8/3/2023 0 Comments Tesla price drops"There's a lot of demand for Tesla cars, but a lot of people aren't buying them simply because they can't afford it," he said. Tesla's cost reduction plans may not necessarily mean another major price cut in the near term, but it could lead to costs dipping over time, according to Moody. (The price for the Model Y recently went up $500, with the company citing high demand.) It might be wise to take a second and just say, 'Let's see how this plays out in the marketplace.'" What is the cheapest Tesla? For those open to other EV brands, "there's (other models) that will be coming. “If you've always wanted one, now's the time to go out and try it,” he said. Edmunds reported that search interest for Tesla vehicles jumped after the price cuts. Moody said if you’re interested in a Tesla, now may be the right time to buy. “I’m getting them cheaper than I ever have in the past two years,” Davis said. Tesla’s price cuts likely forced dealers across the country to slash prices even further. "It just stands to reason that when you significantly reduced the prices of your new cars, it's going to reduce the price that people are willing to pay in the open market for the used cars," said Brian Moody, executive editor for Kelley Blue Book.ĭink Davis, owner of pre-owned EV dealer iDrive1 Motorcars in Texas, said used Tesla prices have been falling since the summer. "The longer you have it, the more miles and older it is, those price fluctuations tend to just mitigate themselves," said Jessica Caldwell, Edmunds’ executive director of insights. If "you only want to keep it for a few years, that plan may have to change if you want to make a smarter financial decision." How does this affect used Tesla prices?Īs for potential buyers, Tesla's price cuts could help make both new and used EVs more affordable. He plans to sell his Model Y after three years, but keeping the vehicle longer could help lessen the blow of the price drop. “This hurt enough that it would make me reconsider, for my next car, would I get another Tesla?” Diaz said. The Austin, Texas, native said he's aware resale values fall as soon as a car is driven off the lot, but he can’t help but feel miffed that Tesla's price cuts likely made the value fall even further. While they could curb used Tesla prices and pressure other EV manufacturers to make their vehicles more affordable, the cuts were an unwelcome surprise to many Tesla owners who are seeing their resale values plummet. Reactions to the price cuts have been mixed. So these price changes really make a difference for the average consumer." "Price really matters," CEO Elon Musk said during a Wednesday earnings call. "There’s a vast number of people that want to buy a Tesla car but can’t afford it. The statement came two weeks after Tesla announced a dramatic cost reduction for its vehicles, slashing prices for certain models up to 20%. The price cuts allowed some of its cars to qualify for a federal electric vehicle tax credit and helped drive demand in January. Watch Video: Elon Musk's trial over Tesla tweets starts in San FranciscoĪfter slashing prices for its cars earlier this month, Tesla said this week that it's going to continue improving the affordability of its electric vehicles.Ī Wednesday statement from the company said its car prices are on a downward trajectory and improving affordability is "necessary to become a multimillion vehicle producer."
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