Tesla Model Y and Model 3 Receive Further Discounts: Lowest Price Ever

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

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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

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

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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.

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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.

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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.