After 2017 witnessed 40% year-over-year growth, the U.S. electric vehicle (EV) industry is poised for further success in 2018. There’s no one single reason for the uptick in EV sales in America – states like California are requiring car dealers to offer electric car options, costs are coming down, battery technology is improving, and manufacturers are inventing stylish new designs for the modern day electric car.
One of the biggest driving forces behind the surge in EV popularity comes back to a familiar household name: Tesla. The $40 billion carmaker has two vehicle products on the market, and there’s another one just around the corner: the Tesla Model S, Tesla Model X, and soon, the Tesla Model 3. Thanks to the consistent hype and rising attention around the world’s only full-scale clean energy corporation, many are wondering: what does a Tesla actually cost? In this article we’ll explain the breakdown for Tesla car prices in terms of its different EV products and how you should go about comparing them.
How much does a Tesla car cost?
The current Tesla car line (Roadster, Model S, Model X) ranges in price from $68,000 – $138,800 before tax incentives for electric cars. However, the cost of Tesla’s new Model 3 (currently being rolled out this year) could be as low as $35,000.
How much does a Tesla Model S cost?
When wondering what the Model S will cost you, the answer depends on on the model you buy and the tax credits available. The Tesla Model S (pictured above) comes at a starting price of $68,000 in 2018, $3,000 less than a few years ago. The Tesla Model S is offered in 6 variations based on how much electric charge the car holds (and consequently, how far it can travel): 60, 60D, 75, 75D, 90D and P100D.
Tesla Model S Product Line: Price, Range and Top Speed
|Tesla Model S Product||Base Price (before tax credits)||Range of Distance (miles)||Top Speed (MPH)|
Though it is well known as one of the leading EVs available, the Model S is also a popular sports car, with top speeds to match. The difference in the upgrade between an S 60 and S 60D, for example, is merely the speed capacity of the vehicle.
The D product line will always have a faster 0-to-60 miles per hour acceleration and overall faster top speed, but it does not have a longer range overall in terms of miles traveled. Similar to Apple’s product release strategy with its iPhone 6 and iPhone 6S pairings, the D models are meant to provide a slight product upgrade for the true Tesla fanatic.
How much does a Tesla Model X cost?
For most Tesla fanatics, the primary interest has long been around the company’s Model S sedan. That changed at the end of 2015 when Tesla released its hugely anticipated SUV offering, the Tesla Model X. The Model X starts at a base price of $88,800 and has 3 product offerings: 75D, 90D and P100D.
Tesla Model X Product Line: Price, Range and Top Speed
|Tesla Model x product||base price (before tax credits)||range of distance (miles)||top speed|
Though the Model X is often marketed as an electric SUV, its size more closely resembles a compact crossover such as a Subaru Forrester or Toyota Corolla. Nevertheless, the Model X seats 7 and boasts a 0-to-60 mph acceleration of 3.8 seconds in its P100D model – an unprecedented feat in the EV industry. Generally known as the Tesla Crossover, the Model X is the fastest sport utility vehicle in the automobile industry.
The Tesla Model 3 and EV tax credits
There is already both hype and confusion around Tesla’s next vehicle release: the Tesla Model 3, slated to hit the EV market in early 2018. For those wondering how much a Tesla Model 3 will cost, here is the information:
The Model 3 will be Tesla’s first car for the everyday buyer, extending outside of the company’s past upper class target consumer. The car is expected to be sold at $35,000 before incentives and tax credits, and it will be the first of Tesla’s offerings to rival its more economical competitors in price such as the Nissan Leaf and Chevy Volt.
Roughly half a million preorders have been made for the Model 3 following the announcement of the economical Tesla offering in 2016. The question for most interested buyers lies around when Elon Musk’s latest product will actually come to market. Though many have heard promises of the car reaching their driveways in 2017, the majority of preorders for the Model 3 are just now beginning to be filled in early 2018.
EV incentives and tax breaks
In the world of electric vehicles, it is important to understand your eligibility for tax credits. To begin with, the Federal tax credit for electric vehicles offers a rebate of up to $7,500 on your electric vehicle purchase. However, this incentive is only available for the first 200,000 cars manufactured by a particular car maker, and it’s entirely dependent on the amount of income tax you pay each year.
Due to the big price tag for a Tesla car, many Tesla buyers have seen the complete value of this federal incentive when they get their Tesla, but it should be specified that you will need to be paying at least $7,500 in income tax to cash in on the entire rebate.
Beyond the federal tax incentive, there are many state-specific incentives as well to explore depending on where you live. Some states like California, Maryland and Colorado offer cash incentives or credits. Others offer non-cash incentives like indefinite carpool access and free tolls. Regardless, there’s a good chance that the price tag for your Tesla car will be significantly reduced once you factor in credits and incentives.