Tesla Shows Model 3 SR+ 5-Year Cost Of Ownership Vs Toyota Camry

Tesla notes in its “2020 Impact Report” that while the “sticker price” of the Model 3 Standard Range Plus is on par with equivalent premium models from BMW and Audi, the comparison of the total cost of ownership makes the Model 3 even more attractive.

First of all, the energy costs are lower than fuel costs (for the same distance). On top of that, the maintenance costs are expected to be lower. In its analysis, Tesla takes into account also depreciation and insurance.

According to the manufacturer, the total cost of ownership of the Tesla Model 3 Standard Range Plus is “nearly on-par” with America’s best-selling sedan, the Toyota Camry. The cost data was collected from the Tesla fleet and estimated for 5-years and 60,000 miles (96,500 km).

“The advantage of having a fleet of vehicles that is constantly online is the ability to analyze real-world data rather than only being able to use estimates.

We have an extensive database of Model 3 residual values and cost of repairs, maintenance, energy use, etc. Additionally, the insurance cost for the Model 3 SR+ below is based on the projected median insurance rate in the U.S. for Tesla Model 3 drivers. Our analysis shows that over five years and 60,000 miles, running a Model 3 SR+ costs 55 cents per mile.

Notably, running costs such as fuel (electricity or gasoline), maintenance, tires and repairs for Model 3 should cost just over half of a mass-market ICE vehicle such as a Toyota Camry.”

Because the data is for the 2020 year (Tesla prices have increased since then), we guess that the TCO might be slightly different today, however, it’s great to see that EVs are catching up with ICE vehicles.

It’s just a matter of time when we will see BEVs much better than ICE cars thanks to higher volume and ongoing technological progress.