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"You want to crash it and make a profit": Tesla owners fume as Model 3 and Model Y values plummet in Australia

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Prices for a Tesla Model 3 or Model Y keep falling
Prices for a Tesla Model 3 or Model Y keep falling

The price of a new Tesla Model 3 or Tesla Model Y continues to plummet in Australia, with the seemingly endless series of sticker-price reductions now leaving owners who have already bought one scratching their heads.

Today's drop makes the Model Y the cheapest it has ever been in Australia, now starting at $55,900 (a $5000 saving) before on-road costs for the entry-level rear-wheel-drive variant. The Tesla Model 3 now lists at $54,900 (a $4000 saving) for the rear-wheel-drive model.

At the beginning of April, an entry-level Model Y was $65,400, and the same Model 3 was $61,900 - meaning a $9.5k discount on the Model Y, and a $7k discount respectively in just over six weeks.

That's good news for anyone yet to order, the price reductions are nowhere near as popular with anyone who bought their vehicle in recent weeks, with customers left scratching their heads as they watch the value of their vehicles effectively plummet.

Not long after the latest drop, local Tesla owner Facebook groups lit up, mostly with people who had recently taken delivery of their new vehicle, and so won't receive the price cut.

Some are now driving second-hand vehicles insured for significantly more than a brand-new alternative.

"That's an insane drop. Really regretting buying just a few months ago," one user wrote.

"I reckon Tesla are digging their own grave with (these) ongoing price drops. If I was buying a new car I would not be in any hurry anymore. Keep waiting it will just get cheaper and cheaper. Kiss your resale goodbye," another Tesla owner wrote.

"That's amazing. Paid $75k for that car 1.5 years ago. I have agreed value for insurance at $74k. And that price you want to crash it and buy a new one and make a profit," said another.

"Feeling ripped off at this point after paying just under $72k drive-away eight weeks ago," wrote another recent buyer.

But not all current owners are disappointed with the price cuts. Some have a taken a more altruistic view, celebrating the barrier to EV ownership getting lower, no matter the circumstances.

"On the plus side, hopefully more people will choose an EV," wrote on owner.

Andrew Chesterton
Contributing Journalist
Andrew Chesterton should probably hate cars. From his hail-damaged Camira that looked like it had spent a hard life parked at the end of Tiger Woods' personal driving range, to the Nissan Pulsar Reebok that shook like it was possessed by a particularly mean-spirited demon every time he dared push past 40km/h, his personal car history isn't exactly littered with gold. But that seemingly endless procession of rust-savaged hate machines taught him something even more important; that cars are more than a collection of nuts, bolts and petrol. They're your ticket to freedom, a way to unlock incredible experiences, rolling invitations to incredible adventures. They have soul. And so, somehow, the car bug still bit. And it bit hard. When "Chesto" started his journalism career with News Ltd's Sunday and Daily Telegraph newspapers, he covered just about everything, from business to real estate, courts to crime, before settling into state political reporting at NSW Parliament House. But the automotive world's siren song soon sounded again, and he begged anyone who would listen for the opportunity to write about cars. Eventually they listened, and his career since has seen him filing car news, reviews and features for TopGear, Wheels, Motor and, of course, CarsGuide, as well as many, many others. More than a decade later, and the car bug is yet to relinquish its toothy grip. And if you ask Chesto, he thinks it never will.
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