A Tesla owner recently put his purchase to the test, comparing its value to several new and used cars including two Teslas, a Honda Odyssey minivan, Toyota RAV4 EV and Mercedes-Benz E350, among others.
The result: Tesla’s Model S is actually cheaper than a Honda Odyssey when you factor in maintenance, fuel and depreciation, beating the Odyssey by $11,000 to $16,000.
The value of eleven cars were calculated and only three proved cheaper to run than the Tesla Model 85. The only car costlier than the Odyssey was a new Mercedes.
The Tesla owner, Paul, built a spreadsheet and included factors like repairs, fuel and depreciation over an eight year period. For each car he calculated their net present values and then looked at what the same car might be worth in eight years.
Tesla came up on the winning side, along with the RAV4 EV, two Subarus and the BMW diesel.
The NPV of the eight ranged from $22,324 for the Toyota RAV4 EV all the way up to $58,285 for a Mercedes-Benz E350. The RAV4 EV beat everything handily, per his calculations. Elsewhere, the Subaru Outback and Forester landed in the $32,000 range and the BMW 328d came in just under $40,000. The cheaper of the two Teslas was fifth at $40,154 while the Model S P85 was $50,426 – beating out a used 2011 E-Class, the Odyssey Touring Elite, and the new E-Class.
If all those numbers are too taxing to wrap your head around just look at it this way: An expensive but comfortable EV with cutting-edge technology and well-known safety aspects that costs twice as much on paper as a Honda minivan ends up recouping its value and being cheaper over time.
In Paul the bloggers own words: “The Model S carries about $25-30K more in depreciation vs. an Odyssey ($55K vs. $25-30K). But you save $20-25K on gas and $5-10K on maintenance. In today’s dollars, the Model S is less expensive than nearly any other luxury car, and more affordable than even the Odyssey.”