Tesla hasn't released Model 3 order numbers since May 2016, when it said that 373,000 reservations had been placed.
A variety of customizations, meanwhile, such as different motor options, enhanced battery life, enhanced autopilot and larger wheels could push the Model 3's price well above US$40,000, analysts say.
At that cost, experts say, the Model 3 would soar past the price of the average new car sold in the United States, as well as any vehicle that might be considered "mass market." Analysts say the Model 3 is an aspirational vehicle.
"The average transaction price for a new car is about $36,000," said Rebecca Lindland, an executive analyst at Kelley Blue Book. "That's the sweet spot that new car buyers can afford." Lindland added that mass-market buyers aren't necessarily the middle class.
She expects the Model 3 to appeal to a category of buyers known as "early adopters." These are consumers who are slightly more risk averse and have less wealth than the "innovators" who purchased the Model X and the Model S.
Only about 5 per cent of all Americans buy a brand new car each year.
And auto prices hit an all-time high in 2016, increasing 2.7 per cent from the year before and nearly 13 per cent since 2011, according to Edmunds.com, which tracks auto prices.
Despite increasing auto prices, people are still buying cars in record numbers in the United States. Sales for 2016 set a record of 17.6 million cars and trucks, a slight increase over the 17.5 million vehicles sold the year before, according to figures from sales tracker Autodata.
To make those purchases possible, analysts say, growing numbers of new car buyers are stretching loans longer than ever before. The average car loan is $30,534 and the average loanis 68 months, according to Experian. But analysts say new car buyers are stretching loans out as long as 84 months or 7 years.
Personal finance experts have advised that people keep auto loans to 4 years.
"I think a lot of folks will be leasing the Model 3," Bankrate.com analyst Claes Bell said, noting that the vehicle will be priced higher than most middle income buyers can afford. "They're not going to have anything to show for it at the end of the lease, but people may be inclined to pay more than they can afford in this case."
Musk has made clear his desire to bring "compelling mass market electric cars" to the world, noting in a 2013 blog post that if if the company could've achieved that mission with their first product, they would have. Due to the limitations of a startup, he wrote, Tesla opted to build a sports car that had the "best chance of being competitive with its gasoline alternatives."
He suspected, he wrote, that Tesla's initial offering could be misinterpreted as company officials "believing that there was a shortage of sports cars for rich people." But many observers say that air of exclusivity, paired with Tesla's futuristic branding, is exactly its appeal.
Roger Pressman, the founder of EVannex- a Tesla aftermarket accessories company - may be one of the few people outside of Tesla who received a glimpse of the Model 3's emerging demographic. That glimpse began when he stood in line with several hundred people anxious to put down their deposit for the vehicle last year.
Pressman then published a book called "Getting Ready for Model 3: A Guide for Future Tesla Model 3 Owners," which has made him a popular resource for prospective buyers hoping to learn more about the car.
At a glance, Pressman said, Model 3 buyers are between the ages of 25 and 45 and most have never owned an electric vehicle. They're drawn to Tesla, he said, because of the "sashay" of Musk's futuristic vision and their desire to drive an environmentally-friendly vehicle.
"People in that age range are very used to using devices and this car is a device on wheels," Pressman said.
"I do think the demographic will be very similar to the demographic that buys the BMW 3 Series," he added. "Model 3 buyers are younger people, a lot of single people, maybe some couples. For families, however, the trend in the US is still to own an SUV."
Compact SUVs can be purchased for as little as US$22,000, according to US News & World Report, a full $13,000 less than the Model 3's base price.
Even Musk has acknowledged that the vehicle's price - with only an average option mix - will top US$40,000.
"In the US, the median household income is $56,516," Bell said. "At that income, a lot of folks are going to have a hard time affording a vehicle around $30,000 in price, much less anything higher."
