Our 5-Year Tesla Ownership Cost: Most Misleading Price in Automotive History
ฝัง
- เผยแพร่เมื่อ 18 พ.ค. 2024
- Thanks to @ClimatePower for sponsoring this video, to get the EV facts you need to know for a clean energy future text KIMJAVA to 43464 or visit climatepower.us
By texting KIMJAVA to 43464 you agree to receive recurring automated text message updates from Climate Power. Text HELP for help, STOP to end. Message & Data rates may apply. Privacy policy and terms of service: climatepower.us/privacy_terms
2023 Model 3 va BMW 330i true cost of ownership analysis
Model 3 Five-year breakdown
www.edmunds.com/tesla/model-3...
BMW 330i Five-year breakdown
www.edmunds.com/bmw/3-series/...
2019 Model 3 vs Camry vs Audi Study
deepwatermgmt.com/tesla-model...
Follow Kim On Social:
Instagram ► / itskimjava .
X ► / itskimjava
Facebook ► / itskimjava
Shop our store and support this channel ► www.itskimjava.com
Use our referral to purchase Tesla products & get free credits you can redeem for awards like Supercharging miles, merch and accessories ► www.tesla.com/referral/pedram...
Our EV reviews playlist ► • EVs vs Tesla Reviews
Timecodes
0:00 - Intro
1:13 - US EV adoption doubles
2:11 - Our 2018 Model 3 savings
4:32 - Model 3 vs Toyota Camry savings
4:52 - Model 3 vs BMW 330i
6:21 - Enviornmental Impact
8:29 - EV jobs
9:05 - Share the good word
My Tesla DIY series Playlist ► tinyurl.com/y5y9dwhj
Our equipment, camera gear and more ► linktr.ee/KimJava
Kim's Favorite Tesla Only Accessories:
Tesla Wall Connector tinyurl.com/y3ax7t3z
Cyber Backpack (Use code KimJava for 10% off) ►tinyurl.com/bdcuxtb5
Fave M3 & MY Sunglass Holder tinyurl.com/22rnjk2v
Fave M3 & MY Camera Covers tinyurl.com/29mrtv48
Kim's Tesla Accessories With Discounts:
SCENT WEDGE (10% off with Code KIMJAVA)
Cedar Car Freshener in shape of Cybertruck tinyurl.com/52k8fkba
Cedar Car Freshener in shape of Semi tinyurl.com/4uf8ky3x
Clip on Scent Bundle tinyurl.com/53rc5695
Walnut Console Overlay tinyurl.com/2xktv62a
Desk Wedge for laptop desk on driver's seat tinyurl.com/4samv639
Kim's Favorite Car Accessories:
Waterless Wash Tesla Cleaning Supply ►a.co/d/chjzhJc
Scented Car Diffuser ► tinyurl.com/2p8epb2w
Cleaning Car Gel ► tinyurl.com/2ck9s7va
Travel Car Tray ► tinyurl.com/ytnjrhzj
Sunglass Holder ► tinyurl.com/38cmk68w
SUV Air Mattress ► tinyurl.com/ur8df3f
Baby Car Seat Cover ►amzn.to/3I8rW1b
Kim's Filming Accessories:
Kim's Teleprompter ► tinyurl.com/5f48tx7d
Kim's Boom Mic ► tinyurl.com/5n7366s2
Kim's Wireless Mic ► tinyurl.com/5xh8v6cf
Kim's Mono Mic ► tinyurl.com/2s3tnrzu
Kim's Outdoor Windscreen Mic ► tinyurl.com/y95ptux7
Kim's Camera ► tinyurl.com/3kx96ak9
Kim's 50mm Portrait Lens ► tinyurl.com/mrx9j9ad
Kim's 105mm Telephoto Lens ► tinyurl.com/3evd4d6e
Kim's 10 to 18mm Wide Angle Lens ► tinyurl.com/56xrzjak
Kim's Digital Camera ► tinyurl.com/ym844exm
Kim's Camera Backpack ► tinyurl.com/5n6tzd7p
Mini Tripod ► tinyurl.com/y5p6zhwv
Small Tripod ► tinyurl.com/y5efdjku
Traveler Tripod ► tinyurl.com/nsn42wbk
Camera Stabilizer ► tinyurl.com/mry4y8j8
Bright LED Video Light ► tinyurl.com/369vuf2x - ยานยนต์และพาหนะ
Thanks to @ClimatePower for sponsoring this video, to get the EV facts you need to know for a clean energy future text KIMJAVA to 43464 or visit climatepower.us
there is one major flaw here. Reliability. The reliability of tesla batteries make it such that overtime the range becomes lower and lower. The Toyota camry is a good choice because it gets good mpg and lasts for a very long time. It will still be driving in 20 years, while the tesla will struggle as the battery deteriorates further. Then it becomes more expensive as the battery may need to be replaced. Good video though.
