If you bought a Tesla Model S or Model X at full price yesterday, you won’t be happy to see that Tesla has once again dropped prices big time. Starting prices for the 2023 Model S and ’23 Model X were recently reduced by $5,000 and $10,000, respectively.
Markdowns on the Model S and X
From $96,630, the starting price for the Model S is now $91,380. From $111,630, the Model X now has a starting price of $101,380. Now starting at $111,380, high-performance Plaid variants of each. They started at $116,630 (Model S) and $121,630 (Model X), respectively.
As a result, the price of the Model S has dropped by about 4%, while the price of the Model X has dropped by about 9%. The Model S and Model X are Tesla’s two most expensive vehicles to date, even with recent price cuts.
Tesla has cut the price of its most expensive vehicles for the second time this year, with both the Model S and Model X seeing prices drop by nearly $10,000 in January.
Often Fluctuations in Prices
According to Reuters, the recent price hike marks Tesla’s fifth revision since the start of the year. The price of the Model Y SUV was reduced by $13,000 in January to keep it below the $55,000 cap set by the Inflationary Reduction Act (IRA), making it eligible for a federal tax credit. This was the biggest drawback.
Even the most knowledgeable clients can get confused by frequent price updates and changes. Consumers who had just bought a new Tesla earlier this year were angered by the devaluation of their vehicles when unexpected price cuts occurred in China. Hundreds of protesters gathered at Tesla outlets and chanted “return the money, return our vehicles” in a video also reported by Reuters.
After the price cut in January, there are no reports of Tesla issuing a refund. That means its doubtful Tesla will provide owners of vehicles affected by any of the recent markdowns.