What is the Monthly Cost of a Tesla? [2019 UPDATED]

What is the Monthly Cost of a Tesla? [2019 UPDATED]


100 thoughts on “What is the Monthly Cost of a Tesla? [2019 UPDATED]

  1. Before buying a Tesla (Model 3, AWD)…I just sat down and did a TCO calculation (total cost of ownership)…and found out overall it'll cost me less than a VW Golf…and that was when it was still 55k Euros (now it's down to 51k).

    Coupled with the gains in comfort (no longer having to stop at gas stations. Less expected trips to have repairs or checkups) it was a no-brainer

  2. I tried using energy sage and no one got back with be and eventually was emailed saying no one was in my area… In Norfolk area lol. I just googled an installer and actually setup an estimate and they're meeting me today.

  3. Hi Ben,
    I played with your calculator.
    There is something wrong.
    I live in Germany. We have expensive electricity (my assumption 0.27 cents/kWh) and cheap diesel (my assumption 1.25 Euro/l)
    Driving distance per Month 1000 km and 6 l/100 km (my last car had around 5.6l/100km, but calculator doesn't accept it)
    With this numbers I get:
    Total Gas Cost 75,0
    Total Electricity Cost 126,4
    Savings: 68,5 % (Model 3). If I switch to Model X, I get 159,1%.
    The gas is cheaper an I still have savings? 😮

    BG
    Eugene

  4. Great video! Depreciation is biggest and most often ignored Total-Cost-Ownership (TCO) expense. We bought a used P85 w/AP and free supercharging. Over the past 2 years and 45k miles, the actual cost have been: Depreciation – $7,700 / 49.9%, Maintenance $3,700 / 24.4%, Insurance $2999 / 19.4, and Electricity $981 / 6.4%. This Tesla is almost exactly 10X cheaper TCO than the used 2008 Porsche Cayenne Turbo it replaced.

  5. I bought my 2014 model S for 32k, and power it with solar power. The only big cost is insurance and tires. that's it. I can drive it all day for practically free 😀

    Your intro is so catchy! Love that beat

  6. EnergySage is a nice research tool but I would not use their vendors to install solar. I rather use a local company that have good reputation and come to my home and give me a quote. Their vendors want to do everything online and none of them offered to come and see my roof and have their sales pitch in person. I thought that was kind of fishy and the majority of their sales are out of San Diego where I live. Most were located in LA, that’s why they did not want to meet me.

  7. Being very modest with my calculations, giving Model 3 the upper hand, I end up with a 34.6% savings in fuel using my hybrid, Not with the M3. I still want the model 3, but it would’ve been cool if it were cheaper to fuel, without relying on solar energy I don’t have.

    The cost per kWh where I live is around 25cents. Ridiculous… in NYC

  8. A new P3 or a used S75D?} very difficult decision, though most say that the 3 will have better tech. The S is clearly the more attractive Tesla. Plus the useful hatch in the back. But the P3 will be crazy quick. Very difficult decision.

  9. Could do you a video on leasing a tesla VS owning one comparing the pros and cons to both because I'm on fence atm which I'd rather do?

  10. Hey Ben! I strongly considered going in on solar this year, however my roof would only accommodate an 8kW system and would only offset about 50% of our electricity usage. In WA, over 90% of our electricity comes from renewable sources. Tesla also had the cheapest/best pricing, but it still would have been $14k to install after rebates. What would you do in this scenario?

  11. Great video, however you should add an option to change the assumed wH/mi. 380 is very high for my S and my driving habits. It probably helps that I almost never use the cabin heater. Changing that assumption to my average of 310 would have a large impact on these calculations.

  12. Really useful tool you've made there bud, Ben you're a champ for taking your own valuable time to make something like this for the community, nice work

  13. "and make sure that youre not overextending yourself"
    >looks at his 20.000€ loan to get a model 3 while still beeing 25
    >looks at all the support ive been given by my relatives
    >looks at beeing "broke" for the next 5 years

    >looks at his model 3
    Worth it 👌

  14. in MA i pay 103 a month for insurance on a jeep Cherokee trailhawk, geico wanted 372$ a month to add on a model 3 lol

  15. Did i just see $0,09 per kWh? Wow!! In Europe that would be around $0,30 per KWh.. but even then: still a lot cheaper than an ICE car

  16. Throwing solar into the calculation is…complicated. If your panels produce less than or the same as what your house is using, then you don't have any "extra" solar power for charging your car. On the other hand, if you have excess, and your power company doesn't have net metering so that power is basically going to waste, then its marginal cost to you is $0, because you're making fixed payments on your panels regardless of whether you use all the power they produce. So in that case, you definitely should use it for powering your car. If you do have net metering though, then unless they only pay you $0.09 for the excess power you sell to the power company, you're going to be ahead if you sell your excess during the day when the sun is up, then buy at $0.09 after midnight to charge your car, assuming they will let you arbitrage your rates that way.

