With a mission to continue to support the goals of the International Space Station (ISS) and explore beyond Earth orbit, the United States National Aeronautics and Space Administration (NASA) is in the process of launching an entirely new space exploration initiative, the Constellation Program. Even as the Space Shuttle moves toward its final voyage, Constellation is building from nearly half a century of NASA spaceflight experience, and technological advances, including the legacy of Shuttle and earlier programs such as Apollo and the Saturn V rocket. Out of Constellation will come two new launch vehicles: the Ares I crew launch vehicle and the Ares V cargo launch vehicle. With the initial goal to seamlessly continue where the Space Shuttle leaves off, Ares will firstly service the Space Station. Ultimately, however, the intent is to push further: to establish an outpost on the Moon, and then to explore other destinations. With significant experience and a strong foundation in aerospace, NASA is now progressing toward the final design of the First Stage propulsion system for the Ares I. The new launch vehicle design will considerably increase safety and reliability, reduce the cost of accessing space, and provide a viable growth path for human space exploration. To achieve these goals, NASA is taking advantage of Space Shuttle hardware, safety, reliability, and experience. With efforts to minimize technical risk and life-cycle costs, the First Stage office is again pulling from NASA s strong legacy in aerospace exploration and development, most specifically the Space Shuttle Program. Trade studies have been conducted to evaluate life-cycle costs, expendability, and risk reduction. While many first stage features have already been determined, these trade studies are helping to resolve the operational requisites and configuration of the first stage element. This paper first presents an overview of the Ares missions and the genesis of the Ares vehicle design. It then looks at one of the most important trade studies to date, the "Ares I First Stage Expendability Trade Study." The purpose of this study was to determine the utility of flying the first stage as an expendable booster rather than making it reusable. To lower the study complexity, four operational scenarios (or cases) were defined. This assessment then included an evaluation of the development, reliability, performance, and transition impacts associated with an expendable solution. This paper looks at these scenarios from the perspectives of cost, reliability, and performance.