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Since I published comparisons of the Tesla Model 3 and Honda Accord, I’ve been planning to conduct and publish 5 year cost of ownership comparisons between the Tesla Model 3 and BMW 330i. At last, here they are!
Long notes regarding assumptions are included after the results. As before, I’ve run several comparisons in order to see how the numbers fall out under different assumptions (different lifestyles, locations, and future fuel markets).
However, whereas in the past I haven’t changed assumptions too dramatically, I’ve widened the spectrum in this case on a few key matters: miles driven, gas prices, and electricity prices. Have a look at the results.
Oh yeah, and before that, I think it’s also worth keeping in mind that the Tesla Model 3 is much quicker, is much safer, has much better tech, is much smoother, and has better handling. This is not simply the view of reviewers here at CleanTechnica. Numerous auto journalists, such as the highly respected crew at Motor Trend, have come to the same conclusions.
High Gas Price, High Electricity Price
In this scenario, I used $5/gallon for gasoline and $0.20/kWh for electricity. Remember that both prices are supposed to be an average of the 5 year period. Also remember that the $/kWh is not as simple a matter as picking a residential electricity price. Some people will have free workplace or public charging, some will have low-cost solar panels that they already paid off, some will have to pay for public charging/Supercharging, some will have low “time of use” (TOU) electricity prices. For this “high-fuel-cost” scenario, I thought the two figures above were sensible, but feel free to copy the Google Sheet yourself and input figures that you think would match your situation over 5 years.
Tesla Model 3 vs. BMW 330i — Average Miles
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
13,500 |
13,500 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
450.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
3,375.00 |
— |
| Average Cost Of Fuel Per Year |
$675.00 |
$2,250.00 |
| 5 Year Total Cost of Ownership |
$30,335 |
$50,466 |
Tesla Model 3 vs. BMW 330i — High Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
27,000 |
27,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
900.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
6,750.00 |
— |
| Average Cost Of Fuel Per Year |
$1,350.00 |
$4,500.00 |
| 5 Year Total Cost of Ownership |
$33,710 |
$61,716 |
Tesla Model 3 vs. BMW 330i — Low Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
7,000 |
7,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
233.33 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
1,750.00 |
— |
| Average Cost Of Fuel Per Year |
$350.00 |
$1,166.67 |
| 5 Year Total Cost of Ownership |
$28,710 |
$45,049 |
Low Gas Price, Low Electricity Price
In this scenario, I used $2.10/gallon for gasoline and $0.07/kWh for electricity. See the notes in the section above if you skipped them. Also, as an example that the cost of electricity can go much lower, note that in 9 months of electric car ownership in Florida, I spent $0 charging — yes, $0.00. I don’t have home charging and every charging station I’ve found and used in my city (at grocery stores, the beach, the mall, parks, downtown, and elsewhere) is free to use. So, in some situations at least, you can put an EV electricity cost of $0, but I didn’t do so here, instead choosing $0.07/kWh. The lowest average gas price I can find in any state in the USA is $2.722 (in Nebraska and Maryland), but I got pretty extreme and went lower — down to $2.10 — for this scenario. Don’t ask me how you could actually have such a low average gas price over the coming 5 years.
Tesla Model 3 vs. BMW 330i — Average Miles
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
13,500 |
13,500 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
450.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
3,375.00 |
— |
| Average Cost Of Fuel Per Year |
$236.25 |
$945.00 |
| 5 Year Total Cost of Ownership |
$28,141 |
$43,941 |
Tesla Model 3 vs. BMW 330i — High Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
27,000 |
27,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
900.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
6,750.00 |
— |
| Average Cost Of Fuel Per Year |
$472.50 |
$1,890.00 |
| 5 Year Total Cost of Ownership |
$29,322 |
$48,666 |
Tesla Model 3 vs. BMW 330i — Low Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
7,000 |
7,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
233.33 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
1,750.00 |
— |
| Average Cost Of Fuel Per Year |
$122.50 |
$490.00 |
| 5 Year Total Cost of Ownership |
$27,572 |
$41,666 |
Moderate Gas Price, Moderate Electricity Price
In this scenario, I used $3.10/gallon for gasoline and $0.13/kWh for electricity. See the notes in the sections above if you skipped them.
Tesla Model 3 vs. BMW 330i — Average Miles
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$3.10 |
| Avg Price Of Electricity For Car |
$0.13 |
— |
| Average Miles Per Year |
13,500 |
13,500 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
450.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
3,375.00 |
— |
| Average Cost Of Fuel Per Year |
$438.75 |
$1,395.00 |
| 5 Year Total Cost of Ownership |
$29,153 |
$46,191 |
Tesla Model 3 vs. BMW 330i — High Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$3.10 |
| Avg Price Of Electricity For Car |
$0.13 |
— |
| Average Miles Per Year |
27,000 |
27,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
900.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
6,750.00 |
— |
| Average Cost Of Fuel Per Year |
$877.50 |
$2,790.00 |
| 5 Year Total Cost of Ownership |
$31,347 |
$53,166 |
Tesla Model 3 vs. BMW 330i — Low Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$3.10 |
| Avg Price Of Electricity For Car |
$0.13 |
— |
| Average Miles Per Year |
7,000 |
7,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
233.33 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
1,750.00 |
— |
| Average Cost Of Fuel Per Year |
$227.50 |
$723.33 |
| 5 Year Total Cost of Ownership |
$28,097 |
$42,833 |
High Gas Price, Low Electricity Price
In this scenario, I used $5/gallon for gasoline and $0.07/kWh for electricity. See the notes in the sections above if you skipped them.
