Tesla's 'affordable' Model Y is here. Is it a good deal?

After a long, long wait, the "affordable" Tesla is here.

Unsurprisingly, it's not a new model; instead, Tesla launched cheaper, stripped down variants of the Model Y and Model 3.

The new variants are dubbed "Standard" and are similar in what they offer — a $5,000 price reduction for the Model Y, a $5,500 reduction for the Model 3, and a number of features missing.

The lineup for both cars now consists of three basic variants: Standard, Premium (which was previously called Long Range), and Performance. The Premium and Performance trims are the same as before, both in terms of features and pricing. So what do you get (or, better said, what do you lose) when opting for the Standard trim?

Are these truly the cheapest Teslas?

First, let's talk about the prices.

The new trims come right after the Trump administration killed the federal tax credit for electric cars, which reduced the price of most EVs by up to $7,500. This isn't Tesla's fault – though there's something to be said about CEO Elon Musk's relentless support for Trump ahead of the election and in the early days of the administration. But there's no getting around the fact that, for most buyers in the U.S., even these "affordable" Teslas are more expensive than before.

If we pretended that the tax credit didn't matter, a $5,000 and $5,500 price reduction could be alright if you didn't lose a lot in terms of features. Sadly, this is also not the case.

The long, harrowing list of missing features

The list of differences for the Standard and Premium trims is painfully long and thorough. Some of the key features, such as range and acceleration, are greatly impacted. Focusing on the Model Y, and comparing with the next cheapest model, the Premium Rear-Wheel Drive, you get:

• lower range (321 vs 357 miles)

• slower acceleration (6.8 vs 5.4 seconds from 0-60mph)

• slower charging (up to 160 miles in 15 minutes of Supercharging vs up to 182 miles in 15 minutes of Supercharging)

• 7 speakers and no subwoofer vs. 15 speakers and 1 subwooer

• no FM/AM radio

• 18-inch Aperture Wheels vs. 19-inch Crossflow wheels

• no second-row touchscreen

• no panoramic glass roof

• no LED lightbar

• less advanced shock absorbers

• no autosteer

• manual folding side-view mirrors

• manually adjusted steering wheel

• no extended storage in the center console

• no ambient lighting

• no adaptive high beams

• no first-row ventilated seats

• no second-row heated seats

• textile and vegan leather combo for the seats vs. vegan leather only

• no HEPA filter

We skipped a few minor details; for the full list use the "Compare Models" feature on Tesla's website. But the list above will probably make any buyer reconsider going for the cheapest option. Yes, stuff like glass roof and the second-row touchscreen are desirable but perhaps not essential. But you also get a significantly smaller battery, slower acceleration, and a bumpier ride. It's hard to justify such a long list of missing features with a price that's just $5k away from the next model.

For the Model 3, the list of differences between Standard and Premium is very similar, and also includes less range and slower acceleration. In fact, the difference in range is even bigger, given that the Standard trim offers an EPA estimated 321 miles of range, while the Premium Rear-Wheel Drive has 363 miles. The price reduction is slightly more generous at $5,500, and the starting price of $36,990 will probably compel some buyers to look into this trim, especially if they don't need lots of range. It's still not a great deal; you simply lose too much by going Standard over Premium.

I don't think these new entries into Tesla's lineup will be revolutionary in any way, but at least the burning question of what the affordable Teslas will be like is finally answered. Tesla has a history of introducing affordable models before phasing them out, and I wouldn't be too surprised if this happened to these new trims, too. We'll keep an eye on a potential international launch of these new models; perhaps the pricing will be different globally.