When it comes to owning a Tesla Model 3, there are many factors to consider, including maintenance, repairs, insurance costs, and whether to buy new or used. In this blog post, we will break down the costs associated with owning a Tesla Model 3 and provide some tips on how to save money along the way.
According to recent data, the average cost of maintenance and repairs for a Tesla Model 3 over the first 10 years of service is $3,587. This is significantly lower than the industry average for luxury sedan models, beating it by $374. Additionally, there is an 8.64% chance that a Model 3 will require a major repair during that time, which is 30.92% better than similar vehicles in the segment.
As for insurance costs, the average annual premium to insure a Tesla Model 3 is around $2,267. This adds up to approximately $11,335 after five years of ownership. However, it’s important to shop around for insurance quotes to ensure you are not overpaying. Insurance rates can vary significantly between providers, so it’s worth getting new quotes every few years to make sure you’re getting the best deal.
When it comes to buying a Tesla Model 3, you may be wondering whether to buy new or used. Purchasing a used Model 3 that is 2 years old could save you zero dollars compared to buying new, while still providing a relatively new vehicle with plenty of useful life remaining. If you plan to keep the vehicle for three years, the total cost of depreciation would be $12,625. It’s worth exploring different age and ownership length combinations to find the lowest depreciation costs.
If you are considering buying a Tesla Model 3, the best model years to look out for are the 2021, 2019, and 2018 models. The 2021 model offers the best value, with only 88% of the price as new and 92% of the vehicle’s useful life remaining. The 2019 and 2018 models also provide good value, considering factors such as price, maintenance costs, and remaining years of overall predictive expenses.
In conclusion, owning a Tesla Model 3 can be a cost-effective and rewarding experience, especially if you take the time to research and compare costs before making a purchase. By considering factors such as maintenance, repairs, insurance, and depreciation, you can make an informed decision that suits your budget and lifestyle. Whether you choose to buy new or used, there are ways to save money and enjoy the benefits of owning a Tesla Model 3 for years to come.
