Move over, gas guzzlers—Tesla has pulled off something downright unimaginable. According to a report by Self Financial, the Tesla Model 3 has officially claimed the title of the most affordable car to own in the United States. Yes, you read that right—an electric car is outshining traditional gas guzzlers in the cost department. Talk about a plot twist!
How did Tesla pull this off? Well, Self Financial dug deep into the average annual running costs of the 50 most popular cars sold between 2022 and 2024. They looked at all the money spent on vehicles—fuel (or energy), maintenance, insurance, and those additional fees and taxes. This report reveals the true cost of car ownership in the U.S. and Tesla Model 3 came out on top.
Tesla Model 3: Unlikely champion of affordability in the USA
The Tesla Model 3 has defied expectations and emerged as the most affordable car to own in the United States, according to a report by Self Financial. With an annual operating cost of $5,061 (around Rs 4.37 lakh), it outshines the average yearly cost of $6,462 (Rs 5.59 lakh) for the country’s best-selling vehicles.
What makes the Model 3 so budget-friendly? For starters, its energy costs are a game-changer, coming in at $636 per year (around Rs 55,000), which is a staggering 71.68 per cent lower than the study’s average fuel cost of $2,246 (Rs 1.94 lakh).
Additionally, the Model 3 keeps maintenance expenses relatively low, at $1,143 per year (under Rs 1 lakh), which is 30 per cent below the study average of $1,633 (Rs 1.41 lakh). These savings add up over time, making the Model 3 a smart choice for anyone looking to keep running costs down.
However, there’s a catch. The Model 3 does have the third-highest insurance premiums at $2,241 per year (around Rs 1.93 lakh).
No Fluke: Tesla Model Y secures seventh spot in running costs
The Tesla Model Y secures the seventh place in the study’s ranking of car ownership costs. It has an annual energy cost of $708 (around Rs 61,000).
Maintenance is relatively affordable, with annual expenses pegged at $1,339 (around Rs 1.15 lakh), making it more cost-effective than many internal combustion engine vehicles. However, insurance premiums for the Model Y are on the higher side at $2,399 per year (approximately Rs 2.07 lakh), which contributes to the overall running costs.
Additionally, the Model Y incurs fees and taxes of $947 per year (over Rs 81,000), further adding to its total cost of ownership. Despite these factors, the Model Y’s combination of low energy costs and moderate maintenance still makes it a highly competitive option in the vehicle market.
