What Does Owning a Tesla Really Cost?

    Posted by Ben Davidson about 7 months ago
    Unless you’ve been living under a rock, you will know that electric cars are going to be the future. In places like the UK and France, they have even put plans in place to stop the manufacturing and production of gas fuelled motor vehicles by the year 2040. So while that is a while away, it can be a good time to start thinking about electric or hybrid vehicles and what they could mean for you.
    One of the most famous that you are likely to have heard of is Tesla; their all-electric vehicles that can achieve record speed have everyone’s heads turning. But how much would one cost you and is it going to be worth it?

    For one thing, you will have no fuel costs. A similar sized vehicle to a Tesla, a BMW 7 series, is reported to cost about $1,500 to fuel annually, if you drive 15,000 miles a year, give or take depending on fuel prices. So that is saved right off the bat. But what Tesla owners will be paying more for is their electricity bill. Tesla offers 400 kilowatt hours of free charging at its Supercharger stations each year, enough to drive approximately 1,000 miles. But you are likely to still need to charge it at your home overnight. But based on the average rate in the country at the moment of 13 cents per kWh, charging a Tesla at home would cost about $609 per year. So even though it is costing you money, comparably, it is saving you money on how you fuel your car.

    Then there is insurance; can you save on insurance if your vehicle is electric? The thing about insurance is that it will still be heavily based on you and your driving. For example, how old you are, how long you have been driving, and in particular how many times you’ve crashed before. If you’ve been in accidents that weren’t your fault, then seeing DFW Car Accident Lawyers could help, as well as setting the record straight with any insurers. You only need to pay out if the incident was your fault and they should be the only ones that put your premium up. So no savings there for driving an electric vehicle. However, many insurers do offer eco-discounts for environmentally friendly cars. It has been shown to be at least $1000 with some of the top insurance companies. So there is a saving. The question is if there will still be a discount offered when everyone is getting electric vehicles? At least for now, it is a saving.

    Teslas can be pricey to buy outright. But when you compare to similar vehicles, they are comparable to brand new vehicles of the same size. So with the savings that you can make on fuel and insurance, going electric sooner rather than later could be a good option for you. It could be worth looking into a car loan if you wanted to make the purchase soon. Because let’s face it, these discounts, especially the insurance ones won’t be lasting forever.
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