Australia's best selling electric cars, the Tesla Model Y and Model 3 have seen another significant price reductions in Australia, making them the most affordable they've ever been. The Model Y RWD now starts at $55,900, and the Model 3 RWD at $54,900, before on-road costs, reflecting a decrease of $5,000 and $4,000 respectively.
By way of comparison a top spec Toyota RAV4 and Camry cost $58,360 and $51,417 respectively. With the most recent price reduction we are either at or on the doorstep of price parity between EVs and ICE cars.
▶️MORE: 2024 Tesla Model Y price and specs | 2024 Tesla Model 3 price and specs
🔎EXPLORE: Australia's Most Comprehensive EV Database
Over recent months, the Model Y RWD's price has dropped by $9,500, and the Model 3 by $7,000. The mid-tier Model 3 Long Range AWD is now $64,900, down $3,000, with a total reduction of $7,000 since March. However, the Long Range and Performance grades of the Model Y and the Performance grade of the Model 3 remain unchanged.
2024 Tesla Model 3 Pricing
| Variant | Price | Change |
| Tesla Model 3 RWD | $54,900 | -$4,000 |
| Tesla Model 3 Long Range | $64,900 | -$3,000 |
| Tesla Model 3 Performance | $80,900 | - |
Tesla Model 3 Price History
All three Model 3 variants have received significant price reductions over the last 12 months. The Long Range (-$9,400) has received the most, followed by the Performance (-$6,400) and the Rear-Wheel Drive (-$6,400).
2024 Tesla Model Y Pricing
| Variant | Price | Change |
| Tesla Model Y RWD | $55,900 | -$5,000 |
| Tesla Model Y Long Range | $69,900 | - |
| Tesla Model Y Performance | $82,900 | - |
▶️MORE: Tesla Model Y Juniper: Everything You Need to Know
Tesla Model Y Price History
The Model Y has received more aggressive price reductions over the prior 12 months compared to the Model 3. The Rear-Wheel Drive (-$13,400) has received the largest reduction followed by the Long Range (-$12,400) and the Performance (-$12,400).
The aggressive price reductions of the Model Y indicate softening demand as some buyerss have elected to instead buy the updated Model 3 or are waiting for the mid-life update of the Model Y.
In the broader Australian market we are seeing price discounting across the board with other EV models like the GWM Ora, MG 4, Peugeot e-2008, Renault Megane E-Tech, Nissan Leaf and Polestar 2 all reducing prices, aiming to boost sales and clear 2023 excess inventory.
▶️MORE: The Best EV Deals Available Now in Australia (2024)
This trend of price discounting is indicative of a rapidly evolving EV landscape in Australia, where incentives and technological advancements continue to shape consumer choices and industry strategies.
Stay up to date with the latest EV news
- Get the latest news and update
- New EV model releases
- Get money savings-deal
