Tesla Model 3 vs Hyundai Ioniq 5: cost to own in New Mexico
Electricity & gas updated · New Mexico averages (estimates)
Over five years in New Mexico, the 2026 Tesla Model 3 costs about $41,871 to own versus $44,164 for the Hyundai Ioniq 5 — a gap of roughly $2,300 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 New Mexico's average electricity rate here — open either model's New Mexico page for the full calculator and your utility's time-of-use plan.
Over 5 years in New Mexico, the Tesla Model 3 costs about $2,300 less to own.
Tesla Model 3
$41,900
5-yr cost to own · $8,370/yr
Hyundai Ioniq 5
$44,200
5-yr cost to own · $8,830/yr
5-year cost breakdown
| 5-year cost | Tesla Model 3 | Hyundai Ioniq 5 |
|---|---|---|
| Depreciation (5 yr) | $24,219 | $25,945 |
| Energy (5 yr) | $3,402 | $4,219 |
| Insurance (5 yr) | $14,000 | $14,000 |
| Maintenance (5 yr) | $3,000 | $2,750 |
| Registration (5 yr) | $250 | $250 |
| Incentives | − $3,000 | − $3,000 |
| 5-year total cost to own | $41,871 | $44,164 |
Frequently asked questions
- Is the Model 3 or the Ioniq 5 cheaper to own in New Mexico?
- Over five years the Tesla Model 3 is cheaper — about $41,871 versus $44,164 for the Ioniq 5, a difference of roughly $2,300 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 $680 vs $844 at New Mexico 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.