Toronto, Ontario — Proving they can provide some bang with the buck, a new report from Kelley Blue Book has named Tesla’s Model 3 as the most cost-effective choice in the luxury EV market segment over a five-year period.
When accounting for typical vehicle-related costs like insurance, maintenance costs, fuel costs, taxes and registration fees for the first five years of a vehicle’s lifespan, the Model 3 ended up at the top of the list for KBB’s “5-year Cost to Own Awards.”
According to KBB’s data, the Model 3 has a 5-year cost-to-own of $48,233, which is $16,411 better than the segment average.
The award comes just a few days after KBB named Tesla as the “Best Overall Luxury Brand” for the third consecutive year, as well as the “Best Value Luxury Brand” and “Most Refined Luxury Brand” in their 2022 Brand Image Awards.
