The average cost of a new car is $48,401, according to Kelley Blue Book. Used cars typically go for closer to $25,415.
Teslas are a whole different story. Prices vary quite a bit by model, but you can expect to spend anywhere from $40,000 to $94,000 for some models (and that may include upgrades). For middle-class households, these prices might seem out of reach — and out of budget.
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The good news is that some Teslas are still affordable even today — new and used. And with the $7,500 tax credit that’s available to those who purchase a qualifying electric vehicle (EV) — Teslas included — you might be able to make it work financially if you want one.
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Tesla Model X
The Tesla Model X has a long driving range and charges quickly. It’s got a roomy interior and all the modern tech you could need, and it can go from zero to 60 mph in 2 1/2 seconds. It also gets 107 MPGe in the city, 97 MPGe on the highway and 102 MPGe combined, per Car and Driver.
It also has an estimated range of 326 miles and has 1,020 horsepower. Keep in mind that the starting price is after the $7,500 federal tax credit is applied.
That starting price for a new Tesla Model X may be a bit high for some middle-class households, but used is always an option too. Car Gurus reported that the average price of a used Model X is just above $46,000.
On Carvana, you can find a 2019 Tesla Model X currently for just under $42,000, more affordable for those in the middle class.
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Tesla Model 3
Older versions of any Tesla tend to be cheaper, but even the newest Model 3 is still affordable for many middle-class households. It’s a solid entry-level EV, especially for those who want something sleek and compact.
The 2024 model is also a noticeable upgrade from older ones. It’s quieter and can reach 60 mph in about 4.1 seconds. It also boasts rapid acceleration and has 510 horsepower, per Car and Driver. It also has rear-wheel drive for smoother handling.
At full charge, the baseline model can go 272 miles. The long-range option can reach an estimated 363 miles. Depending on which one you choose, you can get between 113 and 138 MPGe.
Tesla Model Y
The 2024 Tesla Model Y is also affordable for middle-class households, though it’s slightly more expensive than the Model 3. This isn’t too surprising considering it’s also based on it. The biggest drawback of the Model Y is that the handling is a little less smooth compared with the previous model, per Car and Driver.
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That said, it’s another solid entry-level EV in many other ways. It’s more popular than the Model 3, especially among those who have to commute long distances, have larger families or tend to transport bulkier items.
The long-range version, which is slightly more expensive than the standard range option, gets about 320 miles before needing a recharge. It can also reach 60 mph in just a few seconds. Plus, it gets 127 MPGe in the city and 117 MPGe on the highway.
The Model Y also comes with all-wheel drive, giving it better traction on various terrains.
Tesla Model S
As with the Tesla Model X, the Model S is on the pricier side. Some dealerships sell them used for less, though. Carvana, for example, currently has a 2019 Model S for about $29,000. If a new Tesla Model S doesn’t fit into your budget, a used one might be worth the purchase.
For a new model, depending on the trim you choose, you can drive up to about 359 miles on a single charge. The long-range model can reach 124 MPGe in the city and 115 MPGe on the highway, according to Car and Driver. This vehicle can also go from zero to 60 mph in 1.99 second. It has a top speed of 200 mph.
The body is standard, but you get a surprising amount of interior space. Even the trunk can hold a decent amount, making it a good choice for commutes, daily errands and even road trips.
Saving More on Tesla
These four Tesla models vary significantly in price. Some new models, like the Model 3 and Model Y, are affordable for middle-class households. On the other hand, the more expensive models, like the Model X and Model S, might need to be purchased used to fit into a middle-class budget.
But if a Tesla is your dream car, here are a few ways to make even pricier models more affordable.
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Take advantage of federal tax credits.
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Shop for used models online or at certified dealerships near you.
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If buying used, look into the vehicle’s history report and check the mileage.
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Skip any nonessential upgrades.
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Weigh the costs and benefits (e.g., saving hundreds or thousands of dollars a year on gas).
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Look into low APR financing options.
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This article originally appeared on GOBankingRates.com: Can the Middle Class Still Afford These 4 Tesla Models?
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