A few thoughts came to my mine.
1. your cost of fuel is about $38 per month, how much do you drive per month? it seems way too low, I would've expected $80 per month, which seems more reasonable.
2. your insurance is really low as well. i have seen folks paying $150 per month for insurance, yours is like $100 per month.
3. camry resale value seems really low for a toyota. they typically depreciates at around 20-30%, not more than 50%.
If you:
* don't need to tow
* don't regularly drive long distances
* have a place to charge at night
* have the money to buy something beyond an economy vehicle
You should totally get an EV! I have one but I also recognize the limitations for certain use cases.
* Then why is there a TOW hitch option for the Model Y, not to mention I have personally seen tow hitches on the Model 3 too…
* As for long distances | overnight charging, Superchargers, and various other third party chargers of varying capacities…
* Most people that buy economy cars tend to keep their car longer, which breaks even with EV’s after five or six years…
Plus still have to contend with the constant petrol price fluctuations, and the increased maintenance issues annually. What will petrol prices be six years from now…
🤔
@@superzero4250the built in hitch in Tesla is for transporting bikes. Never ever saw a Tesla tow anything.
@@Nascarstatman. Most batteries are rated for a million miles. So far there have only been a few examples of them going that long (simply because most people don't drive that much in the short period of time modern lithium ion car batteries have been around)
@@Sergei__v You live a sheltered life then. I literally saw a Tesla Model 3 towing a motorcycle over a mountain pass, also hauling one of those small moving trailers too. Tesla’s have the torque to do the job, and the horsepower to get it done…
Plus you can just do a simple search here on YT, there are plenty of videos of them towing a myriad of things…
🤔
@@Nascarstatman. You buy ICE vehicles that last ten years or more than 500,000 miles?
Fuel costs are a very small portion of TCTO of a new car. In my case, fuel is $0.05 per mile vs $3-6 per mile total. This is mainly depreciation ( Thanks Tesla for the recent price cuts) 😕 but does not include interest on loan or most important, loss of use of money. If one is not contributing the MAX to your retirement plan, you should not be buying ANY new car.
Tesla's price cuts are no different than a legacy automaker offering a rebate on the current (or prior) year's model. People don't complain about how rebates affect the depreciation of their car. The reason that price cuts affect Teslas is that they rarely get visual updates. A 2018 Model 3 is identical to a 2023 Model 3. A $3000 drop in the cost of a new 2023 will drop the value of the 2018 by the same $3000 because people view them as the same car. The upcoming Highland and Jupiter models will shake this up a bit.
@chiplangowski3298 the 2023 model has the 4680 battery which only costs 5K to replace.
Most tesla owners buy the car for practicality and not the looks so keeping the same visual is no big deal. If u understand how they build cars with the most profit, it is due to the above.
Fuel depends on what the ICE is running at, 25mpg premium fuel for BMW vs a 50mpg regular fuel for Honda Civic would have a big cost difference over 150k miles compared to electricity cost.
Oh yeah u didn’t mention battery replacement 22k bucks
@@DiemNguyen-mz7hp Full battery replacement is as rare as ICE's engine and transmission both blew.
Owned my tesla model 3 performance for 4 years and over 70k miles. Love it. Swapped one set of tires and one set of air filter. Otherwise maintenance free. Don't have to deal with dealership which is a massive plus.
I have 2012 Toyota Camry and have had it since new, 2 sets of tires oil changes and 1 brake job. still less than the $4000 show me what maintenance was done that cost $4k in 3 years to a Camry!!! 120k miles
Do you follow the manufacturer recommended service schedule, if not or you service yourself, not relevant for most.
Fantastic video Kim - such great breakdown of costs. I’ve had an almost identical ownership experience- and with solar panels, we’ve spent almost nothing on gas/fuel/energy 🚘
Comming from bicycle commuting I have actually noticed an increase in my transportation spending. But I have to admit that electric vehicles get you from point A to point B faster than a bicycle. Keep up the good work in educating people about the benefits of going electric.
Yeah, we need more bike lanes and bikeable/walkable communities. More mass transit. Far better for environmental and financial sustainability. Electric car culture is still terrible.
An EV is worlds better for you than bicycle commuting. I did this for YEARS, 12 months of the year [try cycling in a blizzard!} on antique roads=No Fun
Until you have to replace a 20K battery.
Based on the table in 4:42 resale value of camry is about 9k. Can you sell me a 5-year-old Camry for $9,000(or even $10k)? I will buy as many as you have.
