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

The electric vehicle (EV) market experienced another banner year during 2023, even if sales and adoption slowed compared with previous years. Case in point: The Tesla Model Y was the top-selling vehicle in the world during 2023 — and the first time an electric vehicle took the top spot — beating out popular models like the RAV4 and Corolla, according to recent data from JATO Dynamics, an automotive industry data firm.  

And while the Model Y ruled the world sales charts for all vehicles last year, Tesla continues to reign supreme as the leading brand or automaker in the EV space overall. In 2023, Tesla captured 55% of the EV market in the US, and as of the beginning of 2024, Tesla models’ share of the total US market comprised 4.2%, according to Cox Automotive.

“Tesla has certainly been unique in the automotive marketplace,” said Ed Kim, president and chief analyst at AutoPacific, an automotive research and insight firm. “They’ve broken every convention, and in the process, have managed to completely dominate the EV market and almost single-handedly create a market for EVs.”

It’s no wonder various Tesla models have made CNET’s best EVs list too — Best Electric SUV, Best EV and Cheapest EV.

That’s all to say that EVs aren’t going anywhere, and Tesla continues to entrench itself as a US automotive superpower. Accordingly, that’s why you’re likely seeing more and more Tesla models on the road all across the country. And for the EV-curious, Tesla may be a default option, but the brand has numerous models and varying price points. So for consumers wondering how much a Tesla costs in 2024, the answer depends on the specific model (and trim) they’re interested in.

How does the price range vary across different Tesla models?

Tesla’s model lineup 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 that allow customers to find the right range and features for their budget.

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

Data accurate as of Mar. 4, 2024

Cost breakdown of a 2024 Tesla EV 

As noted, Tesla’s vehicles are available in various trim levels, which correspond to additional features and price ranges. While one Tesla model may be less expensive than another, a higher trim level on a less-expensive Tesla EV may end up eclipsing the base model price of a more expensive base model Tesla. 

Current Tesla models and costs

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

• Model 3: The Model 3 is, for now, Tesla’s least-expensive model. 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 sells 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 X. It features 76 cubic feet of cargo space and has a range of 260 to 310 miles. It has three trim levels, with the least-expensive option being $43,990, and the highest, the Model Y Performance option, clocking in at $52,490.

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

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

• Cybertruck: The Cybertruck is more or less what it sounds like: A futuristic-looking truck with blocky, angular features. It has an estimated range between 250 and 340 miles and can tow up to 11,000 pounds — so it does marry the towing capacity of a classic pickup truck with Tesla’s 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.

Starting at $49,130, the 2023 Tesla Model Y is an excellent balance of range and efficiency. It costs less than some combustion-powered sedans in its class after a federal tax credit of up to $7,500 and any qualifying state EV incentives. Shoppers with a bit more room in the budget can opt to upgrade to longer ranging and more powerful dual-motor variants, but this configuration’s 260 miles is plenty for year-round daily driving with the occasional road trip.

Upcoming Tesla models and costs

There are more Tesla models on the way, but details, as of early 2024, are scant. What we do know is that a new version of the Tesla Roadster is on the way — the Roadster actually being the original Tesla model and one that is fairly rare to see on the roads these days. Beyond that, there are a couple of other models in the works.

Following the Roadster, Tesla is working on what some are calling the Model 2, though it hasn’t been officially named as of yet. “It’s a new entry-level EV,” Kim said, and is expected to launch in 2025. What’s most notable about the Model 2 is that it’ll be relatively inexpensive, opening up the EV market to consumers with tighter budgets.

“This one really does have the potential to do some serious things in the marketplace because it’ll be under the $30,000 price point and intended to be a true, mainstream market play,” Kim said, adding that it “has the potential to kick EV adoption up almost single-handedly.”

Further, there’s also a rumored “autonomous taxi” in the works that Kim said will use the Model 2 as a basis. There’s little about that taxi known, however, as well.

Costs for upgrades and customizations

Depending on the specific model you choose, there will be a series 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 implemented over the air, similar to a software download.

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 numerous customization options in terms of accessories — Tesla sells numerous accessories for each model, as do third parties. Cybertruck owners, for instance, can choose different paint film colors (for around $6,000), all-weather interior liners ($295) and more. Accessories can get pretty expensive too — the Model S Plaid Track Package, for example, 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 customizations can add significant cost to the base model of a Tesla, which is something owners will want to keep in mind.

Additional Tesla EV costs to consider

Like any vehicle, Teslas need to be serviced and maintained. Although since Teslas are EVs, there’s 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 peg annual Tesla maintenance costs at more than $800 per year. 

Owners will also need to keep charging costs top of mind. While EVs should be much cheaper than gasoline cars to “fuel,” electricity isn’t necessarily free. Some Tesla owners may need to get a charger installed at their homes, which can cost thousands of dollars, while others can tap into Tesla’s Supercharger network, which is also not free but far less costly than gasoline. 

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

There may be tax incentives and credits available to purchase certain Tesla models. The Model 3, Model Y and Model X qualify and can knock the price tag down a bit. As of the beginning of 2024, the Clean Vehicle Tax Credit, which offers EV buyers up to $7,500 for purchasing an EV, can now act like an instant rebate or coupon — meaning that it could, effectively, knock thousands of dollars off the purchase price of an EV at a dealership. 

Note, however, that there may be price caps on the tax credit’s eligibility, so not all Tesla models will qualify, and the buyers’ income needs to fall below a certain threshold. For prospective Tesla buyers, it may also be worth seeing if there are additional credits or incentives in your local area.

How to finance a Tesla EV

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

You can also lease most Tesla models (the Cybertruck being the exception). Leasing a Tesla is available in most states, and in order to enact a lease, the lessee would place an order for a Tesla model as they would if they were buying it, then submit a lease application through their Tesla account.

Tesla will confirm everything after that, including the amount due at signing, monthly payments, terms, annual mileage limits and more. Barring any problems, a financing offer will hit your Tesla account, and a Tesla Advisor will get in touch to confirm the next steps. Payments can be made directly through a Tesla account too. 

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