Tesla Model 3 vs Hyundai Ioniq 5: cost to own in Illinois
Electricity & gas updated · Illinois averages (estimates)
Over five years in Illinois, the 2026 Tesla Model 3 costs about $40,322 to own versus $42,673 for the Hyundai Ioniq 5 — a gap of roughly $2,400 in the Tesla Model 3's favor. The biggest swing is depreciation ($24,219 vs $25,945); on energy, the Model 3 is rated 25 kWh/100mi against the Ioniq 5's 31. Both use Illinois's average electricity rate here — open either model's Illinois page for the full calculator and your utility's time-of-use plan.
Over 5 years in Illinois, the Tesla Model 3 costs about $2,400 less to own.
Tesla Model 3
$40,300
5-yr cost to own · $8,060/yr
Hyundai Ioniq 5
$42,700
5-yr cost to own · $8,530/yr
5-year cost breakdown
| 5-year cost | Tesla Model 3 | Hyundai Ioniq 5 |
|---|---|---|
| Depreciation (5 yr) | $24,219 | $25,945 |
| Energy (5 yr) | $3,648 | $4,523 |
| Insurance (5 yr) | $12,200 | $12,200 |
| Maintenance (5 yr) | $3,000 | $2,750 |
| Registration (5 yr) | $1,255 | $1,255 |
| Incentives | − $4,000 | − $4,000 |
| 5-year total cost to own | $40,322 | $42,673 |
Frequently asked questions
- Is the Model 3 or the Ioniq 5 cheaper to own in Illinois?
- Over five years the Tesla Model 3 is cheaper — about $40,322 versus $42,673 for the Ioniq 5, a difference of roughly $2,400 once depreciation, energy, insurance, maintenance, and fees are counted.
- Which is more efficient, the Model 3 or the Ioniq 5?
- The Model 3 is rated 25 kWh/100mi and the Ioniq 5 31 kWh/100mi (lower is better), so annual charging runs about $730 vs $905 at Illinois rates.
- How accurate is this Model 3 vs Ioniq 5 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.