Tesla Model 3 Crowned Least Expensive Car to Operate in New Study
A recent study conducted by Self Financial, a credit-building company, has identified the Tesla Model 3 as the most affordable vehicle to own and operate among the 50 best-selling cars in the United States. The Model Y also ranked in the top 10, demonstrating Tesla’s strong showing in the cost-effectiveness category.
According to the study, the Model 3’s operational costs clocked in at a little over $5,000 annually, which is approximately $1,400 less than the industry average.
Self Financial’s analysis meticulously considered various factors, including fuel or energy expenses, maintenance costs, insurance premiums, and taxes and fees. These elements formed the basis for determining the overall cost of vehicle ownership. Unsurprisingly, gas costs proved to be a significant expense for most vehicles, giving electric vehicles, like those from Tesla, a distinct advantage. The study revealed that the Model 3 required just $636 per year for charging, compared to an average energy cost of $2,246 for other vehicles in the analysis. Additionally, maintenance costs for the EV were 30% lower than the average.
The Hyundai Elantra secured the runner-up position, with operational costs only $43 higher than the Tesla Model 3. This was primarily due to lower fees and taxes associated with the Elantra, although its initial purchase price is also lower.
As the purchase price of electric vehicles continues to decrease, gasoline-powered cars like the Elantra, Honda Civic, and Toyota Corolla may find themselves losing ground in terms of affordable running costs. This is a positive development for consumers’ wallets, and it also benefits the planet’s environment.
One commenter shared their experience: “54,000 miles on our 3-year old Model Y,” they wrote. “One set of tires, a pair of wiper blades and a cabin air filter have been our only expenses. We are never going back to an ICE vehicle.”
