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Tesla's Model Y and Model 3 just won major awards based on 5-year 'cost to own' — here's why that's a good sign for drivers

While other car companies continue to make strides in the electric vehicle market, Tesla still reigns as the top luxury brand

Tesla Model Y and Model 3 win Kelley Blue Book Award

Photo Credit: iStock

Two of Tesla's electric vehicles (EVs) have been named category winners in Kelley Blue Book's 2023 5-year Cost to Own Awards.

The winners are the Tesla Model 3 in the "Luxury Electric Car" category and the Tesla Model Y in the "Luxury Electric SUV" category.

There were three other electric car categories that had other companies as winners: "Electric Car," which went to the Chevrolet Bolt EV, "Electric SUV" went to the Chevrolet Bolt EUV, and the Ford F-150 Lightning won the "Electric Truck" category. 

It seems that while other car companies continue to make strides in the EV market, Tesla still reigns as the top luxury brand.

These awards affirm the results of a recent study that found that Tesla is the cheapest luxury EV brand to maintain, though the initial cost of getting your hands on one is not cheap. 

This is surely welcome news for the company, which helped to pioneer the EV market but has recently been hit with a barrage of bad press. Tesla recently made headlines for violating customers' privacy rights by allowing employees to spy on customers via the cars' dashcams, even when they were ostensibly turned off. Images from the dashcams were then shared internally.

In addition, Tesla has come under fire for shoddy assembly issues. The National Highway Traffic Safety Administration opened an investigation into complaints that some of Tesla's front seatbelts are not adequately attached and could come loose in the event of a crash. 

A video from a customer posted on Reddit, which shows pieces of the car coming loose in his hands, seems to verify the assembly concerns.
Tesla is also accused of ruining areas in two countries to build its factories. In Mexico, the company is deforesting a region, and in Texas, it is flooding entire neighborhoods with light all night long, much to the outrage of locals.

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