Much like the summer's temperatures, electric vehicles are hot right now. EV sales rose by 20% in 2023 compared to the previous year, thanks to decreasing costs and increased choice among automotive manufacturers.
Tesla, a key player in the EV space, continues its goal to electrify the transportation industry by relaunching the Model 3's Long Range Rear-Wheel-Drive edition as the second-cheapest option for the well-received sedan.
As explained by Electrek, the company stopped selling some versions of the Model 3 while reviving a popular one with the capacity to travel up to 363 miles (EPA estimation) on a single charge. The company announced the long-range model "starting at $29,990* after federal tax credit and estimated gas savings," but Electrek noted the starting price is $42,490 on its website.
As Electrek also noted, the car is eligible for a federal tax credit of $7,500 to reduce the purchase price. And in the long term, customers will save plenty of money by refueling with cleaner, cheaper electricity rather than expensive and polluting gas. That said, it's still a highly unusual and questionable decision to affix $5,000 of those gas savings to the advertised purchase price like that, since money-saving selling points are never used in such a way and doing so is bound to confuse some consumers.
In Tesla's defense on the figure, $5,000 may be a conservative estimate, depending on gas and electricity prices where you live and how many miles you drive the car. If you're buying a long-range model, theoretically you plan to drive it a lot and take it on longer trips, and EnergySage estimates you would save about $8,000 across 200,000 miles in an EV.
Back to the car itself, with the long-range relaunch, you're getting about 100 miles more range on a full charge and faster acceleration for $3,500 more than the $38,990 standard edition, Electrek summarized. Â
This is not the first time Tesla has sought to cut the cost of its EVs. Just last year, Tesla announced that the Model 3 returned with an 18.5% price reduction compared to its listing of $57,990 in 2022.
The move by Tesla only improves the value EVs bring to consumers, who can save $1,500 a year on gas and maintenance.
It's not just Tesla bringing high-performance EVs. The Hyundai Ioniq 6 and the Lucid Air have both achieved at least 140 miles per gallon equivalent, far surpassing the highest-rated fuel economy for gasoline vehicles, which is typically between 60 to 70 miles per gallon.
EVs are not only cost-effective to run but also release significantly less air pollution, helping to reduce the heat-trapping gases that are overheating our planet.
As EVs grew to 8.5% of new auto registrations across the United States in 2023, the transition to a responsible means of transportation doesn't appear to be slowing down, per The New York Times. Tesla has demonstrated the part it will play in the year ahead.
"This is a great deal," commented one reader on the relaunch.
"They've really made some nice refinements," wrote another.
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