Times are changing. Speed was once dictated by horsepower, weight, gearing, and contact patch. Now, however, thrust-happy all-wheel drive (AWD) systems and the instant torque of modern electric vehicles (EVs) are redefining straight-line speed. In fact, the fastest car under $55,000 on the new car market isn’t a razor-sharp sports car. No, it’s the Tesla Model 3 Performance. 

The 2024 Tesla Model 3 Performance is the fastest car under $55,000, besting Mustangs and Supras to 60 mph

For sports car fans whose blood pumps as if pushed by a fuel pump and whose hearts beat like a lumpy cam, comparing an EV to an ICE performance car is heresy. They’re simply two different things in two very different categories. However, at the end of the day, you can line the two up and send them down a drag strip.

Therein lies one of the party tricks of the 2024 Tesla Model 3. Specifically, the range-topping Model 3, the Performance trim, is quite simply the fastest car on the market under $55,000. That is, when it comes to straight-line speed and acceleration. Tesla updated the Model 3 for 2024, adding a welcome aesthetic upgrade to the brand’s most affordable vehicle.

However, Tesla claims the Model 3 Performance is faster from 0-60 mph than the previous model, too. According to the electric car marque, the Performance trim will hit 60 mph in just 2.9 seconds. That’s faster than a comparably priced, 382-horsepower 2025 BMW M240i xDrive and its silky-smooth 3.0L inline-six.