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How Much Does a Tesla Cost and How to Pay for It

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Shoppers flock to Tesla’s electric vehicles (EVs) for their power, style and cutting-edge technology — not to mention their battery-electric credentials. But with so many vehicles and performance versions to choose from, would-be buyers are often left wondering which model to pick and how much it will cost.

How much does a Tesla cost?

Tesla is a popular luxury EV brand with state-of-the-art technology. That includes an array of advanced driving, entertainment, and safety features, such as self-driving capability, autopilot, and larger-than-average touchscreens that dominate the dashboard. As such, the cost of a new Tesla is higher than most EVs on the market.

According to a recent LendingTree study, Tesla’s Model 3 and Model Y are the most popular EV models on the market. Here’s a breakdown of what you can expect to pay for each Tesla model currently on the market.

Tesla pricing
Model S Standard (AWD) $104,990
Plaid (AWD) $135,990
Model 3 Rear-wheel drive $46,990
Long range (AWD) $57,990
Performance (AWD) $62,990
Model X Standard (AWD) $120,990
Plaid (AWD) $138,990
Model Y Long range (AWD) $65,990
Performance (AWD) $69,990

Model S

The Tesla Model S standard model features a dual-motor configuration, while the plaid trim is equipped with three motors. The Model S looks futuristic inside and out, with sleek lines and a 17-inch touchscreen. The five-passenger sedan boasts comfortable seats and a back seat with plenty of room for three adults, ample storage space in the front and rear trunks and a heated windshield. The Model S comes well-equipped with high-tech features, such as fast-charging devices and in-console gaming.

Every Tesla comes with basic autopilot, which automatically helps the car steer, brake and accelerate. For an additional $6,000, buyers can add enhanced autopilot, which includes features such as autopark and auto lane change. Shoppers can also add full self-driving capability for $12,000, which adds traffic light and stop sign control.

Base priceEstimated RangeTop speed
Standard$104,990405 miles155 miles per hour
Plaid$135,990396 miles200 miles per hour

Best for: Buyers seeking an upscale electric vehicle with blistering speed and plenty of range.

Model 3

The Tesla Model 3 is the automaker’s smallest and most affordable car. The sleek, clutter-free dashboard moves all controls to the car’s 15-inch touchscreen or steering wheel. The glass roof provides the illusion of more space, allowing for natural light and expansive sky views.

As with the Model S, the Model 3 sports a cabin with comfortable seating and plenty of room for five passengers. For an additional $6,000, buyers can add enhanced autopilot for autopark and auto lane change. For $12,000, full self-driving capability includes the features in both standard and enhanced autopilot, plus traffic light and stop sign control.

Base priceEstimated RangeTop speed</big
Rear-wheel drive$46,990272 miles140 miles per hour
Long range$57,990358 miles145 miles per hour
Performance$62,990315 miles162 miles per hour

Best for: Buyers looking for a premium electric car at a more affordable price.

Model X

The Tesla Model X is a spacious SUV with a smooth, powerful ride and plenty of style due to its gullwing doors. The standard trim comes with dual-motor all-wheel drive, while the plaid version features a tri-motor setup.

As the larger of Tesla’s two SUVs, the Model X provides an upscale interior with plush seating, a panoramic windshield, and a 17-inch touchscreen. It also features in-car gaming through Tesla Arcade. The standard trim comes with five seats, but buyers can upgrade to six for an additional $6,500 or seven by adding a third row for $3,500. The plaid trim is available only with six seats.

Standard features include front doors that open automatically upon approach and falcon wing doors controlled by the Tesla app. Both the standard and plaid trims come with basic autopilot.

Base priceEstimated RangeTop speed
Standard$120,990348 miles155 miles per hour
Plaid$138,990333 miles163 miles per hour

Best for: Buyers who want the utility of an SUV and the power and environmental credibility of an electric vehicle.

Model Y

The Tesla Model Y is a compact SUV with a roomy cabin and plenty of storage space. Both the Long-range and performance trims accelerate quickly and come equipped with dual-motor all-wheel drive. The interior features a clean layout, panoramic glass roof and 15-inch touchscreen.

The Model Y seats five people in its standard configuration, or seven by adding a third-row for an extra $3,000. The SUV’s second row folds down for more cargo space. As with Tesla’s other models, buyers can add enhanced autopilot or self-driving capability for an additional fee.

Base priceEstimated RangeTop speed
Long range$65,990330 miles135 miles per hour
Performance$69,990303 miles155 miles per hour

Best for: Buyers seeking an electric vehicle with more passenger and cargo room than a sedan.

Which Tesla model is right for you?

