Over five years and 60,000 miles.
With a starting price of $39,490, the Tesla Model 3 Standard Range Plus costs around the same as premium combustion-powered sedans like the BMW 3 Series and Audi A4. But as the technology improves and replacement parts get cheaper, EVs are becoming cheaper to own in the long term since they require less maintenance and cost less to maintain.
As Tesla's new 2020 Impact Report shows, the total ownership costs of the Model 3 over five years are significantly cheaper than BMW and Audi's premium sedans when factoring fuel costs, insurance, maintenance, and depreciation.
Using cost data from the Tesla fleet, Tesla estimates that running a Model 3 Standard Range Plus over five years and 60,000 miles costs 55 cents per mile. Impressively, that's almost as low as a Toyota Camry according to Tesla. It's encouraging to see the Model 3 running costs are now nearly on par with a traditional mass-market sedan like the Camry, which costs around 50 cents per mile according to Tesla's chart.
"The advantage of having a fleet of vehicles that is constantly online is the ability to analyze real-world data rather than only being able to use estimates," Tesla wrote in the report.
"We have an extensive database of Model 3 residual values and cost of repairs, maintenance, energy use, etc. Additionally, the insurance cost for the Model 3 SR+ below is based on the projected median insurance rate in the U.S. for Tesla Model 3 drivers. Our analysis shows that over five years and 60,000 miles, running a Model 3 SR+ costs 55 cents per mile. Notably, running costs such as fuel (electricity or gasoline), maintenance, tires, and repairs for Model 3 should cost just over half of a mass-market ICE vehicle such as a Toyota Camry."
Tesla's findings show that while EVs typically command premium sticker prices, the lower ownership costs (including obvious fuel savings) could save you a lot of money long term.