Tesla has further reduced prices for its popular Model 3 and Model Y cars in the USA, with potential future reductions in Canada.
Tesla Model 3 and Model Y prices in the USA have reached their lowest ever.
Model Y Long Range & Performance variants see a $2,000 price cut.
Despite these cuts, most Teslas still qualify for the Inflation Reduction Act tax credits, potentially saving buyers an additional $7,500 USD.
In a move reflecting a consistent trend this year, Tesla has again reduced prices for its Model 3 and Model Y vehicles in the USA. The Model Y Long Range and Model Y Performance, two of Tesla’s sought-after models, have both undergone a $2,000 price reduction. They are now listed on Tesla’s website at $48,490 and $52,490, down from their previous prices of $50,490 and $54,490 respectively. Notably, the newly introduced Model Y Rear-wheel drive, priced at $43,990, remains unaffected by this recent price drop.
Meanwhile, the Model 3, which holds the title as Tesla’s most affordable car, has also seen notable price cuts. All three trims of the Model 3 now come at a reduced price. The Rear-wheel drive and Long Range versions have been discounted by $1,250, while the Performance variant has seen a $2,250 reduction. This means the starting prices are now set at $38,990, $45,990, and $50,990 for the respective trims. With existing tax credits, including the $7,500 federal credit, potential buyers could snag a new Model 3 for less than $30,000.
Furthermore, these reductions might be a strategy from Tesla to entice buyers, especially given that the updated “Highland” Model 3, which has garnered attention in international markets, is not expected to be available in the USA until the following year.
This year has witnessed a series of price cuts from Tesla, not just limited to the Model 3 and Y. Other models, such as the Model S and X, have also seen price drops, along with a $3,000 reduction for Tesla’s Full Self Driving package. Moreover, most Teslas now qualify for Inflation Reduction Act tax credits, offering buyers an additional potential saving of $7,500 on federal income taxes.
While the USA enjoys these reductions, prices in Canada remain unchanged. However, there’s anticipation that Canada might also witness similar price reductions in the near future.