I doubt if you can even buy a Corolla with that money
Though not unique to EVs (though seems to be unique to Tesla) is the Model S/X and now Y (I believe) the HEPA filters for the cabin. The exhaust coming out of cars are almost at the same height as the cabin air intake, and so the thickest of smog is thus on the road especially when there's lots of traffic. Having the HEPA filter was a game changer for me and I know it's kept me and my family healthier.
I also turn on Biohazard Mode to keep out pollutants. This is especially valuable when following another vehicle on a gravel road.
90% of exhaust particles are < 1um. HEPA can filter down to 3um. It can efficiently filter out your shredded Tesla tires and brake dust though.
@@tazman4855 There are PM 10 (particulate matter) that are
@@MehmetcanKarahanThe typical car cabin filter can filter all those out > 5um. Your Tesla HEPA is doing the same spec as a typical car engine filter 2-5um.
Thank you for the video. A couple things I like to add is I do not feel BMW is a good comparison to Tesla as BMW is luxury and Tesla not so much. BMW is known for its high maintenance costs. Here in San Diego our electric costs are between $.42 to $.85 per Kwh. Much more than your reported $.11. I would have to report that fuel costs are three times higher than you reported. I just drove cross country and the average super charger cost across 15 states was $.32 per Kwh. Insurance on the Tesla is just short of double for similar coverage.
Except I switched from BMW family to Tesla family and knew how much maintenance BMW costed. When I first got Tesla Model 3 5 years ago I felt it's much more technologically advanced than BMW and handles as well as a BMW sedan. Maintenance cost is just $150 plus a set of tires and saved a lot of dealership/indy mechanic post warranty/gas station visit time. BMW oil change is at least $100 per visit. Replaced a BMW SUV with Tesla SUV this year. The 5 year old Tesla still feel like new with constant software feature updates, not to mention it's so much fun to drive.
Different states have different incentives for EV, electric rate, insurance, and any EV 'tax - tag, etc. Up to each person to look at their state's offering and compare their TCO for gas.
My 5 year old model 3 with the same mileage just two weeks ago needed $4,500 in suspension work.
Thanks for the great content, right now education is critical & you provide it! Now that I can promote ev's as in 'you should consider an ev'... or at least know what is different - I realize just how embedded ev FUD is, I often get 'isn't it cost prohibitive' if you have to change the battery, or I'm looking at hybrids for more practical etc. I'm surprised how many people don't even realize you can charge it at home, or think you are always having all kinds of problems as is often their experience with ICE. Some people also doubt what they are unfamiliar with. After all, 12 years ago I got my first ev because I spoke to someone who had one. Very thankful for that.
what's the average cost of installing the wall charger that I don't think you included in the cost of ownership..??
I installed a solar panel electric system a little over two years ago, with no thought of owning a Tesla. Early this year, my daughter bought my wife a Model Y, so I installed a charging system which cost me only $150. My system provided all of the watt hours we needed for everything in the home, except the Model Y. I added to my system, and still have a couple of additional things I plan to do. Here in California, electricity is up to around $0.30/ kwh. My wife put on 14,000 miles in 8 months, or about $3500 in electric cost without the solar system. With it, only about $1000. We also have a Prius. The same mileage would have cost up 350 gallons of fuel, or $1750. So the really important savings with a Tesla is to have a solar eledtric system.
Or move to Texas. I pay .11 cents per KWH.
@@danielspoerle9657 I lived in Texas from 81-85. Rather be here. No MAGA. No Abbott.
I think even with out solar if you put EV chargers on DWP time of use rate is .15-.20 Solar great also-but that Prius is far greater maintenance-
That’s great. Live in a super corrupt state with disastrous energy policies and tout solar. Solar is basically a joke. There’s no reason for people to install super expensive panels and batteries on their homes. Power plants exist for a reason. Economies of scale.. it’s absurd to think solar on every home is a good idea
@@oldguy4057 That's the great thing about this country. There is someone and some place for you no matter what you like. I love it here in Houston. But it is not for everyone. Tesla is doing very well here. I see them everywhere and numbers increasing.
My costs of owning a 2018 Model X are not predictive of others cause it had free supercharging for life. But I can say my maintenance costs were mostly tires and I did do the 2 year servicing twice for about 250. Also I'm in California where the electric costs are very high so to cut down on overall cost I've covered my roof with solar and it covers my full electric bill!
I just test drove the X. I currently have a Y. I like the X air suspension. Worried about the large windshield for chips and dings. Any suggestions?
