Tesla Model 3 vs. Honda Accord — 7 Scenarios

April 25th, 2019 by Zachary Shahan

Update: See our new & improved Tesla Model 3 versus Honda Accord comparisons to look at cases where the buyer finances/gets a loan for the purchase.

Reporting on the Tesla Model 3 is weird. It’s a car that can smoke a BMW M3 on the track yet is cost competitive — or even cheaper than — a Toyota Camry or Honda Accord (seriously).

It almost doesn’t make sense to the brain. How can a car that is so much better than a Camry or Accord cost less over a few years? How can a car that is objectively better than a BMW 3 Series cost less than a normal, non-premium sedan?

That said, my previous cost comparisons of the Tesla Model 3 to the Camry, Accord, Altima, etc., have been pretty simple. I pulled Edmunds data for the non-Tesla models and put in some basic assumptions for the Model 3. After publishing some of these comparisons, seeing the feedback, and reading other total cost of ownership (TCO) articles, I figured it would be useful for people if I did some more nuanced comparisons. That’s what we’ve got here, kicking off with 7 comparisons of the Tesla Model 3 versus the Honda Accord.

One thing I wanted to start taking into consideration more was resale value. Resale value is probably the most influential factor in a cost comparison, but it’s also a tough factor to forecast. Luckily, I no longer have to base such an important assumption on my own thoughts. Kelley Blue Book, long the #1 resource for this matter in the US, has published 5 year resale value estimates for the Tesla Model 3 and the Honda Accord.

I also wanted to do 10 year comparisons, but the resale values of these cars after 10 years is a total wild card. I expect the Model 3 will hold up much better (for several reasons), but I don’t have any very objective evidence of that and also don’t have a crystal ball. Model 3 operational savings should also add up more and more over time, but, again, the Model 3 hasn’t been in the world long enough to prove that. So, while I decided to not do 10 year ownership comparisons, I believe the Model 3 will look even better under such a timeframe in all scenarios.

For this analysis, I compared the Model 3 Standard Range Plus (SR+) to four versions of the Honda Accord. For three of those versions, I did low-mileage and high-mileage comparisons (10,000 miles/year and 17,000 miles/year, respectively). For the last comparison, with the Honda Accord Sport 2.0T 10-Speed Automatic, I simply decided to use the US average (13,500 miles/year).

In all scenarios, standard assumptions were a $2.50 average price of gas, a $0.10 average price of electricity for charging, a 4.24 miles/kWh efficiency for the Model 3, use of the $3,750 US federal tax credit for the Model 3, no maintenance costs (which most likely benefits the Accord), and as noted above, Kelley Blue Book estimates for 60-month resale values. For the Model 3, the default black paint and black interior were chosen. Changing colors will add $1,000 or more — but any such changes probably just equal out Model 3 maintenance cost benefits. In any case, you are free to grab my sheet for these calculations and change assumptions as you see fit — everyone’s life is unique.

The bottom-line result is that the Model 3 is cheaper in every scenario, and much cheaper in several scenarios, despite being a much safer, quicker, more tech-advanced, more prestigious car.

It’s truly shocking. The Tesla Model 3 is beyond competitive with one of the USA’s and world’s top selling cars, the iconic Honda Accord.

Update: The tables below do not show correctly on mobile. If you want to view them, you have to do so on the desktop/laptop version of the site.

Tesla Model 3 SR+ vs. Honda Accord EX-L Hybrid E-CVT



10,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $17,693

Honda Accord EX-L Hybrid E-CVT = $22,687

Model Tesla Model 3 Honda Accord EX-L Hybrid E-CVT Purchase Price $39,500 $31,720 5 Year Resale Value (via KBB) $19,236.50 $12,117.04 Cash Cost after Resale $20,263.50 $19,602.96 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $19,602.96 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 10,000 10,000 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 48 Average Gallons of Gas Per Year (Miles/MPG) 0 208.33 Average kWh of Electricity Per Year for Car (Miles/4.24) 2,358.49 0 Average Cost of Fuel Per Year $235.85 $520.83 5 Year Total Cost of Ownership $17,693 $22,687

Tesla Model 3 SR+ vs. Honda Accord EX-L Hybrid E-CVT



17,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $18,518

Honda Accord EX Hybrid E-CVT = $24,510

Model Tesla Model 3 Honda Accord EX-L Hybrid E-CVT Purchase Price $39,500 $31,720 5 Year Resale Value (via KBB) $19,236.50 $12,117.04 Cash Cost after Resale $20,263.50 $19,602.96 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $19,602.96 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 17,000 17,000 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 48 Average Gallons of Gas Per Year (Miles/MPG) 0 354.17 Average kWh of Electricity Per Year for Car (Miles/4.24) 4,009.43 0 Average Cost of Fuel Per Year $400.94 $885.42 5 Year Total Cost of Ownership $18,518 $24,510

