If you’re in the market for a new car and want to save money on maintenance and repairs, a Tesla may be your best choice. A recent study from the nonprofit Outlet Consumer Reports found that Tesla electric vehicles cost less to maintain over a 10-year period than cars from any other brand. In fact, Tesla owners typically spent just $4,035 over a decade, averaging out to only $43.50 per year.
The reason behind this cost-saving benefit is that electric vehicles, such as Teslas, have far fewer moving parts than traditional internal combustion powertrains. This means they require less regular maintenance and have a lower potential for things to break. Steven Ellic, Consumer Reports Pro program leader for auto data analytics, believes that this is what makes EVs more reliable than their gas-powered counterparts.
While owners of older Teslas may need to replace something costly like a battery pack, it is a rare occurrence. Ellic pointed out that issues tend to be more common and expensive in other luxury cars like BMWs. Consumer Reports arrived at this ranking by asking car owners how much they spent on maintenance and repairs in the last 12 months for vehicles from 2014 through 2023 model years. By analyzing the results, researchers were able to estimate maintenance and repair costs for each brand over a 5-year and 10-year span.
In the study, Buick and Toyota tied with Tesla at $4,900 for 10-year costs, while luxury brands like Land Rover had a long-term maintenance bill of $12,500. However, Consumer Reports noted that early ownership costs are impacted by warranties, and that the study does not include other recurring costs like fuel and insurance, as well as collision-related repairs which can be higher for EVs.
It’s important to note that ownership costs will likely be higher over the next 10 years than the study suggests due to inflation. Ellic advised consumers to pay more attention to the ranking of brands rather than the dollar figures. Overall, the study highlights the cost-saving benefits of owning a Tesla in terms of maintenance and repairs compared to other car brands.
In conclusion, if you’re looking to save money on maintenance and repairs over the lifetime of your vehicle, a Tesla may be the most cost-effective option. With fewer moving parts and a lower potential for breakdowns, Tesla electric vehicles are proving to be a reliable and economical choice for car owners.
