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Key Points
The price of a Tesla in 2023 ranges from $38,990 to $94,990 before upgrades, fees, and tax credits.
The cheapest Tesla is a standard Model 3, while the most expensive is a Model X Plaid.
You can qualify for a federal tax credit of up to $7,500 for new Teslas.
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How much does a Tesla cost?
The cost of a Tesla ranges from $38,990 to $94,990 before any upgrades, fees or tax credits. The cost will vary based on the model and configuration you choose. Some factors that affect pricing include the model type, trim level, added features, delivery charges and order fees. The federal tax credit and potential state incentives can lower the cost by thousands.
Let’s explore all the details to help you decide whether a Tesla is right for your budget. We’ll cover:
Actual costs involved in purchasing a Tesla
Information about the least expensive and most expensive Tesla models
Insights into Tesla financing options
What is the actual cost of buying a Tesla?
The initial price you find on Tesla.com will not be the final price you pay for the electric vehicle (EV). Customizations, fees, and upgrades can increase the price, whereas the Clean Vehicle Credit can reduce the price by up to $7,500.
Tesla price range
The cheapest and most expensive Tesla models have over a $56,000 price difference. The prices listed do not include non-negotiable charges and fees, such as delivery and taxes.
2023 Tesla Model 3: $38,990–$50,990
2023 Tesla Model Y: $43,990–$52,490
2023 Tesla Model S: $74,990–$89,990
2023 Tesla Model X: $79,990–$94,990
How much does the average Tesla cost?
Rear-Wheel Drive
Long Range
Performance
Model 3
$38,990
$45,990
$50,990
Model Y
$43,990
$48,990
$52,490
Standard
Plaid
Model S
$74,990
$89,990
Model X
$79,990
$94,990
The Model 3 and Model Y have three trim levels: Rear-Wheel Drive, Long Range, and Performance. The Model S and Model X have two trim levels — overall, there are 10 Tesla models available in 2023.
The Tesla electric car comes in four different models:
Model 3 – compact sedan
Model S – midsize sedan
Model Y – compact SUV
Model X – SUV
How much do Tesla upgrades cost?
Tesla offers unique optional upgrades that can add up to $26,000 more to the base price. Here are the additional Tesla customizations and how much each one costs:
Paint: The standard paint color of each Tesla depends on the model, and opting for a different color can add $1,000–$2,000 to the total price.
Wheels: Each model has two wheel options — a standard option is included in the base price. Upgrading the wheels can set you back an additional $1,500–$5,500, depending on the car model and tire type.
Interior: Changing the standard interior color costs $1,000–$2,000.
Tow Hitch: Only available as an upgrade on the Model Y, adding a tow hitch costs $1,000. This feature comes standard on the Model X.
Seating layout: Changing the seating layout can cost $3,500–$6,500. This upgrade is only available on the Model X.
Steering: Changing from a wheel to “yoke” steering adds $1,000. This upgrade is only available on Model S and Model X.
Enhanced Autopilot: If you want your Tesla to change lanes or park independently, the enhanced autopilot feature will run $6,000.
Full Self-Driving Capability: This add-on is the priciest at a $12,000 one-time payment or $199 per month as a subscription. This feature includes Enhanced Autopilot.
Tesla purchase options and financing rates
Tesla offers cash, loan, and lease options for its vehicles. A Tesla loan is a good solution if you can’t afford an upfront cash payment. Tesla financing rates start at 6.69% annual percentage rate (APR) for those with excellent credit. Financing rates depend on the duration of the loan.
Tesla customers can finance their vehicles through Tesla or another financier. SaveOnEnergy customers have saved over $150 on their electric vehicle payments. Learn more about Tesla financing and pre-qualify for or refinance an EV.
Graphic by Deborah Foley
Benefits of owning a Tesla
Similar to solar panels for your home, the initial cost of a Tesla can seem steep, but the long-term gas and maintenance savings may offset the investment. Tesla owners don’t have to worry about inflation at the pump, oil changes, or traditional engine and car part maintenance. A Tesla will automatically pass an emission test, although you will still be on the hook for your state’s annual inspection fee, if applicable.