Tesla Model 3 SR+ vs. Honda Accord EX Hybrid E-CVT



10,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $17,693

Honda Accord EX Hybrid E-CVT = $21,142

Model Tesla Model 3 Honda Accord EX Hybrid E-CVT Purchase Price $39,500 $29,220 5 Year Resale Value (via KBB) $19,236.50 $11,162.04 Cash Cost after Resale $20,263.50 $18,057.96 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $18,057.96 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average miles Per Year 10,000 10,000 Maintenance Costs Per mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 48 Average Gallons of Gas Per Year (Miles/MPG) 0 208.33 Average kWh of Electricity Per Year for Car (Miles/(4.24) 2,358.49 0 Average Cost of Fuel Per Year $235.85 $520.83 5 Year Total Cost of Ownership $17,693 $21,142

Tesla Model 3 SR+ vs. Honda Accord EX Hybrid E-CVT



17,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $18,518

Honda Accord EX Hybrid E-CVT = $23,514

Model Tesla Model 3 Honda Accord EX Hybrid E-CVT Purchase Price $39,500 $29,220 5 Year Resale Value (via KBB) $19,236.50 $11,162.04 Cash Cost after Resale $20,263.50 $18,057.96 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $18,057.96 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 17,000 17,000 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0.00 $0.00 Miles/kWh or MPG 4.24 48 Average Gallons of Gas Per Year (Miles/MPG) 0 354.17 Average kWh of Electricity Per Year for Car (Miles/4.24) 4,009.43 0 Average Cost of Fuel Per Year $400.94 $885.42 5 Year Total Cost of Ownership $18,518 $22,965

Tesla Model 3 SR+ vs. Honda Accord Sport CVT



10,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $17,693

Honda Accord EX Hybrid E-CVT = $20,691

Model Tesla Model 3 Honda Accord Sport CVT Purchase Price $39,500 $26,180 5 Year Resale Value (via KBB) $19,236.50 $10,000.76 Cash Cost after Resale $20,263.50 $16,179.24 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $16,179.24 Price of Gas $2.50 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 10,000 10,000 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 31 Average Gallons of Gas Per Year (Miles/MPG) 0 322.58 Average kWh of Electricity Per Year for Car (Miles/4.24) 2,358.49 0 Average Cost of Fuel Per Year $235.85 $806.45 5 Year Total Cost of Ownership $17,693 $20,691

Tesla Model 3 SR+ vs. Honda Accord Sport CVT



17,000 Miles/Year, 5 Years

Tesla Model 3 SR+ = $18,518

Honda Accord EX Hybrid E-CVT = $23,514

Model Tesla Model 3 Honda Accord Sport CVT Purchase Price $39,500 $26,180 5 Year Resale Value (via KBB) $19,236.50 $10,000.76 Cash Cost after Resale $20,263.50 $16,179.24 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $16,179.24 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 17,000 17,000 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 31 Average Gallons of Gas Per Year (Miles/MPG) 0 548.39 Average kWh of Electricity Per Year for Car (Miles/4.24) 4,009.43 0 Average Cost of Fuel Per Year $400.94 $1,370.97 5 Year Total Cost of Ownership $18,518 $23,514

Tesla Model 3 SR+ vs. Honda Accord Sport 2.0T 10-Speed Automatic



13,500 Miles/Year, 5 Years

Tesla Model 3 SR+ = $18,105

Honda Accord EX Hybrid E-CVT = $23,150

Model Tesla Model 3 Honda Accord Sport 2.0T 10-Speed Automatic Purchase Price $39,500 $26,180 5 Year Resale Value (via KBB) $19,236.50 $10,000.76 Cash Cost after Resale $20,263.50 $16,179.24 Incentives -$3,750.00 $0.00 Cash Cost after Incentives & Resale $16,513.50 $16,179.24 Price of Gas $0 $2.50 Average Price of Electricity for Car $0.10 $0 Average Miles Per Year 13,500 13,500 Maintenance Costs Per Mile $0 $0 Maintenance Costs Per Year $0 $0 Miles/kWh or MPG 4.24 26 Average Gallons of Gas Per Year (Miles/MPG) 0 519.23 Average kWh of Electricity Per Year for Car (Miles/4.24) 3,183.96 0 Average Cost of Fuel Per Year $318.40 $1,298.08 5 Year Total Cost of Ownership $18,105 $23,150

Looking at these comparisons, which would you choose?

Interested in buying a Tesla Model 3, Model S, or Model X? Need a referral code to get 1,000 miles of free Supercharging? Use ours: http://ts.la/tomasz7234 (or not).











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