The closest alternative to GPT-3.5 Turbo (older v0613) is GPT-5.6 Luna Pro — comparable intelligence (— vs —); for a cheaper option, GPT-5.6 Luna runs $0.500/M vs $1.00/M; and the best open-weight substitute is Kimi K3.
GPT-5.6 Luna Pro is the closest alternative to GPT-3.5 Turbo (older v0613), with an Intelligence Index of — (GPT-3.5 Turbo (older v0613) scores —) at $0.500 per million input tokens.
Yes — GPT-5.6 Luna costs $0.500 per million input tokens versus $1.00 for GPT-3.5 Turbo (older v0613), while staying within ~8 points of its Intelligence Index.
Kimi K3 is the strongest open-weight alternative to GPT-3.5 Turbo (older v0613) — downloadable from Hugging Face and self-hostable, scoring 57.1 on intelligence.