The new Tesla Model 3 variant with 363 miles of range may be the best EV deal on the U.S. market in the summer of 2024.
While the list price for the new Model 3 is $42,490, that quickly drops to $34,990 with the $7,500 federal tax credit as Tesla prominently promotes on its website (as of July 2024).
How competitive is the new Model 3 price and 350-mile+ range? The 300+ mile range EV is the new sweet spot for buyers. Not only because a 300+ mile range EV provides more range confidence for drivers but because it boosts an EV’s resale value, according to a George Washington University study. And competition is growing in 2024. The 2024 Hyundai Ioniq 5, another popular EV, is priced at around $40,500 with 303 miles of range. That price also includes the $7,500 EV tax credit. Note that is both more expensive and lower range than the new Model 3 variant. Other EVs like the Mercedes EQS 450+ offer 300-mile-plus range but you could buy three Model 3s for that price (around $108,000 for the EQS 450+ with an EPA rated range of 350 miles). The BMW i4 EV also offers 300+ mile range too but at a much higher price.
A “good deal” — Edmunds: “With the average new car transaction price up to $47,616 in June according to Edmunds data, it’s hard not to think the Tesla Model 3 represents a good deal in today’s market,” Joseph Yoon, Edmunds' consumer insights analyst, told me in an email. “The Model 3 offers close to midsize sedan-level utility in a compact sedan package, and midsize sedans transacted for $32,393 on average in June,” Yoon said. “Tesla has made a concerted effort to address concerns about the Model 3’s ride quality and tactile material quality with this new update, and adding this longer range variant only helps Tesla lure in more buyers that might be on the fence about going electric,” he added.
New Tesla Model 3 variant vs the competition:
- Tesla Model 3 Long Range Rear-Wheel Drive — range: 363 miles / price after $7,500 tax credit: $34,990.
- 2024 Hyundai Ioniq 5 — range: 303 miles / price after $7,500 tax credit: approx. $40,500.
- Mercedes EQS 450+ — range: 350 miles / price: approx. $108,000 (no federal tax credit).
- Cadillac Lyriq RWD: range: 314 miles / price: starting at approx. $60,000.
- BMW i4 xDrive40 Gran Coupe: range 307 miles / price: approx. $66,000.
- Lucid Air Pure: range: 419 miles / price: approx. $66,800 after $7,500 “Air Credit.”
Tesla needs to keep demand high to stay on top: Tesla’s EV sales share fell below 50% for the first time in the second quarter of this year, according to a July 11 report from Cox Automotive, which owns Kelley Blue Book. This is despite EV sales in the U.S. growing by 11.3% year over year in the same quarter to a record 330,463 units, KBB said. “The Tesla Model Y and Model 3 are facing a more competitive environment for EVs with more entries available, while the pace of growth has slowed,” said Stephanie Brinley, principal analyst, S&P Global Mobility, in an email. “Growth for the Model 3 seems to have stalled,” she said.
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