The Newest Tesla Model 3 Is A Screaming EV Deal For Range Lovers

Tesla's new Model 3 Long Range Rear-Wheel Drive offers the most miles per dollar on the EV market.

Tesla Model 3 Long Range Rear-Wheel Drive

Photo by: Tesla

Tim Levin

By: Tim Levin

Jul 15, 2024 at 3:30pm ET

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More and more Americans want to go electric but can’t get past both high prices and concerns about driving range. The newest version of Tesla’s Model 3 sedan excels on both of those fronts, making it instantly one of the very best EV deals around, according to an InsideEVs analysis of vehicle pricing and specs.

The Model 3 Long Range Rear-Wheel Drive (LR RWD, for short) hit Tesla’s website last week with a sticker price of $42,490 and an impressive Environmental Protection Agency-rated range of 363 miles. Subtract the $7,500 federal tax credit for EV purchases—while adding Tesla destination and order fees of $1,640—and you’re left with a final purchase price of $36,630.

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The Tesla Model 3

A refreshed version of Tesla's popular Model 3 sedan hit U.S. showrooms earlier this year. Now, Tesla has introduced a new Model 3 with the most range the model has ever had.

On a dollar-per-mile basis, that makes the Model 3 LR RWD the best-value new EV currently on the market. It commands roughly $101 per mile of EPA-rated range.

With an effective price of $27,495 and a stellar range estimate of 319 miles, the 2025 Chevrolet Equinox EV looks poised to become the new leader. Do the math and you end up with $86 per mile. But that particular Equinox EV trim isn’t out yet. (Check out our full list of EVs ranked by this metric here.)

Tesla Model 3 Long Range Rear-Wheel Drive

Some other notable mentions include the Hyundai Ioniq 6 SE RWD LR at $121 per mile. That car costs $43,565, including fees, and returns an EPA range of 361 miles. The Model 3 Long Range All-Wheel Drive is up there too. Divide its $41,630 post-tax-credit price by its 341 miles of range and you get $122.

What’s more, the new Model 3 LR RWD actually costs less than the base Model 3 Rear-Wheel Drive, since the former qualifies for the EV tax credit while the latter does not. (This is due to rather complicated requirements around where battery components for qualifying EVs can come from. Basically, not China.) Taken in sum, the Model 3 LR RWD is the Model 3 to buy right now for most people.