The Tesla Model 3 has emerged as the most cost-effective vehicle to run among the 50 best-selling cars in the United States, according to a recent study analyzing fuel, maintenance, insurance, and annual fees.
Breaking Down the Costs
The study, conducted by Self Financial, looked at data from 2022 to 2024, and revealed that the average cost to operate a best-selling car in the US was $6,462 per year. This figure includes expenses such as fuel or energy ($2,246), maintenance ($1,633), insurance ($1,763), and annual fees and taxes ($820). (via Teslarati)
However, the Tesla Model 3 comes in significantly less, costing just $5,061 annually, nearly 22% lower than the average.
Why Is the Model 3 So Affordable?
Several factors contribute to the Model 3’s low operating costs:
- Low Energy Costs: The Model 3’s electricity costs amount to just $636 per year—71.68% lower than the study’s fuel cost average of $2,246. This translates to substantial savings compared to gasoline-powered vehicles and was one of the biggest reasons for the Model 3’s top spot.
- Lower Maintenance Expenses: With annual maintenance costs of only $1,143, the Model 3 outperformed every other vehicle in the study. The lack of an internal combustion engine means fewer moving parts, reducing the likelihood of costly repairs and servicing.
- Competitive Annual Fees & Taxes: The Model 3’s annual fees and taxes total $1,041, slightly above the study average but still well within the range of affordability.
- Higher Insurance Costs: The only downside is that the Model 3 was the third most expensive car to insure in the study, with an annual insurance cost of $2,241. Despite this, the Model 3 is able to maintain its top spot due to the significant savings in other areas.
How the Model 3 Stacks Up Against the Competition
The study also identified other vehicles with low running costs, such as the Hyundai Elantra, which took second place at $5,104 per year, while the Toyota Corolla at $5,182 per year came in third. While these gasoline-powered sedans are known for affordability, their fuel and maintenance costs are notably higher than the Model 3’s.
Among electric vehicles, the Model Y also ranked highly, coming in at seventh place with an annual running cost of $5,393. The Model Ys slightly higher costs stem from increased insurance and maintenance expenses. The Model S, the only other Tesla to make the top 50 list, came in at 20th ($6,097). The three Teslas were the only EVs to make the list.
If you are wondering what the most expensive car among the 50 best-selling cars in the US was, that title went to the Chevrolet Tahoe SUV, with an annual running of $8,046, some 60% higher than that of the Model 3.
