Tesla Model 3: Value for Money?

Tesla is finally unveiling their first-ever sedan for the mass market. Everything about this car is designed for the general public. Retailing at $35,000, the car has received a ton of attention and is already sold out with more than 300,000 preorders.

In fact, if you are planning to get one in 2018 and have not already placed an order, you might have to wait a bit longer. The plan is to increase production to 20,000 units each month by the close of the calendar year.

Expected Model 3 features

While there is so much to look forward to for what has been dubbed the company’s most important car so far, there is also an element of mystery. There is so much that Tesla has yet to reveal about Model 3, including the interior specs of the car.

In terms of the basics, Tesla Model 3 will be made available in at least four color options. These are black, metallic gray, silver and red. At $35,000 before any tax incentives, it is one car that most of those in the target market would find affordable. However, this is just for the base model. For those who choose to get the full trim, it should be somewhere around $40,000, which is still a reasonable number.

Federal tax incentive

One thing that is still unclear is whether buyers will be able to enjoy a federal tax incentive of $7,500 that is applied to the first 200,000 cars that manufacturers sell in the domestic market. Tesla has already made sales of more than 130,000 vehicles between 2015 and 2016. For a company that has been selling cars since 2008, Tesla might get to 200,000 cars even before they meet all their preorders.

Whatever the case may be, buyers will still be able to enjoy some discount because instead of the credit being exhausted at 200,000 units, it would be reduced by 50% first. While placing an order for $5,000 more, you can get the autopilot system. What is it about this car that makes it stand out from the others?

How Model 3 compares to the closest competitors

Well, there are many new entrants into this market, including the Nissan Leaf, that offer stiff competition. According to Tesla, Model 3 can go as far as 215 miles on a single charge. For a $35,000 car, that is some serious mileage. This is worthy of praise considering that Hyundai’s Ioniq Electric can only manage 124 miles, while the Nissan Leaf can do 107 miles on a single charge — yet they are all within the $30,000-$35,000 price range. Clearly, Tesla Model 3 is out to make a statement.

The closest competitor for Model 3 might be the Chevrolet Bolt. Retailing at around $37,000, it can push 238 miles on a single charge. Model 3 can go from 0-60 mph in less than six seconds, while the Bolt does the same in seven seconds. It is expected that there might be other versions of Tesla Model 3 which are more powerful and whose trims might be unveiled at the official launch.