This ain't your grandpa's little red wagon. The folks at Radio Flyer Inc. have collaborated with Tesla Motors to create a drivable miniature version of the Model S electric car for children, complete with lithium ion battery technology.

The Model S for Kids comes in real Model S colors. It has working headlights, a front trunk, or "frunk," and a place to plug in a portable music player.

According to the Radio Flyer website, the car is suitable for kids ages 3 to 8. It has a maximum weight capacity of 81 pounds.

Parents can choose to limit the speed to 3 mph, but the car's "flight speed" lithium ion batteries allow it to reach a top speed of 6 mph. Radio Flyer says the batteries can charge in as little as three hours.

The car's price tag? $499. Radio Flyer is taking pre-orders on its website. Shipping begins in May.

By the way, the big Model S starts at $76,200, including shipping and before tax incentives. For the same amount, a buyer could get about 150 of the baby Teslas, and even option them up with extras such as car covers and vanity license plates.

But so far as we can tell, Tesla is limiting its "Ludicrous Mode" technology to the grown folks' version of the Model S.

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