This math shows Tesla’s Model 3 is cheaper to own than Toyota’s Camry (via skorusARK)
The long-range Model 3’s sticker price is $44,500, roughly 85% higher than that of a Toyota Camry, yet ARK’s research shows that the Model 3 could be the better deal over a three-year period.
Total Cost of Ownership — incorporating maintenance, fueling/charging costs, and the federal tax credit into the comparison — also gives the edge to the Model 3. Our model suggests that the TCO of a Toyota Camry will be 12% higher than that of the midrange Model 3 over a three-year period, as shown below: $0.57 per mile for the Toyota Camry and $0.51 for the Model 3.
As a starting point, Edmunds calculates the “Cash Price” for vehicles, which includes commonly equipped options and taxes less any widely available rebate. In 2018, based on unit sales broken out by cash price, the Model 3 accounted for 15% of the vehicles at its price point or higher, as shown below. That said, most sales take place at lower price points, explaining why Tesla cut costs so it can produce a Model 3 for $35,000 profitably.
Important to note, while this analysis is focused on cars in the U.S., the Model 3 is going global. In addition, the U.S. market skews toward SUVs and light-duty trucks, which are not included in this analysis.
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