  17. I live in Canada, can you make an option to so litres per 100 km. I could possibly figure out a convertor for that but it would make it a lot easier.

  18. The only thing I think the calculations is missing is phantom drain. That’s one thing you don’t get with ICE vehicles. Especially in an area where you can get a lot of sentry events the energy used can add up.

  19. The only thing I think the calculations is missing is phantom drain. That’s one thing you don’t get with ICE vehicles. Especially in an area where you can get a lot of sentry events the energy used can add up.

  20. Allow us to change the wH/mi in your calculator. I average 251 in my 2016 Model S and 379.9 would be pretty inaccurate for me.

  21. Ok so my off peak hour rate is $0.08 per kWh (power supply + Delivery fee) and i only drive about 500 miles per month. Also $2.00 Service Charge per month – All together it would cost me $13.63. Total Gas Cost $54.

    Also keep in mind this doesn't account for traffic, where the electric car would waste minimal to no energy. Cant forget about Oil changes and future problems (although Teslas do tend to have their own unique break downs)

  22. A Model S before the update will run you about $2000 a year in repairs. Handle, chargers, middle screens, etc… I've had the same S since Feb 2013. They need lots of repairs once out of warranty… The newer ones are better (less things break)

  23. My 2018 Civic monthly payment was $390 and I spend about $350 a month in gas. Ordered my Model 3 and my monthly payment will be around $650. Ya do the math much cheaper. Got home charging all set up

  24. $1,200 per month.. OUCH!! That's over twice what I pay for my PITI on an $80,000 house. I'll stick with my beater truck, electric motorcycle, and buy another house or two with my tesla money

  25. I really want to get one, so I've been looking for a cheap used model 3 so far nothing available in Puerto Rico for an affordable price but I haven't stopped yet, I spoke to someone in my area said they have a way to ship over cheap and he really didn't pay anything. He bought it in San Diego California and then shipped his model X to San Juan Puerto Rico. I'm trying to figure the best option for me and this guide was useful. Still figuring this out though lol

  26. your wh/km are totally wrong, M3 does between 120wh/km (SR+) and 200wh/km (Performance) but in the calculator it says 468wh/km. you made a mistake in the calculations somewhere. great work none the less.

  27. Great job as always Ben! I needed updated help with "freeing the data" since I'm considering a M3-LR or MX for business use….this vid came just in time!

  28. They are expensive no matter which way you slice it. My next car will be a Tesla. But not until it is costing me less than my bimmer. And i dont mean breaking near even either.

  29. Listen man. I like Elon Musk as much as the next guy but it’s pronounced TeSla not TeZla. Elon just has an accent that you don’t have. It’s cringe

  30. Most PUC'S adds delivery cost and misc costs to Hydro bill so you can't base it off 9 cents. It will be approximately 135% of your calculations

  31. If you've tried the metric option on the calculator I just applied a fix that should work so let me know what you find if you try it again. Enjoy!

  32. I wish it had the units required next to each field! Trying to enter metric data just became too confusing, but great video. Cheers.

  33. Hey Ben, I like to chat with you more on buying M3 specific to my situation. What is a good way to contact you directly.

    KP

  34. $133 for insurance from Tesla? I live in SD as well and got my Tesla Insurance for $95/mo on a Model 3 Performance. How many speeding tickets/accidents do I need to get in to catch up to you? 😂

  35. Wonder how long it will take used car market to realize they are heavily under valuing used Tesla cars? A used 2016 Model S for $40k sold the same day it was posted.

