Is Owning a Tesla Model Y Worth It? A One-Year Cost Analysis
If you’re considering purchasing a Tesla Model Y, you might be wondering about the costs associated with owning one. In this blog post, I’ll be sharing my experience of owning a Tesla Model Y for a year, detailing the individual costs and giving you the total cost of ownership at the end of the year.
Vehicle Cost
The Tesla Model Y I purchased was a 2022 Dual Motor, delivered to me on February 13th, 2022. It was grey in color with white seats and 20-inch induction wheels. The cost of the vehicle was $62,500, and taxes were calculated to be $5,125 based on the state of Texas. It’s worth noting that there have been recent price reductions by Tesla, so the cost of the vehicle might be even lower for future buyers. Additionally, there is a federal tax credit available for electric vehicles, which could also reduce the overall cost of ownership.
Energy Cost
One of the most significant costs of owning a Tesla Model Y is the cost of energy. I drove my Model Y for 6700 miles over the course of a year, and the average unit cost for electricity was 13 cents. Based on the energy efficiency of 3 miles per kilowatt-hour, I estimated that the average cost per mile was 4.33 cents. So, the total energy cost for the year was $303.
Accessories
In addition to the vehicle and energy costs, I also purchased a NEMA adaptor for faster at-home charging, which cost $60. I also purchased all-weather floor mats for $200 and a driver-side console box organizer for $50.
Insurance Cost
I’m using Tesla Insurance, the average insurance cost for a used Tesla Model Y is around $80 per month, but for the first two months, it was $123 based on my driving score of 90.
Total Cost of Ownership
So, after adding up all the costs, the total cost of owning a Tesla Model Y for one year was $68,388. This figure includes the cost of the vehicle, taxes, energy, accessories, and insurance. However, it’s worth noting that there is a potential for cost savings through federal tax credits and recent price reductions by Tesla, so the overall cost of ownership might be even lower for future buyers.
Final Thoughts
Owning a Tesla Model Y has been a fantastic experience overall, but there have been some disappointments. The suspension of the vehicle is very noticeable, and I have experienced some discomfort while driving on rough roads. Additionally, I have been disappointed with the driving score calculator, which has made me more aware of my driving habits and how regenerative braking doesn’t work at the same level all the time.
However, despite these challenges, I am still thrilled with my decision to purchase a Tesla Model Y. The vehicle has exceeded my expectations in terms of performance and technology, and I’m grateful for the many benefits it has provided me over the past year.
It’s worth keeping in mind that there is potential for cost savings through tax credits and recent price reductions, making the Model Y even more accessible for future buyers. If you’re considering purchasing a Tesla Model Y, I would recommend taking the time to consider the costs and benefits and make an informed decision that is right for you.
Frequently Asked Questions
What does owning a Tesla Model Y really cost?
Beyond the purchase price, expect insurance, electricity, tires, software updates, and potential out-of-warranty repairs. Total cost of ownership over 5 years often runs $35–60K including the initial purchase. Resale value has historically been strong but is increasingly variable.
Are Tesla maintenance costs really lower than gas cars?
For routine maintenance, yes — no oil changes, fewer brake replacements thanks to regenerative braking, and fewer fluids. However, tires wear faster and out-of-warranty repairs can be expensive due to parts and labor scarcity. Net savings still favor electric for most drivers.
Is the Model Y worth it financially?
It's worth it if you drive enough miles to capture fuel and maintenance savings, and you'd otherwise buy a vehicle in the same price range. Gas-cost savings alone don't justify the price for low-mileage drivers. Run the numbers with your specific driving and electricity rates.
