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Tesla Model 3 May Be $15,000 More Expensive Than Initially Promised

By Edge Ison , Apr 08, 2017 04:30 AM EDT
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When Tesla unveiled its plans for a new electric car dubbed the Model 3, the company said that the base price would be $35,000. While it did indicate that that figure was just the starting price, few expected the Tesla Model 3 to be as expensive as some analysts predict it to be. Right now, one data scientist believes the electric car will be worth a little over $50,000.

Ben Sullins mentioned in his Teslanomics website on April 6 that the Model 3 will cost $50,775, over $15,000 more than the base price. As AutoBlog reported, the figure is also higher than what Tesla CEO Elon Musk mentioned as the average price of the Model 3 cars already reserved. The main reason why the Tesla Model 3 is expected to be worth as much is that buyers will likely not settle for a simple car. The additional charges make up the upgrades that each buyer wants for his or her Model 3. According to Forbes, Musk said that the selling price of the Tesla Mode 3 could reach $42,000 once the “average option mix” is taken into account.

Sullins, who calls himself a “data geek”, came up with the price tag using Model3Tracker.info. The website listed 8,000 buyers with only 811 sharing their budget data. This means the $50,000 figure is based on these 811 Model 3 cars. Sullins further explained that 315 of the 811 buyers had a budget of $45,000 to $55,000.

This is not the first time that an expert gave a mind-boggling estimate for the price of the Tesla Model 3. Around a week ago, Morgan Stanley analyst Adam Jonas, predicted the price of the car to reach $60,000.

Tesla opened the Model 3 for booking on Thursday and Musk later tweeted that the pre-orders have reached almost 200,000. There are no indications yet if prospective buyers will be affected with Sullins’ pronouncements that the Tesla Model 3 will be worth more than what was first promised.

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