Breaking: Tesla Model Y Price Drops Further
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The Tesla Model Y, an all-electric SUV, has received another pricing update just weeks after it broke records for its affordability, giving potential buyers even more incentive to make a purchase.
The New Prices
Previously, we reported that the Tesla Model Y had a base price below the average for new cars in the US, but now it has gotten even cheaper. The starting price for the Model Y now stands at $42,990 (or $35,490 with the $7,500 US EV tax credit), making it an even more accessible option for those in the market for an electric vehicle.
Furthermore, for those interested in the Long Range version, which offers approximately 50 more miles of range on a full charge and quicker acceleration, the starting price is now $47,990 (or $40,490 with the tax credit), providing an upgraded choice for consumers at an affordable price point.
Increased Sales Potential
With the price reduction, it is expected that the Tesla Model Y will experience a significant boost in sales. This is due to the fact that the more affordable a vehicle is, the larger the market of potential buyers. The previous drop in price already proved favorable for sales, with 3 times as many Tesla Model Y vehicles sold compared to the Model 3 during the first quarter of this year.
Although demand is expected to rise, it is worth noting that Tesla retains the potential to adjust prices in the future. Therefore, the current prices, as low as they are, may not last for an extended period. Consequently, those interested in the Model Y are encouraged to act swiftly to secure the best deal.
Additional Considerations
Despite the reduced prices, it is important to note that certain customization options may require an additional investment. For example, a color option other than the currently available dark grey entails an extra $1,000. For those living in hotter climates, the white seats, which are highly recommended, incur an additional $1,000. Nevertheless, compared to prices just a week ago, these add-ons could be considered a beneficial bonus.
Moreover, the Model 3, Tesla’s compact sedan, has retained its starting price of $38,990. However, without the $7,500 US EV tax credit, the low lease price of $299/month has become an attractive alternative for those interested in the Model 3.
Both the Model 3 and the Model Y offer unique features and appeals. The Model 3’s upgrades, such as new technology, an additional infotainment screen, improved back seats, and refreshed design, make it an appealing choice for those seeking a smaller sedan. On the other hand, the Model Y’s extra cargo space, roomier interior, and higher seating position make it favorable for those who prioritize space and versatility. The current market preference for the Model Y, as evidenced by its 3:1 sales ratio against the Model 3, may evolve in the coming months as new sales data emerges.
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