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Since 2003, the founders of Tesla Inc. (originally Tesla Motors) have envisioned building a company that is both a world-wide leader in clean energy-based technology and the leading independent EV automaker. Despite some hiccups and controversy over the years, Tesla surpassed Toyota in July, 2020 to become the world’s most valuable automaker with a market capitalization of $206.5 billion.
The Model X is one of four current Tesla offerings and sits in the ‘mid-sized cross-over SUV’ segment. It can be had with two or three rows of passenger seats accommodating five to seven people. Aside from the obvious EV advantages, the Model X features many unique design cues such as a huge panoramic windshield and double-hinged ‘falcon wing’ rear doors that electrically fold up in two sections so the panels stay close to the body of the vehicle. With prices ranging from $85K for the longer range model to $163K for the ridiculously fast ‘Ludicrous’ Performance model, these cars are clearly not for everyone.
When we factor in maintenance, repairs, electricity and depreciation, how much does it truly cost to own a Tesla Model X? Let’s find out.
Edmund’s proprietary TCO data measures important categories to determine how much it will truly cost to own a vehicle over a five year span. Tesla charged approximately $100K for a new 2019 Model X 75D. Edmund’s calculated an average total maintenance cost of $6272.00, repairs of $1892.00, insurance at $7400.00, fuel at $3119.00 and depreciation of $60K. All the data concluded the TCO for the Model X is the same as the original purchase price, approximately $100K. For perspective, the Audi Q7 is $69K new, but the TCO is $85K.
Taking a deeper dive into the data, we find that insurance prices are far more reasonable now than they used to be for Tesla owners, because the company partnered with Liberty Mutual in 2017 to offer their own vehicle insurance coverage called InsureMyTesla.
Depreciation for EVs is generally far higher than regular combustion vehicles, however Tesla bucks that trend as their vehicles actually have some of the highest value retentions on the market. The 60-percent we see above is quite good overall.
Along with leaving a smaller environmental footprint, fuel costs are of course a major reason why we buy EVs, as the cost of electricity is far lower than regular combustion fuel. Assuming an average gas price of $2.29 per gallon, you can save approximately $775.00 over 15K miles driving a Model X 75D.
While these are impressive stats, we can’t paint a complete picture of the
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By: Micah Zumar
Title: The True Cost Of Owning A Tesla Model X | HotCars
Sourced From: www.hotcars.com/cost-owning-tesla-model-x/
Published Date: Wed, 05 Aug 2020 15:45:06 GMT
The post The True Cost Of Owning A Tesla Model X | HotCars appeared first on tizBIG.
from tizBIG https://tizbig.com/2020/08/05/the-true-cost-of-owning-a-tesla-model-x-hotcars/
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