With ongoing Tesla discounts and eligibility for the full federal tax credit, the Model 3 now competes with the cheapest EVs. Here’s how it stacks up against the Chevy Bolt EV/EUV, Hyundai Kona Electric and Ioniq5, and Volkswagen ID4.
Tesla is the market leader. That means it has price leverage. With the average selling price of a car now $45,000, a Model 3 priced at around $30,000 with the federal tax credit can exert a lot of leverage.
Case in point: the Model 3 even competes with humble Toyota Camry. The Camry is listed at $26,320, more than a Model 3 with all of the tax credit and rebate benefits in California, as Reuters noted.
Comparison as follows:
Note that prices can be lowered even more with state rebates.*
Also note that all EVs listed below (with the exception of least expensive ID.4 trim cited below) have a range of over 250 miles. There are cheaper EVs with an EPA-rated range of less than 250 miles but those are not included.
2023 Tesla Model 3 (inventory: California)
(Inventory pricing* in Los Angeles area as June 6, 2023)
- Price: $37,830 (2023 Rear-Wheel Drive)
- Full federal tax credit ($7,500): Yes
- Effective price w/ tax credit: $30,330
- Effective price w/ standard state rebate of $2,000 (Calif.): $28,330*
- Range: EPA rated 272 miles
2023 Tesla Model Y (inventory: California)
- Price: $$47,020 (2023 All-Wheel Drive)
- Full federal tax credit ($7,500): Yes
- Effective price w/ tax credit: $39,520
- Effective price w/ standard state rebate (Calif.): $37,520
- Range: EPA rated 279 miles
2023 Chevy Bolt EV:
- Price: $27,000 (EV) and $28,000 (EUV). This is the starting point for dealer pricing.
- Full federal tax credit ($7,500): Yes
- Effective price w/ tax credit: approx. $20,000 (EV)
- Effective price w/ standard state rebate (Calif.): $18,000
- Range: EPA rated 259 miles (EV), 247 miles (EUV)
Because of very limited availability of both the Bolt EV and EUV, markups are common, often driving the dealer list price over $30,000 for the 1LT trim (the cheapest trim).
2023 Hyundai Kona Electric:
- Price: $34,845
- Federal tax credit: No
- Range: EPA rated 258 miles
2023 Volkswagen ID.4 (standard):
- Price*: $40,000 (approx. dealer pricing, which varies)
- Full federal tax credit ($7,500): Yes
- Effective Price w/ tax credit: from approx. $32,500
- Effective price w/ standard state rebate (Calif.): $30,500
- Range: EPA rated 209 miles
More expensive ID.4 Pro S ($54,090 via Edmunds) offers 275 miles of range and an AWD version (also pricier) offers an EPA-rated 255 miles.
2023 Hyundai Ioniq5 SEL:
- Price: $42,659 (via Edmunds)
- Federal tax credit: No
- Range: EPA rated 303 miles
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NOTES:
*In California, the state rebate is typically $2,000. But $5,500 can be added to the standard rebate (for a total of $7,500) for applicants who meet the appropriate income criteria. Also: depending on the municipality in California, additional rebates can be potentially added, driving the price even lower.
The 2023 Tesla Model 3 “order” price is $40,240 (2023 Rear-Wheel Drive)
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