Tesla Model 3 vs Chevrolet Equinox EV: cost to own in Michigan
Electricity & gas updated · Michigan averages (estimates)
Over five years in Michigan, the 2026 Tesla Model 3 costs about $49,058 to own versus $46,224 for the Chevrolet Equinox EV — a gap of roughly $2,800 in the Chevrolet Equinox EV's favor. The biggest swing is depreciation ($24,219 vs $20,997); on energy, the Model 3 is rated 25 kWh/100mi against the Equinox EV's 29. Both use Michigan's average electricity rate here — open either model's Michigan page for the full calculator and your utility's time-of-use plan.
Over 5 years in Michigan, the Chevrolet Equinox EV costs about $2,800 less to own.
Tesla Model 3
$49,100
5-yr cost to own · $9,810/yr
Chevrolet Equinox EV
$46,200
5-yr cost to own · $9,240/yr
5-year cost breakdown
| 5-year cost | Tesla Model 3 | Chevrolet Equinox EV |
|---|---|---|
| Depreciation (5 yr) | $24,219 | $20,997 |
| Energy (5 yr) | $3,989 | $4,627 |
| Insurance (5 yr) | $17,150 | $17,150 |
| Maintenance (5 yr) | $3,000 | $2,750 |
| Registration (5 yr) | $700 | $700 |
| Incentives | − $0 | − $0 |
| 5-year total cost to own | $49,058 | $46,224 |
Frequently asked questions
- Is the Model 3 or the Equinox EV cheaper to own in Michigan?
- Over five years the Chevrolet Equinox EV is cheaper — about $46,224 versus $49,058 for the Model 3, a difference of roughly $2,800 once depreciation, energy, insurance, maintenance, and fees are counted.
- Which is more efficient, the Model 3 or the Equinox EV?
- The Model 3 is rated 25 kWh/100mi and the Equinox EV 29 kWh/100mi (lower is better), so annual charging runs about $798 vs $925 at Michigan rates.
- How accurate is this Model 3 vs Equinox EV comparison?
- Electricity prices come from EIA data refreshed monthly; depreciation, insurance, and incentives are estimates you can edit on each model's state page. Treat it as a ballpark for comparison, not a quote.