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Vincentric, a provider of data and insights in the automotive industry, named the Tesla Model 3 the winner of its 2022 Best Value in America award in the luxury EV/PHEV category. Vincentric uses its Dynamic Cost to Own database to measure the overall cost of owning and operating a vehicle and its impact on overall value to buyers. 

The Tesla Model 3 is the smallest and most affordable car the EV maker produces. In 2021, the Model 3 received several updates from the previous year, including a longer range on a full charge, better performance, a sleeker interior, and several extra standard features.

Vincentric recognized the Tesla Model 3 alongside the BMW 3 Series (Luxury Compact), Audi A7 (Luxury Large Sedan), Chevrolet Corvette (Luxury Sports Car), and Lexus LC Hybrid (Luxury Hybrid). The Model 3 also won the award in 2021, a remarkable achievement in light of the many compelling options available.

Why did the Model 3 win the Vincentric Best Luxury EV award?

Tesla Model 3 best value luxury EV
Tesla Model 3 | Frederic J. Brown/AFP via Getty Images

Here’s why Vincentric considers the Tesla Model 3 the best value among luxury EVs:

Low depreciation

Tesla Model 3 cars hold their value at an almost unbelievable level. An iSeeCars report shows the vehicle retains resale value more than five times better than other EVs in its class and four times better than every other vehicle in the study. The detailed report shows that a Model 3 would lose only about 10% of its original value over three years, compared to the average depreciation of 52% for EVs and 39% for all other 3-year-old cars.

Excellent fuel economy

First, Tesla made a significant change to the base model, which now has a new lithium-iron-phosphate (LFP) battery instead of the lithium-ion batteries used by the other car variants. Regardless, all Model 3 versions are incredibly energy-efficient, getting 132 mpg per gallon equivalent (MPGe) for the base version and 131 MPGe for the Long Range model, the U.S. Department of Energy reports. Even better, the base model consumes 25 kWh of power for every 100 miles of driving.

Tesla insurance and maintenance

The Tesla Model 3’s insurance costs fall within the average for an EV of its kind. However, Model 3 owners — like all other owners of Tesla vehicles — have the advantage of Tesla Insurance. Because Tesla has access to the car’s technology, such as sensor readings and camera recordings in real-time, the automaker can estimate accident risk and possible repair costs quickly and accurately. 

The company uses the information to provide personalized insurance premiums that reward good driving with lower premiums. That data also helps pinpoint items requiring service before they fail, allowing owners to save on maintenance and repair costs.

The 2022 Tesla Model 3’s features

The 2022 Tesla Model 3 is an affordable yet feature-packed car that offers the best value among EVs. Consumer Reports notes its speed, efficiency, performance, and driving range. And those perks come at an accessible starting price of just over $46,000 for the base model. 

Because of its smaller LFP battery pack, the rear-wheel-drive base variant has the lowest range among the Model 3 family at 263 miles. Still, this is 10 miles more than the older Standard Range Plus version. The Performance and Long Range versions get more than 300 miles per full charge, with 315 and 358, respectively.

And the Model 3’s active safety features — including automatic emergency braking, active lane control, blind-spot monitors, and adaptive cruise control — make it a car that EV enthusiasts can get behind.