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.)
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.
And, arguably, it’s exactly the kind of car Tesla needs right now. When it came out in 2017, the Model 3 was the only cool, long-range and attainable electric sedan on the market. Now the company faces mounting competition, and that’s evident in its slowing vehicle sales.
Today buyers can opt for a Polestar 2, for example, a quirky-looking car with Volvo-esque styling and up to 320 miles of range. The aforementioned Ioniq 6 offers up a streamlined design, ultra-fast charging and bladder-busting range. Plus, it’s seen some big discounts lately, particularly for those who lease.
That brings me to a couple of important caveats here: The best price-per-mile EV will ultimately depend on the kinds of financing and lease deals that you can find in your area when you decide to make a purchase. (Deals on EVs have been plentiful lately.) And real-world EV range depends on your driving habits, local climate and more. Do your research, and don’t necessarily take the EPA’s figure at face value.
Do most people actually need some 350 or 400 miles of range on a regular basis? Definitely not. The average American drives less than 40 miles per day, making something like a Nissan Leaf with 149 miles of range a perfectly acceptable choice. If everybody embraced smaller batteries, EVs could be cheaper, more accessible and less taxing on the planet.
But is lots of range a nice thing to have for those rare road trips, if one can afford it? Totally. Many of the longest-range EVs are expensive luxury cars or pickup trucks, making the new Model 3 a standout choice.
Contact the author: tim.levin@insideevs.com
