A recent study by Self Financial has revealed that the Tesla Model 3 is the most affordable vehicle to operate in the United States, with its sibling, the popular Model Y crossover, also ranking highly. This is notable considering both models are positioned in the premium segment.
The study analyzed the running costs of the 50 best-selling vehicles between 2022 and 2024, calculating the average annual expenses for fuel/energy, maintenance, insurance, fees, and taxes. Across all models studied, the average annual running cost was $6,462. Fuel/energy represented the largest expense at 34.8% of the total, averaging $2,246 annually. Maintenance averaged $1,633, insurance $1,763, and fees/taxes $820.
The Tesla Model 3 emerged as the leader in affordability, with an annual running cost of just $5,061. Its energy costs were the lowest at $636 per year, a remarkable 71.68% lower than the study average. Maintenance costs were also the lowest at $1,143, 30% below average. However, the Model 3’s insurance cost was the third highest in the study at $2,241, and its fees and taxes, at $1,041, also exceeded the average.
A recent study by Self Financial has revealed that the Tesla Model 3 is the most affordable vehicle to operate in the United States, with its sibling, the popular Model Y crossover, also ranking highly. This is notable considering both models are positioned in the premium segment.
The Tesla Model Y also performed well, ranking seventh overall. Its annual energy cost was $708, maintenance $1,339, insurance $2,399, and fees and taxes $947.
The study highlighted the cost-effectiveness of Tesla’s offerings, particularly in energy and maintenance. While other more budget-friendly vehicles, like the Hyundai Elantra (the second most affordable overall), had lower purchase prices, the Model 3 and Y demonstrated significant savings in operational costs. For comparison, the Elantra’s annual costs were: fuel $1,615, maintenance $1,435, insurance $1,547, and fees/taxes $508.
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