I Drive a Tesla: Since Switching Vehicles, I’ve Saved Over $200 per Month

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Driving a Tesla can offer a variety of benefits. Good for the environment and your wallet, driving a fully electric vehicle (EV) is very different from a traditional gas-powered car.

If you’re thinking of making the switch to a Tesla, you might want to know how much money this could save you. Depending on the model you choose, this might come with a higher car payment — 2025 starting prices vary from $42,490 for a Model 3, $44,990 for a Model Y and $79,990 for a Model X — but the savings associated with driving an EV could make overall costs lower.

GOBankingRates spoke with two Tesla drivers to find out more about the monthly savings they’re enjoying. Here’s what they had to say.

Also, learn how much an EV can save — or cost — you across the U.S.

Two Tesla Owners Share Their Cost Savings

“I am a Tesla owner — Model 3,” said Brett Hershman, founder at Hershman Consulting Group. “Currently, I charge only at Tesla Superchargers in Scottsdale, Arizona, and spend roughly $150-$200 per month.”

You might think not having to fill his tank with gas would be the most notable savings, but he said it isn’t.

“Where I have noticed the biggest savings with Tesla, however, is through Tesla insurance,” Hershman said. “I paid $278 per month with my previous car, but I only paid $104 with Tesla. This is a massive difference.”

Gene Caballero, co-founder of GreenPal, said, “While switching to a Tesla hasn’t necessarily been about saving money, it’s completely changed how I drive,” he said. “I’m now driving twice as much, simply because it’s so fun and enjoyable.”

Despite not switching to a Tesla to save money, he said it has allowed him to spend less.

“If I had to put a dollar amount on it, I’d estimate it’s probably saving me around $200 a month just in gas,” he said. “But the real value is in how much I enjoy the experience.”

A Closer Look at EV Savings Opportunities

In many cases, an EV may have a higher sticker price than an otherwise similar gas-powered car. However, these types of vehicles can offer serious savings in operational costs.

As of 2023, a typical household spends $204.08 per month on gasoline, according to J.D. Power. Costs to charge an EV vary, but are notably cheaper. For example, if electricity is priced at 10.7 cents per kilowatt hour, charging an EV with a 200-mile range — assuming a fully depleted 45 kWh battery — will cost about $6, according to the U.S. Department of Energy.

Additionally, gas-powered cars need oil changes, while EVs do not. Generally speaking, the cost of an oil change ranges from $30-$100, according to AutoZone.

It probably won’t come as a surprise that EVs tend to have lower overall maintenance costs than gas-powered vehicles. Consumer Reports compiled a list of average maintenance and repair costs by vehicle brand, and Tesla topped the list by having the lowest costs of all automakers.

The estimated total one-to-five-year maintenance cost of a Tesla is $730, rising to $5,050 over a 10-year-period. In comparison, the estimated total one-to-five-year maintenance cost of a Honda is $1,545 and $6,130 over 10 years.

Additionally, Tesla buyers may be able to get to a $7,500 IRS credit. This is available to individuals and businesses who purchase a new, qualified plug-in EV or fuel cell electric vehicle, who meet the criteria for this tax credit.

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