Automobile manufacturer Tesla has been well known for years, even without creator Elon Musk’s online fame. You certainly would not be the only one thinking about investing in Tesla stock or contemplating switching to a Tesla Model S, with the ever-increasing popularity of electric cars and the need to reduce pollution. Is Buying A Tesla With The Current State Of Battery Tech Worth It?
We have done the math for you since Teslas are among the most costly automobiles on the market, and it’s important to know the costs before making such a large investment. We have a complete picture of the financial implications of buying a Tesla, including the yearly cost, gas savings, and continuous tax advantages.
Is It Reasonable To Spend So Much On A Tesla?
While all-electric vehicles (EVs) cost more than conventional automobiles, the Tesla price tag is very high.
Is spending this much money on a Tesla reasonable? Mainly, this is because Teslas are no longer eligible for the $7,500 federal EV tax credit. If the new infrastructure bill is passed, that will change in the future. As of this writing, the Model 3 is Tesla’s entry-level vehicle, and prices start at about $45,000.
Additionally, the cost of maintaining a Tesla may be rather considerable. Owners will no longer have to pay for gas but will still have to pay for electricity. Fast home charging is possible, but a dedicated charging station will cost you several hundred dollars.
Tesla owners will also have to shell out a lot of money for insurance. According to Yahoo, insuring a Model 3 will cost you about $2,200 per year. Compared to a conventional automobile, that is a $1,000 premium.
What Is The Price Of A Tesla Battery?
Musk predicted a $7,000 price tag for upgrading battery modules in 2019. Four to five battery modules are used in each Tesla model, making a full replacement cost between $20,000 and $35,000.
What does a Tesla battery cost? The battery is responsible for roughly half of the price of the least expensive Tesla, which starts at $46,990 before incentives. However, dealers’ pricing differs from what the CEO said. Based on a Tesla invoice, current Automotive reports that a 75 kWh battery replacement for Model 3 costs $16,550.67.
The price of the battery alone is $13,500, with labor costing $2,299.27 and components totaling $14,251.40. However, the cost of batteries might change if you drive a different make or model of car.
According to Rich Rebuilds, refurbished packs cost $9,000 to $10,000, while new batteries will set you back up to $22,500. Depending on the intricacy of the repair, the cost of getting a remanufactured battery pack to replace your broken one might range from $13,000 to $17,000. However, you should be prepared to spend over $25,000 on a brand-new battery if you decide to go that route.
The Tesla battery pack might die for a variety of reasons. It could be as simple as a blown fuse or a malfunctioning voltage regulator. However, a malfunction in one single module will have a domino effect overall battery pack.
This is because all battery modules must have the same voltage. The whole pack might fail if even one component gives an unexpectedly high or low reading.
Bring your Tesla in when it occurs, and the firm will repair it. To be clear, they will not be swapping out a single component. Instead of sending the old battery pack back to be repaired and refurbished, they replaced it with a new one.
After the used battery pack has been repaired and thoroughly inspected, it is sent back into circulation to be used in another vehicle. Tesla service centers do not change battery modules since they only employ fully functional batteries. Instead of merely replacing a single component, putting it back in your vehicle, and stopping for the day, they have their specialists check it out at their factories.
This is a fantastic method for restoring your vehicle to like-new condition after servicing it, but it may be rather costly. Independent service providers fill this need.
| Size of battery | Model | Trim |
|---|---|---|
| 60 kWh | Model 3 | Standard Range |
| 75 kWh | Model Y | Long Range |
| 100 kWh | Model X | Long Range |
| 100 kWh | Model S | Performance |
| Size of battery | Model | Trim |
| 60 kWh | Model 3 | Standard Range |
| 75 kWh | Model Y | Long Range |
Is Buying A Tesla With The Current State Of Battery Tech Worth It?
Instead of battery degradation (the gradual loss of a battery’s storage capacity), you felt increased battery use (the rate at which energy is used to move the vehicle a certain distance).
Is it still worthwhile to purchase a Tesla with today’s battery technology? Air and rolling resistance are challenges for every vehicle. When traveling at high speeds, the resistance multiplies considerably (cubic), requiring more effort to cover the same distance.