Tesla Model 3 vs. BMW 330i — Average Miles
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
13,500 |
13,500 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
450.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
3,375.00 |
— |
| Average Cost Of Fuel Per Year |
$236.25 |
$2,250.00 |
| 5 Year Total Cost of Ownership |
$28,141 |
$50,466 |
Tesla Model 3 vs. BMW 330i — High Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
27,000 |
27,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
900.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
6,750.00 |
— |
| Average Cost Of Fuel Per Year |
$472.50 |
$4,500.00 |
| 5 Year Total Cost of Ownership |
$29,322 |
$61,716 |
Tesla Model 3 vs. BMW 330i — Low Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$5.00 |
| Avg Price Of Electricity For Car |
$0.07 |
— |
| Average Miles Per Year |
7,000 |
7,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
233.33 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
1,750.00 |
— |
| Average Cost Of Fuel Per Year |
$122.50 |
$1,166.67 |
| 5 Year Total Cost of Ownership |
$27,572 |
$45,049 |
Low Gas Price, High Electricity Price
In this scenario, I used $2.10/gallon for gasoline and $0.20/kWh for electricity. See the notes in the sections above if you skipped them.
Tesla Model 3 vs. BMW 330i — Average Miles
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
13,500 |
13,500 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
450.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
3,375.00 |
— |
| Average Cost Of Fuel Per Year |
$675.00 |
$945.00 |
| 5 Year Total Cost of Ownership |
$30,335 |
$43,941 |
Tesla Model 3 vs. BMW 330i — High Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
27,000 |
27,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
900.00 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
6,750.00 |
— |
| Average Cost Of Fuel Per Year |
$1,350.00 |
$1,890.00 |
| 5 Year Total Cost of Ownership |
$33,710 |
$48,666 |
Tesla Model 3 vs. BMW 330i — Low Mileage
| Car |
Tesla Model 3 SR+ |
BMW 330i |
| Purchase Price |
$40,900.00 |
$40,250.00 |
| Remote engine start, adaptive cruise control, heated front seats |
— |
$2,000.00 |
| Better audio system |
— |
$875.00 |
| Sales tax |
$2,863.00 |
$3,018.75 |
| Destination & doc fee |
$1,200.00 |
$0.00 |
| 5 Year Resale Value (via KBB) |
$19,918.30 |
$12,937.50 |
| Incentives |
-$3,750.00 |
$0.00 |
| Cash Cost after Incentives & Resale Deduction & Taxes/Fees |
$21,294.70 |
$33,206.25 |
| Interest after 5 years (assuming $5000 down and 5.5% interest rate) |
$5,665.02 |
$6,009.89 |
| Price of Gas |
— |
$2.10 |
| Avg Price Of Electricity For Car |
$0.20 |
— |
| Average Miles Per Year |
7,000 |
7,000 |
| Maintenance Costs Per Mile |
$0.00 |
$0.00 |
| Maintenance Costs Per Year |
$0.00 |
$0.00 |
| Miles/kWh |
4 |
30 |
| Average Gallons Of Gas Per Year (Miles/MPG) |
— |
233.33 |
| Average kWh Of Electricity Per Year For Car (Miles/4.24) |
1,750.00 |
— |
| Average Cost Of Fuel Per Year |
$350.00 |
$490.00 |
| 5 Year Total Cost of Ownership |
$28,710 |
$41,666 |
As far as assumptions used across the board or as the basis for fuel assumptions:
- BMW’s MSRP for BMW 330i. I considered using a price from Autotrader, but the lowest available price on there was more than $4,000 higher than the official MSRP, so I stuck with the MSRP and figured people could haggle down — maybe.
- $5,000 down and 5.5% interest on the auto loans.
- Kelley Blue Book estimates for resale values/depreciation after 5 years.
- $3,750 US federal tax credit for the Tesla Model 3.
- $39,900 Tesla Model 3 Standard Range Plus, not the cheaper $35,000 Tesla Model 3 Standard Range.
- Added remote engine start, adaptive cruise control, heated front seats, and better audio system to BMW 330i to make it more comparable to the Tesla Model 3 SR+.
- Added a $1,000 paint color for the Model 3, so you don’t have to get black.
- Added $1,200 destination & doc fee for Tesla Model 3.
- 7% sales tax (Florida tax rate).
- Gas prices based around average prices from AAA. Note that the price of gas will surely fluctuate in the coming 5 years — it could go much higher or could drop lower again.
- $0 maintenance costs. There’s a strong case the Model 3’s maintenance costs should be much lower than the BMW’s (that would be my assumption), but there’s also an opposite argument and we simply don’t have much insight into what is in store after 5 years of ownership, so I’m leaving the figure at $0 and anyone can easily add maintenance costs as they see fit and can quickly adjust the calculations.
- 4 miles per kWh efficiency for the Model 3, which is a bit lower than the official rating.
- 30 MPG for the BMW 330i, from BMW’s website.
Again, you can change any assumptions as you see fit by copying/duplicating this Google Sheet.
Any final thoughts?
My final thoughts are that I can’t believe anyone would look at this info, drive a Tesla Model 3 (much quicker, much smoother, better handling, much safer, much better tech, and much cheaper), and actually buy a BMW 330i — without being forced to by a local gangster.
Interested in buying a Tesla Model 3 (or Model S or Model X)? Need a referral code to get 1,000 miles of free Supercharging? Use ours: http://ts.la/tomasz7234 (or use someone else’s if they helped you more).
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