Tesla Model 3 Vs Toyota Corolla Cost Of Ownership
Tesla Model 3
Purchase price: $44,990 (base model)
Monthly payment: $591 (assuming a 72-month loan at 3.5% APR)
Fuel cost: $0.04 per kWh (based on the national average electricity rate of 13.7 cents per kWh)
Maintenance cost: $500 per year (based on an estimate from Edmunds)
Depreciation: $12,000 over 5 years (based on an estimate from Kelley Blue Book)
Total cost of ownership: $62,490 over 5 years
Toyota Corolla
Purchase price: $22,970 (base model)
Monthly payment: $325 (assuming a 72-month loan at 3.5% APR)
Fuel cost: $2.50 per gallon (based on the national average gas price of $4.32 per gallon)
Maintenance cost: $300 per year (based on an estimate from Edmunds)
Depreciation: $15,000 over 5 years (based on an estimate from Kelley Blue Book)
Total cost of ownership: $43,970 over 5 years
Comparison
The Tesla Model 3 has a higher purchase price than the Toyota Corolla, but it also has lower fuel and maintenance costs. Over 5 years, the total cost of ownership for the Model 3 is $62,490, while the total cost of ownership for the Corolla is $43,970. This means that the Model 3 is about $18,520 more expensive to own over 5 years.
However, the Model 3 is a more fuel-efficient and technologically advanced car than the Corolla. It has a range of over 300 miles on a single charge, and it comes standard with features like autopilot and a large touchscreen infotainment system. The Corolla, on the other hand, has a range of around 270 miles on a single tank of gas, and it comes standard with more basic features like a CD player and a manual transmission.
Ultimately, the decision of which car to buy depends on your individual needs and preferences. If you are looking for a fuel-efficient and technologically advanced car, the Tesla Model 3 is a good option. However, if you are looking for a more affordable car with basic features, the Toyota Corolla is a better choice.
