Tesla Model 3 pre-orders will start on March 31 with a $1,000 deposit

Tesla Model 3 Pre-Orders

If you want to own a Tesla Model 3 you’ll have your chance to pre-order the first modestly priced Tesla starting on March 31.

Elon Musk and company will start taking pre-orders which require a $1,000 deposit and a trip to a Tesla store.

Online reservations will be accepted starting April 1.

The Model 3 is Tesla’s “cheaper” electric car, and is expected to cost around $35,000. Federal and state tax credits may knock thousands more off the purchase price in the U.S.

“More details on Model 3 unveil in coming weeks,” Musk said on Twitter. “That’s it for now.”

Before Tesla can even start to think about producing the Model 3, it needs to get its gigafactory online in Nevada. That facility will be responsible for manufacturing the company’s lithium ion batteries for the Model 3.

The Model 3 — Tesla’s  first mass market car — is a big reason why Musk thinks the company could deliver 500,000 vehicles a year by 2020.

In the meantime, Musk is about to face plenty of competition. The Chevy Bolt is expected to debut this year at a lower $30,000 price point.

Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business.