Tesla Model 3, running costs
Discussion
Hi Folks
Just looking for a wee bit of help/sense check:
I'm generally a bit of a lurker rather than a poster, largely that's because I don't have anything that I would view as interesting enough to post about! With the increase in cost-of-living, I'm considering an EV, specifically the Tesla, as a means to save some money on my daily driver (a lightly breathed on Mk7.5 Golf R that I've had for the last 4 years).
If I'm honest, I'm a bit of an old-school petrolhead and the Tesla would be a head over heart decision, though I'll concede it's a nice overall package. When I totted up the main costs, the savings seemed almost too good to be true, so my question is, am I missing anything major?
-PCP monthly payment (around £350) for a standard M3, 2021 circa 20k miles. That's similar to the Golf, but an equivalent Golf R is now £550+
-Insurance, surprisingly a quick check on a comparison site shows this as £200 less than I pay for the Golf
-Tax, I'm not sure what the road tax for the Tesla will be next year, but unlikely to be more than I pay for the Golf
-Fuel, this is the big difference (obviously). Based on 12k a year and 30mpg, Golf is costing me about £260 a month. 12k a year in the Tesla (based on home charging as I'll do that 99% of the time) I work that out at around £65 per month, my current electricity rate is £0.26 per kWh. I also have solar panels on the house, so that figure would probably come down a bit, but I'm not about to try and calculate that!
I have browsed a few other threads and don't see anything major that I'm missing. Any further thoughts would be greatly appreciated.
Just looking for a wee bit of help/sense check:
I'm generally a bit of a lurker rather than a poster, largely that's because I don't have anything that I would view as interesting enough to post about! With the increase in cost-of-living, I'm considering an EV, specifically the Tesla, as a means to save some money on my daily driver (a lightly breathed on Mk7.5 Golf R that I've had for the last 4 years).
If I'm honest, I'm a bit of an old-school petrolhead and the Tesla would be a head over heart decision, though I'll concede it's a nice overall package. When I totted up the main costs, the savings seemed almost too good to be true, so my question is, am I missing anything major?
-PCP monthly payment (around £350) for a standard M3, 2021 circa 20k miles. That's similar to the Golf, but an equivalent Golf R is now £550+
-Insurance, surprisingly a quick check on a comparison site shows this as £200 less than I pay for the Golf
-Tax, I'm not sure what the road tax for the Tesla will be next year, but unlikely to be more than I pay for the Golf
-Fuel, this is the big difference (obviously). Based on 12k a year and 30mpg, Golf is costing me about £260 a month. 12k a year in the Tesla (based on home charging as I'll do that 99% of the time) I work that out at around £65 per month, my current electricity rate is £0.26 per kWh. I also have solar panels on the house, so that figure would probably come down a bit, but I'm not about to try and calculate that!
I have browsed a few other threads and don't see anything major that I'm missing. Any further thoughts would be greatly appreciated.
Edited by OIGMatt on Thursday 16th May 09:16
OIGMatt said:
Fuel, this is the big difference (obviously). Based on 12k a year and 30mpg, Golf is costing me about £260 a month. 12k a year in the Tesla (based on home charging as I'll do that 99% of the time) I work that out at around £65 per month, my current electricity rate is £0.26 per Kwh. I also have solar panels on the house, to that figure would probably come down a bit, but I'm not about to try and calculate that!
Being able to home charge for the majority of your driving is the key to cheap EV running. I calculate it slightly higher than you, but not much in it.
12,000 miles at a conservative 3.5kWh/mile is 3428kWh of electricity. At 26p/kWh, that’s £891 a year or roughly £75 a month.
You need to take into account fitting a home charger point, that’s maybe £1000 or up to £1500 for something that can actively work with your solar. Although if your mileage is just regular commuting, averaging 50 odd miles a day, you could comfortably charge the car every day using a granny charger and standard 13amp plug socket.