Determining which Tesla model is best for you depends upon your lifestyle and personal preferences. If you enjoy the thrill of quick acceleration, consider the Model S. Buyers who want a roomier cabin with more storage space should check out Tesla’s Model X or Model Y. And if you want an electric vehicle that won’t break your budget, consider the Model 3.

Model S
(Standard/Plaid)
Model 3
(RWD/Long Range/Performance)
Model X
(Standard/Plaid)
Model Y
(Long Range/Performance)
Acceleration (0–60 mph)3.1s / 1.99s5.8s / 4.2s / 3.1s3.8s / 2.58s4.8s / 3.5s
Range (miles)405 / 396272 / 358 / 315348 / 333303 / 330
Passenger capacity5 / 55 / 5 / 55 – 7 / 65 / 7
Cargo space28 cubic feet23 cubic feet92 cubic feet76 cubic feet
Displays17”15”17”15”

How to pay for your Tesla

Even the most affordable Tesla seems pricey in today’s market. Unless you’ve put enough money aside to pay for your new Tesla in full, chances are you’re considering your options to fund it. Keep reading to find out how you can pay for your Tesla.

Tesla lending

Tesla offers financing in certain states. A down payment is required. Financing terms range from 36 to 72 months. Using Tesla’s loan calculator, you can see how much a Tesla will cost monthly, depending on the model you buy and the length of your loan.

Tesla financing example

Loan terms4.49% over 60 months
ModelModel S
MSRP$104,990
Down payment$7,500
Monthly payment$1,927

Tesla leasing

Tesla provides 24-month leasing on new vehicles. If you plan to lease a Model X or Model S, you may be able to get a 36-month lease. Depending upon which vehicle you intend to lease, you should expect to make a down payment ranging from $4,500 to $7,500.

Annual mileage limits range from 10,000 to 15,000 miles per year. You can use the Tesla lease calculator to calculate your monthly lease payment.

Tesla leasing example

Lease terms5.91% over 36 months: 10,000 annual miles
ModelModel S
MSRP$104,990
Down payment$7,500
Additional due at signing$2,247
Monthly payment$1,552

Other financing options

You can visit your local bank, credit union, or an online lender to apply for financing. Going through a third-party lender can save you money if you shop around for the best interest rates and loan terms. If the lender pre-approves your loan, you will know how much money you can borrow before you begin shopping for your new Tesla. Check out our best auto loan rates to see what car loans and interest rates you may qualify for.

Tax incentives for Teslas

Depending on where you live, your state may offer tax incentives when you buy or lease a new Tesla. With these incentives, you may be able to reduce the purchase price of your vehicle, or you may get some money back when you claim these on your tax return. In addition to the electric vehicle tax incentives, some states offer EV owners rebates, discounted pricing on utilities, free parking and other bonuses.

ArizonaReduced vehicle license tax and carpool lane access
ArizonaReduced vehicle license tax and carpool lane access
Colorado$2,500 tax credit for the purchase of a new electric vehicle or $1,500 tax credit for a lease of a new electric vehicle
Connecticut$2,250 rebate for new vehicles under $50,000, exemption from state emissions testing, and reduced registration fee
Delaware$2,500 rebate for new vehicles with a purchase price under $60,000
District of ColumbiaTax credit for 50% of costs incurred for home charging installation, up to $1,000
HawaiiCarpool lane access and reduced rates for electric vehicle charging
IdahoState exemption from vehicle inspection and maintenance program
Maine$2,000 rebate for new vehicles with a purchase price under $50,000
Maryland$700 rebate on wall connectors and installation, HOV lane access, and qualified vehicles are exempt from emissions testing
Massachusetts$2,500 rebate for new vehicles with a purchase price under $50,000
New JerseyUp to $4,000 rebate for new electric vehicles with a MSRP under $55,000, sales tax exemption and 10% discount on off-peak toll prices on NJT and GSP through EZ-Pass
OregonRebate of $2,500 for purchase or lease of a new electric vehicle with a base price under $50,000 (certain customers may qualify for a $5,000 rebate instead)
Pennsylvania$750 rebate available for new or certain used EVs with a final purchase price of $50,000 or less, additional $1,000 available for low-income applicants
Rhode Island$2,500 rebate for new vehicles with a purchase price under $60,000, state emissions testing exemption
WashingtonSales tax reduction on the purchase or lease of a new EV

Frequently asked questions

The amount you’ll pay each month for your Tesla depends upon the price of the vehicle, how much money you put down and your interest rate. You can use the Tesla loan calculator to estimate your monthly payment.

Tesla owners should expect to pay between $8.50 and $20 to charge their Tesla. Costs may vary based on the model, the remaining battery capacity and the local price of electricity.

The Tesla Cybertruck is expected to launch in 2023.

Typically, you can find used models on the manufacturer’s site. You may also find used vehicles online or at used car dealerships.

 

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