The True Cost of Owning a Tesla Model 3 Compared to a Toyota Camry

:money_with_wings:After 5 years and 120,000 miles of ownership, the total cost of owning a Tesla Model 3 is comparable to a Toyota Camry.

:battery:Electric vehicles like the Model 3 offer long-term savings, as they require less maintenance and have lower fuel costs compared to gas cars.

:moneybag:The upfront cost of a Tesla Model 3 can be offset by the federal tax credit, making it an attractive option for buyers.

:tools:Service and maintenance costs for the Model 3 were minimal during the warranty period, and aftermarket repairs were not excessive.

:electric_plug:Charging costs for the Model 3 were significantly lower compared to the cost of fuel for a Toyota Camry.

Are electric vehicles more expensive to maintain than gas cars?

—No, electric vehicles generally require less maintenance compared to gas cars. They have fewer moving parts, no oil changes, and fewer repair needs.

Is it worth buying a Tesla Model 3?

—The Model 3 offers long-term savings, lower maintenance costs, and a more sustainable option compared to gas cars. It's a reliable and technologically advanced vehicle.

What are the biggest factors in the cost of owning a Tesla Model 3?

—The upfront cost, insurance, tire replacements, and charging costs are the main factors in the cost of owning a Model 3. However, the federal tax credit and lower fuel costs offset some of these expenses.

Is the federal tax credit still available for Tesla Model 3?

—No, the federal tax credit for Tesla vehicles has phased out. However, state and local incentives may still apply, so it's worth checking with your specific location.

Are the charging costs for a Tesla Model 3 significantly lower than fuel costs for a Toyota Camry?

—Yes, charging an electric vehicle like the Model 3 is generally cheaper compared to fueling a gas car. Additionally, charging at off-peak hours can further reduce the cost.

00:00The video compares the total cost of owning a Tesla Model 3 to a Toyota Camry after nearly five years and 120,000 miles of ownership. The upfront cost, service and maintenance costs, insurance and tire costs, and charging costs were factored into the analysis.

06:27The video breaks down the costs of owning a Tesla Model 3, including the upfront cost, service and maintenance costs, insurance and tire costs, and charging costs. The total cost of ownership for the Model 3 after 120,000 miles is calculated to be $64,262.

08:49The video highlights that the estimated total cost of ownership for a Toyota Camry after 120,000 miles is also $64,300, making it comparable to the cost of owning a Tesla Model 3.