Wondering how to get your hands on a Tesla Model 3? You will probably want to get caught up on the company's latest update, which sheds new light on the electric car that's priced for mainstream consumers.

Although the Model 3 won't enter production until 2017, Tesla will start taking reservations later this month. You can reserve yours either by visiting a Tesla store in person or registering online at the company's website starting at 11:30 p.m. Eastern time on March 31.

When you make your reservation, be prepared: It will cost you $1,000 just for the privilege, at least in the United States. (Tesla has set different reservation prices for various currencies around the world.) Even then, a strict hierarchy exists for when you will get your Model 3 delivered: Existing Tesla owners get first priority, followed by new buyers. In addition, the company rollout will begin on the West Coast — then move to the Midwest, and then the Eastern Seaboard, and then the rest of the world.

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The staggered rollout will essentially mean that only drivers who are already rich and who live in California will get the Model 3 at first — which could be a good thing for the average consumer, as we will get to see how well it actually performs and whether Tesla will be affected by production issues.

So here's how to buy a Model 3, in three simple steps:

1. Visit a store or reserve online.

2. Pay $1,000.

3. Wait.

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