The truth will set you free. I switched in 2019 to solar power, EV’s and growing 90% of the food i consume. The cost savings is great but knowing my home, auto, and body energy needs are produced in my backyard are priceless. P.S I will not share with like minded people BUT I will share with those who dislike Solar and EV’s because their minds are the ones we need to change.
On my CVT Civic, I get 60mpg Highway going 60-70mph. 4 Goodyear tires $300 for 5 yr, $800/yr full insurance, $50 synthetic oil change. ICE way cheaper for 300k miles once you factor out of warranty parts and battery.
Sit behind it in the garage when it is going and see how well you feel.
Fantastic video, Kim, I live in Santa Fe, New Mexico, and we have some of the cleanest air in the country. Still, it helps not to add to the pollution. I have 4 EV’s I use on Turo. I will not buy any more gas cars ever. You have fundamentally distilled the cost of ownership, the convenience, and the health benefits of EV’s into one compelling video. Thanks a million.
You should also compare the cost when warranty expires. That’s when you may get a spike in cost which may offset all the cost you’ve been saving.
After 8 years, when the battery is out of warranty, expect a $20k repair approaching.
@@sptrader6316Sure - in about another 12-18 years after that. They’re rated to last 300-500k miles. With the number of miles I typically drive in a year, that puts me at around 20 years, assuming the 400k average. For the average driver, it’s closer to 28 years. There will be outliers who have to get it replaced sooner, yes, but you’re not looking at a $20K bill at year 8. Also, the cost is already coming down from that, and will be a lot cheaper in 20 years.
@@sptrader6316you think the battery dies at 8 years? Do more research.
@@karmachameleon326you need to look at that US Uber driver, who's M3 std battery died at 130,000 miles.
Also, the figures you are quoting are from Musk.
His own lawyers dismissed those figures that, and said a model 3 is expected to only last 132,000.
Search "German Telsa range lawsuit" in Google.
Elon talks a lot of 5h1t, I thought I'd help you 🙏
@@karmachameleon326meanwhile no one has real world data with EVs as much as everyone has with ICE. You are just believing what Elon and Tesla says. There're already a lot of teslas with out of warranty problems
Great Video. The data points about pollution & health was really good. Thank you Kim!
I think you make a lot of good points. One thing you have to consider is you have the ideal scenario where you have a reliable place to charge at home. If you can't charge at home the calculations and convenience is going to look very different. I wonder what percentage of buyers fit your profile. I genuinely don't know.
You might also want to add the cost of installing a home charger as well.
Totally skipped my mind, in part because the nema 1450 was built into our garage at the point of construction so we didn’t pay for it separately.
I looked at the cost of installing power for our Teslas as adding value to the house. It'll be an additional selling point when we move. Maybe not 100% return but more than you think.
Imagine in winter trying to travel. Sitting in very cold weather charging for over an hour. Doesn't sound good to me.
@@justintime41776 "*Sitting in very cold weather charging for over an hour"*
Yeah, there's a lot of misinformation still around for the sake of clicks. It's more like 30 minutes with 150kw fast charging and battery preconditioning. Plus, people need to use the restroom and eat. They also sit inside the car or restaurant. No requirement to sit outside.
Funny that as soon as EVs come up people pretend they're regularly doing massive cross country/continent road trips. But yes, if some Cannonball Run scenario comes up you'll probably lose in an EV(shrug)
Those of us in single-family homes definitely have an advantage as far as charging at home. However, it’s only a matter of time before EV charging is widely available at work, and in apartment complexes , and street parking. This prediction of increased EV use will necessitate chargers everywhere, and that is going to happen. Also, in regards to sitting at a charger on a road trip for an hour in cold weather. You must be talking about very cold weather. Like Alaska. I’ve done winter trips in the Rockies in a Tesla, and 20 to 30 minute charging stops are the norm, because the battery warms up as you use it.
The comparison at 4:52 is highly subjective. The only thing that tilted the bottom line to the Tesla favor was the resale value, a value highly subjective to actual miles and condition. Camry's are well known for going 10+ years and 250k miles and needing nothing more than gas, oil changes, tires, and maybe a few 12v batteries every 4-5 years. A Model 3 going past 120k miles is going to need a $14k new battery pack minimum.
Latest batteries are capable of around 1 million miles.
Hi Kim, hope you and husband are well. Any ideal how the health of your battery is after 5 years?. Also what price you would expect to get if you traded it in as you only have 3 more years Tesla warranty on the battery. Thanks, I enjoy your channel.
She's way too pro EV to answer questions like this. They don't jive with her feelings.
How is the $7500 credit applied? Is it taken off the sale price, off your taxes due, or is it used to reduce your adjusted gross income downward at tax time?
