Tesla for tots? Maker of red wagon toys with Model S

If you can't afford a full-size Tesla for yourself, now you can at least live vicariously through your kid and buy a pint-size -- and fully functional -- version of the acclaimed electric car.

The automaker is teaming up with Radio Flyer, the company that makes the iconic red toy wagons, to produce a Tesla Model S for the three- to eight-year-old set.

Tesla founder and CEO Elon Musk touted the mini-Model S in a tweet as "quite fun."

The companies are now taking orders in advance of May shipments of the kid versions of the battery-run cars, which come in red, blue and silver. The standard model comes with a lithium-ion battery pack and retails for $499. Forking out an extra $50 will get you a bigger battery that promises "50 percent more playtime."

The cars can drive as a fast as six miles an hour, but parents who want to curb their miniature speed demons can limit the mini-Teslas to three miles an hour. The vehicles feature working headlights, a sound system and what's billed as a "spacious interior," assuming the driver is under 81 pounds.

For another $15, buyers can upgrade to "Silver Turbine Wheels." Other accessories include Tesla-branded license plates ($15), a parking sign ($25) and an indoor car cover ($50).