Is Owning a Tesla Model Y Really Cheaper in the Long Run?

Considering buying a Tesla Model Y to save on gas and maintenance? I’ve had my Tesla Model Y for over three years, and I wanted to break down whether it has truly saved me money compared to traditional or hybrid cars. From the hidden costs of registration and insurance to maintenance and charging, here’s a comprehensive look at the financial reality of owning a Tesla Model Y.

Key Takeaways

Initial Costs: Tesla Model Y costs around $45,000 to $48,000 before tax credits.
Registration and Insurance: Higher than average, especially in California.
Maintenance: Surprisingly low, with few required services.
Charging: Cheaper than gas but can vary depending on electricity rates.
Depreciation: Tesla’s value can drop significantly due to frequent price adjustments.

Cost of the Car

Tesla frequently updates its pricing. Recently, a long-range rear-wheel-drive Model Y starts at $45,000, or $37,500 after the $7,500 federal tax credit. A dual-motor version costs $48,000 but offers slightly less range.

Model	Starting Price	After Tax Credit
Rear-Wheel Drive	$45,000	$37,500
Dual-Motor All-Wheel	$48,000	$40,500

Registration Fees

Registration fees for Teslas in California are notably higher compared to traditional cars.

Vehicle	Registration Cost (CA)
Tesla Model Y	$700+
Tesla Model X	$1,110
Tesla Cybertruck	$1,276 (commercial)

For the Cybertruck, classified as a commercial vehicle, fees can be even higher unless modified to a non-commercial status.

Insurance

Insurance costs for Teslas are higher due to their classification as luxury vehicles and repair complexities.

Vehicle	Insurance Cost (Annual)
Tesla Model Y	$2,500
Tesla Model X	$2,976
Tesla Cybertruck	$2,796

Maintenance Costs

Maintenance on Teslas is minimal, mainly involving air filters, windshield washer fluid, and tires.

Item	Cost	Frequency
HEPA Filter (Model Y)	$90	Every 3 years
Cabin Filters (Model Y)	$34	Every 2 years
Tire Replacement (Model Y)	$1,400 (Michelin)	~30,000 miles
Windshield Washer Fluid	~$5	As needed
Tire Rotation	Free (some shops)	As needed

Charging Costs

Charging at home is significantly cheaper than gasoline, though electricity rates vary.

Parameter	Value
Annual Mileage	19,000 miles
Energy Usage	5,760 kWh
Charging Cost (Home)	$1,030 per year

Supercharger rates are higher but still cheaper than gas, especially in states like California where gas prices can exceed $6 per gallon.

Depreciation

Tesla’s frequent price changes impact depreciation more than other brands.

Time Period	Depreciation Cost
5 Years	$33,000

Accessories and Extras

Initial setup for home charging and must-have accessories can add to the cost.

Item	Cost
Tesla Wall Connector	$450
Universal Wall Connector	$620
Mobile Connector Kit	$250
Installation (Electrician)	$500-$1,000

Conclusion

Owning a Tesla Model Y can save you money on gas and maintenance, but beware of high insurance, registration costs, and potential depreciation. Accessories and setup costs can also add up. It’s essential to consider your driving habits, location, and financial situation when deciding if a Tesla is the right choice for you.