Hi, l like your videos however to give true picture of cost for 5 year ownership, should you not also include depreciation? I suspect the could change the equation.
Thanks, I guess I didn’t take that into account as we have no plans on selling anytime soon.
Thought that metric is shown in the data set I share in the description.
how do you get insurance this cheap? AAA quoted almost 3k a year w/ clean record.
Just curious what do you do when they tell you not to charge your car because the grid is overloaded and you need to get to work, sounds wonderful but realistically our grid is nowhere near where it needs to be and battery technology is still lacking , than no one seems to talk about what it takes to get materials for all these batteries im sure thats really good for the environment, we also seem to ignore the fact that China and India seem to do whatever they want when it comes to the environment.
🤔
Great information, well presented. Thank you.
We are in the process of finding a Chevy Bolt EUV to be our first EV. It will be my wife's commuter car, replacing her 2010 Prius.
Tesla insurance is cheaper than Camry. Where do you get that? I work at a shop. Here are my estimate $600 X 4 for tires. $65x22 oil change. Brake 200x4, 3f+1r. That comes out at $4630. That put the Camry at 100k miles. Dyi will come out way cheaper. Tesla at 100k miles you pray to God that the battery does not give up. $20k replacement .
yeah but how many times did you have to buy new tires? i own a fiat 500e, aand i am lukcy if i make it 20k miles.
Helpful for newbies, Kim! Sorry I didn't see this when posted: was attending our NDEW. I can report that, after 75,404 miles and 5.5 years, I've spent $69,079.82 on my Model 3. Because I have solar, the only "fuel" cost has been $2,921.47 for Supercharging. Funny thing: a sizable hunk of that total are accessories that I bought for the car.
Hope you saw some cool EVs!
@@ItsKimJava I did! A long line of different makes, from i-MiEVs and LEAFs to Lyrics and Lucids. I'll upload a blurb about it soon on my website.
New Camry ownership cost $250 only for first 5 years. Only oil change needed. Not single other services needed. Nobody can beat Camry ownership cost.
I might of missed it but did you put in there the cost of buying the chargers and hiring an electrician for the tsla?
I don’t know how she is getting her insurance rates so low, I just quoted a new Tesla model 3 on progressive here in Miami. And it would cost $800 more every 6 months than a new nissan rogue. That is way more expensive than the estimated fuel savings.
I noticed that too. And the coverage of progressive is pretty bad too. Some better coverage insurance charge a very high premium on Tesla. She probably get it from Bullshit Insurance. lol
The only ones being mislead are the ones being led to pay 50k on a go cart.
Wait Telsa doesn't include free supercharger for life anymore? Just isnt practical for long distance unless you dont mind waiting and paying to charge. Honestly I dont get why hydrogen is only in California I think its a better and less expensive idea.
I've never had to wait for a Tesla supercharger while on the road. They're everywhere. And the price of electricity per mile is about half that of gas. And at home it's less than a quarter the price of gas. Plus almost no maintenance.
I love you two so much. Also the quality of your videos, this one clearly showing a pinnacle of it, is growing rapidly ! Love and best wishes to you and your model family of love and kindness that people need to see and feel first hand here on TH-cam as it so happens. There is much more progress happening through your work than people generally realize I think. Yes, TH-cam censors a number of videos explaining truth we need to hear, but they do NOT censor you and thousands of other providers who show that this world is moving towards a beautiful, healthy and prosperous future for ALL humanity. One where families may freely express love and happiness to all. THANKS !!!!!!!!! WE ARE WINNING !!!!!!!!!!!!!!
From a cycling perspective there were times when a big diesel truck would pass me on the road while emitting a huge cloud of diesel exhaust in my face.
Welcome to Bogota where today is a daily occurrence.
lol
Commendably informative/ persuasive!
I like the new username.
So you said for maintenance you only have changed 2 set of tires? So you never have rotated tires? Never changed brake fluid? Never changed cabin filters? Never do brakes? Or do you have a maintenance plan included in the purchase price? Which again you don’t mention.
Great video, while your hubby spoke about vehicle emissions being less as a result of EVs, I would like to hear more about the power station emissions increasing to accommodate EV charging.
Great point. Some of the largest EV charging suppliers are either at or close to 100% renewable energy already. EVGo, Electrify America and many of Teslas stations are already there.
Don't forget some states like AZ use nuclear, hydro, and solar for everyone's electricity needs. Many states don't pollute to provide power.
Very helpful. I seem to see more videos about how post-warranty repairs are so costly, which makes me worry when the warranty on my M3 expires in another year or so. Good to be reminded that some Teslas have no issues after warranty. Thanks!
