Tesla EV Costs in 2024: Price Analysis of the World’s Best Selling Car

Tesla EV Costs in 2024: Price Analysis of the World’s Best Selling Car


The electric vehicle (EV) market experienced another banner year in 2023, even if sales and consumption declined compared to previous years. Prime example: The Tesla Model Y was the world’s best-selling car in 2023 — and the first time an electric car took the top spot — beating out popular models like the RAV4 and Corolla, according to latest data from JATO Dynamicsautomotive industry data company.

And while the Model Y dominated the global vehicle sales charts last year, Tesla continues to dominate as the leading brand or automaker in the overall EV space. In 2023, Tesla captured 55% of the EV market in the United States, and at the beginning of 2024, the share of Tesla models of the total American market was 4.2%, according to Cox Automotive.

“Tesla has certainly been unique in the automotive market,” he said Ed Kim, president and chief analyst at AutoPacific, an automotive research and insight company. “They have broken every contract, and in the process, they have been able to completely dominate the EV market and almost single-handedly create the market for EVs.”

Not surprisingly, Tesla’s range has made CNET’s best EV list as well — Best Electric SUV, Best EV and Cheapest EV.

All of which is to say that EVs aren’t going anywhere, and Tesla continues to establish itself as America’s automotive powerhouse. Well, that’s probably why you’re seeing more and more Tesla models on the roads across the country. And for EV enthusiasts, Tesla may be the default, but the brand has many 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 do prices vary across different Tesla models?

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

Here’s a breakdown of prices for the 2024 model year, including a $1,390 required access fee ($2,245 for the Cybertruck), but excluding taxes and applicable tax credits:

Tesla Model (2024)

Low level

Medium

Of high quality

Example 3

$40,380

N/A

$49,130

Model Y

$49,130

$50,380

$53,880

Example S

$76,380

N/A

$91,380

Model X

$81,380

N/A

$96,380

Cybertruck

$59,635

$78,635

$98,635

Data is correct as of 4 March 2024

2024 Tesla EV cost breakdown

As noted, Tesla vehicles are available in different trim levels, which correspond to additional features and price ranges. While one Tesla model may be cheaper than another, the top trim level on the cheapest Tesla EV can end up reaching the base price of the most expensive Tesla base model.

Current Tesla models and costs

Here’s an overview of Tesla’s current lineup, details on each model, and associated costs:

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

  • Model Y: The popular Model Y is the more compact of Tesla’s two SUV models, coming in just below the Model X. It has 76 cubic feet of cargo space and has a range of 260 to 310 miles. It has three trim levels, and a choice of prices the cheapest at $43,990, and the highest, the Model Y Performance option, coming in at $52,490.

  • Example S: The Model S is, or was, Tesla’s bread and butter — for years, it was the primary Tesla model you’d see out and about. It is a fast sedan, with a top speed of up to 200 miles per hour and up to 402 miles of range. Prices for the Model S range from $70,590 for the base model to $85,590 for the “Plaid” trim.

  • Model X: The Model X is, visually, the same as the Model Y, but it has a longer range, more power and additional features. As such, it’s also an SUV with prominent wing doors, and a range of 326 miles. Similar to the Model S, the Model X has a base, all-wheel drive model starting at $68,090, and a “Plaid” version starting at $90,590.

  • Cybertruck: Cybertruck is more or less what it sounds like: A futuristic looking truck with angular features. It has an estimated range of between 250 and 340 miles and can tow up to 11,000 pounds — so it doesn’t have the towing capacity of a typical Tesla-powered pickup truck. Cybertruck prices range from $57,390 for the rear-wheel drive version (available in 2025) to $96,390 for the “Cyberbeast” variant.

Brandon Bell/Getty

Starting at $49,130, the 2023 Tesla Model Y is the perfect balance of range and efficiency. It costs less than some combustion sedans in its class after a federal tax credit of up to $7,500 and any qualifying federal EV incentives. Buyers with more room in the budget can opt to upgrade to the more powerful twin-engine variants, but this 260-mile configuration is plenty for year-round daily driving for the occasional trip.

Upcoming Tesla models and costs

There are more Tesla models on the way, but details, as of early 2024, are limited. What we do know is that the new version of Tesla Roadster is on the way — the Roadster is truly an original Tesla model and one that is rarely seen on the road these days. Additionally, there are a few other models in the works.

