Cheaper to own Tesla Model 3 than Toyota Camry, says report

The Driven

New analysis suggests that the total cost of ownership of a Tesla Model 3 over three years is likely to be less than that of the very popular (and cheaper upfront) Toyota Camry.

At least, that is the case in the US, where this analysis by Ark Invest has been done, but it is likely to be a similar story in Australia, even if the final  pricing for the Model 3 in Australia is still very much a matter of speculation.

According to the Ark analysis, it not just the base Standard Range Model 3 that pips the Camry at the post on total costs – even the Long Range Model 3, which at the time of printing cost $US44,500 ($A62,055 at today’s exchange rates, plus transport and local GST), comes in under the Camry.

Ark analysts base their calculations on resale figures from Kelley Blue Book (which showed the Tesla Model 3 tops the list for electric cars with 69.3% resale value ), as well as maintenance and power costs for 15,000 miles (24,000km) per year over a three-year period.

For Toyota, whose top-selling Camry has been experiencing declining sales (an 11% drop in 2018 according to Car Sales Database), its becoming clear that the cheaper running costs of electric cars are impacting sales as buyers are increasingly taking TCO into account when purchasing new cars.

As noted by Toyota North America CEO Jim Lentz, Tesla is putting a dent in sales, and not only the Camry; the Prius has also lost sales to Tesla.

To read the full story on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…