A recent study conducted by Self Financial has revealed that the Tesla Model 3 sedan has been identified as the most cost-effective car to run in the United States. Surprisingly, its counterpart, the popular Model Y crossover, also made it onto the list of affordable vehicles.
This achievement is particularly noteworthy considering that both the Model 3 and Model Y are considered premium-priced vehicles in the market.
To conduct the study, Self Financial analyzed the running costs of the top 50 best-selling vehicles in the United States from 2022 to 2024. The study took various factors into account, including average annual expenses for fuel or energy, maintenance, insurance, and fees and taxes.
According to the findings, the average annual cost to run one of the best-selling vehicles in the United States is approximately $6,462. Fuel expenses were found to be the largest cost, accounting for 34.8% of all annual running costs. On average, $2,246 was spent on fuel or energy, $1,633 on maintenance, $1,763 on car insurance, and $820 on annual fees and taxes.
The Tesla Model 3 emerged as the most affordable car to run in the United States, with an annual running cost of $5,061. Notably, the annual energy costs for the Model 3 were the lowest among all vehicles analyzed, amounting to just $636 per year, which is 71.68% lower than the study average. Additionally, the Model 3 had the lowest annual maintenance costs at $1,143, which is 30% below the study average.
Despite its affordability, the Model 3 ranked as the third most expensive car to insure in the study, with an annual insurance cost of $2,241. The vehicle also incurred higher annual fees and taxes compared to the study average, amounting to $1,041 per year.
The Tesla Model Y also fared well in the study, ranking as the seventh most affordable car to run. It had an annual fuel cost of $708, maintenance costs of $1,339, insurance costs of $2,399, and fees and taxes totaling $947 annually.
The study’s results shed light on the relatively low running and maintenance costs of Tesla’s mainstream vehicles compared to other vehicles in the market. For example, the Hyundai Elantra emerged as the second most affordable car to run in the United States, with significantly lower costs across fuel, maintenance, insurance, and fees and taxes.
In conclusion, Tesla’s Model 3 and Model Y have proven to be not only environmentally friendly but also cost-effective options for consumers in the United States. Their affordability in terms of running costs further solidifies their position as popular choices in the automotive market.