Tesla Model 3 Ownership: What Are The Hidden Costs Over 3 Years?

As more people take interest in EVs and even plan to buy or lease one, the cost of ownership is important. How much will a Tesla Model 3 really cost you?

EVs may eventually reach price parity with gas cars, but it's going to be a while. In the meantime, people can take advantage of incentives, as well as the lower costs of ownership associated with owning an electric car.

Our friend Andy Slye commonly shares tips, tricks, and financial advice. Clearly, he's a young guy who's been able to reach financial security through certain choices. Slye also seems to be one of the most thorough people we know, which is why we really appreciate his cost of ownership videos.

In this recent video, Slye shares details about every penny he's spent on his 2018 Model 3 Long Range since he took ownership some three years ago. He's also put 75,000 miles on the vehicle, which works out to 25,000 miles a year. That's on the high end compared to the average, so most people won't spend as much as Andy. The average American drives around 13,500 miles per year.

Keep in mind, the Model 3 no longer qualifies for the $7,500 federal EV tax credit, so other EVs will likely cost you even less to own. Hopefully, President Biden's aggressive infrastructure plans will pass, and Tesla and GM will once again be eligible for the credit. It also stands to increase, but who knows what will pass in the Senate.