What is the Cheapest Tesla Model in 2024? All Cars Analyzed

Tesla is known for leading the way in electric cars, but many wonder if they can afford one. This guide is all about the cheapest Tesla model. We’ll look at Tesla’s cars’ prices, features, and overall value to help those who want to own a Tesla without spending too much. 

In this guide, we’ll cover the history of Tesla’s models, find out which Tesla model is the least expensive, look into Tesla’s future plans for budget-friendly models, and consider other costs related to owning a Tesla car.

History of Tesla’s models

Tesla started making electric cars in 2008 with the Roadster. It was when they bought their factory in Fremont, California, that they began to create the four popular models we see today:

• Tesla Model 3 (a smaller sedan)
• Tesla Model S (a medium-sized luxury sedan)
• Tesla Model X (a medium-sized SUV)
• Tesla Model Y (a smaller SUV)

The Tesla Model S, a fancy medium-sized car, was the first to arrive in 2012. After that, Tesla started making a variety of cars. They introduced their first SUV, the Model X, in 2015. Then, in 2018, they released the Model 3, a more budget-friendly small sedan. The most recent addition is the Model Y, a small SUV, which started being delivered in 2020.

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Which is the cheapest Tesla model?

Here, we will focus on the most economical Tesla model available. We aim to uncover which Tesla model offers the best features and affordability, making it an ideal choice for budget-conscious buyers.

We’ll explore the details to help you understand which Tesla car gives you the most for your money, ensuring you make a well-informed decision.

Tesla Model 3 – The cheapest Tesla model

The Tesla Model 3 is the cheapest as of October 2023. Even before prices dropped significantly in January 2023, it was the most budget-friendly option in Tesla’s lineup. With the price reduction, it’s become even more accessible.

The basic version of the Model 3 starts at $40,630 and comes with rear-wheel drive. If you want the top-end Model 3 Performance, the price rises to $55,000. This model has a powerful dual-motor setup with all-wheel drive, giving it 506 horsepower. It also features bigger, unique wheels, high-performance tires, and better brakes for extra power.

The middle option is the Tesla Model 3 Long Range All-Wheel Drive, priced at $45,990. This one also has a dual-motor system but with a bit less power, at 441 horsepower.

Both the Performance and Long-Range models have advanced motor systems that control power to the wheels, making for great handling and control. The Model 3 Performance has a slightly lower range of 315 miles, but it’s faster, taking only 3.1 seconds to go from 0 to 60 mph, a second quicker than the Long-Range model.

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Tesla Model Y – The 2nd cheapest model

The Model Y is the most popular car from Tesla, and it’s easy to see why. But they are slightly more pricier than the Tesla Model S series. It offers a great balance, providing more room like the Model X while being priced more like the Model 3.

There are three different types of the Model Y, each with its own price:

• Basic Model Y: $43,990
• Model Y Long Range: $48,990

• Model Y Performance: $52,490

If you choose to get the Model Y with all the extra features, you’ll pay the highest price between $67,740 and $73,490.

Tesla Model S – A bit expensive models

The Model S is Tesla’s luxury car and has the longest driving range of all Tesla models. The standard version of the Model S, with two motors, starts at $74,990.

For those who want the fastest Tesla, there’s the Model S Plaid with three motors. This car is incredibly quick, reaching 60 mph in just under 1.9 seconds, and can reach 200 mph. The starting price for the Plaid version is $89,990.

It’s important to note that the Model S is priced above the MSRP limits for the tax credit, so don’t expect a tax break from the federal government for this EV.

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Tesla Model X – The most expensive models

The Model X stands as the priciest option in Tesla’s range. The Plaid version of the Model X is Tesla’s most luxurious and costly offering. This model comes in two variants:

• Model X Dual Motor All-Wheel Drive: This model is priced at $79,990 and offers a dual-motor setup, ensuring a powerful and smooth drive.

• Model X Tri-Motor All-Wheel Drive: Priced at $94,990, this version features three motors for even more power and performance.

Both models showcase Tesla’s commitment to high-end luxury and advanced electric vehicle technology, offering a top-tier driving experience.

Cybertruck – a bit more expensive

The Cybertruck, Tesla’s much-anticipated electric truck, had its production delayed several times. After October 2021, Tesla even removed the Cybertruck’s pricing and specifications from their website. But in May 2022, Tesla reopened reservations for customers in North America.

Finally, in late November 2023, Tesla held a special event to deliver the first Cybertrucks and share new information and accessories. One of the most discussed topics was the price. The Cybertruck’s debut price was over 50% higher than what was initially promised. Here’s a breakdown of the Tesla Cybertruck prices:

• Rear-wheel drive: It is estimated at $60,990 and will be available in 2025. It features a 250-mile range, 0-60 mph in 6.5 seconds.
• All-wheel drive: It is priced at around $79,990, with delivery in 2024. It offers a 340-mile range, 112 mph top speed, 600 horsepower, and 11,000 lbs towing capacity.

• Cyberbeast: It will cost about $99,990 and will be available in 2024. It has a 320-mile range, 0-60 mph in 2.6 seconds, 130 mph top speed, and 845 horsepower.

These models mark a significant step in Tesla’s journey into the electric truck market, showcasing innovative designs and impressive performance capabilities.

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Plans for the future – The cheapest Tesla we might see

Tesla is in the early stages of discussing a new, affordable car, potentially priced around $25,000. This car is rumored to be a compact hatchback with four doors, designed to compete with models like the Chevrolet Bolt and European hatchbacks like the ID.3.

Given Tesla’s reputation, we can expect a rear motor setup in this vehicle, delivering enough power to accelerate from 0 to 60 mph in roughly six seconds. The car’s projected specifications include:

• Range: Over 250 miles
• Drivetrain: Rear-wheel drive (RWD)
• Acceleration: 0-60 mph in less than 6.0 seconds

Currently, the 2023 Tesla Model 3 RWD is the most affordable Tesla available.

Other Tesla car costs to consider

When considering buying a Tesla, remember there are extra costs apart from the price you see. These extra charges, both one-time and ongoing, add to what it costs to own a Tesla. Here’s what you should keep in mind:

• Taxes and fees: The amount depends on the Tesla model and where you live. This includes things like registration and license fees.
• Order fee: Tesla asks for about $250 as a non-refundable fee to process your car order.
• Destination and document fee: A fee of around $1,400 covers moving the car from the factory to you and sorting out the paperwork.
• Charging costs: This cost varies depending on how much you drive, your local electricity prices, and which Tesla model you have. Charging an electric car is usually cheaper than filling a gas car.
• Service and maintenance costs: Electric cars like Teslas often cost less to maintain since they have fewer parts. The exact cost can change depending on how you drive and where you live, but you’ll likely save money compared to gasoline vehicles.
• Insurance: The cost to insure a Tesla can be affected by the car’s value, location, driving record, and insurance company. Insurance for electric cars might be higher because of their high-tech features.

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Final Thoughts

If you’re considering buying a Tesla car, the most affordable choice is the Model 3. It’s a great mix of price and quality. Tesla offers different models for all needs, from the Model X to the fast Model S and the unique Cybertruck. But don’t forget owning a Tesla isn’t just about the purchase price. 

There are other costs like taxes, fees, charging, and insurance. Tesla is also planning to make an even cheaper car soon, making owning an electric car possible for more people. Choosing a Tesla is more than just buying a car – it’s joining the future of eco-friendly and advanced driving.