The Tesla Model Y is one of the most notable small electric SUVs on the market. It once dominated the EV market share along with the Tesla Model 3. Now, the Tesla Model Y faces stiff competition from automakers like Volkswagen, Hyundai, and Ford. The Model Y could make huge sales gains in the first quarter of 2023.
The 2023 Tesla Model Y is positioned for a spectacular sales quarter
The last quarter of 2022 was rough for Tesla, to say the least. The electric vehicle and energy company suffered huge stock losses only to make a major resurgence after two months. Tesla stock has made a full recovery from its meltdown, and the company seems to be in decent shape as it makes pricing adjustments to compete against rivals.
Model Y pricing has yo-yoed, and chances are it will keep fluctuating. As of February, the Model Y’s new starting price is $54,990, according to Reuters. Tesla raised the Model Y price after previously lowering it just a few weeks ago because the small electric SUV is now officially eligible for the full federal electric vehicle tax incentive of $7,500. That’s huge news for fans and potential Model Y buyers because it’s cheaper than it has been in months (potentially years) after factoring in tax credit savings.
Tesla Model Y buyers can potentially pay $47,490 after redeeming the incentive (before taxes, fees, and additional local incentives). That pricing is much more competitive than its price without any incentive (over $54,000). Consider the Model Y’s driving range, and the small electric SUV is a steal for some drivers at below $48K.
How long is the 2023 Tesla Model Y eligible for the full tax incentive?
The Tesla website claims that the 2023 Tesla Model Y will be eligible for the EV tax incentive until March 2023. It’s unclear whether or not Tesla models will be eligible for a partial incentive following March 2023. One thing is clear. Thousands of Tesla Model Y fans will take this opportunity to get the small electric SUV for themselves before it’s no longer eligible for the full tax incentive.
The Model Y’s tax credit eligibility for the first quarter of the year could be the catalyst of a huge sales bump. A sales bump couldn’t come at a better time as the company continues to recover from a rocky 2022. Once Tesla fans get wind of the steep discount that they could get on the popular small electric SUV, the Model Y will sell like hotcakes. The question is, is the 2023 Tesla Model Y worth getting?
Is the Tesla Model Y worth getting?
Edmunds praises the Tesla Model Y’s driving range, spacious cabin, and quick acceleration. Many automotive publications categorize the Model Y as a luxury SUV because it’s so refined. The Tesla Model Y has around 330 miles of estimated driving range.
That’s far higher than the average EV driving range. The base model Long Range trim can go from 0-60 miles per hour in roughly 4.8 seconds. If Tesla can get past the Model Y’s reliability issues, the Model Y could easily become the most dominant electric SUV of the future. So, for under $48K, the 2023 Tesla Model Y Long Range is worth getting, especially if you can tack on local incentives as well.
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