EV Hype Busted: Why an Old Toyota Beats Tesla on Cost Over 50,000 Miles

The electric vehicle revolution promised a cleaner, cheaper motoring future, but a spreadsheet-savvy motorist has cast doubt on that narrative.

After meticulously logging 50,000 miles' worth of data from a Tesla Model 3 and a Chevrolet Bolt EUV, the driver revealed a surprise winner: their ageing Toyota Corolla. Despite all the EV fanfare, the humble combustion engine emerged as the most cost-effective over the long haul.

A decade into the EV era, many drivers remain unconvinced. And this new grassroots analysis may vindicate their caution.

Popular Views Around EV vs ICE Vehicle Costs

Since talks around eco-sustainability impacting the future of vehicles, EVs have had their way among most motor enthusiasts. And so, it comes off as no surprise that factors such as long-term EV maintenance costs got nipped in the bud with just a little beneath the surface analysed.

We've seen extensive research from high-authority organisations say a lot about the stretched cost advantages of owning an EV. Studies by experts like Germany's Fraunhofer ISI and Canada's Vincentric have highlighted long-term savings from EV ownership compared to internal combustion engine (ICE) cars due to lower fuel, maintenance, and tax costs, even after factoring in higher upfront costs and charging infrastructure.

In contrast, Erv, a moto-experienced Redditor has flipped the script, going beyond just stats to provide a more granular cost breakdown.

At first glance, the Tesla Model 3 came out on top, costing just 15 cents per mile to run, just ahead of the Corolla at 16 cents, with the Bolt trailing behind.

But that was before depreciation entered the chat.

Erv's Workings

In his words: 'I benchmarked the fuel costs associated against my prior car, a Toyota Corolla which got 33.17 mpg over the 100,000+ miles I tracked it, and I also benchmarked against current gas prices, which in my area have been roughly $3 (£2.37)/gallon but I am using nuanced monthly averages for my state. I also bake in a $30 (£24) oil change per 5,000 miles as 'fuel'.

I also calculated the portion of my savings that is due to taxes I'm not paying at the pump (0.285+0.184 per gallon) - which is relevant politically given we can expect a $250 (£198)/year EV surcharge to attempt to 'close that loophole', which for me, looks to be 'fair' if it were state + federal, but just being federal and combined with my state's surcharge—$75 (£59)—it is not.

I have insurance, tabs, depreciation, maintenance, as well but wanted to focus on 'fuel'. Those costs are all higher than the Corolla due to the Tesla (and Bolt) being much newer cars (and fully insured instead of minimally insured) and the heightened costs do offset the fuel-savings for now. I'll be curious to see over 100,000+ miles how the total cost to own tightens up and I expect the Tesla to win out.'

Once depreciation was factored in, the story flipped—and it turned out the humble old Corolla was actually the cheapest of the lot.

When depreciation and purchase price are left out of the equation, the Tesla Model 3 edges out the Toyota Corolla in running costs, coming in at $0.15 (£0.12) per mile versus the Corolla's $0.16 (£0.13).

This is thanks to cheaper fuel and maintenance, even with higher insurance and registration costs. However, once depreciation is factored in, the numbers shift sharply: the Tesla jumps to $0.34 (£0.27) per mile, while the Corolla drops to $0.20 (£0.16). Still, the Tesla owner says the added cost is worth it for the improved safety, comfort, and overall driving experience.

In terms of efficiency, the owner closely tracked energy use, including charging losses and infrequent off-site charging. While Tesla reports an average of 239 miles per kWh, their logs show 296, suggesting a 20% variance mostly due to unreported preconditioning energy.

Tesla's app records 8,771 kWh charged, while the owner logged 9,028—a 3% difference that supports the idea that preconditioning, not charging losses, explains the gap. Interestingly, they rarely precondition and don't use Sentry Mode, charging primarily via Level 2.