I purchased my Tesla Model Y in 2021, and since then, there have multiple price hikes.  Currently, there are only 2 Tesla Model Y cars available:  the Long range and the Performance model.

Today I’ll go over how much it costs to own a Tesla. If you’d like to see a Youtube video of this, see below:

youtube tesla cost

The price of the Tesla Model Y is always changing. Typically, it takes several months after you order, to actually receive your car. Typically, Tesla locks your price into the date that you placed your order. So even if the price increases afterwards, your price does not. However, there is a non-refundable deposit. 

tesla model y cost
Cost of Tesla Model Y in March 2021
tesla model y cost breakdown
Cost of Tesla Model Y July 2022

Tesla Cost Breakdown

1. Car Insurance:   This will be highly dependent on where you live, how much you drive, and how much insurance you want. On average, we drive ~15,000 miles a year. Currently, we use AAA for car insurance. It costs ~$2,300-$3100 per year for the Tesla Model Y.  

Tesla has their own insurance, which you can apply for via the Tesla app. When I inputted the same information as AAA, I was getting a yearly cost of ~$2,400.

2. Charging Costs

  • Initial Set Up Cost:  There are different ways to charge at home, which I go over in another blog post. I purchased the Tesla wall charger, which costs $400 USD on the Tesla website. I had an electrician I found on Yelp, (Johnny Electric in Orange County, CA) install, and costs ~$300. 
  • Home Electricity Bill: This part is a bit complicated to determine because it depends on your specific rate plan. I live in a 2600 sq ft house, driving ~40 miles per day (charging at home), and have Tesla Solar with a 4kW system, and pay ~$100-120/month in my total electricity bill. If you’re considering Tesla solar, I also did a Youtube video on it here.
  • SuperchargingAgain, this varies. In California, rates range from 0.29/kWh – 0.58/kWh. It can also increase if you are charging at peak hours. For a 1-way Norcal/Socal trip (~500 miles), it costs ~$41-81 USD. 

tesla charging rates
Variable Charging Rates

3. Car Maintenance Costs

  • Tire Rotation: I rotate my tires every 6,000 miles, and each time it costs $20 at Costco.
  • New Tires: In the 1st year of owning a Tesla, you probably won’t need a tire change unless you drive a crazy amount (like myself) and do a ton of road trips.  When I got new tires after ~30,000 miles, it cost $1400. I also did a Youtube video about this, here.
  • Other repairs: The only issues I’ve had with the car so far are build quality issues, which were fixed under warranty, so $0 for this category.

Summary of Cost Breakdown after 1 year

  • Cost to purchase (in 2021), including taxes and fees: ~$65,673
  • Initial charging set up costs: $700 
  • Charging car at home (including home electricity): ~$1200 
  • Car insurance: $3100
  • Car registration: $727
  • Tire rotation x 3: $60 

Total  Cost=  $5780

Extra Optional Costs

There are a ton of OPTIONAL costs for having a Tesla to take extra care of your car. 

youtube tesla window tint
Window Tint Video
youtube tesla paint protection film
PPF Video
youtube tesla accessories
Tesla Accessories Video

DISCLAIMER

The opinions and views expressed on this blog are solely personal by Everyday Chris.  Everyday Chris is not affiliated with nor endorsed by Tesla. It is neither inferred nor implied that products recommended by Everyday Chris nor recommendations given by Everyday Chris are authorized by or in any way connected to Tesla. See Terms & Conditions below for further information.

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