Tesla Model 3 vs. Honda Accord Hybrid: Which Car Is Cheaper to Own?
It’s no secret that hybrid and electric cars will soon take over the automotive landscape as we head into the future. It’s also well-known that electric cars are typically cheaper to own than their hybrid and gas-powered counterparts. Two common choices in this ever-looming electric future are the Tesla Model 3 and the Honda Accord Hybrid.
But which of these cars is cheaper to drive over a five-year period? YouTuber Cleanerwatt compared both cars to find out.
The initial purchase price for the 2022 Honda Accord Hybrid is far lower than the Tesla Model 3
Starting with the initial purchase price between the two cars, the 2022 Honda Accord Hybrid EX-L model costs $38,432 when the additional dealer markup is factored in. The higher-trim Touring costs over $41,500. As for the Tesla Model 3, buyers can expect to pay around $48,190 for the RWD model. The Model 3 Long Range AWD model, which is comparable to the top-trim Accord Touring, costs $55,690.
In the initial calculations, it’s clear that the Accord Hybrid is the cheaper option. For this comparison, Cleanerwatt compared the Accord Hybrid EX-L to the Model 3 Standard Range.
The difference between the two was almost $10,000.
It’s cheaper to run a Tesla Model 3 for a year
Using the latest fuel costs and energy data from fueleconomy.gov, it would cost an average of $1,350 to $1,500 (depending on the trim level) to fuel the Accord Hybrid every year. On the other hand, it will cost an average of $550 to run the Tesla every year due to the lower cost of electricity versus gasoline. These figures were based on an average of 15,000 miles per year.
The Tesla Model is cheaper to maintain over a 5-year period
According to data from Edmunds, the Honda Accord Hybrid should cost around $4,271 to maintain over a 5-year period. Cleanerwatt did his own calculations for the Model 3’s maintenance and found that it should cost around $3,820 for five years.
The Honda Accord Hybrid depreciates more over a five-year period
Believe it or not, the Honda Accord Hybrid could depreciate more over a five-year period. Inside EVs notes that “a 2017 Tesla Model 3 LR has, on average, lost around 35% of its value. Meanwhile, a 2017 Accord Touring has lost approximately 42% of its value.” That might sound rather astounding, but it shows that the Tesla retains its value more than a Honda, according to Kelley Blue Book’s data.
The total costs may surprise you
In conclusion, Cleanerwatt found that it can cost an estimated $38,016 to own a Tesla Model 3 Standard Range over a 5-year period. That’s equivalent to paying $0.51 per mile for 75,000 miles.
By comparison, the Honda Accord Hybrid EX-L can cost an estimated $40,246 to own over a 5-year period. That’s equivalent to paying $0.54 per mile for 75,000 miles. As we can see, the Tesla Model 3 is cheaper to own over time despite its initial buy-in cost.
This goes to show that although an electric car future is looming, it might not be so bad in terms of ownership costs. Provided you can afford the cost of the car.