We've had a similar journey.
We started our EV journey in a Nissan LEAF in 2011. Then came the Model 3 and we've since added the ID.4. Total miles on these vehicles is 202,750.
Thank you SO MUCH for emphasizing the health benefits of EV's and how insidious PM 2.5 is to our health. I especially like the studies you referenced. We banned smoking in public decades ago and driving an ICE car is very similar to smoking in public. We all deserve clean air.
You guys are AWESOME!
Thanks for your loyal viewership Jean!
@@ItsKimJava Thx. I go by JP btw, which should be easy enough for you guys to remember. JP, PJ, I get called both lol.
5:46 Not to mention the Tesla is about 100 times safer to drive than the Beamer or any other gas car.
For your test to be done you need to sell the car. Then you would have a true total cost of ownership.
Absolutely, no accounting for depreciation in what has been shown here
Very informative, Kim snd P.J.! What’s the name of the color, and of the brand, of the wrap on the blue model 3 at the end of the video?
Xpel stealth I believe
Great video Kim I have the same car here in Canada and the savings here are way more as we pay 14 cents per kwhr but fuel is hovering around 9 dollars per imperial gallon.
I have a 6 years old Fors Fiesta nd drive about 100 km per month. This reduces the cost of ownership dramatically. If you have Our own oil field it gets even cheaper (just to make clear, how a real comparisation would look like). In Germany the kw/h is far more expensive and nearly matches the cost of gas.
Thank you! Very helpful.
You compared the model 3 with a pure ICE Camry or BMW. How does it compared to a hybrid?
I’m also located in Southern California. My SoCal Edison bill runs from 30 to 34 cents per kWh. How do you come to a much lower cost?
Yes mine comes out around 40 cents per kWh even though my monthly bill only around $50 in Southern California so don't see the savings.
When comparing the ownership cost of the Tesla with that of other cars, you should include depreciation (purchase cost less the current market value of the vehicle).
Depreciation was conveniently excluded. On a 2018 Model 3 especially, the price cuts have significantly impacted current values for earlier buyers.
Vehicle depreciation is a factor to consider. My 2018 Model S depreciation pushes the total cost of 6-year ownership higher than the ICE vehicles I was considering at the time.
Great educational video. Thank you guys❤❤
Thank you
I think you have to add a charger and installation to Tesla TCO
The only item you left out is the Hugh drop in resale on the EV market. The values have dropped 48% to over 50% on some models.
Great video, Kim! I'm going to share this with my friends that think EVs are so expensive.
Bought a model 3 RWD for commuting duties about three weeks ago. Recent price cuts allowed us to pick one up for less than $40k. We drive a lot with our typical fuel bill being north of $130 a week and going up (91 octane here is $6.40 and climbing). We have solar so charging has been mostly “free”. So in three weeks alone we have “saved” almost $400 that would have been spent on fuel. That’s darn near the model 3 payment. LOL. Yeap registration went up, insurance went up but so far the model 3 is drastically cheaper than my BMW X4 to own and operate.
...and hopefully more fun to drive 😀
In early 2021, I was shopping for a new car. ICE, hybrid, EV..?
Eliminated the overly complex hybrid right off the bat - I didn’t like the 3 systems (ICE, BEV, and the system that integrates the two) as far too complex.
As a then-65 year old, I’d driven ICE for 50+ years and was looking for a change.
I compared two finalists: Tesla M3 SR+ and BMW 330i RWD.
Numbers (Car and Driver stats):
Price (USD):
B: $40K T:$40K
HP:
B: 255 T: 271
Torque
B: 295 lb-ft
T: 310 lb-ft
Weight:
B: 3582 lbs
T: 3648 lbs
0-60
B: 7.1 sec
T: 5.3 sec
Dimensions:
B: 186”x72”x57”
T: 185”x73”x57”
Warranty:
B: 4yr/50K mi basic
4yr/50k powertrain
T: 4yr/50k mi basic
8yr/100k mi powertrain
Fuel consumption:
B: 30 mpg combined (Premium required)
T: 142 mpg(e) per EPA
That last stat, combined with far less maintenance, makes the M3 a far better financial decision, every single day. Short term, long term… it doesn’t make a difference. I am far better off as a retiree on a fixed income with my Tesla (and my wife’s VW ID.4) than driving a 19th century ICE.
Great video, Kim!
BMW TCO will jump higher after 100k miles because some major services occur at 100k miles and more things tend to break down after 100k miles. (timing belt/water pump) - owned 5 BMWs 3 of them post 100k miles.
