The Tesla Model 3 is one of the most iconic vehicles to come out in the 21st century. The company continues to create effective and functional improvements for its line. A new model is being released next year in the hope to lower costs and give drivers more options.

While the EV industry is making massive strides across all major industrial continents, none have been as decisive and victorious as Tesla. With multiple vehicles such as the Cybertruck, The Model Y, and the Model S, the company is making its way into a different category – hatchbacks.

Many consumers are looking for a vehicle that can take them from point A to point B with fuel (or no fuel) and can fit the appropriate space for what they need. A hatchback can give that extra storage space while still maintaining the compact car features.

For many, this is a tipping point for purchasing a new electric car. While many do not want to fork over the budget for the crossover series – either by not needing the space, or its size, a compact hatchback is the perfect entry.

The Cost Of The Model 3 Will Drop

Elon Musk is spending the next year looking into more affordable means for EV tech. One of the biggest cost factors for all EV’s is the battery. The major cost of the battery comes from the material cobalt. Cobalt acts as a protective layer between the highly acidic materials and the outer casing. This works to ensure a safer battery under the car. Well, the new Model 3 will look to have a price tag of $35,000 ~ 5k lower than the current Model 3.

This is leading many to wonder if purchasing a new EV right now is worth it. If they can get more space for less – as well as one of the best EV batteries on the market, maybe the best thing to do is hold off until the next year.