Electric vehicles (EVs) have gained a lot of traction over the years. According to Kelley Blue Book, American consumers purchased 1.3 million EVs in 2024 alone.
Teslas are among the more popular EVs, but they’re not the only option for cost-conscious shoppers. There’s also the Toyota Tacoma, a budget-friendly, mid-sized pickup truck.
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To help you decide between the two, GOBankingRates decided to compare them below to get a clearer idea of what they might cost each month.
Also find out how tariffs could affect buying a Tesla.
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Monthly Cost Comparison
Using data from EnergySage, here’s the typical monthly charging cost of popular Tesla models:
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Tesla Model 3: 4 to 5 cents per mile ($11 to $15 for a full battery)
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Tesla Model S: 4 to 5 cents per mile ($18 for a full battery)
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Tesla Model X: 5 to 6 cents per mile ($18 for a full battery)
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Tesla Model Y: 4 to 5 cents per mile ($14 for a full battery)
But what about the Toyota Tacoma? According to AAA, these are the typical costs, assuming 10,000 miles driven per year:
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Typical cost per mile: 94 cents
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Average yearly gas cost: $1,642
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Average monthly gas cost: $137
Data shows that it costs an average of $615 annually — or $51 monthly — to charge a Tesla (across all models). This is about half the cost of fueling a Toyota Tacoma.
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Breakdown of Tesla Charging Costs
The cost of charging your Tesla depends on multiple factors, including:
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Local electricity rates: The national average cost per kWh is 17.45 cents, but rates can be as high as 35 cents per kWh in some places, per the U.S. Energy Information Administration.
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Charging efficiency: EVs typically have a charging efficiency of 85% to 95%, depending on charging speed, charger type and temperature, according to NRG Clean Power.
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Model: Costs vary by model type. The Tesla Models 3 and Y are the most cost-effective.
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Charging method: At-home charging costs range from $10.98 to $18, according to SolarReviews. Using a public network, like a Tesla Supercharger, can cost $25 to $43 per full charge.
Breakdown of Toyota Tacoma Gas Costs
For the Toyota Tacoma, the cost of gas varies based on factors like:
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Fuel economy
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Cost of fuel
As per AAA data, the national average cost of mid-grade fuel is $3.60. Here’s an estimated cost of gas based on driving 1,000 miles per month, according to the U.S. Department of Energy:
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2024 Toyota Tacoma 2WD (23 MPG combined): This vehicle goes through 43.48 gallons per month (1,000 miles ÷ 23 MPG). It costs around $137 monthly in fuel (43.48 gallons x $3.60 average).
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2024 Toyota Tacoma 4WD MT (20 MPG combined): This truck goes through 50 gallons per month (1,000 miles ÷ 20 MPG). It costs about $180 in fuel (50 gallons x $3.60 average).
Other Financial Considerations
Choosing between an EV — like a Tesla — and a pickup truck like a Toyota Tacoma comes down to more than just the cost of fuel or charging. Other costs to consider include:
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Maintenance and repairs: According to CarEdge, a Toyota Tacoma costs about $699 annually in the first 10 years. Per Tesla, a Tesla costs between $257 and $748, depending on model.
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Tax credits: IRS said EVs may qualify for a federal tax credit up to $7,500. Gas-powered vehicles aren’t eligible.
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Depreciation: CarEdge estimated a Tesla Model 3 will have a 59% five-year depreciation rate. This drops to around a 28% five-year depreciation rate for the Toyota Tacoma.
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Starting price: The starting MSRP for a Toyota Tacoma is $31,590, per Toyota’s website. Including incentives, a Tesla Model Y starts at $37,490, per Tesla’s website.
Customize Your Monthly Costs
Whether you’re driving a Tesla or a Toyota, it doesn’t hurt to know what the cost of ownership might be before you buy. You can use an interactive calculator (like this one from AAA) to calculate your expenses over time based on your driving habits.
A calculator can give you a basic breakdown of typical fuel, maintenance and repair, insurance, depreciation and other costs. It can even give you a generalized cost-per-year and five-year total cost based on the year, make, model and miles driven.
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This article originally appeared on GOBankingRates.com: Here’s What It Costs To Charge a Tesla Monthly vs Using Gas for a Toyota Tacoma