I'm looking at doing the same, from what I've read so far you've covered off all bases - it's a good bit cheaper to run than an equivalent ICE.
I've seen the dual motor performance model 3s and the Polestar 2 performance pack for similar figures to what you've posted, would help smooth the transition from the R!
I've seen the dual motor performance model 3s and the Polestar 2 performance pack for similar figures to what you've posted, would help smooth the transition from the R!
I moved from a Cupra 300 to a Model 3 Performance back in 2019. In 2020, we moved from a diesel Zafira to an electric Kona. We fitted an Andersen charger. The savings were considerable in fuel alone. We now have a Model 3 LR and will be swapping the Kona for a Nissan Aryia next week.
The only additional saving would be if you move to an EV overnight tarrif which may work out cheaper overall once you factor in charging your car.
We're on the Intelligent Octopus rate which gives us at least 6 hours per night at 7.5p/kWh.
Our overall rate, including all day time usage for a 4 bedroom house, works out at around 15p/kWh, but we have 2 EVs both doing around 12k miles per year. We don't have solar.
You may want to consider a Zappi charger as that can integrate with your solar. A dedicated car charger is an investment in your house, IMHO.
The only additional saving would be if you move to an EV overnight tarrif which may work out cheaper overall once you factor in charging your car.
We're on the Intelligent Octopus rate which gives us at least 6 hours per night at 7.5p/kWh.
Our overall rate, including all day time usage for a 4 bedroom house, works out at around 15p/kWh, but we have 2 EVs both doing around 12k miles per year. We don't have solar.
You may want to consider a Zappi charger as that can integrate with your solar. A dedicated car charger is an investment in your house, IMHO.
Edited by Fastlane on Thursday 16th May 10:11
CheesecakeRunner said:
Being able to home charge for the majority of your driving is the key to cheap EV running.
I calculate it slightly higher than you, but not much in it.
12,000 miles at a conservative 3.5kWh/mile is 3428kWh of electricity. At 26p/kWh, that’s £891 a year or roughly £75 a month.
You need to take into account fitting a home charger point, that’s maybe £1000 or up to £1500 for something that can actively work with your solar. Although if your mileage is just regular commuting, averaging 50 odd miles a day, you could comfortably charge the car every day using a granny charger and standard 13amp plug socket.
Thanks, my calcs were definitely a bit 'back of the fag packet', so I'm sure yours will be more accurate, I'll work off that, thankfully not too far out.I calculate it slightly higher than you, but not much in it.
12,000 miles at a conservative 3.5kWh/mile is 3428kWh of electricity. At 26p/kWh, that’s £891 a year or roughly £75 a month.
You need to take into account fitting a home charger point, that’s maybe £1000 or up to £1500 for something that can actively work with your solar. Although if your mileage is just regular commuting, averaging 50 odd miles a day, you could comfortably charge the car every day using a granny charger and standard 13amp plug socket.
I definitely want a home charger point, otherwise the lack of flexibility will drive me crazy. I hadn't priced that up yet, slightly more than I thought, but good to have a budgetary idea-thanks.
Edited by OIGMatt on Thursday 16th May 10:12
Hammy98 said:
I'm looking at doing the same, from what I've read so far you've covered off all bases - it's a good bit cheaper to run than an equivalent ICE.
I've seen the dual motor performance model 3s and the Polestar 2 performance pack for similar figures to what you've posted, would help smooth the transition from the R!
I did consider the Polestar and I haven't 100% ruled it out, in some ways I like it more than the Tesla, I just find it a bit, well, aesthetically challenging! The dual motor Model 3 is another consideration, I'd just need to allow a bit more for the monthly payment and, at that point, it eats into the saving vs just keeping my current daily.I've seen the dual motor performance model 3s and the Polestar 2 performance pack for similar figures to what you've posted, would help smooth the transition from the R!
Fastlane said:
Your figures seem to be fine. The only additional saving would be if you move to an EV overnight tarrif which may work out cheaper overall once you factor in charging your car.
