Tesla EV Costs in 2024: Price Breakdown of the World’s Best-Selling Vehicle

The electric vehicle (EV) market had another banner year in 2023, even as sales and adoption slowed compared to previous years. Case in point: The Tesla Model Y was the world’s best-selling vehicle in 2023—and the first time an electric vehicle took the top spot—beating popular models like the RAV4 and Corolla, according to recent data from JATO Dynamics, a data firm based in the US. car industry.

And while the Model Y dominated the world sales figures for all vehicles last year, Tesla remains supreme as the leading brand or automaker in electric vehicles in general. In 2023, Tesla captured 55% of the US EV market, and as of early 2024, the share of Tesla models in the total US market was 4.2%, according to Cox Automotive.

“Tesla has certainly been unique in the auto market,” said Ed Kim, president and principal analyst at AutoPacific, an automotive research and insights firm. “They have broken every convention and have managed to completely dominate the EV market and almost single-handedly create an electric car market.”

It’s no wonder several Tesla models also made CNET’s list of best EVs: Best Electric SUV, Best EV, and Cheapest EV.

Which is to say, electric cars aren’t going anywhere, and Tesla continues to entrench itself as America’s automotive superpower. That’s probably why you’re seeing more and more Tesla models on the road across the country. And for the EV-curious, Tesla may be a standard option, but the brand has numerous models and different price points. So for consumers wondering how much a Tesla will cost in 2024, the answer depends on the specific model (and trim) they’re interested in.

How does the price range vary between different Tesla models?

Tesla’s model range has grown in recent years and now includes trucks, SUVs and more budget-friendly options than before. Each model features two or three different trim levels, allowing customers to find the right range and features for their budget.

Here is a price breakdown for the 2024 model year, including the required $1,390 destination charge ($2,245 for Cybertruck), but excluding taxes and applicable tax credits:

Tesla model (2024)

Low end

Middle

High-quality

Model 3

$40,380

N/A

$49,130

Model Y

$49,130

$50,380

$53,880

Model S

$76,380

N/A

$91,380

Model X

$81,380

N/A

$96,380

Cybertruck

$59,635

$78,635

$98,635

Data accurate as of March 4, 2024

Cost overview of a 2024 Tesla EV

As mentioned, Tesla vehicles are available in different trim levels, corresponding to additional features and price ranges. While one Tesla model may be cheaper than another, a higher equipment level on a cheaper Tesla EV can ultimately eclipse the base model price of a more expensive base Tesla model.

Current Tesla Models and Costs

Here’s an overview of Tesla’s current model range, details about each model and their associated costs:

  • Model 3: The Model 3 is Tesla’s cheapest model for the time being. It’s a sedan with an EPA-estimated range between 272 and 341 miles. There are two available trim levels: a rear-wheel drive version that retails for $38,990, and a dual-motor all-wheel drive version (Model 3 Long Range) that starts at $47,740.

  • Model Y: The wildly popular Model Y is the more compact of Tesla’s two SUV models, slotting in just below the Model It has three trim levels, with the least expensive option coming in at $43,990, and the highest, the Model Y Performance option, coming in at $52,490.

  • Model S: The Model S is or was Tesla’s bread and butter – for years it was the most important Tesla model encountered on the road. It is a fast sedan, with a top speed of up to 320 kilometers per hour and a range of up to 650 kilometers. Model S prices range from $70,590 for the base model to $85,590 for the “Plaid” trim.

  • Model X: The Model As such, it is also an SUV with striking gull-wing doors and a range of 526 kilometers. Like the Model S, the Model

  • Cybertruck: The Cybertruck is more or less what it sounds like: a futuristic-looking truck with blocky, angular features. It has an estimated range of between 250 and 300 miles and can tow up to 11,000 pounds – so it combines the towing capacity of a classic pickup with Tesla technology. Prices for the Cybertruck range from $57,390 for the rear-wheel drive version (which will be available in 2025) to $96,390 for the “Cyberbeast” variant.

“,”credits”:”Brandon Bell/Getty”,”imageData”:{“id”:”cac856ba-89e4-445f-98b2-a6f98cf702ef”,”title”:”Tesla Model Y”,”filename”:”gettyimages-1494888442-1.jpg”,”path”:”https://www.cnet.com/a/img/hub/2024/03/06/cac856ba-89e4-445f-98b2-a6f98cf702ef/gettyimages-1494888442-1.jpg”,”caption”:”

“,”size”:183870,”width”:1024,”height”:683,”dateCreated”:{“date”:”2024-03-06 21:10:56″,”timezone”:”UTC”,”timezone_type”:3},”dateUpdated”:{“date”:”2024-03-06 21:11:46″,”timezone”:”UTC”,”timezone_type”:3},”needsModeration”:false,”mimeType”:”image/jpeg”,”deleted”:false,”credits”:”Brandon Bell /Getty”,”alt”:”A red Tesla Model Y at a tesla dealership”,”restricted”:false,”startDate”:null,”endDate”:null,”preferred”:false,”watermark”:false,”doNotCrop”:false,”doNotResize”:false,”primaryCollection”:null,”vanityUrl”:null,”notes”:null,”crop”:null,”cropGravity”:0,”preservedRegion”:null,”isNew”:false,”keywords”:[“Tesla EV”],”primeColor”:null,”hasWarning”:false,”typeName”:”content_image”},”uuid”:”cac856ba-89e4-445f-98b2-a6f98cf702ef”,”imageAltText”:”Tesla Model Y”,”imageCaption”:”

“,”imageCredit”:”Brandon Bell/Getty”,”imageDoNotCrop”:false,”imageDoNotResize”:false,”imageWatermark”:false,”imageFilename”:”gettyimages-1494888442-1.jpg”,”imageDateCreated”:”2024/03/06″,”imageWidth”:1024,”imageHeight”:683,”imageParallax”:””,”imageCrop”:””,”imageEnlarge”:false}” overridecaption=”

