performance).
I pay $100-$150/month for Supercharging, compared to $1,000-$1,500/month for filling up premium gas for my previous ICE car. I save like $11,000 per year! I’ll save even more when I can charge at home a few months from now 👍
Holy crap! I have never known anyone paying $1000-$1500 per month in gas. That is crazy.
Bro I spend like 100 dollars a month in gas. You driving to California to New York everyday?
🤣@@murmaider2
The true hidden cost is driving a soul-less car that sounds like an Epson printer.
I’m watching this video from Tokyo Japan. I once lived in Chicago. In the freezing night, police car and sheriff car patrolled announcing “If you furnace is broken, we will take you to a hotel nearby” The CEO of the EV company and your current President didn’t know of battery problems in the freezing weather,
before selling EVs?
I used to drive a charger V8 same price as my model 3 at the moment. What surprised me was the registration cost.
I know same here. 4 years ago I was in Las Vegas NV energy meeting and tried to bring that up and the host of the meeting didnt' think the registration was high at all.
Ev tax since we don’t pay gas tax at the pump
Germany introduced a monthly commuters ticket for all regional public transport (train, bus, subway) that is valid in the entire country for roughly 50$/month. A measurement to support people after covid and the war in Ukraine.
Initially I thought about getting an EV but after this government measurement I decided to sell my car and switch to public transport completely. Now i spend 50$/month on transportation. Before - when I owned a car - it was several 100$/month.
well, the public transportation in the US is an expensive and unreliable system. It only makes sense in bigger cities the risks you take in places like NYC is not worth it.
@@mrbob9556 I didn't know there is another way to get into central New York than public transport. Where are all the parking lots?
Congratulations on living in a small developed nation with decent infrastructure.
North America doesn't have that luxury.
Of course a 70k car is going to be twice as expensive to insure as a 35k car. It's twice as expensive. What a shock!
$3500 more a year for insurance is no big deal. It’s a drop in the bucket.
I'm 50, I got quotes from Flo of $2,400 for the 3p and $2,200 for the Y new in 2023. 50/100/50 full. Did this guy quote his high school son for a new $100k rocket?
Yeah probably. My rate is actually under 2k for my long range Y and I'm a man under 35. Its great to live in Iowa!
Breaking news: a brand new luxury vehicle is more expensive to repair and insure than an “old truck”
luxury vehicle, that didn't come with buttons
This makes me hang on to my 00 maxima even more lol $450 for the year and still runs like a champ.
The question is - is the problem with Tesla or the insurance companies? Sounds like one entity isn’t interested in paying you out when something goes wrong. How convenient.
I speak for all of us when I say 99.99% of Tesla owners are never switching brands.
Well it does 0-60 in 2 seconds so that just automatically makes it the fuckin greatest car in the universe 😂 cuz we need that
Facts. Only people that don’t have a Tesla love to hate on them.
@double_joseph327 hate on tesla 😂you mean the car with a symbol of a dagger 🗡 and people die locked inside when it decides to burn or drive like it's possessed by a demon no thank you.
@@MrsAmy24.7stop just stop doing drugs. Don't make up a scenario or worse use a rare event to fit your agenda.
I just saw ICE cars act up wildly for no reason. It happens to any car.
I don't think you are serious... 😂
No oil changes ? lol so the gears just spin with no lube ? Nice
There is a gear reduction box that needs maintenance, oil and a filter replacement. Some also have final drive box more oil . Much people don't know that. They listen salesman that just trying to make a sell
I laugh at people who thinks there's no maintenance in EVs. Brakes, suspension, tires, coolant and gearboxes still need maintenance.
The uber drivers are not counting depreciation. The depreciation on that tesla will be far more than the gas they have saved.
You love your Tesla wait till its out of warranty....
What bothers me most, is wanting to take a long trip and having to stop for hours to charge.
On my last trip from Tampa to Atlanta and back (950 miles) I did about 17 hours of active driving and 2 hours total for charging. Of course, while it charged I grabbed food, coffee, bathroom break etc... Yes, it is different than doing the trip in a gas car, there is no denying that fact. It works for me, though.
If… and that’s a big word… you can access rapid charging stations, the EV would add about 2.5 - 3 hours to an 800 mile trip (determined by a you tube video of a Tesla driven from DC to Florida, charged 5 times during the trip (Tesla indicates rapid charging will reduce your battery life). If, you have to wait to access a rapid charger, the the time increases.
If you are forced to use a slower charger, it will add hours to your trip.
If you drive 200 miles and can only find a working 240V charger, it’s going to take 7-8 hours to charge your battery. On an 800 mile trip you will have to do this 3 times, 3 X 7 = 21 hrs, and again after you arrive another 7 hrs, 28 hours total.
….
If your lucky, you will be able to find 3 working rapid 440V chargers, 3 X 40 min (2hr) plus one 240V charge 7hr for a total of 9hrs waiting for the battery to charge, IF there is no one in line ahead of you… just to achieve an 800 mile trip.
…
In reality however, it’s more likely you will wind up
1- waiting inline about 45 min to access a 440V charger of which you will find 2 working.
2- you will have to use 2 240v chargers, and you will have to wait for those.
Your trip time will increase by about 17-20 hours.
@@tjhessmon4327 And why would I want to use rapid charge, knowing it will decrease expensive battery life? I would NOT!
Nice math work there…
@@tjhessmon4327 How many road trips have you done in an EV? I've done 10 road trips in the year I've had my Model 3 for a total of about 6,000 miles. The longest trip was 1,100 miles. I have never had to wait to charge at a Supercharger, although I have to agree that it would be very inconvenient if that did happen. Only as a very last resort would I attempt to charge using 240V charger. Works great for overnight charging in my garage, but impractical for road tripping. I wanted to buy the Mustang Mach E instead of a Tesla, but there were none on dealership lots in 2022. Glad I went with Tesla instead. The reliability of the Supercharger network makes it great for longer trips. I have no experience with non-Tesla chargers and have heard other charging networks can be a nightmare to use. One major negative, in my experience, is destination charging. Most hotels do not have a charger, so I've sometimes had to sit at supercharger for 20 or 30 minutes before arriving at the hotel so I would have enough "juice" the next morning. This doesn't get talked about enough.