  36. 8:00 idk how your tezlab data looks but if you could split the efficiency out to specific models it would be amazing. As an example a rwd model 3 on aero wheels is a significant amount more efficient then a performance model 3

  37. Hi Ben, you could add an option, which would let you enter the price of the Tesla you got/want and then calculate after how many miles/kilometers you have driven, you have reached the RoI point. (asuming gas prices don't change and monthly distance doesn't Change)For a colleague, I calculated that he'd have the car for free after 27 years (or under, if he drives more or gas prices go up). 🙂

  38. I wish you did Camry/Corolla vs M3 or BMW 3 vs S. Would be some interesting numbers to see. Also didn't account for adding charging to your home. A cost that is sometimes necessary and not small at the beginning.

  39. I have a comparision in europe, between M3 and equivalent ICE:
    for 1000 Km, the difference is just € 50.
    so unless you have many 1000 Kms to do, otherwise it's not worth to go M3, kuz it's expensive.
    futhermore, M3 is considered as an italian car sold at a german car price .

  40. power is always the easy thing to calculate, has there been any data on monthly maintenance? I'm not a tesla owner, but on the Bolt EV I found that to be significant based on my mileage and lack of oil changes. rotating the tires every 7500 miles is about all I have to deal with so far, maybe a cabin air filter at 15k. Depending on the gas car it was 5k oil change, or 5k then 15/25/35 if you look at luxury like Audi and w/o service agreement those are $200 a pop.

  41. Have you considered cost of financing a Tesla model 3 vs having an already paid off vehicle? I drive a truck, which is no longer something I really need, but being that it’s paid off it is tough for me to accept another monthly payment even though the Tesla far outweighs any other option I’ve considered.

  42. Enjoy your videos and the combination of enthusiasm tempered with logic. Thank you. 
    One point: in your video "What is the Monthly cost of a Tesla", you amortize the cost of solar panels over 25 years then divide the annual solar generation to see cost per mile for charing an electric vehicle (Tesla). That would be true if you bought solar panels ONLY to charge the car and not replace your normal SDGE costs for powering up your home. In my case, if I do the same calculation and then minus out my home energy cost, my incremental cost of charging a vehicle would actually be a negative number.

  43. I have been looking at used Tesla Modle S cars on Car Guru's. This website has been showing them for less than $30,000 dollars.

  44. If you ad on an European Point of view, the price of our fuel (1.70 dollars /litre) and the limitation of non electric cars entering in old city centres and free parking for EVs, having to pay 1,5 time to a Tesla as a long term asset instead of buying a equivalent BMW or small Mercedes, is a good deal!…
    Best regards from Portugal!!!

  45. When you live in Australia and electricity is 40c per kw/h, and the cheapest model 3 is $75000 + with some great taxes, I'll stick to petrol the turtles can die

  46. it is high if you driv in a pothole or get keyed, the app causes a crash and major lawsuit, etc. didn´t they just buy Maxwell, so this means new battery tech only actually applied from like 2022 or so, and rather buy a used Leaf now as a Beater, then take the jump to EVs in 2023 when battery tech is ready, even Nissan has bought some Ricer battery companies to get proper batteries for 2020 or 2021, the Tokyo show this month we will see some nice updates, also Williams has awesome battery tech right now, there are like dozens of asian ev companies being born as well, so rather wait

  47. What I want to know is how much does it cost to charge my car at home. Non supercharger. Don't need to know about loans, are all these other points. To confusing. Each time I charge this thing how much am I spending?

  48. There might be a reduce cost in maintenance but good luck with Tesla poor customer service, trying to get a live rep on one of their #800, making an reasonable appointment with their technician, and awaiting time for them to order parts and install.

  49. I bought a Tesla with free supercharging and drive it for work about 1200 miles a month. I get reimbursed for those miles. That’s almost $700 a month plus the $300 in gas I save makes this car a no brained.

  50. Dude what you will do after the battery warranty run out after 8 years? Do you know how much the new ones cost . Plus don’t even go there I will sell the car no one will buy it. The only saving here is about self driving.

