Tesla has finally introduced the long-awaited, cheaper versions of its Model Y and Model 3 cars.
The new cars, which the company unveiled in an X post on Tuesday, Oct. 7, are the brand’s most affordable vehicles, ranging in price from $38,000 to $41,000.
“Ultra-low cost of ownership, engineered for safety & comes with the best Tesla features you love,” Tesla shared on X.
Here’s everything you need to know about the new cars.
A Model 3 starts at $38,630, while a Model Y starts at $41,630. Both prices include order and delivery fees.
The Model 3 Standard, a sport sedan, is currently the most affordable vehicle offered by Tesla. It’s $5,000 cheaper than the premium version, which is priced at $46,630, according to Tesla’s website.
The Model Y Standard, an electric midsize SUV, is also $5,000 less than its premium version, which is priced at $46,630, Tesla’s website states.
The order fee for the vehicles is $250. There is no leasing option for the Standard Model 3, but the car can be financed for $573 a month. The Model Y can be financed for $622 a month, but there is also not a leasing option.
The standard cars do not have all the same features as premium models. For example, the Standard versions do not have the eight-inch touchscreen located in the second row, but they do come with the front row touchscreen, according to Tesla’s website.
The standard cars have a shorter range of travel following a full charge compared to premium models. The Model 3 Standard can travel 321 miles with a full charge, while the premium model can travel 363 miles. Similarly, the Model Y Standard can go 321 miles on a full charge and the premium version can go 357 miles.
Neither of the Standard vehicles come with the self-driving feature, which is an $8,000 add on.
The $7,500 electric vehicle tax expired on Sept. 30, meaning anyone wishing to use the subsidy to purchase one of the cars will not be able to do so.
The credit offered up to $7,500 on a new electric vehicle and $4,000 on a used one.
Some electric vehicle makers, however, are extending purchases into the next quarter.
Ford Motor Co. and General Motors both managed to extend use of the electric vehicle tax credits for leases into the fourth quarter through IRS guidance, according to previous USA TODAY reporting. The auto giants reportedly made down payments on electric vehicles before customers purchased the cars, allowing them to qualify for the tax credit following the expiration date.
Tesla’s share price traded down on Tuesday following the announcement of the new cars. In Thursday’s pre-market, the stock traded around $432 a share, a 1.36% decrease from Wednesday’s closing price.
Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at mdelrey@usatoday.com

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