The Tesla Model 3 was recently considered by Kelley Blue Book as one of the winners of its 5-Year Cost to Own Awards for 2022. KBB’s 5-Year Cost to Own Award explores the costs associated with owning a a vehicle. This includes the price of the vehicle, maintenance costs, fuel or recharging tariffs, any state taxes and registration fees, and the depreciation of a car over a 5 year ownership period, among others.
According to the automotive research firm, the 2022 Tesla Model 3 tops the “electric luxury vehicle” segment with a 5-year cost of ownership of $48,233. According to Kelley Blue Book, the Model 3’s 5-year cost of ownership is $16,411 below the segment average. That’s pretty impressive, especially considering the Model 3 is Tesla’s entry-level vehicle today.
The fact that the Model 3 was dubbed by KBB one of the winners of its 2022 5-Year Cost to Own Awards comes as no surprise, especially considering that electric vehicles like Teslas don’t need electric vehicles. as much maintenance as their internal combustion. motor counterparts. And being part of Tesla’s ecosystem, the Model 3 enjoys a number of advantages that some of its rivals in the “Luxury Electric Vehicle” segment don’t enjoy as well, such as supercharging tariffs, which are extremely practical and affordable.
The Tesla Model 3 has seen price increases over the past few months, but it’s still a pretty cost-effective electric car. This is something KBB pointed out in its review of the 2022 Tesla Model 3, with the automotive research firm stating that “part of the beauty of the Tesla Model 3 is that it’s a luxury sedan. all-electric compact luxury with a similar starting price to its gas-powered competitors,” as the “Model 3’s starting price is similar to the Audi A4, Lexus IS, BMW 3 Series, and most than other conventional compact luxury sedans.
Interestingly enough, the cost of the Model 3 may soon normalize, especially with the advent of innovations like Tesla’s 4680 batteries. Tesla’s 4680 cells will debut in the Texas-made Model Y, but the company intends to roll out the innovation to more of its vehicles in the future. Since 4680 cells are designed to reduce vehicle production costs, it is almost certain that the Model 3 will receive the same innovation in the future. And when it does, it will likely appear once again among the winners of KBB’s 5-Year Cost to Own Awards.
Tesla currently sells three variants of the Tesla Model 3. The base model, which has an electric motor in the rear, starts at $44,990 before incentives. A mid-range variant called Model 3 Long Range, which includes a dual-motor all-wheel-drive system, starts at $51,990, and a higher-end variant called Model 3 Performance is offered for $58,990. That’s well into luxury car territory, but the Model 3 Performance has capabilities on par with much more expensive vehicles, like its 0-60 mph acceleration, which is Tesla-listed as 3.1 seconds. .
The complete winners of Kelley Blue Book’s 5-Year Cost to Own Awards can be found here.
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