Unless you’ve been living under a rock, you know that Tesla is one of the most forward-thinking automotive firms in the industry.
Note: This article has been updated to reflect the latest prices as of January 2023.
Tesla has single-handedly proven that electric cars can be exciting, desirable, and affordable.
If you’re looking to buy a Tesla right now, there’s good news for you: you can now claim a $7,500 tax credit on certain models.
Read on to find out what it costs to buy, customize, charge, and maintain a Tesla in 2023.
Tesla prices at a glance:
| Model and version | Base price | Max price | Qualifies for tax credit? |
|---|---|---|---|
| Model 3 | $40,240 | $59,740 | Yes |
| Model 3 Long Range | $47,240 | $66,740 | Yes |
| Model 3 Performance | $53,240 | $71,240 | Yes* |
| Model Y | $47,740 | $67,740 | Yes |
| Model Y Long Range | $50,490 | $73,990 | Yes |
| Model Y Performance | $54,490 | $73,490 | Yes |
| Model X | $98,490 | $130,740 | No |
| Model X Plaid | $108,490 | $134,240 | No |
| Model S | $88,490 | $113,240 | No |
| Model S Plaid | $108,490 | $133,240 | No |
*Will not qualify if additional physical features put price above $55,000.
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A Tesla can cost as little as $40,240 or as much as $133,240. It all depends on which Tesla model you choose and what features you want to add to the vehicle.
The cheapest Tesla model is the base Model 3, which starts at $40,240. This is less than the average cost of an electric car, which is just over $53,000. The Model S has the highest price tag, starting at a whopping $108,490.
But, Tesla offers a variety of features and add-ons that can impact how much you pay for your EV.
Federal EV tax credit. All new Model 3 and Model Y base models are eligible for the full $7,500 federal clean vehicle tax credit. But be mindful of price caps! Your Model 3 cannot exceed $55,000, and your Model Y can’t exceed $80,000. But according to Tesla’s website, software add-ons like Enhanced Autopilot and Full Self Driving are excluded. This means that the standard Model 3 would still qualify for the tax credit, even with all the bells and whistles. The Model 3 Performance, on the other hand, would be disqualified.
Tesla Model 3 price
Image courtesy of Tesla Inc.
The 2023 Tesla Model 3 is the cheapest Tesla car currently offered. The base rear-wheel drive (RWD) trim has an official starting price of $40,240. The Model 3 Long Range is a tad more expensive at $47,240. The most expensive Model 3 is the Performance model, which costs a minimum of $53,240.
Tesla gives you the ability to customize your Model 3, which can increase how much you spend. If you get all of the most expensive add-ons, the standard Model 3 will cost $59,740, the Model 3 Long Range will cost $66,740, and the Performance will cost $71,240. The following table outlines the customization options available for all of the Model 3 trims:
| Features | Cost |
|---|---|
| Pearl White Multi-Coat paint | $1,000 |
| Deep Blue Metallic paint | $1,000 |
| Solid Black paint | $1,500 |
| Red Multi-Coat paint | $2,000 |
| 19” Sport Wheels* | $1,500 |
| Black and White interior | $1,000 |
| Enhanced Autopilot | $6,000 |
| Full Self Driving Capability | $15,000 |
*Not available for the Model 3 Performance
Tesla Model Y price
Image courtesy of Tesla Inc.
The Model Y is Tesla’s top-selling car, and for good reason. It gives you the best of both worlds - more space like the Model X, but an affordable price point like the Model 3. Like the Model 3, there are three variants of the Model Y that come at different price points:
- Model Y: $47,740
- Model Y Long Range: $50,490
- Model Y Performance: $54,490
The most you’ll pay for a Model Y is between $67,740 and $73,490 when you get it fully loaded. The following upgrades are available to customize your Model Y:
| Features | Cost |
|---|---|
| Pearl White Multi-Coat paint | $1,000 |
| Deep Blue Metallic paint | $1,000 |
| Solid Black paint | $1,500 |
| Red Multi-Coat paint | $2,000 |
| 20” Induction Wheels* | $1,500 |
| Black and White interior | $1,000 |
| 7 Seat Layout** | $2,500 |
| Tow Hitch | $1,000 |
| Enhanced Autopilot | $6,000 |
| Full Self-Driving Capability | $15,000 |
*Not available for the Model Y Performance
**Only available for the Model Y Long Range
Tesla Model S price
Image courtesy of Tesla Inc.
The Model S is Tesla’s premium offering, and it comes with the longest range of all the Tesla vehicles. The Tesla Model S is currently available at a starting price of $88,490 for the standard dual-motor variant.
