If you're anything like me, Power Wheels made getting around the neighborhood as a kid way more fun. Fisher-Price continues to pump out modern versions of the popular ride-on but it's a product from rival toy maker Radio Flyer (yes, the red wagon company) that's making the rounds today.

The Tesla Model S for kids is a ride-on for children between the ages of three and eight. Designed to be an "exact" replica of the real thing, the toy car features working headlights, a front trunk for storage, forward and reverse operation and even a sound system that you can plug a smartphone or audio player into.

It features two forward speed settings – 3 MPH and 6 MPH – in addition to reverse. It may not be as fast as this modified C7 Stingray Corvette but it sure beats walking.

Radio Flyer is going all out here, offering three choices of paint (all authentic Model S colors), two wheel options and even an indoor car cover. Other optional items include a custom license plate and a parking sign (for an additional $15 and $25, respectively).

The Radio Flyer Tesla Model S for kids starts at $499 and comes with a standard 130Wh FlightSpeed lithium ion battery that's good for six miles of riding. In true Tesla fashion, you can spend a bit more money ($50) for a higher-capacity battery with 50 percent more runtime (up to nine miles). The charging cable even plugs into the toy car in the same manner it does on the full-size vehicle.

Radio Flyer is currently accepting pre-orders for the mini Model S with plans to ship in May.