I'm on the Intelligent Octopus rate which gives us at least 6 hours per night at 7.5p/kWh.
Our overall rate, including all day time usage for a 4 bedroom house, works out at around 15p/kWh, but we have 2 EVs both doing around 12k miles per year. We don't have solar.
That's impressive. I'll have to look into Octopus if I bite the bullet on the EVI'm on the Intelligent Octopus rate which gives us at least 6 hours per night at 7.5p/kWh.
Our overall rate, including all day time usage for a 4 bedroom house, works out at around 15p/kWh, but we have 2 EVs both doing around 12k miles per year. We don't have solar.
Fastlane said:
I moved from a Cupra 300 to a Model 3 Performance back in 2019.
Ah, so that's a pretty similar decision process, albeit with the faster Tesla. I have only driven the Model 3 Performance version, even compared to the Golf it felt pretty ballistic, perhaps a little uninvolving by comparison if I were being critical.Any regrets from a driving enjoyment perspective or are they just outweighed by the savings?
OIGMatt said:
Ah, so that's a pretty similar decision process, albeit with the faster Tesla. I have only driven the Model 3 Performance version, even compared to the Golf it felt pretty ballistic, perhaps a little uninvolving by comparison if I were being critical.
Any regrets from a driving enjoyment perspective or are they just outweighed by the savings?
As a daily, the Tesla was so much better in every way, including driving enjoyment. However, I do have an Ariel Atom for fun...Any regrets from a driving enjoyment perspective or are they just outweighed by the savings?
TheDrownedApe said:
Not sure but what's the warranty on a M3? I'm not saying anything is likely to go wrong, nor do i know how much it costs to replace "stuff", but it's a safe bet to assume an ICE spare parts are cheaper and more available than an EV.
Just another aspect you may want to consider OP
4Years/50k. pretty low mileage wise now i think of it. Our current M3 just coming up to 3.5 years old and 40k leased tho so thats off in sept. been trouble free really suspension bushes replaced around 35k, rear light swapped a few weeks ago by a ranger as brake light had failed and a new boot seal are i think all we have had done in the time since new. original tyres only swapped @ 35k also Just another aspect you may want to consider OP
Steve57 said:
TheDrownedApe said:
Not sure but what's the warranty on a M3? I'm not saying anything is likely to go wrong, nor do i know how much it costs to replace "stuff", but it's a safe bet to assume an ICE spare parts are cheaper and more available than an EV.
Just another aspect you may want to consider OP
4Years/50k. pretty low mileage wise now i think of it. Our current M3 just coming up to 3.5 years old and 40k leased tho so thats off in sept. been trouble free really suspension bushes replaced around 35k, rear light swapped a few weeks ago by a ranger as brake light had failed and a new boot seal are i think all we have had done in the time since new. original tyres only swapped @ 35k also Just another aspect you may want to consider OP
New Highland Model arrived yesterday.
Model 3 LR here.
Ran several different cars as a daily.
BMW M2 for a while.
30mpg meant 20p/mile in fuel. Insurance was £800. Tax £400 ish.
15k miles is about £5k.
Ioniq hybrid for a while.
60mpg meant 10p/mile in fuel. Insurance about £450. Tax £150 ish.
15k miles is about £2.5k.
Tesla Model 3 LR currently
Insurance is about £650. Tax is free (for now).
Averaging about 3.7 miles/kwh. At 7.5p/kwh overnight (99% of my charging is at home).
15k miles is about £1k
The running costs are hilariously low.
Tyres are £200 each on the 18" aero wheels. Fronts have done 26k miles and showing some wear on the inside edges, but a while to go yet.
It could do with new wiper blades. That's about it.
I don't even think about fuel anymore. I pay £20/month more on my elec bill and no longer have a monthly "fuel budget".
Ran several different cars as a daily.
BMW M2 for a while.
