Data based on five-year, 60,000 mile ownership
Model 3 cost estimated at 55c/mile
A new chart from Tesla shows that the Model 3 is getting closer to matching the total cost of ownership of a more conventional car over a five year ownership experience. That’s thanks to lower predicted energy and maintenance costs.
Tesla’s data was revealed in the brand’s 2020 Impact Report (via Inside EVs), where looking at 2020 prices for the Tesla Model 3 as well as the Toyota Camry (and BMW 3 Series) showed the cost parity.
“The advantage of having a fleet of vehicles that is constantly online is the ability to analyze real-world data rather than only being able to use estimates,” Tesla said in the report. “We have an extensive database of Model 3 residual values and cost of repairs, maintenance, energy use, etc. Additionally, the insurance cost for the Model 3 SR+ below is based on the projected median insurance rate in the U.S. for Tesla Model 3 drivers. Our analysis shows that over five years and 60,000 miles, running a Model 3 SR+ costs 55 cents per mile. Notably, running costs such as fuel (electricity or gasoline), maintenance, tires and repairs for Model 3 should cost just over half of a mass-market ICE vehicle such as a Toyota Camry.”
Per the chart, while the cost of a Model 3 is closer to a premium car than it is to the Camry, energy costs over five years and 60,000 miles are much lower, while maintenance, including tire costs, is slightly lower. That put the Model 3 at 55c per mile, with the Camry (on a difficult to read chart) looking to be just under 50c per mile.
While we’ll mention once again that this is from Tesla directly, they are using Edmonds, CarEdge, and other trusted sources for their data. It also shows the brand slightly trailing and not crushing the competition, which adds some credibility. Again, though, this is just one look at the situation. What it does show is that moving to an EV with a higher price is starting to look more appealing over the long term.
