New Tesla owners have suffered a rapid $5,000 loss in the value of their electric vehicles after Elon Musk’s company and several other electric vehicle manufacturers lowered their prices.
Sunshine Coast driver Jason C recently bought a Model Y RWD for $60,900 plus on-roads, but just two weeks later discovered the price had dropped to $55,900.
‘What is happening?’ she asked.
‘Elon and his company do not endear themselves to customers. Resale will be a nightmare when we sell it. news.com.au reported.
Tesla’s prices have fluctuated dramatically as it and other electric vehicle brands try to keep up with growing competition.
New Tesla owners have suffered a $5,000 loss in value on their electric vehicles, with the Model Y RWD falling to $55,900.
‘The Model Y RWD reached a peak selling price of $72,300 in June 2022; In May 2023 it was $69,300 and a year later it is now $13,400 cheaper,” wrote car advice columnist Iain Curry.
‘It’s not good news for you: yours has basically lost an extra $5,000 overnight. Even the most loyal Tesla owner won’t be happy, and you will no doubt be furious.
“There have been big discounts on EVs this month – the Peugeot e-2008 is down $25,000 and the Nissan Leaf is down more than $10,000, both now down to $39,990 drive away.”
Elon Musk’s company previously had a firm grip on the electric vehicle market and its Model Y was considered the most popular car in the world in 2023.
However, Tesla lowered its prices in Australia in response to increased competition as well-known carmakers expanded their electric vehicle ranges and Chinese brands offered significantly lower prices.
In fact, the Chinese BYD sold more cars than Tesla in 2023.
Curry explained that BYD’s Seal sedan, Dolphin hatchback and Atto 3 compact SUV were more popular than their Tesla counterparts.
Tesla will face even more competition as new electric vehicle alternatives enter Australian markets, including XPeng, Leapmotor and Zeekr.
Tesla lowered its prices in Australia in response to increased competition as well-known carmakers expanded their electric vehicle ranges, and Chinese brands offered significantly lower prices (file image).
BMW, Toyota and Kia are also making their mark in the electric vehicle market.
Kia will soon launch its new EV5 in Australia. The model is made in China to help keep its prices low and stocks high.
Volvo already launched its compact EV SUV, the EX30, which was cheaper than Tesla’s Model Y before its price drop.
