Posted on: 02/11/2016

Tesla Makes It Official: Reservations For Model 3

Elon Musk has done it again. As he has previously, the Tesla Motors CEO took to Twitter to break the news that reservations for the companys low cost Model 3 will begin on March 31. Musk said a $1,000 deposit is required to reserve a spot in line for the vehicle. Earlier today, Musk reiterated Teslas intent to begin deliveries of the smaller sedan late in 2017. Curious would-be buyers will get their first look at the car the same day, when Tesla does its first public reveal. (No details of that event have been disclosed and it isnt clear whether the company will show off the entirety of the vehicle). Significantly, interested customers who live in proximity to a Tesla store may have an edge on those who choose to place deposits online. Musks tweet said the Tesla site wouldnt take wouldnt take reservations until the next day: It may be possible to call into one of the companys stores and use a credit card number, however. Given the hour of this announcement, Ill attempt to confirm that as soon as possible. One detail that is known, however, is that unlike the Model S and X, the Model 3 wont offer a limited-edition Signature series at a higher price. That means no buyers will be required to put down a much larger deposit in the hopes of being first in line to receive the car, nor will they get a unique model that quickly goes out of production. With a base price of $35,000, the Model 3 will be half as expensive as the Model S, which starts at $70,000. Between the lower price and the relatively small deposit (Model X required $5,000 for the standard model and a whopping $40,000 for the Signature series), its likely Tesla will receive strong interest almost immediately. That prompted responses to Musk like this one: