Kelley Blue Book (KBB) has named the Tesla Model 3 as the most cost effective choice in the luxury electric vehicle (EV) market segment over a five year period.
The electric sedan came out at the top in KBB’s ‘5-year Cost to Own Awards,’ which takes into account the total vehicle-related costs an owner will encounter during the first five years of owning a car.
This includes things like insurance, maintenance costs, fuel costs, taxes and registration fees. The company even looks at depreciation, which it says is the “biggest single item you’ll pay over the time you own your vehicle.”
According to KBB’s data, the Model 3 has a 5-year cost to own of $48,233, which is $16,411 better than the segment average.
It is important to note the Model 3 was in the electric luxury vehicle segment, and not in one that would include internal combustion engine (ICE) vehicles, making the accomplishment even more impressive.
The award comes just a few days after KBB named Tesla as the ‘Best Overall Luxury Brand’ for the third year in a row, as well as the ‘Best Value Luxury Brand’ and ‘Most Refined Luxury Brand’ in their 2022 Brand Image Awards.
You can see the full list of award winners in each category here.