Tesla is undoubtedly a successful and top-quality electric car-providing company, even without the founder Elon Musk’s hype on social media. And with the increase in campaigns on buying electric cars to protect the environment, the question remains, is it worth replacing your vehicle with a Tesla?
If you’re interested in cutting-edge technology and performance, then a Tesla might be the right choice for you. On the other hand, if you’re looking for a more traditional vehicle, then a Tesla might not be worth the investment.
Tesla cars are packed with advanced features and technology that set them apart from other vehicles on the market. For instance, all Tesla cars come with autopilot capabilities, allowing them to effectively drive themselves under certain conditions. In this blog, you’ll learn about the pros and cons of having Tesla and the required costs to buy and maintain Tesla cars. So, let’s get started!
Should I Buy A Tesla?
Tesla has gained worldwide popularity with its luxurious and advanced range of electric cars. If we compare the sales of electric cars in the United States, nearly two of every three cars sold are Tesla. Why not? Tesla not only gives luxurious vibes but can also save a lot on fuel expenses.
If you’re still confused about whether to buy a Tesla or not, let us compare Tesla with some other electric cars on the basis of different factors.
Price
Here’s a comparison table for various electric car models based on their prices:
| Electric Car Model | Effective Price | Base Price |
| 2022 Audi Q4 Sportback 50 e-tron quattro 20″ | $ 46,295 | $ 52,700 |
| 2022 BMW iX xDrive50 20″ | $ 76,695 | $ 83,200 |
| 2022 Chevrolet Bolt EUV | $ 33,000 | $ 33,995 |
| 2022 Ford Mustang Mach-E GT Perf. ER AWD 20″ | $ 61,595 | $ 67,995 |
| 2022 Hyundai Kona Electric | $ 27,685 | $ 34,000 |
| 2022 Jaguar I-PACE EV400 | $ 63,550 | $ 69,900 |
| 2022 Kia Niro EV | $ 33,665 | $ 39,990 |
| 2022 Lucid Air Grand Touring 21″ | $ 133,000 | $ 139,000 |
| 2022 Mercedes EQS 580 4MATIC (AWD; 21″) | $ 112,660 | $ 119,110 |
| 2022 Nissan LEAF e+ SV (62 kWh) | $ 30,875 | $ 37,400 |
| 2022 Porsche Taycan Turbo S | $ 181,450 | $ 187,600 |
| 2022 Rivian R1T | $ 61,075 | $ 67,500 |
| 2022 Tesla Model S Plaid 21″ | $ 134,490 | $ 134,490 |
| 2022 Volvo XC40 Recharge | $ 48,895 | $ 55,300 |
Fuel Cost
The Latest Model X of Tesla has 100 kWh batteries. However, the older versions come with as low as 60kWh batteries. If you take Tesla Model X as an example and Level 2 home charging stations, then the total fuel costs for Tesla Model X will be around $15.29. So, you can drive your Tesla Model X for only $5.27 per 100 miles.
On the other hand, if you have a Tesla Model 3, you can charge it in full for $10.94. So, you can drive your Tesla Model 3 for 100 miles for just $4.02. As for Tesla Model S, the full charge only costs $17.55, so you can drive it for $4.33 per 100 miles.
Electricity Cost
The cost of charging Tesla models solely depends upon the type of charger, cost of electricity in your area, and type of car. So electricity costs may vary for your Tesla model. According to a study by Michigan’s Transportation Research Institute, normal gas-driven cars have fuel costs of $1,117 per year. However, electric cars cost roughly $485 per year for electric charging.
Tax Credits
The federal tax credits for Tesla was $ 7,500. But from January 1, 2022, Tesla buyers only have to pay the tax credits specified by their states. Your tax credits would be around $2,500 or less and even nothing—- depending on the state you live in.
So, before buying a Tesla, ensure to research the tax credits in your state. If your state has a small tax credit for Tesla, buying a Tesla is for sure worth it.
