Owning a vehicle is a significant investment that goes beyond just the initial purchase price. There are many costs to consider, such as fuel, maintenance, insurance, and depreciation. In this blog post, we will compare the true cost of ownership between the Tesla Model Y and the Toyota RAV4 Hybrid to see which one comes out on top.
Let’s start by looking at the purchase price of each vehicle. The Tesla Model Y has a base price of $52,990, while the RAV4 Hybrid XLE Premium trim level has a true cost of around $37,310. Even with Tesla‘s recent price drops and the federal tax credit of $7,500 for electric vehicles, the Model Y still comes out to be more expensive than the RAV4 Hybrid.
When factoring in other costs such as energy/fuel costs, insurance, financing, maintenance, and repair, the true cost of ownership for the Model Y over a five-year period comes out to be around $43,000, or 61 cents per mile. On the other hand, the RAV4 Hybrid costs around $33,000, or 47 cents per mile, over the same period.
However, it’s important to note that there are many variables that could affect these numbers, such as depreciation rates, fuel costs, and local incentives. For example, if the RAV4 Hybrid depreciates more than expected or if you qualify for additional incentives for the Model Y, the cost comparison could change.
In the end, the decision between the Model Y and the RAV4 Hybrid comes down to personal preference and priorities. While the Model Y may be slightly more expensive to own, it offers environmental benefits, added features, and the convenience of an Electric Vehicle. The RAV4 Hybrid, on the other hand, may be a more cost-effective option for some.
Ultimately, the choice between the two vehicles depends on your individual needs and preferences. Whether you prioritize cost savings, environmental impact, or convenience, it’s important to weigh all factors before making a decision. Let us know in the comments which vehicle you would choose and why.