Wait until that battery replacement hits 😂
It will equal out. The cost isn't upfront. You're right
ICE vehicles don't last for ever, look up the average lifecycle, they also have typically depreciated to almost nothing at 12-15 years, unless they are unique or exotic vehicles. At that point most vehicles become to expensive to maintain.
Just bought a Model Y this year, my first EV. It is nice to see the savings generated by purchasing an EV. My car put out a message warning that Autopilot was disabled because of a problem with the cameras. A service request was initiated and Tesla diagnosed the problem remotely, pushed a firmware update and solved the problem without me having to go anywhere. Not all EVs are created equal, I have friends with other brands that are required to go in for “service”. Taking a car to a dealer is a waste of time and money. Unfortunately legacy car makers have a dilemma, how to transition to EVs while maintaining a viable dealer network by supporting their service (i.e. money maker) department. If purchasing an EV make sure you chose one with over the air updates and support.
Great comparison without the tax rebates! That really tells the story. It might also be good to compare someone who can't charge at home. DC fast chargers here in Southern California give similar cost per mile as gasoline...
Thank you for sharing the knowledge. I have a Toyota RAV4 and a Great mechanic. So far no issues yet, but the plan down the road is to get a tesla .
Kim, check your local utility since they might offer SUPER-OFF-PEAK rates as low as 1 cent/kW which makes the savings A TON HIGHER relative to the BMW, since our cost is pretty much LESS than $50.00/year, plus a couple of road trips so a total of maybe $400.00 at the very, very most=WAY lower than your costs you showed.
Interesting video and I appreciate all the numbers but the things that's keeping me from buying an EV was never mentioned. The cost comparison is important but that's not really what is preventing me from getting an EV, it's the time and convenience of refueling (charging). I get that for those who don't go on road trips and have short commutes that's not much of an issue because you just charge it up at home but we like to go on road trips which requires charging up at charge stations. Yeah, I get that more and more charging stations are being built but the number of them still pales in comparison to the number of gas stations and at more convenient locations. I don't need to search for a gas station the way I'll need to search for a charging station nor do I have to plan my route around them. Then there's the downtime for charging and messing with different apps depending on the charger company. When on long drives we just want to get back on the road to get to our destination. Gas stations are standardized. I can pull up to any gas station and the fuel nozzle will fit no matter what brand of gas it sells and what brand of car I have and I can pay with credit cards, phone's cash app, or cash. Easy. It takes literally 3 minutes to fill up the 16-gallon tank in our SUV that's good for over 400 miles before having to fill up again. EV charge times isn't even close or the range per charge and is often inconsistent depending on the temperature, weather, terrain, and load . So for some people EVs make sense but for others like us it's too inconvenient and I can't think of a single benefit of owning an EV over our ICE right now. So for us the only barrier to getting an EV is not cost, it's time and convenience. Let's see what battery and charging technology and infrastructure brings us in a few years.
I love this comment as nobody talks about time to charge. I live in apartment and love it. So that means I would have to set time aside to one find a decent charging station, and one that works, one that is available and then charge it.
If I value my time at $80/hour, then for me to charge an ev per month for 1000 miles of driving at a level 2 charger, then that would be about 24 ish hours per month to charge the EV and not include driving to and from of finding a working charger.
24 hours at $80 per hour cost me $1920/mo
Heck, even if you value your time at $20 per hour, that is still $480 per month.
Until there is suitable charging that takes less than 5 mins,I will not be in the EV game.
I have simply NOT been ready for EV ownership. I have maybe 2 cars to buy left in my lifetime (I do not keep cars long-term either) and I will likely transition for my next car. I will have to really research this and hopefully make a good choice. I did test drive a Model Y and was shocked at how cheap and cheesy the interior was. The seats were not that great either. And, I have heard the overall build quality of Tesla is not that good. I will try to be careful and get the right EV for me.
So in the US the 'tag fee' is worked out on miles driven I presume?
Good job Kim! Great video
I love going to a gas station! - Said no one ever. Charging at home is a dream. (Yes I did pay to get a Level 2 charger installed though.)
Great commentary regarding EV ownership. The masses need to be educated regarding EV ownership so they can discern FUD from facts. The transition to electric is coming and coming fast and there's no stopping it. However, being knowledgeable means the transition won't have to be filled with fear, uncertainty and doubt.
We charge home overnight at 1 cent/kW or 70 cents/315 miles or about 100x CHEAPER than $3.50/gallon and 20MPG car! HUNDRED TIMES CHEAPER on "Fuel only". + WAY MORE CONVENIENT, FASTER, SAFER, MORE FUN, MORE UPDATED, MORE CONNECTED, MORE CONVENIENT, BETTER FOR OUR LUNGS AND PLANET! EASY AS 123. A NO BRAINER.