Car Insurance
The insurance costs for your Tesla depend upon its model. If you have a Tesla Model 3, the annual insurance cost will be $3,386. On the other hand, the annual insurance costs of a Tesla Model S will be $4,956 per year. Model S has the highest annual car insurance fee.
If you have Tesla Model X, the overall insurance cost will be $4,275. As for Tesla Model Y, the insurance fee is $3,057.
Thus, the average insurance for a Tesla car is around $3,947 per annum. However, the insurance fee may vary depending on the insurance company and the model you own.
Maintenance & Repairs Cost
Tesla is a global brand, so its maintenance requires more cost. The total maintenance and repair costs depend on your Tesla model and its age. According to Tesla users, the average cost remains between $300 to $500 per year. Here are some estimates on repairing costs for a few major Tesla parts:
| Maintenance Service | Maintenance Costs |
| Air conditioning | $50 |
| Cabin air filter replacement | $60 – $200 |
| Tire rotation | $35 – $100 |
| Wiper blade replacement | $20 – $50 |
| Full maintenance service | $475 or higher |
Thus, Tesla vehicles are very costly to repair and maintain. The typical yearly Tesla maintenance cost is about $832 each year. However, the average repair cost among all vehicle brands is lower than $652 yearly.
Check Out But Seriously… How Often Do You Need To Service A Tesla:
Advantages & Disadvantages of Tesla
Here are some perks of having Tesla:
- Battery Range: Tesla batteries are known to last longer even with a single charge. For example, model S can travel up to 1000 miles after being charged. Thus, Tesla cars come with top-quality batteries lasting up to 8 years.
- Functionality: Since there’s no engine toward the front, all machines that cause a thurst in a Tesla push are put at the 4 wheels, giving you more space to keep baggage. You can place 2 to 3 bags in the storage area. Also, there’s a front trunk in the engine, which can be utilized to carry a few additional packs. Even when fully loaded both front and back, Tesla still functions smoothly.
- Speed: Electric vehicles’ motor design is essentially one engine for each wheel so that they can perform exclusively. For instance, Model S, in full-speed mode, has beaten an Aventador in acceleration time.
- Environment Friendly: Electric vehicles are without emissions since they run on power. It is also the cheapest to recharge; you could either charge it at the Tesla charging station (for free) or at home at the household charging station. By driving an Electric vehicle, you decrease both air and commotion contamination, so you don’t simply save the climate but also save money.
- Self-driving technology: Tesla came up with advanced self-driving technology. So, if you are feeling unwell, you can use this feature to stay safe on the road.
Here are some drawbacks of owning a Tesla:
- Tesla cars are costly.
- Maintenance and repair costs for Tesla also have high prices.
- Car insurance for Tesla is too costly compared to regular cars.
- Tesla battery can drain out anytime.
- Tires need to be replaced fast.
Pros
- Tesla battery lasts longer with a single charge
- Functionality
- Speed
- Environmentally friendly
- Self-driving technology
Cons
- Maintenance and repair costs are quite high
- Car insurance is quite high compared to regular cars
- The battery can drain out anytime
- Tires need to be replaced frequently.
Do Teslas Save You Money?
If you’re looking for a car that’s both environmentally friendly and economical, a Tesla might be the right choice for you. But how do you know if a Tesla will actually save you money in the long run?
There are a few things to consider when trying to determine if a Tesla will save you money.
- What is your current vehicle? If you’re driving an older car that isn’t very fuel efficient, switching to a Tesla will undoubtedly save you money on gas. Even if you have a newer, more fuel-efficient car, the cost of charging a Tesla is significantly cheaper than filling up at the pump.
- How much do you drive? If you only use your car for short trips around town, you may not see as many savings with a Tesla. However, if you frequently take long road trips, you’ll find that a Tesla can save you a lot of money on fuel costs.
- Consider your climate. If you live in an area with warm weather, you’ll be able to take advantage of Tesla’s solar roof panels to help offset the cost of charging the battery. In cooler climates, you may need to charge the battery more often, but the savings on fuel will still make owning a Tesla worthwhile.
