The Tesla Model 3 is the only EV on the list of the cheapest cars to run
Buying a car is more than considering the out-the-door cost of your new ride. Factors like maintenance, insurance, and fuel costs could be the difference between a pleasurable ownership experience and a financial nightmare. They’re running costs, and some of the latest data suggests that the Tesla Model 3 takes the top spot among the cheapest cars to run. What’s more, the Model 3 is the only EV in the top five; the rest are budget-minded, gasoline-fed ICE cars.
Tesla’s most affordable EV, the Model 3, stands alone on the short list of the cheapest cars to run
According to Self Financial, the Tesla Model 3 takes the No. 1 spot on the short list of the cheapest cars to run. To arrive at that conclusion, Self Financial took factors like annual maintenance costs, insurance, fuel costs, and taxes into account. With those factors in consideration, the Model 3 bested four cheaper compact cars for the top spot.
Granted, the Model 3 is pricier to insure than the other nameplates in the top five. On average, a motorist might expect to spend around $2,241 to insure a Model 3 for a year. That’s $694 more than the Hyundai Elantra in the No. 2 spot, and $730 more than a Toyota Corolla. However, the Model 3’s annual maintenance costs undercut its closest competition at $1,143.
Of course, the category where the Tesla Model 3 outshines its ICE rivals is at the pump. Or rather, a lack thereof. Self Financial puts the Model 3’s average “fuel costs” at around $636, lower than any of the other 50 popular models in the data.
| Make and model | Average running costs | Annual maintenance | Annual insurance |
|---|---|---|---|
| Tesla Model 3 | $5,061 | $1,143 | $2,241 |
| Hyundai Elantra | $5,104 | $1,435 | $1,547 |
| Toyota Corolla | $5,182 | $1,497 | $1,511 |
| Kia Forte | $5,235 | $1,491 | $1,540 |
| Honda Civic | $5,282 | $1,608 | $1,413 |
Only one other EV makes the greater list beyond the top five and it also wears a Tesla badge
The Tesla Model Y took the No. 7 spot overall, just missing the top five. As expected, the larger Tesla sibling costs more to insure and slightly more in other categories. Incidentally, the Model Y’s higher average maintenance, insurance, and overall running costs put it behind the Honda Accord in the No. 6 spot.
