Want a Tesla Model Y for 25% Less? Simply wait.

Late on Tuesday, the electric car manufacturer lowered the price of its automobiles in the US. It's amazing to see how much the price will drop overall in 2023. Although fresh.

Cutbacks will re-ignite investor concerns about demand, profit margins, and competition, they are wonderful for car consumers.

Model Y now has a starting price of around $47,000 instead of $50,000. All three trims, including the all-wheel drive, long-range, and performance versions, saw a $3,000 decrease in price.

A rear-wheel drive Model 3 now costs around $40,000, which is a $2,000 decrease. When the IRS revised the requirements for EV purchase tax credits on April 17, that model lost access to half of the $7,500 benefit.

The entire $7,500 credit remained valid for all other Tesla models. That pertains to cars that initially met the credit requirements.

Too pricey to qualify are the Models S and X. Starting in 2023, the cost of a long-range Model Y was roughly $66,000.

Barron's tracking shows a decrease of $19,000 or more than 25% in price. The price of the Y's performance variant was around $70,000 at launch. It is now priced at.

$54,000. That is a $16,000 price cut, or over 25%. Since the beginning of the year, the cost of the rear-wheel-drive Model 3 has decreased by about 15%.

- Dalai Lama