So you‘ve fallen in love with the idea of driving an electric Tesla. Who could blame you? Accelerating a Model S Plaid in near silence while passing gas cars in the blink of an eye seems like the future every car lover dreams of.
But your significant other wants to crunch the numbers first. How much might monthly charging cost? Do their steep purchase prices ever pencil out compared to fuel and maintenance on a gas car? What about finding places to plug in outside the home?
These are all fair questions for eco-conscious families balancing excitement over emissions-free driving with budget realities. Especially as more automakers release compelling electric SUVs and sedans by the month.
So let‘s explore Telsa‘s upfront costs, total long term ownership prices, charging considerations and more in this comprehensive guide to understand what it truly takes to go electric with a Tesla.
A Brief History of Tesla Pricing Over the Years
Elon Musk’s master plan always centered around starting with an exclusive sports car at a premium price point. Then reinvesting those profits to develop more affordable and practical electric vehicles en masse.
Here is a brief history of initial MSRPs for new Tesla models year-over-year, starting with 2008’s groundbreaking original Roadster:
[summarize pricing and feature changes for each model year over year, use tables to display]Reviewing how much Teslas have cost over time, a few key themes emerge:
- Consistent price hikes year-over-year on existing models due to inflation and supply chain challenges
- Top performance versions always command premium prices above base models
- Compared to average new car prices, Teslas sit solidly in the luxury bracket
Now let’s explore what you can expect to pay today if considering a new 2023 Tesla straight from their website….
Breaking Down Upfront Purchase Prices
Interested EV shoppers visiting Tesla.com today will find the following base Model Year 2023 MSRP pricing:
Model 3 RWD – $44,990 ($4000 price hike over 2022)
Model 3 Long Range – $52,990
Model 3 Performance – $58,990
Model Y RWD – $52,990
Model Y Long Range – $56,990
Model Y Performance – $60,990
Model S – $97,790
Model S Plaid – $113,990
Model X – $106,840
Model X Plaid – $120,840
These base prices reflect just the minimum starting configuration for each Tesla variant. Most buyers tack on several upgrades during customization boosting their final purchase price.
Common extras buyers select include fancier interiors, premium audio, higher-capacity batteries, tow hitches, full self driving capability and more. Below is an example of what a typical Model 3 Long Range might cost out the door after taxes and fees:
Base Price – $52,990
Pearl White Paint – $1000 upcharge
Black and White Premium Interior – $1500 upcharge
Enhanced Autopilot – $6000 upcharge
Destination Charges – $1200 standard
Documentation Fees – $75
Sales Tax @ 6% – $3780
Total Model 3 Purchase Price – $64,545
As you customize your preferred Tesla during checkout, your estimated loan payment and total drive-off cost adjusts dynamically. This transparency helps families budget appropriately.
Now let‘s explore the flip side – how affordable Teslas are long term…
Calculating Total Ownership Costs Over 5 Years
Upfront sticker shock often scares customers away from considering a Tesla. But their minimal maintenance needs and far lower “fuel” costs via electricity provide massive long term savings.
Let’s break down all facets of owning a popular Model 3 Long Range over 5 years and 75,000 miles of driving:
Electricity Costs (75,000 miles @ $.13 per kWh): About $2625
Maintenance Costs: Just $1200 for a set of tires around 40k miles and washer fluid top-offs. No oil changes, brake pads, air filters, spark plugs, engine belts or related ICE upkeep!
Insurance/Registration/Tax – Roughly $6850 for minimum required insurance, registration renewals, etc based on national averages.
Depreciation – Model 3s currently have the lowest depreciation among EVs. Estimating they will retain 65% resale value after 5 years brings our total depreciation cost to $22,640.
Total 5 Year Ownership Cost Breakdown
|| Cost |
|-|-|
| Electricity | $2625 |
| Maintenance | $1200 |
| Insurance/Registration/Tax | $6850 |
| Depreciation @ 35% over 5 years | $22,640 |
| Total Cost | $33,315 |
Let‘s compare this to an equivalent gas-powered Toyota Camry over the same timeframe:
|| Tesla M3 | Toyota Camry |
|-|-|-|
|Fuel Costs | $2625 | $12,000 |
|Maintenance |$1200 | $3200 |
|Insurance/Tax | $6850 | $7000 |
|Depreciation | $22,640 | $19,000 |
|Total Cost| $33,315 | $44,200 |
So while the Camry is cheaper upfront, its long term ownership costs are 25% higher over 5 years. This table reveals why buying a Tesla Camry isn‘t as unaffordable as it seems for families focused on total value.
Now let‘s explore home charging logistics and other ownership considerations that also factor budget-conscious shoppers….
Charging Your Tesla – What to Expect
Prospective buyers rightly wonder whether Tesla ownership will prove inconvenient when it comes to recharging compared to 5 minute gas station fill-ups.
The reality is that a little planning goes a long way for seamless home and public charging of your Tesla. Let‘s break down the key charging considerations:
Home Charging – Tesla provides a Mobile Charger with every car for plugging into a normal 120v household outlet. But springing for a $500 Wall Connector gives up to 5X faster recharge rates utilizing your full home 240v electrical capacity, just like a clothes dryer. Installation runs $750 – $2000 depending on panel proximity.
Charging fully overnight prepares 90% of daily driving needs for the average commuter. Cost works out to ~$35 per month charging nightly on off-peak rates.
Public Charging – Tesla‘s exclusive Supercharger Network provides 180kW charges enabling 170 miles of range in just 15 minutes. Their 3500+ stations span North America, Europe, and Asia for long distance travel. Cost is typically $0.34 per kWh – less than a third the price of gas to travel the same distance.
An ever-growing network of third party DC Fast Chargers from Electrify America, Blink, EVGo and others provide more convenient rapid charging options outside Tesla stations. Prices and max charge rates vary widely.
Is Tesla Ownership Worth the Tradeoffs?
After weighing upfront costs against long term savings – plus considering charging logistics – is buying and owning a Tesla worth it?
Most owners passionately praise the Tesla ownership experience and have no plans to return to gas vehicles. However, there are a few commonly cited downsides to balance expectations:
Pros
- Thrilling instant acceleration performance
- Always up to date with latest software, tech
- Charging network enables long distance travel
- Low center of gravity = nimble handling
- Cheap to operate long-term
Cons
- Initial purchase prices still high
- Build quality not on par with luxury brands
- Limited model/color availability
- Service center delays if issues arise
- Public charging can occasionally frustrate
On balance, Tesla vehicles deliver an unrivaled experience that will only improve further through future over-the-air updates. Just ensure your household can accommodate home charging to maximize ownership satisfaction.
Reality often differs from perception when it comes to Tesla’s upfront and ongoing costs. This guide provided key pricing details and ownership considerations to determine if now is the time go all-in on an electric future with Tesla. Reach out with any other questions!
