Some significant discussion about "what you get" for the Model 3's $35K base price. Comparisons to the BMW 330i seem to be common, as that car is a reasonably close match for price/weight/size, etc...
I encourage folks who may be considering the Model 3 to be a financial stretch to consider TCO, This was a consideration for the S as well, but with the significantly less expensive price, the overall impact of TCO considerations as a percentage is greater.
Assumptions (BMW 330i):
- Combined MPG: 27 (fueleconomy.gov)
- Annual Maintenance: $300 (yourmechanic.com)
Assumptions (Model 3):
- Energy Consumption: 237 WH/mi (Teslamotorsclub.com)
- Charger efficiency: 92% (Tesla Specs)
- Annual Maintenance: $60 (SWAG)
Note: Assumptions exclude costs common to both cars (tire replacements, wiper fluid, etc...)
To start, I'll use my own situation, which I suspect is not typical:
- Monthly Mileage: 2,000
- Energy cost: $0.11/KWh
- Gasoline cost: $2.89/gal
For those numbers, fuel for the BMW will cost me (2000mi / 27mpg) * $2.89 = $214.07 per month. Maintenance is $25/mo for a total of $239.07 per month for me to operate.
The Model 3 energy will cost me (2000mi * .237wh) / .92eff * $0.11kwh = $56.67 per month. Maintenance is $5/mo, for a total of $61.67 per month.
That's a $177.40 per month savings. That's 1/3rd of the car payment if you finance $30K for 60 moths @ 2%. (I assume a $5K down/trade-in is reasonable for buying a car of this class). That's makes the the $35K Model 3 TCO the equivalent of only purchasing a $25K car before any rebates or incentives.
Now admittedly I drive a lot. So if we use more average paramters:
- Monthly Mileage: 1,250 (the equivalent of common 15K/miles year lease allowance)
- Energy cost: $0.12/KWh (national average)
- Gasoline cost: $2.85/gal (AAA National Average)
The BMW will cost me (1250mi / 27mpg) * $2.85 = $131.94 per month. Maintenance is $25/mo for a total of $156.94 per month for me to operate.
The Model 3 energy will cost me (1250mi * .237wh) / .92eff * $0.12kwh = $38.64 per month. Maintenance is $5/mo, for a total of $43.64 per month.
That's a difference of $113.30. In that case you save about 22% of the monthly cost. It's the equivalent of buying a $28.5K car before incentives.
Now obviously, YMMV in terms of energy cost, gas prices, driving amounts, etc... but I encourage folks who are concerned about the base price, or having to add options in order to "equal" the feature set of another car to consider the bigger picture. The Model 3 may be significantly less expensive than people think to own.
I encourage folks who may be considering the Model 3 to be a financial stretch to consider TCO, This was a consideration for the S as well, but with the significantly less expensive price, the overall impact of TCO considerations as a percentage is greater.
Assumptions (BMW 330i):
- Combined MPG: 27 (fueleconomy.gov)
- Annual Maintenance: $300 (yourmechanic.com)
Assumptions (Model 3):
- Energy Consumption: 237 WH/mi (Teslamotorsclub.com)
- Charger efficiency: 92% (Tesla Specs)
- Annual Maintenance: $60 (SWAG)
Note: Assumptions exclude costs common to both cars (tire replacements, wiper fluid, etc...)
To start, I'll use my own situation, which I suspect is not typical:
- Monthly Mileage: 2,000
- Energy cost: $0.11/KWh
- Gasoline cost: $2.89/gal
For those numbers, fuel for the BMW will cost me (2000mi / 27mpg) * $2.89 = $214.07 per month. Maintenance is $25/mo for a total of $239.07 per month for me to operate.
The Model 3 energy will cost me (2000mi * .237wh) / .92eff * $0.11kwh = $56.67 per month. Maintenance is $5/mo, for a total of $61.67 per month.
That's a $177.40 per month savings. That's 1/3rd of the car payment if you finance $30K for 60 moths @ 2%. (I assume a $5K down/trade-in is reasonable for buying a car of this class). That's makes the the $35K Model 3 TCO the equivalent of only purchasing a $25K car before any rebates or incentives.
Now admittedly I drive a lot. So if we use more average paramters:
- Monthly Mileage: 1,250 (the equivalent of common 15K/miles year lease allowance)
- Energy cost: $0.12/KWh (national average)
- Gasoline cost: $2.85/gal (AAA National Average)
The BMW will cost me (1250mi / 27mpg) * $2.85 = $131.94 per month. Maintenance is $25/mo for a total of $156.94 per month for me to operate.
The Model 3 energy will cost me (1250mi * .237wh) / .92eff * $0.12kwh = $38.64 per month. Maintenance is $5/mo, for a total of $43.64 per month.
That's a difference of $113.30. In that case you save about 22% of the monthly cost. It's the equivalent of buying a $28.5K car before incentives.
Now obviously, YMMV in terms of energy cost, gas prices, driving amounts, etc... but I encourage folks who are concerned about the base price, or having to add options in order to "equal" the feature set of another car to consider the bigger picture. The Model 3 may be significantly less expensive than people think to own.