In contrast to gas-powered vehicles, which often have a greater range at highway speeds (because of factors such as the lack of frequent acceleration/deceleration on the highway and gearing), electric vehicles nearly invariably have less highway range than city range.
Teslas, like other EVs, show a combined estimate of their range, so the 300-mile figure is based on a mix of city and highway driving rather than the kind of long-distance travel you’d do just on the highway. If you are wondering when advancements in battery technology could help with this problem, you should not hold your breath.
The Estimated Price Of Repairs And Upkeep
When it comes to upkeep, Teslas are quite different from standard gas-powered vehicles. You will not need to take your automobile in for service as often if its engine does not need routine maintenance like oil and fuel filter replacements. The maintenance your Tesla requires is only an updated piece of software.
What is the expected cost of maintenance and repairs? According to Motor1, a website dedicated to automobiles, the average cost of maintaining a Toyota Camry for five years is $4,981. Contrarily, Motor1 forecasts that servicing a Tesla Model S for five years will cost $1,490 or $298 yearly.
While this is a substantial yearly saving, it is worth noting that Teslas are not bulletproof. Changing up the battery pack in your automobile might be a pricey endeavor, costing you anywhere from $12,000 to $16,000.
So long as you have your Tesla serviced, you will not have to worry about replacing the battery for the first eight years or 150,000 miles, whichever comes first. Examples of older Teslas still running well with their original battery pack after 300,000 and 500,000 miles are available, but with a reduced range per charge.
| Six-year cost of vehicle | Tesla Model S | Toyota Camry LE |
|---|---|---|
| Cost to buy (financed)* | +$107,765 | +$31,660 |
| Electricity/Fuel cost | +$4,530** | +$9,534 |
| Potential tax credit | -$2,500 | N/A |
| Insurance | +$22,038 | +$13,200 |
| Maintenance | +$1,788 | +$5,976 |
| Total expense: | $133,621 | $60,370 |
Does Tesla Have Plans to Develop Solid-State Batteries?
Tesla may get into the lithium mining and refining business directly and at scale because the cost of the metal, a key component in manufacturing batteries, have gotten so high
Elon Musk
Tesla is monitoring this technology and may even develop its version at a secret R&D facility.
What plans does Tesla have for solid-state batteries? Because Tesla is one of the world’s leading buyers of cells, you can be sure that any company working on cells is hoping to get their research in front of Tesla’s eyes in the hopes of receiving additional money for further study and eventually being purchased by Tesla.
Conclusion
Whether or whether a Tesla is worthwhile depends on individual taste. A Tesla is a good use of money if you give a hoot about global warming. If you are concerned, your choice between a Tesla and another electric vehicle (EV) will come down to personal preference.
Tesla offers several distinct advantages over competing for electric vehicles. However, Tesla’s most attractive feature is the company’s premium configurations. Few electric vehicles can match the top-tier Tesla in terms of speed and range. A Tesla is a must-have if you are a driver who values that feature.
FAQs
How Long Until The Solid-State Battery Automobile Becomes Available?
More performance and safety enhancements are available when using a solid-state battery instead of a conventional lithium-ion battery. Compared to a traditional battery, the solid-state version has the dual benefits of being more compact and producing more power.
A solid-state battery may store anywhere from two to ten times as much energy as a standard lithium-ion battery in the same size and shape.
Is A New, Improved Tesla Battery In The Works?
Starting in the fourth quarter of 2022, CATL will begin supplying Tesla with so-called ‘M3P’ batteries for the 72 kWh battery found in the Model Y.
However, lithium manganese iron phosphate has replaced lithium iron phosphate in the cathode (LMFP). In theory, this will allow for a greater energy density than is possible with LFP cells.
Why Do Solid-State Batteries Not Work As Well?
As time passes, their functional capacity decreases and they produce a lot of heat, which might need cooling systems that add even more weight. Since they contain a liquid electrolyte, they are unstable and can catch fire or explode.
How long would a Tesla battery last?
Inquiring minds want to know: how long does a Tesla battery last? The batteries in a Tesla vehicle may go between 300,000 and 500,000 miles before needing to be replaced. Depending on your average speed of 40 miles per day, that’s between 22 and 37 years.
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