Enter the cost per mile of a gasoline car, average distance driven per year, number of years of ownership, cost per mile of a Tesla, and the purchase price of the Tesla into the calculator to determine the total savings.
Tesla Savings Formula
The following formula can be used to calculate the savings from owning a Tesla compared to a gasoline car.
S = (Cg * D * Y) - (Ce * D * Y + P)
Variables:
- S is the total savings ($)
- Cg is the cost per mile of a gasoline car ($)
- D is the average distance driven per year (miles)
- Y is the number of years of ownership
- Ce is the cost per mile of a Tesla (electric car) ($)
- P is the purchase price of the Tesla ($)
To calculate the savings, multiply the cost per mile of a gasoline car by the average distance driven per year and the number of years of ownership. Then, multiply the cost per mile of a Tesla by the average distance driven per year and the number of years of ownership, and add the purchase price of the Tesla. Subtract the second result from the first to get the total savings.
How to Calculate Tesla Savings?
The following steps outline how to calculate the Tesla Savings using the given formula:
- First, determine the cost per mile of a gasoline car (Cg) ($).
- Next, determine the average distance driven per year (D) (miles).
- Next, determine the number of years of ownership (Y).
- Next, determine the cost per mile of a Tesla (Ce) (electric car) ($).
- Finally, determine the purchase price of the Tesla (P) ($).
- After gathering all the variables, use the formula S = (Cg * D * Y) – (Ce * D * Y + P) to calculate the total savings ($).
Example Problem:
Use the following variables as an example problem to test your knowledge:
cost per mile of a gasoline car (Cg) ($) = 0.12
average distance driven per year (D) (miles) = 10000
number of years of ownership (Y) = 5
cost per mile of a Tesla (Ce) (electric car) ($) = 0.08
purchase price of the Tesla (P) ($) = 50000
