As sales of electric vehicles continue to rise globally, we're getting more clarity into the annual costs of switching to electric, as this Tesla owner shows, according to Inside EVs.
In a recent video posted on May 6, 2024, YouTuber Andy Slye breaks down the costs of his Tesla Model 3 over six years.
Slye purchased the Tesla Model 3 in 2018, paying $54,000 after tax credits, which can save up to $7,500 for qualified purchasers. Since purchasing the car, Slye has put 144,000 miles on it, noting every cost along the way.
The costs for the vehicle (aside from purchasing it) came from home charging, using Tesla Supercharger stations, new tires, maintenance, insurance, and repairs. The total costs of the vehicle over six years ended up being just over $75,000. However, the most notable savings came from charging.
Slye charges his vehicle at home after installing a NEMA 14-50 outlet in his garage for efficient EV charging. With the $900 installation of the charging station, he paid $2,772 to charge the vehicle, saving approximately $20,000 in fuel costs, as InsideEVs relayed.
"I can now go farther to save more," Slye says.
According to Energy Innovation, every electric vehicle model is cheaper to charge than fill with gas in every state. EVs are between 2.6 and 4.8 times more efficient per mile compared to traditional gas-powered cars, according to the U.S. Department of Energy. Over time, as Slye found, the cost of driving can help save thousands.
At the base level, the cost of EVs is decreasing. Cox Automotive found that the sticker price of electric vehicles decreased by $14,300 between 2022 and 2023. Tesla has made their vehicles more affordable in the U.S., at times lowering the price of certain models by $2,000 while lowering the price of other vehicles so they qualify for tax credits.
You can even find a used Tesla Model 3 for $25,000. With these more affordable prices, lower maintenance costs, and mileage savings, drivers can turn to electric vehicles to help eliminate harmful pollution from gas-powered cars and cut electricity costs.
"Since purchasing my electric car my maintenance costs are now in line with yours," commented one user. "A tremendous saving."
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