If you’re looking for Tesla’s fastest vehicle, it’s the three-motor Model S Plaid variant. It can take you from 0 to 60 mph in just 1.99 seconds - making it the quickest mass-market car in existence - and has a high speed of 200 mph. This variant has a starting price of $108,490.
Needless to say, the Model S exceeds the MSRP limits for the tax credit, so don’t expect a tax break from the federal government for this EV.
| Features | Cost |
|---|---|
| Midnight Silver Metallic paint | $1,500 |
| Deep Blue Metallic paint | $1,500 |
| Solid Black paint | $1,500 |
| Red Multi-Coat paint | $3,00 |
| 21” Arachnid Wheels | $4,500 |
| Black and White interior | $2,000 |
| Cream interior | $2,000 |
| Yoke Steering Control | $250 |
| Enhanced Autopilot | $6,000 |
| Full Self-Driving Capability | $15,000 |
Tesla Model X price
Image courtesy of Tesla Inc.
The Model X is Tesla’s larger SUV option, known for its distinctive ‘falcon-wing’ doors. At $98,490, the 2023 Tesla Model X standard variant has a higher base price than any other base model Tesla. The faster, more luxurious Model X Plaid variant starts at $108,490. Much like the Model S, the Model X is too expensive to receive the EV tax credit.
| Features | Cost |
|---|---|
| Midnight Silver Metallic paint | $1,500 |
| Deep Blue Metallic paint | $1,500 |
| Solid Black paint | $1,500 |
| Red Multi-Coat paint | $3,000 |
| 22” Turbine Wheels | $5,500 |
| Black and White interior | $2,000 |
| Cream interior | $2,000 |
| 6 Seats* | $6,500 |
| 7 Seats* | $3,500 |
| Yoke Steering Control | $250 |
| Enhanced Autopilot | $6,000 |
| Full Self-Driving Capability | $15,000 |
What incentives and rebates are available when you buy a Tesla?
The biggest incentive for getting an EV is the federal clean vehicle tax credit, which provides up to $7,500 for qualifying vehicles and purchasers. Model 3s and Model Ys are eligible for the tax credit, so long as additional physical features on the car don’t push the price over the tax credit’s MSRP limits.
Some states offer additional rebates for EV purchasers that can help lower the price even further! The Charge Up New Jersey EV incentive, for example, can help lower the cost of certain Tesla models by $4,000!
Plenty of other states offer similar rebate programs for EV purchasers. Others offer benefits like EV charger installation rebates, free toll programs, or the use of HOV lanes.
Are there any extra or hidden costs when buying a Tesla?
Yes, as with the purchase of any new vehicle, there are several additional expenses you should account for when purchasing a Tesla.
- Order fee: A $250 non-refundable order fee is charged at the time of the order.
- Destination and documentation fee: You’ll have to pay a $1,390 destination and documentation fee for the delivery of your vehicle. Most car makers charge about this much.
- Taxes and fees: Model 3 buyers report paying between $4,500 and $5,000 in taxes and fees. You should expect to pay more if you buy one of the pricer cars, like a Model X or Model S.
- Charging equipment: Tesla does not provide a charger with their cars, so make sure to get one. There are two options: the $230 Mobile Connector, or the $425 Wall Connector. The Mobile Connector is slower but can also fit into regular outlets. The Wall Connector – Tesla’s recommended option – is faster but requires a professional electrical installation which could cost you $200 to 300.
Do Teslas really save money on gas?
Yes, you will almost certainly save on fuel costs by switching from a gasoline-powered car to a Tesla (or any EV for that matter), especially when gas prices are high. Tesla provides gas savings estimates for each model on its website:
| Model | Est. yearly gas savings |
|---|---|
| Model 3 | $800 |
| Model Y | $1,000 |
| Model X | $1,100 |
| Model S | $1,100 |
Your actual annual gas savings will vary depending on where you live, how much you drive, and what your utility charges for electricity. You can adjust these factors on Tesla’s gas savings estimator to get a better idea of what savings you can expect. But, no matter how you slice it, you’ll save money by charging your car at home instead of heading to the gas station.
The cheapest way to charge your Tesla is with solar panels. If you have enough solar panels to cover your charging needs, you could save $1,000 per year with a Model 3 compared to a gas car. That’s $200 more you get to keep in your pocket when you skip the grid!
How much does it cost to charge a Tesla?
If you’re charging a Tesla at home using utility power, it will cost you between $10 and $18 to charge a Tesla from a zero charge.
Image courtesy of Tesla Inc.
Another way to look at this cost is by the cost per mile metric. We analyzed the data and found that it cost between 4 and 5 cents per mile to charge a Tesla, depending on the make and model.