Great video Kim!
Love the informative cost comparison Kim. It really does how owning an EV overtime can significantly cost less to run and maintain. Plus EVS will last longer than ICE vehicles, so less wastage as well. The most important aspects to this study is the health benefits and the fact that we making sure that we are not adding more CO2 to the atmosphere. We are at the tipping point, which over the next five to ten years most people will own an EV especially when the mass market EVS come out I think Tesla will be first to this too.
Hey Kim. Maybe Do a comparison for someone buying equivalent USED $25k used Camry and a $25k used model 3.
Longevity, insurance etc.
All show buying “new” I want to see the used comparisons.
Was the $7500 credit available in 2018?
Excellent video - very educational
I love our Tesla Model Y, but I don't think they can fully replace a gas car yet. I just bought a Suburban for longer trips and weekends when the whole family is together. Plus the ride is much more comfortable than anything Tesla has to offer. We use our Tesla as a work horse and it's amazing at it. Saves us a lot of money too!
$.11 per kilowatt hr is only in extremely rare locations if you use public charging networks it’s much higher
I think we should have an alternative fuel technology outside of EV specially for towing and long haulers.
The downfall is the charging time n the small distance the car drives 200miles isn’t a lot
Agree with everything EXCEPT the fact you're saying it's a plus to have less air pollution. Be frank about this. We're just exporting this overseas when we bring all this Nickel and Lithium from outside the US.
Does the 67% less lifetime emissions include the various ways our electricity is produced. I realize that varies from state to state, but my guess is it would substantially increase that percentage if not factored in. I am not an EV hater and I am actually getting ready to pull the trigger on a new Tesla.
Great video, u are awesome❤
I'm confused did they have another tax credit during 2018 for the $7,500 for your Model 3?
Original $7500 credit was valid in 2018
Yes. The original $7,500 tax credit for EV's came out of the GW Bush/Obama era. That act provided $7.500 tax credit on the first 200,000 EV's produced by each manufacturer. Tesla blew past the 200,000 limit in 2019 and Tesla's lost the tax credit. Tesla regained the tax credit when the IRA was passed last year.
@@JeanPierreWhite Thanks for clearing that up. 👍🏾
cost for electricity in Long Island ,NY is $.028 with tax and delivery charges.air quality not so good for children mining cobalt!
Great video!!!
Awesome video, Kim! And fun to have a cameo from your husband.
I know someone that had is pack replaced year 2 under warranty. I can’t imagine not being under warranty in a Tesla based on the price ($10,000) he stated to replace it.
Tesla insurance is cheaper than a Camry? In Canada, Tesla's about 1k more per year.
My LR Tesla Model 3 is 5 1/2 years old. 89,000 miles. When warranty went out I had to spend $2,400 for A/C repairs. Otherwise love the car.
The wife and I bought a Model 3 this summer. We love it! I do fear that an out-of-warranty battery or motor replacement would completely eat up any savings we get. This was a huge problem on original Teslas, but we're glad to see that things have improved significantly. If we can get to 200K miles with no major issues, I'll be happy. Hoping our LFP battery technology will last even longer!
Good luck. Tesla claims the battery and the car was designed to last 136,000 miles..look up the Germany lawsuit against Tesla.
The M3 Tesla is cheaper at 5 years than the Camry, due to the $10K higher residual value. Knowing this, I can tell people, yes, it is a little more expensive, until I resell. 🙂
German vehicles are not an equivalent comparison to a Tesla. Need to compare versus Honda or Toyota.
Excellent video.
My 2016 Tesla Model X P90D has never had any problems or a need for service. I haven’t pumped gas in almost 8 years. I think I used an electric charger outside of my own home twice in 8 years. My only gripe with Tesla is why isn’t the newer Model X as luxurious as the first generation of Model X’s. My Model X is pimped out to the max. That’s why I don’t trade it in for a newer model. It is gorgeous! Gee, do I really want a gas guzzler ever again? Absolutely not. I will drive my Model X until Tesla produces a head turner like my 2016 with the carbon package and cooling and heating perforated seats and all the other luxury perks it has.
Two days from now I will be participating in. local EV Discovery Day. I will be allowing people to drive my Model Y and will talk with them about my experiences as an owner. I participated in two of these days before making my purchase, so I know that these events work. It should be fun!
I don’t like how these studies include resale value. While I understand that it factors in to the numbers not every owner sells their car after five years. I think a 10 year spread is a better time period because things like accidents and irreplaceable damage will factor in and give a true cost of how much owning the vehicle will cost.
Also since EVs don’t lose value, why is leasing still so expensive, it should be dirt cheap to lease one…