Following the Roadster, Tesla is working on what some are calling the Model 2, although it has yet to be officially named. “It’s a new level of EV,” Kim said, and it’s expected to launch in 2025. What’s most notable about the Model 2 is that it will be affordable, opening up the EV market to consumers with tighter budgets.

“This one has the potential to do serious things in the market because it’s going to be under $30,000 and it’s meant to be a true mass-market play,” Kim said, adding that it “has the potential to kick in. EV adoption is almost single-handed.”

Additionally, there is also a rumored “self-driving taxi” in the works that Kim said will use the Model 2 as a base. There is little about the cab that is familiar, however, either.

Upgrade and customization costs

Depending on the specific model you choose, there will be a series of corresponding upgrades that Tesla owners can make to their cars. Tesla owners can make purchases for the new version through the Tesla app on their phone, and updates can be performed over the air, similar to an app download.

Again, available upgrades will vary by specific model, but the model may be infotainment system upgradewhich owners can purchase for $2,250 (plus tax) to enable Tesla home theater and video streaming. Automation options is another possible improvement.

There are also a lot of customization options in terms of accessories – Tesla sells a lot of accessories for each model, as do third parties. Cybertruck owners, for example, can choose different colors of tinted films (for about $6,000), all-weather mirrors ($295) and more. Equipment can be very expensive as well — S Plaid Song Packfor example, it unlocks a top speed of 200 miles per hour and comes with new wheels and braking capabilities for a price of around $20,000.

In general, upgrading and customizing a car can add significant cost to a base Tesla model, which is something owners will want to keep in mind.

Additional Tesla EV costs to consider

Like any car, Teslas need to be serviced and maintained. Although since Teslas are EVs, there is no need to change their oil — but there are tires that need to be rotated and other things that need to be checked and maintained. Some estimates Tesla’s annual maintenance costs over $800 per year.

Owners will also need to keep in mind charging costs. While EVs should be cheaper than gasoline vehicles to “fuel,” electricity doesn’t have to be free. Some Tesla owners may need to install a charger in their homes, which can cost thousands of dollars, while others can tap into Tesla’s. Supercharger internet, which is also not free but is much cheaper than petrol.

What incentives and tax credits are available for Tesla purchases?

There may be tax incentives and credits available to purchase certain models of Tesla. The Model 3, Model Y and Model X qualify and may lower the price tag slightly. Starting in early 2024, the Clean Car Tax Credit, which gives EV buyers up to $7,500 toward purchasing an EV, can now act as an instant rebate or coupon — meaning it can, effectively, knock thousands of dollars off a purchase . EV price at dealer.

Note, however, that there may be higher levels of tax credit eligibility, so not all Tesla models will qualify, and buyers’ incomes need to fall below a certain level. For potential Tesla buyers, it may also be worth seeing if there are additional credits or incentives in your area.

How to finance a Tesla EV

There are also financing options for Tesla models. Funding can be done through Tesla directly (for qualified buyers) or a third party, with terms ranging between 36 and 84 months.

You can too lease multiple Tesla models (Cybertruck being an exception). Tesla leasing is available in many states, and to set up a lease, a tenant would place an order for a Tesla model as they would if they were buying one, then apply for the lease through their Tesla account.

Tesla will confirm everything after that, including the amount to be signed, monthly payments, terms, annual mileage limits and more. Barring any problems, the financing offer will reach your Tesla account, and a Tesla Advisor will be in touch to confirm next steps. Payments can be made directly through a Tesla account as well.

Frequently Asked Questions

What? what is the cost difference between a Tesla EV vs a gas powered car?

The total purchase price of a Tesla EV versus a gas-powered vehicle depends on the specific model, but ongoing costs can vary. For example, EVs may be cheaper to charge than gasoline, but may have higher maintenance costs in the long run.

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

There is a tax credit of up to $7,500 on qualified EVs for eligible buyers, which can be applied to the purchase price of a Tesla Model 3, Model X or Model Y under certain circumstances. Buyers will need to check their eligibility (and the eligibility of the Tesla EV they want to buy), but effectively, the tax credit can be like an instant rebate.