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Ross Gerber, CEO of Gerber Kawasaki, shared how much he saved driving a Tesla Model 3 for just over 3 years. He pointed out that after saving it could have been $ 100 a month to drive a Tesla. He bought his car in 2018 for $ 60,000 (including the cost of autonomous driving). He also recovered $ 7,500 in tax credits (but was not eligible for the ZEV rebate of $ 2,500 in California). After these potential savings, his car cost $ 50,000. However, since it was not eligible for the ZEV California rebate, the actual cost was $ 52,500. [This has been updated to exclude the $2,500 that Ross didn’t qualify for.]
Maths Tesla Model 3. I bought my 18 ‘car for $ 60,000 total with FSD. I got a tax credit of $ 7.5,000. ($ 2.5,000 in calories for which I was not eligible) therefore $ 50,000 net. Sold the car for $ 46,000 40 months of ownership cost $ 4,000 net. Never needed service or cost. It’s $ 100 a month to drive a Tesla. $ tsla
– Ross Gerber (@GerberKawasaki) July 4, 2021
Ross sold his car for $ 46,000 after 40 months of ownership, for a net cost of $ 6,500. He added that he didn’t need any service or anything. This is how he calculated the monthly cost of owning his 2018 Tesla Model 3. Now those numbers may differ for other Tesla owners depending on various factors, and it looks like Ross has ruled out the cost of charging. of the car. CleanTechnica has actually explored this topic of total cost of ownership at length. Check out our Tesla Model 3 Total Cost of Ownership (TCO) archives for more information, or our broader EV TCO archives.
In 2019, Business intern pointed out that on average, a car costs its owner $ 8,500 per year in the United States (this includes depreciation / resale value, as Ross’s calculation did, as well as fuel costs, which Ross seems to rule out.) If Ross had owned an average car, based on that figure of $ 8,500, he would have paid $ 708 / month all expenses included. That’s a lot more than $ 162.50 / month, and adding the charging costs certainly wouldn’t make up the difference. Even if you added $ 300 / month for billing, that would come down to $ 462.50 / month. So what’s the most financially sound decision?
New numbers to take into account
Lowest average monthly cost to own a car: $ 299 in Alaska.
According to Move.org, who shared some data in February 2021, the average monthly cost of owning a car varies by state. Some states like Ohio and West Virginia average in the $ 300 range. Other states such as Michigan ($ 775), Texas ($ 556), and Arizona ($ 520) are a bit higher. Ross, who lives in California, would have to pay $ 459 a month if his car was a “state average”.
This average monthly payment includes the average costs of car payments, gasoline, auto insurance, and services. Move.org’s conclusion was that it costs around $ 5,264.58 per year to own a car, on average, which is well below the $ 8,500 average that Business intern Noted. This comes down to $ 439 per month.
Nerdwallet noted that the average monthly payment on a new car was $ 577 in the first quarter of 2021, citing data from Experian. However, that is not the real cost of owning a car, the article pointed out, while citing AAA as Business intern did.
“For vehicles driven at 15,000 miles per year, the average costs of owning a car were $ 9,561 per year, or $ 797 per month, in 2020, according to AAA. This figure includes depreciation, loan interest, fuel, insurance, maintenance and fees.
The article pointed to a price calculator that gives you a total monthly cost of the car. It comes pre-populated with an estimate based on 15,000 driving miles per year. It should be noted that the price calculator is mainly intended for those who rent their vehicles.
Does owning a Tesla cost on average $ 162.50 / month for everyone?
Probably not. Not all Tesla owners have the same model, did not buy their car at the same time, failed to take advantage of the now expired $ 7,500 federal tax credit, did not sell the car 3 years after buying at such a high value, had no maintenance costs or had other variables that matched Ross’s perfectly.
However, one of the main takeaways is that owning a Tesla Model 3 is much more profitable than many people realize.
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