Tesla Model 3 Price ##VERIFIED##

Tesla is are taking the electric vehicle market by storm. With most of their models eligible for a $7,500 tax credit to bring the price down, Teslas have become more affordable and have proven to be a great option for drivers looking to buy electric.

The cheapest Tesla model is the base Model 3, which starts at $40,240. This is less than the average cost of an electric car, which is just over $53,000. The Model S has the highest price tag, starting at a whopping $108,490.

Tesla Model 3 Price

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The 2023 Tesla Model 3 is the cheapest Tesla car currently offered. The base rear-wheel drive (RWD) trim has an official starting price of $40,240. The Model 3 Long Range is a tad more expensive at $47,240. The most expensive Model 3 is the Performance model, which costs a minimum of $53,240.

Some states offer additional rebates for EV purchasers that can help lower the price even further! The Charge Up New Jersey EV incentive, for example, can help lower the cost of certain Tesla models by $4,000!

Yes, you will almost certainly save on fuel costs by switching from a gasoline-powered car to a Tesla (or any EV for that matter), especially when gas prices are high. Tesla provides gas savings estimates for each model on its website:

The prices and release dates mentioned above are based on the latest information provided by Tesla. We recommend taking them with a grain of salt; after all, Tesla is notorious for repeated production delays and price changes.

The reveal of the retro-futuristic Tesla Cybertruck back in November 2019 definitely had people talking. While people have mixed feelings about its looks, all agreed that if Tesla does actually deliver on the Tesla Cybertruck at competitive prices, this pickup could pick up massive market share.

Tesla's Model Y is on display at a Tesla showroom in a shopping mall in Beijing on April 29, 2022. The electric car maker cut prices for its models in a bid to boost sales. Jade Gao/AFP via Getty Images hide caption

The price cuts will make the Model Y, the best-selling electric vehicle in the U.S., eligible for the tax credit of $7,500, making it more competitive as demand for electric cars continues to increase.

"This is a clear shot across the bow at European automakers and U.S. stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox with an EV price war now underway," Ives wrote in a note. "Margins will get hit on this, but we like this strategic poker move by Musk and Tesla."

That brings the price below a $55,000 price cap required to qualify for the revamped federal EV tax credits, giving it an effective price, for eligible buyers, of $45,490. That's well below the average price for a new vehicle in the U.S.

And Tesla can move much faster to do that than its big rivals. Most automakers set the suggested price for their vehicle by model year, and consumers then negotiate their actual price at a dealership.

FILE - A Tesla electric vehicle emblem is affixed to a passenger vehicle Sunday, Feb. 21, 2021, in Boston. Tesla is dropping prices for the third time since late last year in an apparent effort to attract new buyers. The cuts range from $5,000 for slower-selling high-priced models to $1,000 at the low end of its price range. (AP Photo/Steven Senne, File)

Other analysts have speculated that Tesla was cutting prices to take advantage of its profit margin per vehicle, which is larger than most automakers. The move could increase market share and put pressure on startups and legacy automakers now rolling out EVs.

Tesla cut prices in early March on the S and X, by $5,000 to as much as $10,000. In January it slashed the sticker numbers on several versions of its EVs, making some eligible for a U.S. $7,500 federal tax credit. Some versions Model Y saw price trims of nearly 20%, and the base price of the Model 3 small car was dropped by 6%.

The price cuts appeared to have raised demand despite increasing interest rates designed to slow the economy and curb inflation. Since the U.S. Federal Reserve began raising rates in March of last year, the average new vehicle loan has jumped from 4.5% to 7%, according to Edmunds data.

Tesla recently introduced a rear-wheel-drive Model Y priced at $43,990, the lowest price for the Model Y in the U.S. to date. Tesla has also slashed prices on the Model S and X, with price cuts up to 19%.

EV sales have continued to grow in the U.S. due to both stronger supply and more choice, said Stephanie Valdez-Streaty, director of Industry Insights at Cox Automotive, which owns KBB, in a statement. There were at least 15 new EV models for sale that were not available a year earlier, Valdez-Streaty said.

Tesla has dropped the starting price of its Model Y, and now the mid-size SUV costs $759 less than the average new car or truck in the U.S. The Model Y, the top-selling electric vehicle in the U.S. in 2022, now starts at $46,990, according to Bloomberg.

The cost of the Model Y was first dropped in January amid slowing sales and drops in Tesla's stock price, making both its all-wheel and long-range drives eligible for a $7,500 federal tax credit for electric vehicles.

