A YouTuber who has been driving a Tesla for six years has shed light on the hidden costs many new EV owners overlook.
While electric cars are praised for being environmentally friendly and saving money on gas, they come with expenses that aren’t always advertised. Even the most affordable Tesla, the Model 3 Long Range RWD, starts at $29,990, before factoring in additional costs.
Now, YouTuber Kevin The Tech Ninja has broken down seven hidden costs Tesla owners should be aware of.
Home Charging Costs
Kevin explained that Tesla recommends purchasing its home connector for $475, but he opted for a more budget-friendly setup.
“I installed a NEMA plug, which requires the $200 mobile connector. The wall outlet itself costs around $30, but you’ll also need an electrician. That can cost anywhere from a few hundred to a few thousand dollars,” he said.
“So, on top of buying the car, you’re looking at an extra $1,000 to $2,500 just for home charging.”
Hidden Costs of Skipping Home Charging Setup
Kevin explained that avoiding the home charging setup fee comes with another expense, relying on Tesla’s Supercharger network, which can be costly.
“If you don’t install a home charger, you’ll be paying Supercharger rates, which add up quickly,” he said.
Tesla’s Supercharger prices vary by location, with one near him costing $24 for a full charge, while another closer to his house charges $28.
Additionally, he noted that charging at home still impacts his electricity bill, which increased from $75 to $100 per month after getting a Tesla.
Weather Can Affect Costs
Where you live plays a big role in how efficiently your Tesla charges. Cold weather, in particular, can make owning a Tesla more expensive.
Thankfully, Kevin shared some workarounds:
“To combat this, you can schedule overnight charging and precondition your battery before you drive. You can set this up in the Tesla app or on your car’s battery status screen,” he explained.
By keeping the car plugged in before driving, the battery stays at an optimal temperature, reducing efficiency losses.
However, he warned that if you leave your Tesla sitting in the cold, such as at an airport for a long weekend, it may drain significantly, and if you were already low on charge, you could return to a dead battery.
Higher Insurance Cost
If you’re planning to own a Tesla, be prepared for higher-than-average insurance rates. The main reason? The high cost of repairs.
“Insurance companies factor in the expensive repairs when calculating premiums,” Kevin explained.
To offset the cost, he suggested bundling home and auto insurance, which helped him secure a rate of around $165 per month with Progressive.
Frequent and Costly Tire Replacements
Another hidden expense Tesla owners face is the frequent need to replace tires, far more often than with a traditional car.
Kevin attributed this to two factors: the advanced technology in Tesla’s tires and the added weight of the vehicle due to its battery pack.
“Teslas just rip through tires way faster,” he said, sharing his personal experience of needing new tires after just 13,000 miles, at a hefty cost of nearly $2,300.
Premium Connectivity Fees
For the first year, Tesla provides free access to its premium connectivity features, including real-time traffic updates, satellite map views, internet radio, and video streaming. However, after the first year, these services require a subscription.
“As soon as that first year is up, you have to start paying $10 a month or $100 a year to keep it,” Kevin explained.
Hidden Taxes on EVs
While electric vehicles don’t require gas, they aren’t exempt from taxes. Instead of fuel taxes, some states impose additional fees on EV registration to make up for lost gas tax revenue.
“In Michigan, there’s an extra $250 added to registration costs,” Kevin shared. “That’s based on the assumption that you drive 20,000 to 30,000 miles per year. But I drive less than 10,000 miles a year, meaning I’ve been taxed nearly three times more than I should.”
Final Thoughts
With all these extra costs, Kevin suggests that potential Tesla owners think carefully before making the switch. While EVs can save money in some areas, the hidden expenses might make them less cost-effective than they seem at first glance.
