Tesla’s Latest Electric Vehicle Is The $35,000 Model 3; Pre-orders Begin March 31

Here’s something.  Those of you pining for a Tesla of your own: your wait might just have gotten a lot shorter.  With the Model S and announced but not-yet-released Model X being out of the price range of many, Elon Musk and team have been working towards a more affordable solution for years.  That work was just revealed officially that the company’s Model 3 will be debuted to the world on March 31 and will be available for purchase at a not-yet-determined date in 2017.

Credit: Drew Phillips / Autoblog

The Model 3’s appeal is obvious.  Without the sticker shock of the Models S and X, the 3 will be priced with an MSRP around $35,000 before applicable government credits.  Helping drive down the cost from the Model S is the fact that the 3 will be approximately 20% smaller and some standard features on the S might be optional.

Model 3 reservations ($1000 down) will be accepted in Tesla stores on March 31 and online April 1

— Elon Musk (@elonmusk) February 11, 2016

That’s all we know at this time about the car itself. Musk tweeted yesterday that the “Model 3 reservations ($1000 down) will be accepted in Tesla storage on March 31 and online April 1”.

Get out those wallets and make room in your garage: the Tesla Model 3 is coming.