Elon Musk estimates cost for Mars trip, it's cheaper than we thought

Going to the Red Planet will certainly be expensive. But according to Elon Musk, a to and fro ticket to Mars might cost the passenger less than $100,000 - assuming a lot of people are willing to go on the trip.

Elon Musk shared his thoughts about how much people should save to go on Mars. In a Twitter thread, Musk said he is sure that the ticket will cost less than $500,000 and even lower than $100,000 some day.

Still, the final cost will depend on the number of travelers, Musk added. But if everything goes accordingly, the cost of the tickets will be "low enough that most people in advanced economies could sell their home on Earth and move to Mars if they want," he said.

Musk's price estimate should be taken with a grain of salt, as SpaceX is still in an initial stage of building an interplanetary spacecraft that will be able to carry humans beyond our planet. SpaceX has been ambitious about sending people to the Moon in 2023, which will be followed by another manned mission to Mars in 2024.

To make the travel cheaper, the space company is focusing on making its rocket technology reusable. SpaceX also plans to ferry 100 passengers to Mars in a single flight. Back in 2017, Musk estimated the price for a Mars trip. "Assuming optimization over time, we are looking at a cost per ticket of less than $200,00, maybe as little as $100,000 over time, depending upon how much mass a person takes," he said.

"If a person plus their luggage is less than that, taking into account food consumption and life support, the cost of moving to Mars could ultimately drop below $100,000," he added.