Cost of owning Tesla Model 3 much less than rival BMW 330i

The Driven

Modelling by consumer advocacy group Consumer Reports has highlighted the fact that drivers can save significant amounts of money owning an electric car compared to a fossil-fuelled competitor.

How big? In the case of the Tesla Model 3, which is priced from $US49,990 before on-road costs, as much as $US17,600 ($A24,259) can be saved in total ownership costs compared to owning a BMW 330i (which has a sticker price from $US40,750 to $42,750 depending on options and before on-road costs), the US-based report says.

Electric cars are becoming an increasingly popular choice amongst drivers, particularly in markets like the US, Europe and China, but their higher sticker price is still cited as a key factor deterring buyers, even if they place reducing personal carbon emissions as a priority.

But according to the new report published by the group on Thursday (US time), if a buyer can make the stretch to buy a more expensive electric vehicle (EV) over a combustion engine car, it will pay off in the long term.

While the high cost of batteries send the sticker price of EVs to between 10%-40% more than combustion equivalents, lower fuel (or rather, power) and maintenance costs mean total cost of outgoings are much less for electric vehicles. In many cases they are more than enough to regain the difference in purchase price, plus some.

The report says that even when compared against best-in-class “efficient” combustion vehicles from the same segment, electric vehicles are saving drivers $US4,700 ($A6,505) in fuel alone over the first seven years of ownership.

To read the full version of this story, please go to our EV-focussed sister site, The Driven and click here…