  51. Ben, thank you again and again! I posed this same question to my CPA and my Financial People. Neither of them could come up with a realistic answer. My tax guy did remind me that the cost of a lease was a 90% write-off for me, as long as we keep my spouse’s Range Rover and call that our “personal” car. We were able to buy the Rover for cash a year ago when we got a lucky streak on the progressive slots at The Cosmopolitan in Las Vegas. <grin> Otherwise I’d be shelling out a hot $1800/mo for a payment on the damned thing – which I think is totally absurd… But that’s another story. I think the scenario you chose for yourself of a slightly used but well equipped Model S is an ideal fit for me. Sadly, I cannot lease it and get the same tax benefit, but then it’s not in that lofty 1.5-2.0k per month range, either. GREAT JOB and thank you again!

  52. I wonder if there are some Tesla owners that find out they got into a very expensive monthly payment. This calculator is an awesome tool to avoid that possible risk.

  53. I was at the Tesla store the other day and the sales person cautioned me about buying a used Tesla because she said there is no way of knowing how they treated the battery by doing things such as only using a supercharger. I didn't know using only a supercharger was bad for the battery.

  54. Saving money using a clean energy car while recharging batteries made out of Cobalt mined in the Congo with child labor.
    Don't believe me?

  55. I just figured out that if you turn on "Hey Siri" for your iPhone it can be a way to integrate your phone… If you haven't done this, I suggest trying it out

  56. As well as the reduced costs of a new EV, folk might want to consider the adverse affect of DELAYING selling off their current ICE vehicles.
    Many people are failing to consider is the inevitable upcoming depreciation/resale value cliff for their current ICE vehicles.
    We're on the cusp of a truly exponential switch from ICE to EV. The speed of this switch will be truly mind-boggling, much like the 10yr horse->ICE switch described by Tony Seba. It's already financial madness to buy a mid-range ($35k) ICE over an EV and by 2021 that will be true for all (new) vehicles. Many people are already planning their next vehicle to be an EV and in the next 2-3 years that will be an almost universal fact. Given those factors, in the next couple of years, the resale vale of any ICE vehicle is going to collapse.
    If folk wait to go EV now, they might find themselves with half the resale value on their ICE in 3 years. If they're stupid enough to buy a NEW ICE car now and look to have ANY resale in the mid-late 2020's, they might be in for a huge shock. As well as being financially idiotic for any potential buyer to chose a second hand ICE in the mid 2020's,.. IF we get serious on climate change mitigation the resale of ICE might be legislatively discouraged/banned by 2030.
    I think Ben should begin to crunch the data on ICE resale/depreciation,… maybe do a piece on it. I'd be interested to see if the numbers have started to move already

  57. I had been using about $2/day of energy to charge at home — though, since I generate more electricity than I use with my solar panels, it's kinda free. But, since my work installed a bunch of Tesla chargers, I mainly charge at work for free so it's not just kinda free but completely free now. My only expense so far has been a cracked windshield, which was $1k+…but figure it could've happened with any car. I had been spending $3k+/year in gas and since my car payment isn't pretty much the same as what I would've had if I bought something else, that's just all savings. My insurance is even cheaper than what it was for my previous vehicle.

  58. So according to your video financing that Tesla means it will be out of warranty almost a full year before you have it paid for. That means your repair costs will go up dramatically, so you should really include those costs. Just the door handle replacement will set you back 600-800 dollars plus labor. Currently there are no service centers in my state so scheduling an appointment is a couple days ordeal for me. Our state also enforces the new DOSS regulations so if you even want to just repaint your vehicle EV or ICE it then has to be re-certified by an authorized DOSS certified repair facility and that's a couple hundred out of pocket expense. At present there are no DOSS certification shops for Tesla's except for the Tesla service centers. I'm All for EV's It's the next logical step in transportation. Personally I'm waiting for Rivian's new pickup. However if their repair model is the same as Tesla's then I may have to keep looking at ICE vehicles, repairs are just part of owning a vehicle, salted roads, fender benders, door dings are all part of your yearly cost. You can't just ignore it!!!

  59. Hey Ben,
    awesome video in breaking down the cost of a Tesla model S and appropriate the calculator on your site.

    Another question I have that is my family has about Tesla is: When will Tesla be less expensive/ recuperate its value?
    With this same question I'd be interested to know the comparisons of the other EV's as well

    Thanks!

  60. Monthly payment still is too expensive combined with gas, maintenance of a fuel efficient vehicle. If I had the money, I’d buy a Tesla.

  61. So you say that you're not going to get into maintenance (if you're out of warranty its expensive!) but then say reduced maintenance costs makes it worth it over a gas car, I call BS.

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