9:06 am, March 8, 2023
Tesla has axed the price of its Model 3 and Y cars for the second time this year.
It follows a similar move the manufacturer made in January, and is being seen as an attempt to offload stock that is taking its time to shift.
The cuts vary in amount with, for example, the price tag on a Model 3 reduced by as much as 8.3 per cent.
Source: Tesla UK website
Reductions of six per cent, meanwhile, can be had on the Model Y.
January’s price cut saw Model Y monthly payments soar by 57 per cent in a day because of falling residuals.
It also saw the price of used Teslas plummet by £14,000 overnight.
Car Dealer editor-in-chief James Baggott said: ‘This latest cut will cause ramifications in the used car market where Tesla prices have plummeted by as much as 20 per cent since October.
‘Used Tesla Model 3 and Y are free-falling in value and the car maker’s aggressive moves to reduce prices of new models will have a huge impact in the used car market.
‘We’re already seeing that, with the price of long-term finance deals for Teslas going up as the slashing of prices has a snowball effect in the used market.’
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