Model 3

Tesla Model 3 Cost of Ownership Over 5 Years is $16k+ Less than Competitors, Kelley Blue Book Finds

Tesla Model 3 Cost of Ownership Over 5 Years is $16k+ Less than Competitors, Kelley Blue Book Finds

Image: Kelley Blue Book

Kelley Blue Book named Tesla Model 3 the most economical choice in the luxury electric vehicle segment over a five-year ownership period. According to the study, its cost of ownership is more than $16,000 less than the competition.

Tesla Model 3 was named by Kelley Blue Book as one of the winners of the 5-Year Cost to Own Awards for 2022, which looked at all the costs associated with car ownership. Owning a car is always associated with costs, primarily such as the purchase itself, the cost of refueling/charging, maintenance, depreciation and other factors, such as taxes and registration fees. Kelley Blue Book researched the cost of owning vehicles over five years of ownership.

After summing everything up, the results were impressive, with the 2022 Tesla Model 3 leading the “Electric Luxury Vehicle” segment with a 5-year cost to own of just $48,233. Thus, the cost of owning the car was $16,411 less than the segment average.

The Kelley Blue Book editors noted that the starting price of Tesla Model 3 is similar to its gasoline competitors in the luxury segment such as Audi A4, Lexus IS, and BMW 3 Series, however maintenance and use costs are much lower for the popular electric sedan. This is primarily due to the fact that the cost of charging electric cars is much lower than refueling gasoline cars, especially given the current price increase associated with the Russian invasion of Ukraine and the subsequent sanctions against the aggressor country. Another important place where savings are shown is the cost of maintenance, which is very low for EVs. In fact, electric vehicles do not have components that need constant and expensive maintenance, such as in cars with internal combustion engines. Owners only occasionally refill windshield wiper fluid and change some consumables, which must be done on absolutely all cars.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts, you can follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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