Even for large families, Tesla’s are quickly becoming a more economical option.
While electric vehicles have become increasingly more popular these days, gas vehicles are still dominating the streets. It’s common among consumers to shy away from making a big purchase like a Tesla because they think they will not be saving money. However, even for a large family, owning a Tesla will save you more money in the long run.
With the average costs of maintenance and gas, you could be reaching upwards of $950 in savings over the life of a vehicle by switching to electric compared to a similarly priced gas-powered model SUV.
A base model (Tesla Model 3) starts at only $37,990. However, for a larger family, you will find yourself lacking in the space you need.
For a more family-oriented model like the Tesla Model X or Model Y with the ability to seat seven, you may find yourself paying a hefty base price of nearly $80,000.
The Tesla Model Y is more economical, with a base price of only $51,000. However, cosmetic changes will have you adding anywhere from $2,000-$6,000.
Based on the size of your family, you may find yourself spending more money upfront for the additional seating. The Tesla Model Y comes standard with the capacity to fit five comfortably. However, if you want the seven-seat interior, it will run you an additional $3,000, bringing your price up to $54,000.
With a 10% down payment, the basic features and the seven-seat interior will have you paying an average of $58,000 to own your Tesla Model Y.
A comparable gas substitution like the BMW X3, with the premium package, would have you paying an average price of $53,000 for a model with similar features and technology.
In upfront costs, it already appears that you are saving an average of $5,000 by choosing to go with the gas-powered X3. So, you are probably asking, how am I going to be saving money by choosing the Model Y over the X3? Let’s break it down and see.
How Much Are You Spending?
The average cost of electricity used while driving 12,000 miles per year will run you about $490 per year for your Model Y. With the X3’s combined 29 MPG; you’ll be spending $1,288 per year on gas for comparison. An already startling difference of nearly $800 annually!
Gas or electricity, however, aren’t the only costs that will be driving up the costs for owning a vehicle. The average maintenance costs for the life of your Tesla loan averages $1,200 compared to the X3 averaging upwards of $6,000 yearly.
So, What Does That Mean?
How much are you really spending at the end of your loan? Adding on the yearly costs of electricity and maintenance, the Tesla Model Y will only have you spending $58,000 at the end of your loan period.
Now let’s take a look at the BMW X3. We started with an upfront cost of $53,000, but with fuel and maintenance costs, you’ll be spending a hefty $67,000 by the end of your loan term; almost $9,000 more than the Model Y.
These aren’t the only savings you can earn by owning a Tesla Model Y, however. In addition to the savings on gas and maintenance, you’ll be receiving a federal tax credit worth $7,500, plus additional credit depending on what state you live in.
California residents can receive up to $16,000 back for owning a Tesla Model Y, making your total cost only $42,000. This brings your total savings up to a hefty $25,000 compared to the X3.
Is It Worth It to Switch to an Electric Vehicle for My Family?
While upfront costs may have had you saving on average $5,000 by deciding to purchase the BMW X3 over the Model Y in the beginning, with the additional cost of gas and maintenance, you end up paying a pretty penny of nearly $25,000 more compared to the costs of owning a Tesla Model Y.
While a gas model may be more familiar for your frugal family, switching to an electric vehicle like the Model Y will have your family saving significantly in the long run, and with charging stations being added nationally, upwards of six per week, you no longer need to worry about whether you’ll be running out of charge no matter where life has you going.