” overridecredit=”Brandon Bell/Getty” usepricing=”true” data-key=”cnetlisticle__54db682c-0b0f-492e-8fc0-ffec0a4efd9e” position=”NaN” contenttype=”Explainer” pagelayout=”Default – Article Page w/ original publish date” class=”c-shortcodeListicle g-border-thin-light-top g-inner-spacing-bottom-medium g-inner-spacing-left-large g-inner-spacing-right-large g-inner-spacing-bottom-xlarge c-shortcodeListicle-notInfoCard g-outer-spacing-bottom-large g-border-thin-light-bottom g-border-thin-light-right g-border-thin-light-left”>

Brandon Bell/Getty

Starting at $49,130, the 2023 Tesla Model Y strikes a great balance between range and efficiency. It costs less than some internal combustion sedans in its class, after a federal tax credit of up to $7,500 and any qualifying state EV incentives. Shoppers with a little more room in the budget may choose to upgrade to longer and more powerful dual-motor variants, but the 260 miles of this configuration are plenty for daily driving all year round, with the occasional road trip.

Upcoming Tesla Models and Costs

More Tesla models are coming, but details from early 2024 are scarce. What we do know is that a new version of the Tesla Roadster is on the way; the Roadster is actually the original Tesla model and a model that is quite rare to see on the road these days. There are also a number of other models in the making.

Following on from the Roadster, Tesla is working on what some are calling the Model 2, although it hasn’t been officially named yet. “It is a new entry-level EV,” Kim said, and is expected to hit the market in 2025. The most notable thing about the Model 2 is that it will be relatively cheap, opening up the EV market to consumers on tighter budgets.

“This one really has the potential to do some serious things in the market because it will be under the $30,000 price point and is intended to be a real, mainstream market play,” Kim said, adding that it “has the potential om Electric car adoption has increased almost single-handedly.”

Furthermore, there are also rumors in the works about an ‘autonomous taxi’ which Kim said will use the Model 2 as a base. However, little is known about that taxi.

Costs for upgrades and modifications

Depending on the specific model you choose, there will be a range of corresponding upgrades that Tesla owners can make to their vehicles. Tesla owners can actually make upgrade purchases through the Tesla app on their phone, and the upgrades can be deployed wirelessly, similar to downloading software.

Again, the available upgrades will vary depending on the specific model, but an example could be the infotainment system upgrade, which owners can purchase for $2,250 (plus tax) to enable the Tesla arcade and video streaming. Autopilot options are another potential upgrade.

There are also tons of customization options in terms of accessories: Tesla sells tons of accessories for each model, as do third parties. For example, Cybertruck owners can choose from different paint film colors (for about $6,000), all-weather interior trim ($295), and more. Accessories can also get quite expensive: for example, the Model S Plaid Track Package unlocks the car’s top speed of 200 miles per hour and comes with new wheels and braking capabilities for a price of around $20,000.

Overall, upgrades and vehicle modifications can add significant costs to the base model of a Tesla, something owners will want to take into account.

Additional Tesla EV costs to consider

Like any vehicle, Teslas require maintenance. Even though Teslas are EVs, there is no need to change the oil, but there are tires that need to be rotated and other things that need to be checked and maintained. By some estimates, Tesla’s annual maintenance costs exceed $800 per year.

Owners will also need to consider charging fees. Although electric cars should be much cheaper in terms of ‘fuel’ than petrol cars, electricity is not necessarily free. Some Tesla owners may need to have a charger installed at their home, which can cost thousands of dollars, while others can use Tesla’s Supercharger network, which is also not free, but much less expensive than gasoline.

What tax incentives and rebates are available for a Tesla purchase?

Tax benefits and credits may be available for the purchase of certain Tesla models. The Model 3, Model Y and Model X are eligible and can reduce the price tag somewhat. Starting in early 2024, the Clean Vehicle Tax Credit, which offers EV buyers up to $7,500 towards the purchase of an EV, can now act as an instant rebate or coupon – meaning it can essentially knock thousands of dollars off the purchase price of an EV at a dealer.

However, keep in mind that there may be price caps on how to qualify for the tax credit, so not all Tesla models are eligible and the buyer’s income must fall below a certain threshold. For potential Tesla buyers, it may also be worth checking to see if there are any additional credits or incentives available in your area.

How to finance a Tesla EV?

There are also options to finance Tesla models. Financing can be made directly through Tesla (for qualified buyers) or through a third party, with terms ranging from 36 to 84 months.

You can also lease most Tesla models (the Cybertruck is an exception). Leasing a Tesla is possible in most states, and to establish a lease agreement, the lessee places an order for a Tesla model, just as they would if they were purchasing it, and then submits a submit a lease application via his Tesla account.

Tesla will then confirm everything, including amount due at signing, monthly payments, terms, annual mileage limits and more. Barring any issues, a financing offer will go into your Tesla account and a Tesla advisor will contact you to confirm next steps. Payments can also be made directly through a Tesla account.

Frequently Asked Questions

What is the cost difference between the Tesla EV and a gas car?

The total purchase price of a Tesla EV versus a gas car depends on the specific model, but running costs may vary. For example, it will likely be much cheaper to charge electric vehicles instead of filling up with gasoline, but maintenance costs could be higher in the long run.

What is the federal tax credit for Tesla vehicles in 2024?

There is a tax credit of up to $7,500 on qualified EVs for eligible buyers, which may be applied to the purchase price of a Tesla Model 3, Model or the Tesla EV they want to buy), but in effect the tax break can act as an immediate rebate.

Leave a Reply

Your email address will not be published. Required fields are marked *