They’re the hottest electric vehicles on the block right now, but how much will a Tesla cost you? And will it hold its value going forward? We did some investigating.
What Ferrari is to sports cars and Rolls-Royce is to luxury cars, Tesla is to electric vehicles – a name synonymous with high-quality vehicles and known by even casual observers to be among the best in the automobile industry.
After starting off as a small company, the California-based electric pioneer now has a wide range of vehicles encompassing two sedans, two SUVs, and two upcoming electric models, the Roadster supercar, and the futuristic Cybertruck.
If you’ve found yourself tempted into making the switch from gasoline to electric propulsion, a Tesla is no doubt quite high on your shortlist. And as with any new car purchase, pricing is an incredibly important thing to consider.
To help you figure out just how much the Tesla you’re considering will cost, we’ve put together the ultimate guide on Tesla pricing, including not just the cost of new values but all of the optional extras you might not have considered, and how you can expect your Tesla to retain its value.
How Much Does a Tesla Cost?
Currently, Tesla offers four vehicles for sale in its U.S. lineup, ranging from the Model 3 Standard Range Plus – the cheapest Tesla you can currently buy – all the way to the Model S Plaid+, of which deliveries are due to commence in late 2021.
If you look at the configurator on Tesla’s website, you’ll notice that all prices are noted as including the $1,500 California Clean Fuel Reward along with potential fuel savings.
However, all prices noted below are the true MSRP and do not take these rebates and savings into account (although they are something to take into consideration).
Tesla Model 3
Pricing for the Model 3 commences at $39,490 for the Standard Range Plus, which gets you a single-motor rear-wheel-drive version of the popular and accessible small sedan that covers 263 miles per charge.
To get into a dual-motor all-wheel-drive version, the price bumps up to $48,490 for a Long Range version, while those after the fastest version will want to go for the Performance, which costs $56,990 and goes from 0 to 60 mph in 3.1 seconds.
Key options for the Model 3 include upgraded paint over the standard white finish (black, silver, or blue are $1,000 extra; the red multi-coat finish is $2,000), upgraded 19-inch Sport wheels on the Standard Range Plus and Long Range variants for $1,500, a white leather interior for $1,000 extra, and the Autopilot system with full self-driving capability for a hefty $10,000.
Only two all-electric rivals to the Model 3 are available in the U.S., although both are front-wheel drive hatchbacks that offer slightly less in the way of performance than the base Model 3 Standard Range Plus.
The Chevrolet Bolt starts at $37,490 for the LT and stretches to $42,695 for the Premier, while the Nissan Leaf ranges from $31,670 for the base S model and going as high as $43,970 for the SL Plus with the larger 62kWh battery pack. The gas-electric plug-in hybrid BMW 330e also presents itself as a rival, too, coming in at $44,550.
Tesla Model Y
Based on the Model 3 underneath, the Model Y represents Tesla’s smallest SUV offering. Just two versions of the Model Y are available, both of which feature a standard dual-motor/all-wheel-drive setup. The Long Range model opens the range at $51,490 while the Performance charges $60,990.
The Model Y features the same paint options as the Model 3 at the same prices, along with the same white interior option, too. Bespoke options include 20-inch Induction wheels for the Long Range model at $2,000 extra, a tow hitch for $1,000, and a seven-seat interior layout with an additional third-row for $3,000.
The Ford Mustang Mach-E is a key rival for the Model Y, with the cheapest rear-drive Select model coming in at $44,995, according to Car and Driver, while the range-topping GT is priced at $61,600, meaning the Model Y presents ever-so-slightly better value for money.
Upcoming rivals including the Cadillac Lyriq (starting at $59,990) and Volvo XC40 Recharge (priced from $55,085) both have higher starting prices also, although both being from luxury marques means that they are likely to feature more elegantly-equipped interiors.
Tesla Model S
Arguably the model Tesla is best known for, the Model S was its first mainstream and fully in-house model. First launched in 2012, it was significantly face-lifted and updated for 2017 and is receiving another update for 2021 with the launch of Tesla’s first tri-motor all-wheel-drive models.
The 2021 range opens with the dual-motor all-wheel-drive Long Range model which is priced from $79,990. Stepping up to the new tri-motor versions, the Plaid comes in at a six-figure price of $119,990, and the Plaid+ (which is claimed to be able to sprint from 0-60 mph in less than two seconds) is priced from $142,990.
Paint options for all models include white as standard; black, silver, and blue for $1,500; and red for $2,500. Both white and cream leather interiors are available in addition to the standard black, both of which will cost $2,000 extra. The optional 21-inch Arachnid wheels, a new design for 2021, come in at $4,500. As with all Tesla models, the full self-driving capability is a $10,000 option.
The Model S’ nearest rival is the Porsche Taycan, which, according to U.S. News & World Report, ranges in price from $79,900 for a single-motor/rear-drive base model all the way to $185,000 for the top-spec Turbo S, meaning that while their base MSRP is almost identical, the Model S Plaid+ will be significantly cheaper than the Taycan Turbo S it will go up against.
The Audi e-Tron GT is also substantially more expensive than the Model S Long Range it will go up against at its $99,900 list price.
Tesla Model X
Based on the Model S underneath, the Model X is Tesla’s largest SUV and has long been defined by its rear gullwing doors – something typically only seen on supercars.
