What is the Yearly Cost of a Tesla? My First Year Owning a Tesla Cost Breakdown

What is the Yearly Cost of a Tesla? My First Year Owning a Tesla Cost Breakdown


– Hey guys thanks for joining me. Today I’m gonna take a
look at the fuel cost, the insurance cost, and my loan for my Tesla Model S
from the previous year. I wanna share with you
the exact experience I had and what the exact costs were so you can get a better idea about what it may cost
you if and when you become part of the Tesla family. Stay tuned. Hey guys thanks for joining me yet again. I’m Ben Sullins, and this is Teslanomics, the channel where we decode
the data behind Tesla. If you’re new here, I would
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workbooks you can actually analyze yourself, and any other offers or special promotions we’re running. So thank you for joining me, and let’s dive into the data now. So some of you may remember a video I did back in November where I took a look at at that point the
year-to-date cost and savings, and so here I wanted to dive
in and kind of update that as well as give you a
more complete picture about all the other costs associated with owning a Tesla. So in this one I have
essentially every month, and I got this from my energy
provider which is SDG&E, which is San Diego Gas & Electric, and they give you you
know this detail about the billing days, the cost of the on peak versus the off peak, and then this super off peak. Now I’ve highlighted this here because this is when I charge my Tesla. If you aren’t familiar, you actually schedule it to charge, so you can kind of optimize the price. And during that time, there are sometimes other
things running in the house like the dishwasher, and of course things like the fridge, but being in San Diego, we don’t really use the
air conditioning or heat too much at night. So when I looked at
days when I would charge versus days when I wouldn’t, it was almost negligible
the amount of power we use compared to days you
know that I don’t charge. So in order to be
conservative on my estimate, what I wanted was to just simply include all of the costs associated
with my super off peak electricity usage against my Tesla, against the fuel cost. Now if I go over here, you can see my total electric charges, and we can do ratios and all that. The more interesting thing and in doing this analysis
is trying to compare this to a regular car. Now I have the miles that I drove, and I sourced these from MileIQ, which is an app, and I had to kind of
impugn or estimate that for a couple months because I didn’t have data for that month, including a month here where I had data but it was only partial. So I again just took my average which was 720 miles per month, and I work from home, so I don’t actually drive much. So in fact this is probably a lot lower than most people. Then I went to gasbuddy.com, and I pulled out the gas prices for every month here for
my part of San Diego, so I tried to get as specific as possible. Again I actually don’t
know what the costs are because I haven’t been to
the gas station in a year. Then I found the average miles per gallon, and the average miles per gallon, in the previous video people
were real upset about this because they were comparing
say a Honda or Toyota or even a hybrid or something. When I look at a Tesla Model S, I don’t see a cheap economical car, I see a high-end luxury sedan. And people would argue
that as well, that’s fine. But if you take a look at the data from fueleconomy.gov, and you take a look at the large sedans in the category in the United States, the average overall is
22 miles per gallon. So this isn’t a number I just made up to make these figures look better. This is a number that is very real when you’re comparing similar sized cars in the same class. So that said, if you were looking at this
saying oh how much would I save, and you happen to have
a more economical car, yes you can punch in different numbers and change the whole calculation. But to be fair, I’m using what is the
national average here. Then I took those two things, and I figured out okay
how many miles do I drive, how many miles per gallon do I get, and then that gives me this number, and then multiply that
times the price of gas, and I get the average gas cost, or the estimated gas cost for the month. So when I compare those two, I have my savings. You can see that I have
essentially in column E, my super off peak charges, again which I’m totally
attributing to my Tesla, which isn’t totally fair but
it should be close enough. And then I’m just
subtracting what the average gas cost would be. So in some cases it’s negligible, or I’m actually losing money because I just didn’t
drive that much that month. Then overall you can see
the percent savings there. So this is the month by month breakdown of my fuel savings of owning a Tesla. And again, like I said, I don’t actually drive much, so if you were to drive a lot and you’re thinking about
how this relates to you, the savings would just
continue to increase. So something to consider
if you’re considering going electric or buying
a Tesla or whatever. Now for my loan, I chose a three year option, and the three year option
gave me a 1.49% rate, which is extremely low. And so that is basically why I did that, and because I can afford it. Now I bought my car for $50,000, or I think it was 51 and change. But that was because I bought it used from the certified pre-owned website, and there’s still a lot of these on there. In fact now these older cars, the certified pre-owns actually are kinda holding their value even more because if they were built with
free Supercharging for life they are gonna retain that, unlike all new Teslas where you’ll get 400 kilowatt hours free per year. But beyond that you actually have to pay, and if you’re interested in that, I have another video that I’ll link up in the card for you that you can go check
out which has the actual cost per state and then cost per country and stuff like that. But my loan details,
started out at 50,000, and it’s down to about
34 in the first year. Now I’m paying a lot per month, and some people that may jump out, but again the purpose of
that is to get a lower interest rate. So total first year summary, I paid $724 in interest, $15,000 in principal. My insurance was actually really cheap, it was just over $100 a month, 103 or four or something like that. And that’s because I bundle my home and my other two cars with it, and life insurance, so it all comes together and gives me a really nice discount. So it’s not insanely expensive
or anything like that. Now the total fuel costs are
coming from that other sheet, $830, and this is a big one, $0, a big goose egg in
maintenance and repairs. And that’s because, I actually have had two issues, I had a windshield wiper break, and you can check out
a video I did on that, and I actually just had
the battery replaced, not the car battery but
the 12 volt battery, which is the thing that
powers all the electronics in the car. Because I’m still within the four years of when I bought it, both
of those are totally free. And so I paid $0. And by the way, they came
to my house each time to fix those within just a couple days of me reporting the issue. So total first year costs, just under $18,000 with
about $400 in fuel savings, averaging about 31% overall. So there you have it, my breakdown of my first year
costs owing a Tesla Model S. Like I said, I don’t drive a lot, so my experience probably
won’t be the same as yours if you’re trying to run
these numbers for yourself. But you can get all the details, the data, and all that stuff downloadable, and you can even tweak
these numbers a little bit for yourself by going to teslanomics.co and subscribing and then you’ll get it in your email inbox. So question of the day, do you have a Model S or another EV? What kind of money are you saving? Have you seen similar numbers to this? Let me know in the comments below. I’d love to hear from you. And thanks again to everyone
that supports us on Patreon. If you do have questions or feedback and you’re a member there, go leave your comment on the Patreon page because I take a look at those first and use those suggestions primarily for all the new videos and
analysis that we’re gonna do. So thanks everybody that joined us today as well as on Patreon, and I will see you guys
back here next time.