After the Tesla Model S was named Motor Trend's Car of the Year – the first all-electric vehicle to receive the accolade – CEO Elon Musk began talking about bringing a more affordable option to the table for those who can't afford the $62,400 price tag. According to Bloomberg, talks of the economy Tesla came after the company repaid the rest of the loan it got from the Department of Energy back in 2009. Repaying the remaining $451.8 million of the loan will free up any future profits to be put toward the development of new cars.

Rumors rose quickly that Tesla might be snatched up by a larger company like Apple, Inc., but Musk was quick to reject that possibility. He claims that his first priority is to develop a car that combines the impeccable technology of the Model S with the affordability of cars like the Nissan Leaf.

"With the Model S, you have a compelling car that's too expensive for most people," Musk explained to the news source. "And you have the Leaf, which is cheap, but it's not great. What the world really needs is a great, affordable electric car. I'm not going to let anything go, no matter what people offer, until I complete that mission."

AutoBlog reports that Musk is hoping to keep the price tag for this new car under $40,000. As long as things go according to plan, the CEO is hopeful the affordable electric car will be available by 2017.

Those who cannot wait for the Tesla to be developed and produced can find a reliable ride today at New Jersey Auto Auction. The dealer carries a wide selection of makes and models, including a few hybrid and electric models like the Leaf and the Toyota Prius.