Two versions are currently offered, both of which mirror the cheaper two Model S options. The Model X Long Range comes in at $89,990 while the faster tri-motor Plaid charges $119,990 – the same as its equivalent in the Model S lineup.
Paint and interior options remain the same as in the Model S, while 22-inch Turbine wheels are offered as the optional upgraded wheel design for $5,500. A six-seat layout is also available at a cost of $6,500 while the seven-seat layout is a cheaper $3,500 extra.
The Jaguar I-Pace is one rival that significantly undercuts it on price at a base MSRP of $69,850 – however, it’s a smaller vehicle and lacks three-row seating configurations, as is the case for the $65,900 Audi e-Tron.
In terms of three-row seven-seat rivals, the Volvo XC90 T8 Plug-in Hybrid (which still has a gas engine in the mix) is a key one, with it still in the sixties-bracket at $63,450. In terms of performance, the closest you’ll come from another manufacturer is Porsche’s Cayenne E-Hybrid, which starts at $81,800.
Future Models: Tesla Roadster and Cybertruck
Although still in the concept and prototyping stages, Tesla has gone on record with pricing claims for its upcoming second-generation Roadster – a 2+2 coupe with a removable glass Targa roof – and the Cybertruck, an all-electric pickup truck claimed to have bulletproof glass and a 14,000 towing capacity (when properly equipped).
The Roadster is set to cost $200,000 in base guise, while the first 1,000 examples produced – known as the Founder’s Series – will cost $250,000.
A $50,000 deposit secures you a build slot for a base model, while Founder’s Series models require full payment upfront. It is expected to enter production in 2022.
As for the Cybertruck, single-motor rear-wheel-drive models are expected to start at $39,900 and dual-motor all-wheel-drive models at $49,900 according to Car Advice. The range-topping tri-motor all-wheel-drive versions are claimed to be priced at $69,900.
How Much Can I Expect to Pay for a Five-year-old Tesla?
Given many of the vehicles Tesla currently sells are rather expensive, the Model S and X in particular, many people might be tempted into looking into used options which might be cheaper, but just how much cheaper are they?
The other side to this coin is that those purchasing the vehicle new are going to want to know how well the vehicle is going to hold its value.
To keep things fair, all of these figures are based on Kelley Blue Book values for 2017 models painted white with no options, in good condition, located in Los Angeles, and with 40,000 miles on the clock.
For those looking at a Model S, the average private party value for a five-year-old 60D – the lowest-valued trim level listed with KBB – is $40,161 with a dealer trade-in value of $34,742.
For the top-spec P100D, you’re looking at an average private party value of $62,753 and a dealer trade-in price of $57,847. Compared to the original MSRP and with these figures averaged, it represents a depreciation of around 49-55 percent.
For the Model X, the 75D is the cheapest listed 2017 model, with an average private party value of $53,972 and trade-in value of $51,075, while the P100D is more likely to fetch around $69,119 privately and $66,942 as a dealer trade-in.
As such, depreciation ranges from around 34-52 percent with entry-level models losing the least value.
As for the Model 3, 2017 represented the first year the model was on sale so these values would be for some of the very earliest examples. Only two versions were on offer at this stage, with the Standard Range worth around $33,485 at a private sale or $31,432 as a dealer trade-in, while the Long Range model is worth an average private party value of $37,210 and dealer trade-in of $35,152.
Compared to the Model S and X, this represents a depreciation of only around seven percent for the Standard Range and 18 percent for the Long Range, meaning the normal Model 3 variants hold their value very well.
For those interested in Tesla’s first production model, the original Roadster which was based on the Lotus Elise, the newest examples of these are 10 years old, with it having last been sold in the U.S. in 2011. Edmunds lists values for these cars as varying between $24,821 and $37,520 depending on mileage and condition.
How Much Does a Tesla Home Charging Station Cost?
Charging is an important consideration for any buyer of an electric vehicle, and while Tesla’s Supercharger network is incredibly broad in the U.S., many may find it more convenient to have a home charging station if they have adequate off-street parking and simply charge their vehicles overnight, so this is something to factor into the purchase price equation.
Currently, Tesla’s Gen 3 Wall Connector costs approximately $500 and can give any current model Tesla around 44 miles of range per hour.
However, while the unit price is only $500, Motor Biscuit points out that due to its 240V electrics, the system will need to be installed by a professional electrician which can lead to the price of it once installed ballooning out to an average of $1,700. Without a home solar system, it’s likely to add upwards of $25 to your monthly electricity bill, too.
Are Teslas Worth the Money?
When you look at how the Model 3, Y, and S are priced relative to the cars they compete with, what Tesla has on offer certainly makes a lot of sense and you can quickly see why so many people gravitate towards Tesla if they’re in the market for an EV.
The Model X, admittedly, doesn’t appear on paper to be the best of value by comparison, but it’s worth considering that most of its rivals are either smaller vehicles without three rows of seats, or are gas-electric hybrids, not a pure EV like it is.
Although you might be getting nicer interiors from Tesla’s rivals – since many are established luxury brands including Audi, Jaguar, Porsche, and Volvo – what Tesla offers is one of the broadest charging infrastructure networks, and incredible performance figures in its models as well. The range estimates they claim are on the higher side also.
While the Model S and X do lose around half their value in five years and the Model Y is too new to know yet, the Model 3 doesn’t really depreciate that much at all, particularly for entry-level models, so it’s definitely one that’s worth the money in our eyes.
Photos: Tesla