Tesla accessories
Tesla cars come with accessories to enhance your driving experience. Available Tesla accessories include:
Charging adapters at various speeds and power outputs
Maintenance must be done by a Tesla-certified technician
Fewer replaceable parts than a standard car
Parts and accessories are more expensive
Safety features, including autopilot
Insurance is more expensive
Tesla maintenance costs
Tesla owners will experience savings on gas and maintenance. However, instead of paying at the pump, Tesla drivers will pay to charge the EV and may have higher car insurance premiums.
Tesla insurance
Tesla insurance is pricier than the average car. Insuring a 2021 Tesla Model 3, one of the world’s most popular electric cars since it hit the roads in 2017, costs approximately $2,503 a year, according to Insurance.com. By contrast, the average car insurance rate is about $1,682 a year for full coverage. Based on the Insurance.com data, average insurance rates for other Tesla models are even more expensive (Tesla Model Y: $2,599; Tesla Model X: $3,759; Tesla Model S: $4,318).
Charging a Tesla
If you rely on public charging stations, you will pay a variable rate per kWh, depending on the location. The Tesla supercharger is a public, fast-charging station that can cut charging time down to half an hour or less. However, you will pay a premium to use a supercharging station. Charging station rates can also vary depending on the time of day.
Charging your Tesla at home can be more convenient and economical than relying on public charging stations. However, you will need to install a Level 2 charger. A local electrician can help determine if you need to upgrade your home’s electrical. The wall connector is an additional expense as well (currently $425 without installation).
Calculate the cost to charge a Tesla
Determining how much it costs to charge a Tesla will help you understand the long-term overall cost of the EV. To understand how much it will cost to charge a Tesla battery, you need to multiply the price of electricity by the car’s kWh. Helpful information to know includes
The Tesla’s kWh/100 miles. This figure can vary among Tesla models based on the type of battery. For example, a standard-range battery will have less kWh/100 miles than a long-range battery. The following chart highlights the range of kWh/100 miles for each Tesla 2023 Model and trim level.
The total mileage of your Tesla on a full battery charge. This figure can vary based on the Tesla model and type of battery. You can check your Tesla mileage on the Tesla app or browse the following table for an estimate of each Tesla model’s mileage.
Once you know your electricity rate, the kWh/100 miles, and the total mileage of your Tesla on a full battery charge, you can calculate the cost to charge a Tesla.
Here is an example:
You are charging a 2023 Tesla Model 3 Standard Range at home and your electricity rate is 15.93 cents per kilowatt-hour (kWh), the national average at the time of publication. This model is on the lower end of the kWh/100 miles range, meaning it uses 25 kWh/100 miles and has an estimated range of 333 miles per charge.
Step 1: $0.16 x 25 = $4
Now, we need to calculate the cost per mile. Using the figures above, it would cost $4 to charge the Tesla for 100 miles, or $0.04 per mile ($4/100).
Step 2: $4 / 100 = $0.04
Because the car in our example can drive 333 miles per charge, we need to multiply the cost per mile by the total number of miles driven on a full battery charge.
Step 3: $0.04 x 333= $13.32
Therefore, the cost to charge the 2023 Tesla Model 3 Standard Range battery completely one time equals $13.32
Using this method, you can calculate your costs no matter your Tesla electric car model or battery.
Tesla cost FAQs
Tesla batteries are designed to last the life of the vehicle, defined by Tesla as around 200,000 miles, or 15 years. The starting price for Tesla battery replacement is $5,000.
The most expensive Tesla is the Model X Plaid. The Model X Plaid is also the fastest Tesla, reaching 60 mph in 2.3 seconds. However, you get the longest driving range with the Model X, which can drive 348 miles on a single charge.
The Tesla Model 3 Rear-Wheel Drive is the cheapest Tesla car. The car has a 272-mile range, requiring more frequent battery recharging. It costs around $12 per charge to fully charge the Model 3 based on current electricity rates.
The Tesla Cybertruck was a big talking point when the EV first debuted in 2019. The release date has since been delayed several times due to production challenges but is set to debut officially on November 30, 2023.
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