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.
Share Your Thoughts!
Do you own a Tesla or are considering buying one? How have your experiences compared? Drop your thoughts in the comments below!
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