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

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.

Read More About Tesla Model Y

"It is going to change dramatically": Kia says Chinese brands like MG, Haval, Chery, BYD, GAC, Leapmotor and Geely will permanently reshape Australia's new-car market, putting legacy brands like Toyota, Ford, Hyundai, Nissan, Mitsubishi and Mazda at risk Watch out, Tesla Model Y rival! New Chinese brand Skywell bringing 2025 EVA 5 electric car to Australia New Chinese family SUV to rattle Toyota: New value-packed 2024 BYD Sealion 6 plug-in hybrid medium SUV arrives with its sights set on the Mitsubishi Outlander PHEV, Toyota RAV4 Hybrid and Kia Sportage

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.