(CBS) — It’s electrifying! Not just the idea but the price tag.

CBS 2’s Vince Gerasole has a look at the latest luxury car for your toddler.

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The Tesla is a wickedly fast and expensive electric sport scar and now there is a $500 battery powered version for kids three to eight.

The adult Tesla can go zero to sixty in 2.8 seconds something they call ludicrous speed. Price points start at about 70,000 but you will pay more for all the bells and whistles

For the kid car, you can control max speed with two settings: 3 miles-an-hour for beginners or six miles-an-hour for advanced drivers.

The toy tesla is a joint venture with Chicago’s Radio Flyer, the iconic and much less pricy red wagon.

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Father Mathew O’Brien points out we’ll put out $350 for the family Xbox, and in some circles $70 for a Princess Elsa scooter

“I think even as kids you still like what seems to be perceived as fancier or nicer so when you have toy cars you still want the nice toy car not the jalopy,” he said.

The Toy Tesla is made of high impact plastic, you can customize the colors on line, and it’s powered by something called flight speed lithium batteries.

We are told they are UL certified, have been used in power tools for years, and are not a fire hazard like others making recent headlines.

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This article was originally written by Vince Gerasole for CBSChicago.com.