Consumer Reports has highlighted that Tesla vehicles have lower maintenance costs compared to other car brands, even those with strong reputations for reliability. The 2023 Annual Auto Surveys conducted by Consumer Reports asked owners about their out-of-pocket maintenance expenses, such as oil changes, over the previous 12 months. Comparing cumulative costs by brand for years one through five and years six through 10 of ownership, Tesla emerged with the lowest reported maintenance costs. The average maintenance cost for a Tesla during the first five years of ownership was $580, increasing to $3,455 for the following five years, resulting in a total 10-year cost of $4,035. This higher cost for maintenance in years six through 10 was in line with other brands surveyed, as new cars typically require fewer maintenance needs and have warranties that reduce out-of-pocket spending.
Tesla’s maintenance costs were significantly lower than other brands, with Buick coming in second with average maintenance costs of $900 for the first five years of ownership and $4,000 for the subsequent five years, totaling $4,900. Toyota, known for its emphasis on hybrids and perceived low operating costs, trailed behind in third place with the same $4,900 average cost over 10 years, but with $1,125 for the first five years and $3,775 for the next five. On the contrary, brands like Land Rover, Porsche, and Mercedes-Benz were among the costliest, with ownership costs over 10 years totaling $19,250, $14,090, and $10,525 respectively. Consumer Reports did not provide detailed analysis, but noted that Tesla was the only brand with an all-electric vehicle lineup, which has been shown in previous studies to have significantly lower ownership costs.
A recent Vincentric analysis revealed that half of 2024 EVs have a lower five-year ownership cost compared to internal combustion vehicles. This analysis included depreciation, which has been high recently, but excluding that factor, gas vehicles cost up to six times more than EVs over several years, depending on the region. The stability of electricity prices over time contrasted with potential spikes in gas prices, which could have a significant impact on gas vehicle operating costs. While maintenance costs play a crucial role in the overall ownership costs of a vehicle, other factors like depreciation and fuel prices also have a significant impact.
Beyond maintenance costs, the 2023 Ipsos study identified cost misconceptions as a leading cause for diminishing interest in EVs among consumers. Many respondents expressed concerns over battery-pack lifecycles and the associated replacement costs. Addressing these misconceptions through education and transparent information-sharing could help alleviate these concerns and increase consumer confidence in EV technology. The overall cost of ownership for EVs compared to traditional gas vehicles, taking into account factors like maintenance costs, depreciation, and fuel prices, continues to be a significant selling point for EV manufacturers such as Tesla. As the market for electric vehicles continues to grow, addressing consumer concerns and highlighting the long-term cost benefits of EVs will be crucial for widespread adoption and success in the automotive industry.
