Feb 12, 2016 10:28 PM EST

Tesla Opens Reservations For Model 3 On March 31, $1000 Down

Elon Musk always strives to be a step ahead. The automaking mogul announces that Tesla will start accepting reservations for the Model 3 vehicle on March 31. Prepare $1,000 for the initial bill.

Elon Musk went to Twitter to announce that reservations are now open for the Model 3 and to make it interesting, the opening deposit is set at $1,000 just to reserve a spot in the production line at Tesla Stores on March 31 and April 1 for online reservations. This makes would-be buyers closer to a Tesla store having the advantage. Reservations are open for interested buyers globally.

Recently, Tesla has announced that it stands firm on it's half price car value and Musk reiterated the company's intent to begin deliveries of the smaller sedan late in 2017.

Consumers are curious to see what the car looks like and they will be able to see a preview of the care on the same day.

Forbes has confirmed that the Model 3 won't offer a limited edition Signature series at a higher price which means that buyers can't sway the company to get in front of the line. Tesla, standing firm on the base price of $35,000 has announced that there will be no unique model. The Model 3 is half the value of the Model S and this is where Tesla hopes to expand its market base. The lower deposit rate and base price hopes to attract consumers to purchase the electric vehicle.

Little is still known about the Model 3 as Tesla likes to keep buyers in suspense. All will be revealed when Tesla unveils the car. What is known for sure is that it's similar to the BMW 3 series in terms of size and will offer more than 200 miles of battery power like the Chevy Bolt.

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