The Tesla Model 3 Proves Innovation Doesn't Have to Be Expensive

The Price of a Tesla Model 3

Like all Teslas, the Model 3 sedan comes standard with advanced software and safety systems that are sometimes an optional extra even on much more expensive cars. This includes the brand's Autopilot tech — automatic emergency braking, forward collision warning, blind-spot collision warning, and lane-departure avoidance — that can help keep you in your lane and reduce the severity of a collision, or even prevent it from happening.

The Tesla Model 3 Long Range Rear-Wheel Drive is a performer. It can go an impressive 363 miles on a charge, significantly more than most in its class. With a 4.9-second zero-to-60-mph time, it's also quicker than some popular sports cars. It will do all of this much quieter, with no engine noise to intrude on your conversation or serenity. To that point, Car and Driver found interior noise levels hit 67 decibels at 70 mph, which is roughly the same level as a normal personal conversation.

Over-the-Air Updates Keep Teslas Up to Date

Another Tesla advantage is that the cars can be continuously improved, thanks to over-the-air updates. When Tesla engineers come up with a new feature or an improvement to an existing one, they send it out to every eligible vehicle so that all owners, not just those who buy a new car today, have the latest and greatest tech.

Some examples of features that were added this way include Dog Mode, which keeps your furry friends cool and comfortable while you pop into a store, and Camp Mode, which keeps you cool and comfortable — while conserving available charge — while you catch some shut-eye in your Tesla.

These are just some of the neat features Tesla has built into its vehicles, and there will likely be more improvements in the future. Until Tesla pioneered this technology, cars didn't get better with age.

Tesla's Small Sedan Is More Affordable Than You Might Think

There's no need to scrimp and save to get into a feature-laden new car. The manufacturer's suggested retail price for a Model 3 Long Range Rear-Wheel Drive, the least costly version of this small yet roomy sedan, is currently about $42,000. That's a good $6,000 less than the average transaction price for a new car and less expensive than the average price paid for an EV by more than $14,000.

To put that into perspective, those price differences could cover the cost of groceries for a year for a two- or four-person household, respectively. And that's before you account for the $7,500 federal EV tax credit that many buyers are eligible for, as well as any incentives offered by state governments. When applied at purchase, the price drops below $35,000 if the vehicle remains eligible for the federal tax credit.

If you choose to lease that same Model 3 for 36 months with 10,000 miles per year, the current monthly outlay is around $300 with about $3,000 down. That comes out to an annualized cost of about $4,600. Moreover, some state incentives apply to leases, so the cost could go even lower.

The Model 3 Isn't as Expensive To Operate

An advantage of EVs is that the savings don't stop once you bring that new car home. With a Level 2 charging station and a residential electricity rate of 16 cents on average, you can fully charge a Model 3 at home for a mere $14. Compare that with a relatively efficient gas car that gets 30 mpg and the Tesla — with an estimated range of 363 miles — comes in at about a third of the cost to fuel. In a year of driving 10,000 miles, you'd save about $700.

Even if you can't install a Level 2 charging station at home, as a Tesla owner you'll have access to the brand's extensive network of high-speed Superchargers. They're a great option for those who simply need to "top off" the battery when running errands on the other side of town.

In just 15 minutes, you can add up to 195 miles of range, and while it'll cost you more than using residential electricity, it's still cheaper than gas. It's also easier to do. You don't need to even swipe a card; once you've set up an account in the Tesla app with a payment method, you can simply plug in to any Supercharger and the machine will charge your account for the session..

Lastly, given that all Teslas are electric, maintenance is a breeze. EVs have fewer moving parts than gas-fueled cars. There's no oil to change, and brake pads and rotors tend to last a while, as the regenerative braking system means you don't have to rely solely on the friction brakes. That's additional savings as well as reduced downtime — one less thing to worry about.

Tesla is in a partnership with Capital One. All vehicle pricing includes MSRP plus destination charges (set at the time of publication), and will be rounded to the nearest thousand.