With free electric charging, does a Tesla Model 3 pay for itself?
No, it won’t.
A 2020 Toyota Camry costs ~($0.05)/mile in gas expense [1]. Not considering the time value of money, one will need to travel 1 million miles on free electricity on a Tesla Model 3 to get back the ($50,000) that it costs to buy the cheapest Tesla Model 3 SR+ white.
Most good “free” charging stations are rated 240V 32A and would charge a Model 3 SR+ at 30 EPA miles per hour. It would take around 8 hours to fully charge a Tesla Model 3 rated at 240 EPA miles. At electricity costs of 11 to 13 cents per per unit, that is typically $1 of free electricity per hour at best. Many neighborhood charging stations shut down at night to discourage charging at non-shopping hours.
If the free outlet is 110V 12A, then the Model 3 SR+ would charge at a paltry 6 EPA miles per hour, which implies that it would take more than 40 hours to fully charge a Model 3.
To get back the $50,000 on a Tesla Model 3 SR+, one will need to park at the free charging station for a total of at least 2,083 days (5.7 years) when the charging is active.
Tesla Model 3 has significantly lower maintenance costs compared to several American or German ICE cars. However, the maintenance expense of ICE cars from Toyota or Honda or Nissan are already so low that Tesla’s cost advantage would be immaterial. For instance, compared to a Toyota Camry, a Tesla Model 3 doesn’t need oil change ($19.99 x 2 per year) and doesn’t need to do a radiator flush ($120, once in 5 to 7 years). The break pads will last a little longer on the Model 3 if regenerative braking is used ($300, once in 3 years).
That’s still a paltry +$1,500 in maintenance advantage over a Toyota Camry over a 10 year period.
On the other hand, a Model 3 SR+ can cost as much as around 8 times to insure for collision coverage, compared to that for a Toyota Camry, and is a recurring higher expense. According to the analysis that I posted here, it would cost $1,500 more per year to own a Tesla model 3 compared to owning a 2020 Toyota Camry or Honda Accord. That is ($15,000) in economic disadvantage over a 10 year period.
The $1/hour worth of free electricity will not cover for the cost of a Model 3 SR+ and the additional recurring costs.
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