Tesla Model Y Review: Do Low Ownership Costs Make It A Good Buy?

If you’re going to drop over $60,000 on a new car, it’s wise to do your homework. Despite the Tesla Model Y’s high starting price, it has proven to be one of the most popular EVs across the globe. In the US, the Tesla crossover has even outsold its small, much less expensive sibling – the Model 3 – over certain periods. Is the Model Y worth it? Should you invest your hard-earned money into this EV?

Keep in mind that while the Tesla Model Y will likely save you money on fuel costs, maintenance, and more, there are also some additional expenses you need to consider. If the Model Y’s starting price – and the related monthly lease or financing payment – is already stretching your budget thin, you may want to closely consider the other associated costs before moving forward.

Model Y owner Matt Danadel has owned his Tesla SUV for a year now. If you’re considering a Model Y, it would be smart to get your reservation in, since demand is high, and the waitlist is growing. According to Tesla, Model Y Long Range orders placed today may not be delivered until December 2022, and if you pick the cheapest version ($62,990), you’re looking at a best-case scenario of March 2023. However, there’s a chance you could get the more expensive Performance model as soon as next month.

It seems people would stop flocking to the Model Y due to the high price and long wait. The Model 3 has a starting price that’s $16,000 less, and you can get it sooner. Not to mention the onslaught of electric crossovers entering the market, most of which cost less than the Model Y. 

With all of that said, Model Y owner Matt recounts his first year of ownership to help you decide if the Tesla electric crossover is right for you. He opens by explaining the high price, the demand issues, and the long waitlist. However, Matt also talks about the low cost of ownership associated with EVs, which is especially important due to today’s very high gas prices, though virtually any electric crossover is going to save you money on fuel, not just the Model Y.

Matt paid $13,000 less than people are paying for a new Model Y today, and he kept track of his true cost of ownership over the first full year. After configuring the SUV to his preferences and adding all the taxes and fees, he paid about $56,000. He also notes that he saved about $1,500 in fuel costs over the first year. Matt’s other first-year costs include:

  • $1,100 for home charging equipment and installation
  • $175 for home charging (electricity)
  • $114 per month for insurance
  • $60 in maintenance costs

This Model Y owner also talks about depreciation, though his Tesla is now worth about $10,000 to $14,000 more than he paid for it, and he’s already received offers from potential buyers.

In the end, the Model Y cost Matt less than $30,000 based on what he paid out each month over the course of the first full year.

Let us know if you think the Tesla Model Y is worth its high price tag. Moreover, should people be willing to wait so long to take delivery? Which rival electric crossovers would you suggest consumers cross-shop against the Model Y? Let’s get a conversation started in the comment section below.

Source: Matt Danadel (YouTube)

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