Tesla has been planning to launch a $35,000 version of their mid-range Model 3 sedan for years now, but it has always been unable to deliver on its promises - manufacturing issues and PR disasters are probably some of the main reasons for that.

However, things are finally changing today. Tesla is officially selling a $35,000 Model 3 on its website. However, with a cheaper price comes cheaper materials, and a couple other drawbacks.

For starters, you'll be charged extra for selecting any color other than Solid Black when you order your Model 3. Red Multi-Coat will run you $2,500, for example.

Furthermore, Tesla's new Model 3 has "standard maps and navigation," downgraded cloth seats and trim, "basic audio," and no heated seats. For better or worse, it's not possible to upgrade any of these features for an extra fee.

In terms of performance, the cheaper Model 3 will boast 220 miles of range on a single charge, and a 0-60 speed of 5.6 seconds. That's still fairly impressive for a lower-end sedan.

Though Tesla has lost its full $7,500 EV tax incentive, buying the car now will still net you $3,750 in tax credits; effectively reducing its price to around $31,250. If you live in a location with statewide EV tax incentives – such as California – you may be able to save an extra $2,500.

If you place an order for Tesla's $35,000 Model 3 now, it should arrive in 2-4 weeks, which would be sometime in March or April.