This post will compare various aspects of a 2019 Toyota Prius Prime to a Tesla Model 3 in California. It assumes the buyer has a credit score of 870 and can get financing for 72 months (6 years) at 4.6%.
Plus Sedan 4D
TL;DR:
- The total purchase price including interest for the Tesla is $16,875 more than for the Prius.
- For insurance, the Tesla will cost about $50 to $100 more per month than the Prius.
- The Tesla can only go 220 miles before needing to be recharged whereas the Prius can go 640 miles on one full battery and small 11.4-gallon tank of gas.
| Prius (Plug-in Hybrid) | Telsa (EV) | |
|---|---|---|
| Trim | Plus Hatchback 4D | Standard Range Plus Sedan 4D |
| Color | Gray | Gray |
| Equipment | Standard | Standard |
| Condition | Excellent | Excellent |
| Mileage | 17,000 | 17,000 |
| KBB Private Party Value | $32,153 | $45,416 |
| Tax (11%) | $3536 | $4995 |
| Out-the-door Price | $35,689 | $50,411 |
| Down Payment | $10,000 | $10,000 |
| Financing Monthly Payment | $408.97 | $643.34 |
| Total Loan Interest | $3,756 | $5,909 |
| Total Cost with Interest | $39,445 | $56,320 |
| Monthly Insurance (Full Coverage, $1K Deductible) | Mercury: $146 21st Century: $155 | Mercury: $280 21st Century: $209 |
| Must change oil, belt, and filter | Yes | No |
| Must check smog | Yes (after 8 years) | No |
| Tire Size (larger tires cost more) | 15″ | 18″ |
| Driving Range (Gas + Electricity) | 640 miles | 0 miles |
| Driving Range (Electricity Only) | 25 miles | 220 miles |
| Cost to drive 25 miles | $0.81 (electric only) | $0.83 |
| EPA Fuel Economy | 133 MPGe (electric + gas) 54 MPG (gas only) | 131 MPGe (electric) |
Update: Oct 8, 2023
Tax Credits
The EV tax credit situation has changed since this post was originally published.
| Vehicle | Oct 2022 | Oct 2023 |
|---|---|---|
| Tesla Model 3 | No tax credit | $7500 |
| Tesla Model Y | No tax credit | $7500 |
| Prius Prime | No tax credit | No tax credit |
MSRP
EV prices have changed since this post was originally published.
| Vehicle | Oct 2022 | Oct 2023 |
|---|---|---|
| Tesla Model 3 | $45,416 (cheapest) | $39K – $51K |
| Tesla Model Y | $65K – $68K | $44K – $52,500 |
| Prius Prime | ~$35,000 | $32,350 – $39,170 |
Here’s a cost comparison of the Prius Prime top trim to the Tesla Model Y Performance trim in Oct 2022 and 2023. The loan assumption is 6 years at 4.6%.
| Prius Prime | Tesla Model Y | |
| Purchase Price | $35,000 | $68,000 |
| Tax (11%) | $3,850 | $7,480 |
| Extended Warranty | $2,000 | $2,000 |
| Down Payment | $10,000 | $10,000 |
| Financing Monthly Payment | ~$400 | ~$920 |
| Total Loan Cost | ~$4,000 | ~$8,500 |
| Total Cost with Interest | ~$45,000 | ~$84,000 |
In Oct 2023, a Tesla Model Y Performance would have a total cost of approximately $39K more than the Prius Prime XLE. The loan assumption is 6 years at 6.5%.
Now, let’s compare the costs today in October 2023.
| Prius Prime | Tesla Model Y | |
| Purchase Price | $39,170 | $52,500 |
| Tax (11%) | $4,308 | $5,775 |
| Down Payment | $10,000 | $10,000 |
| Financing Monthly Payment | $490 | $714 |
| Total Loan Cost | $6,134 | $8,938 |
| Tax Credit | $0 | $7500 |
| Total Cost with Interest Minux Tax Credit | ~$49,612 | ~$59,713 |
So, after the $7500 tax credit, the Tesla Model Y would cost approximately $10K more than the Prius Prime XLE.