One of the biggest financial decisions the majority of us make is purchasing a new vehicle. Moreover, an electric vehicle (EV) can be anything from inexpensive.
Fortunately, Tesla has demonstrated that EVs can be thrilling and reasonably priced through the creative use of technology. It provides appealing electric automobiles at costs that the majority of customers can afford.
Tesla announced significant price reductions across its entire EV lineup in 2023, making its cars even more affordable for consumers. Particularly for Tesla's more economical vehicles, like the Model 3 and Model Y, this tactic has been successful in raising curiosity and increasing orders.
What is the least expensive Tesla model that will be available in 2023, and how much does a Tesla cost?
What Is the Cheapest Tesla Model?
Tesla is renowned for its regular pricing changes, and in 2023, nearly all of its models had significant price reductions. These Tesla models are the least expensive ones available, based on May 2023 pricing.
Tesla Model 3
The most affordable Tesla model at the moment is the Model 3, a battery-powered sedan. It was the most cheap model from the firm even before the significant January 2023 Tesla price decrease, and now that prices have been reduced, it's even more doable.
The base model, which is exclusively rear-wheel drive capable, costs $40,240. The most powerful Model 3 Performance, with its dual-motor all-wheel drive system and 506 horsepower, costs $53,240. It also comes with unique, larger wheels wrapped in sporty tyres, better brakes, and other features to help control the greater performance.
A Tesla Model 3 Long Range All-Wheel Drive model is also available, starting at $47,240. Similar to the Performance model, it has a dual-motor configuration but with a little less power, producing a combined output of 441 horsepower. The motors regulate power to the front and rear wheels digitally, just like the Performance model, providing outstanding handling and traction control.
The standard Tesla Model 3 with rear-wheel drive has an EPA-estimated range of 272 miles on a single charge and can reach 60 mph in just 5.8 seconds. The Model 3 Long Range All-Wheel Drive has a range of more than 325 miles and can reach 60 mph in only 4.1 seconds thanks to the same bigger battery pack as the Performance model. Despite having a slightly reduced range of 315 miles, the Model 3 Performance accelerates from 0 to 60 mph in just 3.1 seconds, shaving a second off the sprint time of the Long Range model.
No matter whatever trim you select, Tesla doesn't come standard with mobile connectors, so you'll also have to pay extra for those.
Tesla Model Y
The Tesla Model Y costs more than the Model 3 and is a larger electric vehicle. It has all-wheel drive in all three of its available configurations. The Model Y's seven seats are one of its standout features.
Starting at $47,490, the Model Y costs $50,490 with the Long Range. Without any additional bells and whistles, the Performance trim, which is the most expensive of the three, costs $54,490. Prices for all Model Y versions will increase by almost $15,000 when options like Advanced Autopilot, 20-inch wheels, red paint, white upholstery, and a tow hitch are added. Additionally, Tesla offers Enhanced Autopilot for $6,000 or Full Self-Driving for an extra $15,000.
The base model now has a top speed of 135 mph and a range of 279 miles according to EPA estimates. The sprint from 0 to 60 mph is timed in a quick 5 seconds. The EPA estimate rises to 330 miles when you upgrade to the Model Y Long Range, but the acceleration time decreases by two tenths to 4.8 seconds. The Model Y Performance has the fastest acceleration, reaching 60 mph in 3.5 seconds with to its 462 horsepower, but it has a somewhat shorter range of 303 miles.
Tesla Model S
The more expensive Tesla Model S is an electric automobile that outperforms the Model 3 and Model Y in almost every way. But the cost of these enhancements is higher.
The Model S has a projected range of 396 miles on a single charge and can produce 1,020 horsepower at its maximum in its top Plaid configuration. It also boasts three formidable electric motors that can propel the vehicle to a top speed of 200 mph and potentially whiplash-inducing acceleration, with a stated sprint time of just 1.99 seconds from a standstill to 60 mph.
The base Dual Motor All-Wheel Drive Model S starts at $88,490 and may be customised to cost more than $120,000. With no additional options, the base price of the tri-motor All-Wheel Drive Model S Plaid is around $108,490. However, you are looking at a price of nearly $133,240 with add-ons like 21-inch wheels, a cream interior, Enhanced Autopilot, and one of the possible colours.
What Affects the Price of a Tesla?
There are several other economic elements that have an impact on Tesla prices. The key elements that can affect Tesla EV prices are shown below.
Component Cost
Tesla's pricing are heavily influenced by the cost of key parts including batteries, electric motors, and power electronics. Although the costs of electronics, motors, and lithium-ion batteries have decreased dramatically over the past few decades, some consumers may still find them to be out of their price range.
Demand
Tesla has never been able to produce enough vehicles to match the growing demand for electric vehicles. According to fundamental economic theories, the cost of EVs rises as demand for environmentally friendly transportation does. It's a balancing act because more EVs are entering the market, which somewhat offsets that.
Government Incentives
Notable factors influencing EV prices include government subsidies to encourage EVs and measures to reduce the harmful environmental effects of carbon emissions. In the past, the government stimulus and tax relief packages have greatly benefited Tesla, but it is extremely doubtful that Tesla will be eligible for the new US federal EV tax credit.
Supply Chain
The pandemic-related supply chain interruptions have had a major effect on Tesla vehicle costs. For instance, the production costs of Tesla and other automobiles were specifically impacted by the 2020 global semiconductor shortage.
Tesla sought to lower the price of its EVs by making a few small adjustments to the electronic parts of the cars, but it was unsuccessful.
Are Teslas Worth the Price?
Tesla vehicles are by no means the most affordable, but they provide excellent value. They perform superbly while driving, have outstanding safety ratings, and emit no carbon dioxide. Compared to conventional gas-powered automobiles, all Tesla models have reduced operating expenses.
Additionally, you may charge your car using the solar panel system on your house. Your environmental impact will be further diminished if you use solar energy as fuel.
