The Tesla Model Y has recently had a price drop, making it even more affordable for consumers. With the starting price now at $42,990 (or $35,490 after the full $7,500 US EV tax credit), the Model Y is now cheaper than ever before. Additionally, the Model Y Long Range option offers about 50 miles more range on a full charge and quicker acceleration, starting at $47,990 (or $40,490 after the tax credit). This reduction in price is expected to lead to a boost in sales, as lowering the price opens up the market to more potential buyers.
While the free color option for the Model Y is currently dark grey, buyers can opt for white or blue for an additional $1,000. Adding on white seats for hot climates like Florida is another $1,000. Despite these additional costs, the overall price drop of $2,000 from the previous week still makes these customizations more affordable compared to before. The Model 3, on the other hand, continues to have a starting price of $38,990 and is not eligible for the $7,500 US EV tax credit. Tesla is emphasizing low leasing prices for the Model 3, starting at $299/month.
Both the Tesla Model Y and Model 3 have their own appeal to consumers. The Model 3 has been upgraded with new technology, better back seats, and a redesigned interior. It offers a more compact driving experience compared to the Model Y. Meanwhile, the Model Y provides extra cargo space, more room in the back, and a higher seating position. The Model Y outsold the Model 3 by a ratio of 3:1 in the first quarter, indicating that consumers currently favor the larger electric SUV. However, preferences may shift in the upcoming quarters as Tesla continues to release new models and updates.
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