Tesla Model 3 is the most affordable car to run in the United States: study

A study from Self Financial has determined that the Tesla Model 3 sedan is the most affordable car to run in the United States. Its sibling, the best-selling Model Y crossover also made it to the list. 

This is quite impressive for Tesla’s two mainstream vehicles as the Model 3 and Model Y are both premium priced.

The analysis:

• For its study, Self Financial considered the running costs of the 50 best-selling vehicles from 2022 to 2024 to find out how much it costs to run a car on average in the United States.
• The study took into account the average annual costs for fuel or energy, maintenance, insurance, and fees and taxes of the United States’ best-selling vehicles, among other factors.
• Based on the study’s results, it costs an average of $6,462 per year to run one of the United States’ best-selling vehicles. 
• Fuel costs tend to be the largest expense, comprising 34.8% of all annual running costs in the study.
• On average, $2,246 is spent on fuel or energy costs; $1,633 is spent on maintenance costs; $1,763 is spent on car insurance; and $820 is spent on annual fees and taxes.

Tesla’s results:

• Self Financial found that the Tesla Model 3 is the most affordable car to run in the United States, with an annual running cost of $5,061.
• The annual energy costs of the Tesla Model 3 were the lowest in the study at just $636 per year. That’s 71.68% lower than the study average of $2,246.
• The annual maintenance costs of the Model 3 were also the lowest of all the cars that were analyzed in the study, at just $1,143. That’s 30% below the study average of $1,633.
• The Tesla Model 3 would have been even cheaper to run, but the vehicle was the study’s 3rd most expensive car to insure at $2,241 per year. 
• The Model 3’s annual fees and taxes were also higher than the study average at $1,041 per year.
• The Tesla Model Y was the study’s 7th most affordable car to run, with an annual fuel cost of $708, annual maintenance of $1,339, annual insurance cost of $2,399, and annual fees and taxes of $947.

Self Financial’s other findings:

• A look at the results of the other vehicles in the study highlights the low running and maintenance costs of Tesla’s two mainstream vehicles.
• Most of the vehicles in the list were notably more affordable than the Model 3 and Model Y, such as the Hyundai Elantra, which was the second most affordable car to run in the United States. 
• For context, the Hyundai Elantra, a budget-friendly sedan, had an annual fuel cost of $1,615, annual maintenance cost of $1,435, annual insurance cost of $1,547, and annual fees and taxes of just $508.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Tesla Model 3 is the most affordable car to run in the United States: study