30mpg meant 20p/mile in fuel. Insurance was £800. Tax £400 ish.
15k miles is about £5k.
Ioniq hybrid for a while.
60mpg meant 10p/mile in fuel. Insurance about £450. Tax £150 ish.
15k miles is about £2.5k.
Tesla Model 3 LR currently
Insurance is about £650. Tax is free (for now).
Averaging about 3.7 miles/kwh. At 7.5p/kwh overnight (99% of my charging is at home).
15k miles is about £1k
The running costs are hilariously low.
Tyres are £200 each on the 18" aero wheels. Fronts have done 26k miles and showing some wear on the inside edges, but a while to go yet.
It could do with new wiper blades. That's about it.
I don't even think about fuel anymore. I pay £20/month more on my elec bill and no longer have a monthly "fuel budget".
Steve57 said:
TheDrownedApe said:
Not sure but what's the warranty on a M3? I'm not saying anything is likely to go wrong, nor do i know how much it costs to replace "stuff", but it's a safe bet to assume an ICE spare parts are cheaper and more available than an EV.
Just another aspect you may want to consider OP
4Years/50k. pretty low mileage wise now i think of it. Our current M3 just coming up to 3.5 years old and 40k leased tho so thats off in sept. been trouble free really suspension bushes replaced around 35k, rear light swapped a few weeks ago by a ranger as brake light had failed and a new boot seal are i think all we have had done in the time since new. original tyres only swapped @ 35k also Just another aspect you may want to consider OP
Thanks folks, really appreciate the responses.
Really interesting to hear people's experience, particularly coming out of very 'PH' vehiceles and into a Tesla.
For my last few cars, I've generally bought them at around 2 years old, circa 15k miles, on a PCP deal, and kept for 3-4 years. Prior to that I bought my cars outright and ran slightly older cars. Overall, I think I've found the newer car route to be cost effective and certainly more convenient. I guess there's always an option to take on an extended warranty, though I have run the risk on my last few cars once they went out of manufacturer's warranty.
It does mean that the battery and drivetrain would be under warranty throughout my ownership and the car has some form of guaranteed future value, so there is some protection against the unknowns.
Really interesting to hear people's experience, particularly coming out of very 'PH' vehiceles and into a Tesla.
For my last few cars, I've generally bought them at around 2 years old, circa 15k miles, on a PCP deal, and kept for 3-4 years. Prior to that I bought my cars outright and ran slightly older cars. Overall, I think I've found the newer car route to be cost effective and certainly more convenient. I guess there's always an option to take on an extended warranty, though I have run the risk on my last few cars once they went out of manufacturer's warranty.
It does mean that the battery and drivetrain would be under warranty throughout my ownership and the car has some form of guaranteed future value, so there is some protection against the unknowns.
Edited by OIGMatt on Thursday 16th May 14:47
Just curious - but nobody has mentioned M3 depreciation which looks a bit painful lately, more so than an ICE car? I was looking to buy a M3 LR about 4-6 months ago but changed my mind in the end. Those were about 23.5k then for a 30k mile 70-plate facelift, yet those same cars now look to be about £21-21.5k - so surely you have to factor that in too? The car I bought in the end (an X3) is still worth what I paid for it in January.
SuffolkDefender said:
Just curious - but nobody has mentioned M3 depreciation which looks a bit painful lately, more so than an ICE car? I was looking to buy a M3 LR about 4-6 months ago but changed my mind in the end. Those were about 23.5k then for a 30k mile 70-plate facelift, yet those same cars now look to be about £21-21.5k - so surely you have to factor that in too? The car I bought in the end (an X3) is still worth what I paid for it in January.
I know the second-hand market has been "robust" for a while now but a ~£2k drop in 6 months after a refresh model is released doesn't seem like a large amount to me.When a new BMW 1 series, 3 series etc is released then it's fairly normal for a drop in value in the previous iteration.
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