Gas-powered vehicles, on the other hand, cost about 20 cents per mile to drive. It's substantially cheaper to drive an EV, even if the upfront cost is a bit higher.
And if you install solar panels on your home and use the power generated to charge your Tesla, the charging cost will be even lower.
Check out our detailed blog on the cost of charging a Tesla to learn more.
What does it cost to service and maintain a Tesla?
Tesla vehicles have lower maintenance costs than conventional gas-powered cars. The reason for this is simple: EVs have fewer moving parts than gas engines, so there is less need for service and repairs.
In fact, Tesla updated its guidance a couple of years ago to let drivers know that annual servicing isn’t necessary. The company now recommends service only when a part is scheduled for checking or replacement.
Many Tesla owners say their only out-of-pocket maintenance costs within the first two years of ownership were related to their tires. This is mostly just periodic tire rotation, but some drivers said they needed to replace their tires early due to excessive wear and tear brought on by aggressive driving.
Projected five-year maintenance costs for a Model 3 come to about $980 total, assuming you change the parts yourself using Tesla’s DIY guides.
Prices of upcoming Tesla models: Cybertruck, 'Model 2', and Roadster
If you’re more interested in one of Tesla’s upcoming offerings, here’s a quick look at what you can expect to pay for each model, and when they're scheduled to be released.
| Model | Base price | Max price | Expected launch |
|---|---|---|---|
| CyberTruck | $39,900 | $69,900+ | Late 2023 |
| Roadster | $200,000 | $250,000 | 2023 |
| Model 2 | $25,000 | N/A | 2025 |
The prices and release dates mentioned above are based on the latest information provided by Tesla. We recommend taking them with a grain of salt; after all, Tesla is notorious for repeated production delays and price changes.
Tesla Cybertruck
The Tesla Cybertruck is expected to enter production at Tesla’s Giga Texas factory in 2023, with initial deliveries likely to start before the end of the year.
Analysts believe that Tesla will focus on releasing the tri-motor variant first – the most powerful and expensive trim – with the cheaper dual and single-motor versions to follow sometime in 2024.
There's a lot less clarity on the actual cost of the Cybertruck on release. Tesla removed all mention of Cybertruck prices from their website back in October 2021.
You can currently book the Tesla Cybertruck by paying just $100 as a deposit.
The reveal of the retro-futuristic Tesla Cybertruck back in November 2019 definitely had people talking. While people have mixed feelings about its looks, all agreed that if Tesla does actually deliver on the Tesla Cybertruck at competitive prices, this pickup could pick up massive market share.
New Tesla Roadster
Tesla promises the new Tesla Roadster will be the fastest street-legal car yet, with a top speed of 250 mph and acceleration that will take the car from 0 to 60 mph in just 1.9 seconds.
But all that speed won’t come cheap. The first 1,000 Tesla Roadsters produced will be sold as the Founder Series for $250,000 each, while all Roadsters after that will retail for $200,000.
The new Tesla Roadster will be a major refresh of the first-generation Tesla Roadster that was available from 2008 to 2012. While not many were sold, the original Roadster changed the automotive scene by proving that an electric car could deliver amazing performance and provide a decent driving range.
The $25,000 car (the Tesla ‘Model 2’)
In September 2020, Elon Musk teased the upcoming release of a new mass-market vehicle that will cost just $25,000.
This caused feverish speculation among Tesla watchers, with some suggesting the imminent release of a Tesla hatchback named the Model 2. However, these rumors were shut down by Musk in January 2022, when he announced that development work was on hold, and offered no indication of when it might resume. It appears highly unlikely that we’ll see this car any time before 2025.
Are Tesla cars worth the price?
While Teslas aren’t the cheapest cars around, they offer plenty of bang for your buck.
They are emissions-free, boast excellent safety ratings, offer fantastic driving performance, and have long driving ranges. They also come with low running costs, especially when compared to conventional gas-powered vehicles.
Furthermore, owning Tesla allows you to use a home solar panel system as a fuel source. Solar panels generate power that is both clean and cheap, so using them to charge your vehicle will amplify the already great environmental and cost benefits of Tesla ownership.
If you’re thinking of buying a Tesla, definitely consider pairing it with a home solar panel installation.
Zeeshan Hyder
SolarReviews Blog Author
Zeeshan is passionate about promoting renewable energy and tackling climate change. He developed these interests while studying at beautiful Middlebury College, Vermont, which has a strong focus on sustainability. He has previously worked in the humanitarian sector — for Doctors Without Borders — and in communications and journalism.