Thought $1,000 would secure you a Model 3? Think again.
When Elon Musk first announced pre-orders for the Model 3 sedan, over half a million people gave Tesla a deposit of $1,000 to put their name down. Since then, thousands of people have asked for their a refund on their deposit, due to the seemingly endless delays. Many people are still waiting for their Model 3 because the promise of a $35,000 Tesla was just too tempting. Unfortunately, the more expensive Model 3 trims are being delivered first, and CNBC reports that Tesla needs even more money to keep up with the production demands.
The $1,000 deposit isn't a small sum of money, but it wasn't unreasonable to secure one of the most highly anticipated cars of the year. It seems as though this may have been too good to be true, because Tesla is now asking Model 3 reservation holders for an additional $2,500 to place an order for their car. That means would-be owners now have to plunk down more than twice their initial investment if they are still interested in a Model 3. The money will be used to help Tesla reach its goal of producing 5,000 units of the Model 3 per week by the end of this quarter, as well as finally reaching profitability as a company.
At least for $2,500 Model 3 reservation holders will finally know when their cars will be delivered, right? Unfortunately, the answer is still no. Tesla says buyers who confirm their delivery won't receive an exact date, but can expect a car in "in as soon as two to four months." The additional $2,500 will go towards paying off the full cost of the car, and reservation holders will have the ability to cancel their order within three days. Since the $35,000 car is still not available, customers will be expected to order one of the more expensive versions costing between $49,000 and $72,000. No mention has been made of what happens to the $1,000 reservation holders who don't want to put down another $2,500.