Back in 2023, I purchased a Tesla and it’s been over a year now. Was it a good purchase? Do I regret it? How has it impacted me financially? I’ve had great experiences and some not so great experiences with my Tesla and I’ll explain those below. Bottom line, a year after owning my Tesla EV car it’s been a pleasure owning one.

Tax Incentives

When you buy a qualifying EV or plug-in hybrid car, there can be a tax credit if you meet the qualifications. Factors to consider are new or used EV and modified adjusted gross income (MAGI). View the IRS site for complete details. I received $7500 in tax credits and it helped me reduce the amount of money I owed back to the federal government. Keep in mind tax credit is not the same as a tax deduction. In order to take advantage of the tax credit, you need to have a liability to the government. For example, if you owed $10,000 in federal taxes and you qualified for the full $7,500 EV tax credit, that $10,000 would reduce to $2,500. This takes planning and possibly changing your tax exemptions during the tax year.

Rebates

After I purchased my Tesla, I purchased a home EV charger. While doing my research for the best EV charger for me, I came across rebates from my electric company and from my state. I submitted my receipts for the electrician work, purchase of the EV charger, and a picture of it installed, and I received a gift card and a rebate check. Check for rebates in your area because these can help offset some costs.

Fluctuating Prices

It hurts when you see the same car you bought go down in price like $10,000 or $20,000 from what you paid. It is frustrating but it is what it is. I have to focus on the enjoyment of my purchase rather than the price.

Less maintenance

Gas combustion cars require additional maintenance. Oil changes, spark plugs, and alternator I don’t have to worry about anymore. Less maintenance is more money in my pocket.

Higher Insurance

Car insurance significantly increased. My assumption is that in the event repairs have to be made to my car, it would be more costly than to repair a gas car. I am now paying almost double the amount in insurance now than if I had my gas car. Be aware that your insurance could increase substantially.

Recharging

No longer am I paying for gas. I now have to recharge my Telsa via electricity. Having my own high speed charger at home makes it more convenient than pulling into a gas station. Gas is significantly more costly than electricity. I averaged spending between $80-90 to refill my gas car which took premium grade gas. My electrical bill has not gone up that significant which surprised me. The Tesla app has a section that calculates your gas savings. As of writing this article, my $63 in charging is equivalent to $182 of gas. That’s approximately 200% savings so that is a huge plus.

Better for the environment

I am hoping that moving over to an EV car will help the cause to reduce pollution and help the environment. I have no statistics on this but I know that there’s no fumes and exhaust coming out of it.

Reliable Charing Network

I’ve done lone road trips that were over 800 miles round trip. Battery charging anxiety was high and not having done a long road trip was a little scary. The Tesla charging network was so easy to use. No more anxiety over charging during long road trips for me. This is one of the reasons why I decided to go with Tesla. I can’t say the same for the other charging networks.

Overall, having a Tesla as my EV car has been a great experience. There are some gripes that I have such as the wiper sensors not being as good. During the sunny ride, my wipers would turn on. Financially, I feel my overall purchase was great. With the tax credit and EV rebates I received, they have made me feel going with an EV car was worth it. Over time, I feel the increased cost of insurance and the drop in price will eventually be offset from the savings in gas and maintenance. A year after owning my Tesla EV car, I can happily say it was a great purchase. If you are interested in following my journey and their journey, follow them on Instagram and email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.