Are we Really Really Saving Money owning a Tesla?

[Petrocelli]

Electricity is far cheaper than gasoline. All other things being equal, you will save money.

 

[Dan203]

Last year I spent $1,200 on premium gas to drive about 6,000 miles. Based on my electricity rate and the average kwh/mile of a Tesla that same 6,000 miles will cost about $180. So even if it costs me 3x that much because of all the other stuff I'll still save money.

 

[MTSN]

The most expensive part of a buying a new car is depreciation. German cars generally depreciate like a rock and we have decades of data to prove that. We have very little data on how the real world depreciation will be on the Model 3, so it's very difficult to say what the true cost to own one is. I can tell you this though - I bought a new MR car and sold it for $200 less than what I paid for it after 5k miles. That is totally separate from and before the tax credits which means I basically made money on owning the car (try that with a 3 series, A4 or C class). Was it a fluke? Will the Model 3 residual plummet as more cars hit the road? Will the Model 3 be so popular and demand so high that it resists depreciation? Will the tech that gets added to the Model 3 make it more valuable and appreciate like Mr. Musk says? No one knows the answers to these questions, yet depreciation is the most expensive component of a typical new car purchase.

 

[larmor]

Hello,

I have had my Model-3 past one year and enjoying every single time I sit in it (at times I just try to "find" reasons just so I can drive it).

But, every time I plug it to charge, this question comes in to my mind, in the long run "Are we REALLY REALLY SAVING MONEY owning a Tesla??"

Because, between Sentry mode, cabin temperature maintenance... and other miles-sapping activities that we might just not be aware of, my Model-3 tends to lose around 3-5 miles per 24 hours... give or take a couple of miles... WHETHER I DRIVE MY CAR OR NOT. That's serious loss of miles/charge, just with the car sitting out there in my garage.

What are your (unbiased) thoughts?

No, probably need to install a gas pump at your home and charge your phone, laptop, and various other sundry devices, for more efficient just in time energy transfer.

 

[Nocturnal]

I'm saving a fortune. My comparison vehicle to my P3D is the BMW M3 or M2 I was going to purchase.

I save 2k a year in fuel. Plus oil changes etc. (BMW gives you 2 years maintenance I think but still) It's not difficult to figure out how much your charging is costing you. Regarding sentry mode, cabin overheat etc. Those features are optional. Yes, you are definitely still saving money by using them but they aren't available on other cars so they shouldn't even be factored in. The energy wasted to those is just pennies, and if Sentry mode winds up saving your from paying for an accident or vandalism, you will have paid for your entire year's worth of electricity.

 

[Mr X]

If you were driving a beater paid with no monthly payment and fill it up with $150 of finite gasoline every month, you save far less than what you'd be spending on a Tesla


If you were driving some premium sedan or coupe that had a ~$450 a month payment and spend ~$200 a month on gas then you'd certainly be saving money with a Tesla


All depends on the car you came from

 

[North75]

It is certainly true that the less you drive the less you will save. Seeing a savings might be tough for people with short commutes.
But who cares... The car is way better to drive. I would gladly pay more to drive it.

Not going to gas stations, and (hopefully) minimal service visits are other major benefits as well.

As far as purchase price goes, I think it is priced quite similarly to the cars it is claiming to complete against (i.e. Premium German compact sedans)

 

[Nocturnal]

It is certainly true that the less you drive the less you will save. Seeing a savings might be tough for people with short commutes.
But who cares... The car is way better to drive. I would gladly pay more to drive it.

Not going to gas stations, and (hopefully) minimal service visits are other major benefits as well.

As far as purchase price goes, I think it is priced quite similarly to the cars it is claiming to complete against (i.e. Premium German compact sedans)

Lets also not forget to include safety. Breathing in exhaust certainly isn't good, but the model 3 is the safest car on the road. If you survive an accident that would have left you dead or disabled in a different car...how much would you pay to change that? I've been guilty of this myself but we seem to drastically underrate the value of a safe car.

 

[run-the-joules]

Lets also not forget to include safety. Breathing in exhaust certainly isn't good, but the model 3 is the safest car on the road. If you survive an accident that would have left you dead or disabled in a different car...how much would you pay to change that? I've been guilty of this myself but we seem to drastically underrate the value of a safe car.

Devil's advocate:

What about an accident that would have killed you in another car, but you survive as a profoundly disabled meat bag with quadriplegia and the inability to communicate?

 

[Jazz_MIII]

...but think of all the time you save by not going to gas stations and pumping gas (assuming you charge at home and don't have to wait at a Supercharger )

I joke with my ICE car-owning husband about what a waste of time it is going to the gas stations "just LOOK at that line!" hehe

 

[mswlogo]

Thats ~1% of the battery, yes you're still saving money

You can't say someone is saving money or not unless you know how much they pay for electricity, which can make a huge difference.

Around here (New England), a Prius is cheaper to operate and ~half the price to buy. Now a Prius is no sport sedan, but some folks don't care. But the Prius can also be more functional too with huge hatchback storage etc. For the record I could never own a Prius, only the people with common sense around me own a Prius

 

[mswlogo]

Electricity is far cheaper than gasoline. All other things being equal, you will save money.

Maybe for you, but not for everyone.

 

[holmgang]

For most people the petrol-price savings probably don't effectuate until 5-7 years in. And that's only for those who has to decide today to get a new vehicle.

