Tesla Model 3 Total Cost After 5 Years! I'm Shocked

UPDATE: It's Time to Replace My Tesla Model 3 ➡ https://youtu.be/b4pgDQEj8tw

One of the biggest costs of car ownership is depreciation/resale value. It needs to be included for a real comparison.

I travel less than 3,000 miles per year, cannot write off taxes, but mostly do my own maintenance. This makes buying a second hand reliable car, and running it to extinction my best economic option.

Tesla stock dipped severally , resulting to about 23% drop in the shares value this month. I seriously need suggestions on how to diversify my $400k portfolio made up of volatile TSLA.

You forgot something very important: re-sale price. Re-sale price should be discounted from the total cost of ownership for the given time period.

Surely the biggest factor missing is what the residual value of each of the vehicles would be after five years?

I just read and article about a fellow in British Columbia, Canada, who sustained minor damage to the battery protective cover of his 2022 Ioniq 5. The dealership he went to said they could not guarantee the battery was not damaged, so to maintain his warranty coverage, he had to get the battery replaced. Cost of a battery replacement $60,000 CDN. Cost of a new Ioniq 5, $58,000, so ICBC (the only option for liability coverage in BC), wrote the car off. The object he hit had only caused minor damage to the battery cover, but if he kept driving the car and the battery caught fire, he would not have any liability coverage, not to mention, no warranty. People will think long and hard about range limits and long term battery reliability when they weigh the options between an ICE or EV purchase, but rarely think about the implications of getting involved in a collision. Even if your car isn't written off, there should be concerns about the number of shops that are qualified to fix it and how long it won't be available for you to drive.

To answer many peoples questions: resale on a 2018 model 3 is roughly 27000, almost a 50% depreciation rate over 5 years.

When doing these estimates to purchase my car, I also took into account opportunity cost of the amount of time I would have to spend at gas stations, service centers/dealerships. Also, the average maintenance costs seem low considering the major recommended maintenance at major mileages (25k, 50k, 75k, etc...).

It would appear that you didn't figure into the equation the fair market value of each car after the five years.

I would be curious to see both vehicles' depreciation cost after the 5 years.

Ohhh... I forgot to plug in my car last night now I'm stranded.

I bought a used Altima with 60,000 miles for my daily work travel of 90 miles round trip.I paid $7000 for the car.That’s the advantage of gas vehicles is if you shop used you can get a cheap car that gets 34MPG or more and it doesn’t cost you much of anything.

I've got 3 Toyotas. A total of 5 years and 55k miles of ownership. The only issue ive had across all 3 vehicles was a nut came loose on the back hatch of my 4runner. It took me 10 minutes to fix. I know where my money is staying. Also, a battery pack replacement is significantly more expensive than an engine replacement.

Do another video including the cost of battery replacement including labor. Then another video on trade in value. Then another on insurance rate comparison

What scares the hell out of me is that in 2 years his car used 5X more power than my HOUSE... Where is all that electricity going to come from when the same crowd pushing all-electric houses & cars is also tearing down conventional power plants & hydropower dams?!?

Thanks for the detailed information.

After 8 years we had to replace the battery pack on the model s for 24000€. You should include the potential cost of battery replacement.

I had an XSE with the 4 cylinder engine. It averaged 37 mpg highway. Mixed over 30. In that case, the Camry had a lower cost of ownership.

Cameras won't leave you stranded in a snow storm without power