While you get an exemption on fueling costs when driving a Tesla, you will still need to pay for electricity to recharge your vehicle. Your Tesla’s electricity costs for a year will be more than $2,000. You will save an average of $800- $1,000 per annum on fuel.
Overall, whether or not a Tesla will save you money depends on your individual circumstances. However, if you’re looking for an environmentally friendly and economical car, a Tesla is definitely worth considering.
How To Afford A Tesla?
You don’t have to be rich to purchase a $46,990 Model 3. In any case, assuming that you’re making a monthly installment of $703 for another Tesla Model 3, that is $8,436 yearly — and numerous different vehicles will cost you less.
Here are a few tips on how to afford a Tesla:
- Consider your budget. When determining how to afford a Tesla, it’s important to consider your budget and what you can realistically afford. Keep in mind that a Tesla is a luxury vehicle and its price tag reflects that. If you’re not sure how much you can realistically afford, consult with a financial advisor or use an online calculator.
- Research financing options. Once you know how much you can realistically afford, it’s time to start researching financing options. Tesla offers several financing options for qualified buyers, including leases and loans. You can learn more about Tesla’s financing options on its website. You can also talk to your bank or credit union about financing options.
- Consider a used Tesla. If you’re still not sure how to afford a Tesla, you may want to consider a used Tesla. Used Teslas are often less expensive than new ones and can still offer the same features and benefits. You can find used Teslas for sale through sites like Autotrader and Cars.com.
- Save up. Another option for how to afford a Tesla is to simply save up for one. This may take longer than other methods, but it’s a great way to pay for your Tesla outright. If you’re able to save up enough money, you may even be able to get a discount on the purchase price of your Tesla.
- Wait for a sale. If you’re patient, you may be able to wait for a sale on a Tesla. Tesla occasionally offers discounts and incentives on their vehicles, so it’s worth checking back often to see if there are any deals available.
Protip: No matter how you decide to afford your Tesla, it’s important to do your research and make sure you can realistically afford the vehicle before making a purchase.
FAQs
How Much Is A Down Payment On Tesla?
The down payment on a Tesla depends on the model you choose and the financing options you qualify for. Generally speaking, you can expect to put down anywhere from around $4,500 to $7,500. Of course, the more expensive the Tesla model you choose, the higher your down payment will be.
Should I Buy the Tesla Model 3?
If you love advanced technologies, then Tesla Model 3 is your best option. You don’t require any keys, as you can control them with your phone. Wireless phone charging, self-driving, and many more perks come with Tesla Model 3. The only drawback of the Tesla Model 3 is that it is expensive and requires costly maintenance services. But if you can afford all this expensive hustle, you should buy it.
How Long Will Tesla Last?
Tesla batteries are designed to last for around 300,000 to 500,000 miles, which means they can last up to 8 years. But there are many factors that can affect how long your particular Tesla will last.
The first thing to consider is how you use your Tesla. If you only use it for short trips around town, it will likely last much longer than if you regularly take long road trips. This is because electric cars have a limited range, and the more you drive, the more wear and tear on the battery and other components.
Another factor to consider is how you charge your Tesla. If you regularly let the battery run down to zero before charging, it will shorten the overall lifespan of the battery. It’s best to keep the battery between 30-80% charged, which will help prolong its life.
Should I Buy A Tesla Now or Just Wait?
If you’re thinking about buying a Tesla, you may be wondering whether now is the right time or if you should wait. There are a few things to consider when making your decision. The first thing to think about is your budget. Teslas are not cheap cars, so if you’re on a tight budget, it may be better to wait until you can afford the car you really want.
Another thing to consider is how long you’re planning on keeping the car. If you’re not planning on keeping it for very long, it may not be worth the investment to buy a Tesla now. However, if you’re planning on keeping the car for a while, buying a Tesla now may be a good idea.
Final Considerations
Every vehicle has its perks and drawbacks. As for Tesla, its exemplary benefits outshine its fewer drawbacks. So, if you are looking for a combo of luxury and electric cars, Tesla models are worth the price. If you can afford it, don’t wait anymore and buy it now!
