It’s been one year since I got my Model 0.199 three, and I thought it’d be a good time to go through and see how much money I’ve actually spent on everything I’ve done to it – repairs, maintenance, fuel, etc. – and compare that to a regular gas car. Let’s dive in.
First, let’s talk about repairs and maintenance. With Tesla‘s, there’s not much to worry about because the cars are so simple. In the first 12 months, I spent zero dollars on maintenance. However, I did have a repair. I accidentally damaged the car while pulling out of a parking lot, and the repair cost me $750 through an insurance claim. Overall, not bad considering the simplicity and durability of Tesla‘s design.
Next, let’s talk about depreciation. I paid $60,000 for my Model 0.199 three, and after one year, the average resale price is around $50,000. This means I have a $10,000 loss in depreciation, which is actually better than some other high-end cars on the market. Tesla‘s tend to hold their value well, so I’m not too worried about this depreciation cost.
Moving on to the loan, I was able to put down $33,000 initially, leaving me with a $27,000 loan. I was paying $700 a month, but in November, I decided to pay off the remainder of the loan, freeing up my cash flow. This decision ultimately saved me around $450 in interest payments.
Insurance for the Model 0.199 three cost me just over $100 a month, totaling just north of $1,200 for the year. This is on par with my previous Model S insurance costs, thanks to discounts and good credit scores. So, no surprises here.
Now, let’s talk about fuel – or in this case, charging. With my solar panels generating electricity, I only paid about $26 a month to charge my Model 0.199 three. This totaled to around $312 for the year, including some additional costs for road trips. Comparing this to the cost of gas for a car that gets 30 miles per gallon, I saved 68% on fuel costs with my electric car.
Overall, I’m pretty happy with my Model 0.199 three. The low maintenance costs, decent depreciation rate, and savings on fuel make it a worthwhile investment. While there are a few features I wish it had, the driving experience and cost savings more than make up for it. If you’re considering an electric car, I highly recommend looking into the long-term cost benefits. It may just surprise you.