Initially the Model Y was available in the UK in two versions: Long Range and Performance. As the name suggests, the Long Range can go furthest on a charge with a claimed range of 331 miles. Its 0-60mph time is 4.8 seconds, which is hardly slow. But, of course, the Performance model has supercar-baiting pace, completing this sprint in 3.5 seconds. That sacrifices range, however, which is down to 319 miles.

Check out the latest deals on the Tesla Model Y or browse an extensive stock of used Model Ys for a network of trusted dealers. You can also take a look through new Tesla deals other used Tesla models, and if you need to sell your current car, carwow can help with that, too.

Like any EV, when you look at the high purchase price you need to factor in the savings you will make running on electricity rather than filling up with pricey petrol or diesel. The longer you plan to keep the car the more those savings add up.

You go from one corner to another very quickly indeed, especially if you choose one of the four-wheel-drive models. These put their power to the road really well, even if the surface is wet and greasy. Even the entry-level rear-wheel-drive car is quicker than most other electric SUVs.

Tesla used to get a lot of stick for iffy build quality and materials that looked out of place in a premium-priced car. The Model Y is a big improvement and looks and feels far more solidly screwed together.

BYD announced strong third-quarter earnings and sales growth vs. Q2 and a year earlier and it's begun deliveries of several new models. BYD has continued to boost sales, but in recent weeks has had to announce larger discounts amid an intensifying China EV price war.

On Sept. 1, Tesla sharply cut Model S and X prices in China and the U.S. The base Model X is now eligible for the $7,500 federal tax credit. Tesla also cut the FSD (Full Self Driving) price to $12,000 from $15,000.

Tesla slightly raised Model 3 and Y prices in China multiple times in November, perhaps to spur undecided buyers into action. But in late November, Tesla announced an insurance subsidy for the base Model 3 and Y, the most popular variants, as well as low-interest loans.

Back in the U.S., the first two Model 3 variants lost their $7,500 IRA credits as of Jan. 1 due to tighter battery sourcing rules. Tesla could adopt different batteries over time, but would likely be more expensive. The EV giant will likely adjust U.S. prices as a result.

For the next several months, Tesla is selling "Foundation" versions of the AWD and Cyberbeast variants with various extras, but with an extra $20,000 added to the price. So the Foundation AWD Cybertruck does not get IRA tax credits.

BYD's super-premium brand Yangwang has begun U8 deliveries, with a U9 supercar following in 2024. BYD's Fang Cheng Bao brand has also started deliveries of the Bao 5, with more models to come this year.

Exports are still a small share of sales, but up sharply from almost nothing in mid-2022. Notably, BYD is generally selling EVs overseas at higher prices than at home, boosting margins even after shipping and other related costs.

Meanwhile, Reuters said a review of documents showed that Tesla knew of faulty suspension and steering parts across its model lineup going back at least seven years, but often blamed drivers when those parts failed. Norway and Sweden disclosed probes of Tesla suspension issues.

BYD will introduce at least Level 2 driver-assistance systems in its Yangwang and Denza vehicles, as well as some BYD-brand EVs, over the next year. Level 2 systems, many with Lidar, are increasingly common in China, especially in premium models.

With the Inflation Reduction Act, Biden discarded a cap on how many vehicles each automaker could sell before the credits began to wind down. The administration also set maximum retail prices at $80,000 for electric SUVs, vans and pickups, and $55,000 for cars.

Shares of the EV maker fell more than 4% in pre-market trading on Friday amid fresh U.S. price cuts for the Model 3 and Model Y. The stock had rallied about 9.5% in the past five sessions as traders speculated a bottom was forming after a 65% decline in 2022.

Shortly after introducing a RWD variant of the Model Y, which after federal EV tax credit is the cheapest variant of that car we've seen in the U.S., Tesla has reduced the prices of its other Model 3 and Model Y variants.

The Tesla Model 3 now starts at $38,990, down $1,250 from the previous price of $40,240. That's for the RWD version; the Long Range variant is now $45,990, down from $47,240, while the Model 3 Performance costs $50,990, down from $53,240.

The RWD Model Y hasn't changed its price; it still starts at $43,990. But the Long Range and the Performance variants have gotten cheaper. A Tesla Model Y LR will now set you back $48,490, down from $50,490, while the Model Y P costs $52,490, down from $54,490.

The price cuts aren't massive, but they're notable because Tesla has already made its cars more affordable several times this year. With this latest move, the company is likely making the competition very uncomfortable. The Model 3 and Model Y sit atop the best-selling EV car lists in the U.S., and the company recently said it delivered 419,074 Model 3 and Y vehicles in the third quarter of 2023, a 29 percent year-over-year increase. e24fc04721