Tesla has introduced a new cheap Tesla Model 3 Long Range RWD, priced at $42,490 before incentives. This variant offers an impressive EPA-estimated range of 363 miles, which is the highest of any Model 3 currently available. After incentives, the price can be as low as $34,990, making it a compelling option for buyers looking for a cheap Tesla Model 3.
The Long Range RWD is positioned as a more affordable alternative to its all-wheel-drive counterpart, being $5,000 cheaper and only $3,500 more than the base Model 3 RWD. This new addition combines performance and value, making it a sweet spot in the Model 3 lineup.
2024 Tesla Model 3 Specifications
- Engine: Electric
- Horsepower: 271 hp
- Torque: 310 lb-ft
- Transmission: Single Speed Automatic
- Drivetrain: Rear-Wheel Drive
The latest Model 3 variant features a top speed of 125 mph and can accelerate from 0 to 60 mph in just 4.9 seconds. Tesla had previously offered a rear-wheel-drive Long Range model but had removed it from the lineup. CarBuzz has reached out to Tesla for more details on this new release of the cheap Tesla Model 3.
The ‘Goldilocks’ Model 3: Best of Both Worlds
The reintroduction of the Long Range RWD model demonstrates Tesla’s effort to reclaim dominance in the electric sedan market. With strong competition from the Hyundai Ioniq 5 and BMW i4, Tesla is aiming to provide a balanced offering. The facelifted Model 3 has seen a decline in sales for several reasons, but the new variant is expected to turn the tide.
Previously, the Model 3 LR AWD did not qualify for the $7,500 tax credit incentive, but this has changed, making it more affordable. The new Long Range RWD model, or the cheap Tesla Model 3, is also eligible for this incentive, making its effective price as low as $34,990. This competitive pricing may lead Tesla to reconsider continuing the entry-level Model 3 RWD.
Potential Sales Boost
Even with optional extras like Ultra Red Paint ($2,000) and Autopilot ($8,000), the Model 3 LR AWD remains cheaper than the BMW i4 eDrive35. However, opting for the $1,000 19-inch ‘Nova’ wheels reduces the range from 363 miles to 322 miles. The addition of this new model is likely to boost Tesla’s sales and help maintain its lead over traditional automakers.
Tesla has been slow to introduce significant updates to its existing models. The Model S, for example, has been on the market for 12 years with only minor revisions. In contrast, the Model 3 and Model Y are crucial to Tesla’s financial performance, necessitating more frequent updates. The upcoming Model Y ‘Juniper,’ expected in 2025, is part of Tesla’s strategy to keep its best-sellers competitive.
By reintroducing the Long Range RWD model, Tesla is not only expanding its lineup but also reinforcing its commitment to offering high-performance electric vehicles at competitive prices. This move is expected to strengthen Tesla’s position in the market and attract a broader range of customers looking for a cheap Tesla Model 3 with impressive range.
