This is how much you’d spend each month charging a Tesla: Does it cost more or less than gas?
When considering buying an electric vehicle versus a gas-powered one, there is more than the sticker price to consider like filling up on a regular basis.
When shopping for a car, buyers should consider more than just the upfront sticker price. There can be big differences in the monthly costs for insurance, maintenance and filling up the vehicle.
While the cost of a new electric vehicle and insuring it may be more expensive compared to a hybrid or internal combustion engine vehicle, maintenance costs and savings on topping up the tank so to speak may compensate in the long run.
Cost of charging a Tesla versus filling up with gas
Powering your car with gasoline can be much more expensive according to research by GoBankingRates. They based the calculations on the current national average electricity rate from the US Energy Information Administration (EIA) of $0.16 per kilowatt hour versus an average cost per gallon of $3.90, both of which may vary depending on location.
The outlet compared the monthly cost of a range of Tesla models versus the Toyota Camry, the best-selling sedan in the United States for 2024 according to Kelly Blue Book. The comparison calculated that each vehicle would travel 100 miles per day.
The average consumption for the Toyota Camry per month was calculated to be around $371 per month based on 32 miles per gallon. Note, the company says the Camry generally ranges from 28 to 39 mpg on the highway and 22 to 39 mpg in the city.
The Tesla charging calculations are based on data from the company’s own calculator for each of the models examined. Below are the figures that GoBankingRates came up with:
| Cost per month | Savings over Camry | |
|---|---|---|
| Tesla Model S (mid-size sedan) | $136 | $235 |
| Tesla Model 3 (mid-size sedan) | $124 | $247 |
| Tesla Model X (crossover SUV) | $162 | $209 |
| Tesla Model Y (crossover SUV) | $136 | $235 |
Note, the calculations above are estimates. How often you will need to charge your Tesla depends on several factors from the temperature outside and features turned on inside to what kind of driving you are doing. The same can be said for how often you have to fill up a Toyota Camry with gasoline, which now comes standard with a hybrid power drive.
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