In Norway, over a 3 year time horizon, Tesla makes more sense. Basically you operate a 100hp shitbox, a Tesla, or spend Ferrari-money for what is otherwise an mid-level luxury car. All due to subsidies. Of course, these tax and legislative breaks aren't guaranteed.

 

[PrGrPa]

Saving money overall? Depends what car you would have bought instead of a Tesla. $300/month whatever + $100 gas then maybe not. But would that be as much fun as driving a Tesla?

last year I did a 200 mile there and 200 mile back weekly commute. In my model S that cost me about £10 in electricity costs at most. The rest was free supercharging. For reasons I won’t go into, I used a gas car for a few weeks in that time. Ugh! Aside from the pain of driving a 20th century piece of tech I put about £70/week into gas. And had the problem of trying to find gas stations and determine whether I was being fleeced on the price.

If that gas car had been mine would I have saved money if I’d driven a Tesla instead? I think even with the lesser gas car vs the fancier Tesla I would have broken about even. If I’d been driving an allegedly comparably priced gas car I would have saved money.

Thing is, after driving the Model S every gas car I’ve driven has just felt so awful I’d willingly pay more for the same miles to drive an electric. Especially a Tesla.

My SO used my model S for several months after their term expired on an MB. When we needed 2 cars again they were adamant they wanted an electric. They tried a couple and opted for a model 3 despite not test driving it.

Saving money? There’s a good chance you will save if you’re buying into the same class of vehicle.

Driving a better car though I’d say is a definite.

NB. I love and work in the U.K. My use of ‘gas’ includes petrol/gasoline and diesel. I never want to drive another ICE vehicle again.

 

[Dan203]

Maybe for you, but not for everyone.

What's your rate?

Even at the peak rate we have here, if your on a TOU plan, is $0.42/kWh. From what I've seen a Model 3 Performance uses about 360wh/mile. So even if I charged 100% at peak times my 6,000 miles would still be $200 cheaper than I paid for gas.

In reality I'm not on the TOU plan because I'm home all day and it would be WAY more expensive to run my A/C in the summer. So I'm on the flat rate plan which is only $0.092/kWh 24/7.

If I were on the TOU plan and charged only on off peak hours it would be even cheaper as the special EV rate for off peak is only $0.052/kwh.

 

[Bodyhauler]

I didn't buy my MS to save money. I bought it for the advanced technology of the car.
I bought it used so I'm not losing that much on depreciation. My insurance remained virtually the same. Charging at home hasn't increased my utility bill much. I'm not paying for gas and oil changes. I have free supercharging so I'm not paying anything on long trips.
I made a 2500 mile trip which cost me $0 that would have been $300-400 in an ICE car.
As far as I'm concerned, saving money is a happy by-product of owning a cool car.

 

[5_+JqckQttqck]

If you're looking at the big picture... you're saving your local community from air pollution. Less health care cost = less taxes (hopefully - HA!). Your mental and physical health is better with Autopilot and smiles with every pedal mash!

Looking at your personal wallet: maybe (depends on how much you drive and what car you replaced).

Model 3 vs Audi/BMW/Merc/Nissan/Lexus etc @ 50k USD - Save money you will on fuel.

Model 3 vs Honda/Toyota/Hyaundai/GM/Chevy etc @ <30k USD - Maybe in ten to fifteen years on fuel.

Are you playing the long game? Will this car last 10-15 years? Welcome to the field test

 

[PrGrPa]

Electricity is far cheaper than gasoline. All other things being equal, you will save money.

this I think is understated. The extra efficiency of electric cars vs gas cars helps.

I pay about GBP0.15/kWh for electricity. I think that would take me about 3 miles in my Model S, unsure about my SO’s Model 3 SR+. I’d pay about GBP1.35/L for gas. I think that would take me up to 10 miles in a typical car. Seems like my electricity would cost about GBP0.50 for the same distance. A bargain! And those 3 miles would be so much more fun in a Tesla than an ICE.

 

[Nocturnal]

Devil's advocate:

What about an accident that would have killed you in another car, but you survive as a profoundly disabled meat bag with quadriplegia and the inability to communicate?

You can always just off yourself.

You can't say someone is saving money or not unless you know how much they pay for electricity, which can make a huge difference.

Around here (New England), a Prius is cheaper to operate and ~half the price to buy. Now a Prius is no sport sedan, but some folks don't care. But the Prius can also be more functional too with huge hatchback storage etc. For the record I could never own a Prius, only the people with common sense around me own a Prius

Apples and oranges. Buying a 20 year old civic would be far cheaper than the Prius. I hope you aren't comparing the P3D to a Prius!

For most people the petrol-price savings probably don't effectuate until 5-7 years in. And that's only for those who has to decide today to get a new vehicle.

In Norway, over a 3 year time horizon, Tesla makes more sense. Basically you operate a 100hp shitbox, a Tesla, or spend Ferrari-money for what is otherwise an mid-level luxury car. All due to subsidies. Of course, these tax and legislative breaks aren't guaranteed.

Not for a similar vehicle.

3 series vs T3. MSRP is about the same, fuel savings happen year 1. ​

 

[glide]

Saving money compared to what? An old Honda Civic you owned? Probably not. Your last 5 or 7 Series? Probably.

And that’s if you’re looking at TCO. If you’re talking about “fuel”, that would also depend on a lot of other factors.