A Michigan Tesla owner says his electric vehicle saves money compared to an old hybrid but not as much as buyers assume.
After tracking 2,725 miles of driving in one month, he found that the costs were actually pretty close, and his biggest gains were from Tesla's tech.
Here's what to know
In a YouTube video on the Twin Oaks Capital account (@TwinOaksCapital), Charles Kao shared that he used the Toyota Venza hybrid he previously owned as the benchmark.
Using 32 mpg and gas at $3.52 per gallon, he put the Venza at about 11 cents per mile. His Tesla came to 5.9 cents per mile when charged at home on what he said was Consumers Energy's 19.4-cent off-peak rate.
He said that lower figure depended on charging at the cheapest times. By his math, home charging during peak hours rose to 7.2 cents per mile. Tesla Supercharger use came out to 11.8 cents per mile off-peak and 14.8 cents per mile at peak.
"Which means at Supercharger rates I'm not saving anything at all," he said.
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
Kao also said his monthly insurance premium increased by about $100 after the move to a Tesla.
In a follow-up comment on the video, he revealed that he had "rounded down in the video" and that "running last month's actual numbers ... it lands closer to $135 a month than the $85 I said on camera."
More background
Kao said the point of the experiment was to compare a Tesla with a hybrid instead of a fully gas-powered vehicle. He described himself as "actually eco-conscious kind of [in] the first place."
He also included maintenance in his totals. Even with higher tire costs, he estimated the Tesla still saved about 4 cents per mile because it does not need oil changes and regenerative slowing helps the brakes last longer.
"If you're going from a gas-guzzler, you'll save," he explained. "Going from a hybrid, you won't."
Along those lines, he also said Tesla's own savings calculator can be misleading because it assumes a 22-mpg gas vehicle.
There was one aspect of the Tesla that he thought did generate major returns, though: the car's self-driving features.
Tesla says it autonomous tech can reduce the risk of collisions when used as intended with active supervision.
Where can I learn more?
The cost of EVs vs. gas-powered vehicles has long been the fixation of drivers and researchers.
• Across the market, surprising cost differences still hinge on battery prices and fuel costs.
• In the Bay Area, one driver said their EV costs 7.9 times less per mile.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
