Aussie Tesla EV owners’ ‘nightmare’ as prices for their brand new vehicles suddenly crash

New Tesla owners have suffered a rapid $5,000 loss in value on their electric vehicles after Elon Musk’s company and several other EV makers slashed their prices.

Sunshine Coast driver Jason C recently bought a Model Y RWD for $60,900 plus on-roads, but just two weeks later he discovered the price had dropped to $55,900.

‘What is happening?’ he asked.

‘Elon and his company do not endear themselves to customers. Resale will be a nightmare if we sell it’ news.com.au reported.

Tesla prices fluctuate drastically as Tesla, and other EV brands, try to keep up with increasing competition.

Newly minted Tesla owners have suffered a $5,000 loss in value on their electric vehicles, with the Model Y RWD dropping to $55,900

‘The Model Y RWD reached its peak retail price of $72,300 in June 2022; in May 2023 it was $69,300, and a year later it is now $13,400 cheaper,” wrote car advice columnist Iain Curry.

“Not good news for you: yours basically lost an extra $5,000 overnight. Even the most hardcore Tesla loyalist won’t be happy, and you’re undoubtedly furious.

“There have been heavy EV discounts this month, with the Peugeot e-2008 down $25,000 and the Nissan Leaf down over $10,000, both now down $39,990 drive-away.”

Elon Musk’s company previously had a firm grip on the EV market, with the Model Y proving to be the world’s most popular car in 2023.

However, Tesla cut its prices in Australia in response to increased competition as high-profile carmakers expanded their EV ranges, with Chinese brands offering significantly lower prices.

The Chinese BYD even sold more cars than Tesla in 2023.

Mr Curry explained that BYD’s Seal sedan, Dolphin hatchback and Atto 3 compact SUV were more popular than their Tesla counterparts.

Tesla will face even more competition as new EV alternatives enter Australian markets, including XPeng, Leapmotor and Zeekr.

Tesla cut its prices in Australia in response to increased competition as big-name carmakers expanded their EV ranges, with Chinese brands offering significantly lower prices (stock image)

Tesla cut its prices in Australia in response to increased competition as big-name carmakers expanded their EV ranges, with Chinese brands offering significantly lower prices (stock image)

BMW, Toyota and Kia are all also making their mark on the EV market.

Kia will soon launch its new EV5 in Australia. The model was built in China to keep prices low and inventory high.

Volvo has already launched its EV compact SUV, the EX30, which was cheaper than Tesla’s Model Y before the price drop.