Tesla Drops the Starting Price of Model 3 and Model Y

Feb 18, 2021   

Tesla has reduced prices for the base configurations of Model 3 and Model Y.

Model 3 Standard Range Plus starts at a new low price of $36,990. This configuration continues to include Pearl White Multi-Coat paint, a partial premium interior, and Autopilot.

Model Y Standard Range has had its price reduced from $41,990 to $39,990. Model Y’s base configuration features similar range (19 miles less) and 0-60 acceleration compared to Model 3 in a mid-sized SUV form factor along with a fully premium interior and premium audio.

The prices for the Long Range All-Wheel Drive configurations of both vehicles remain the same at $46,990 and $49,990 respectively. Meanwhile the price of the Performance configurations has been increased by $1,000 to $55,990 on Model 3 and $60,990 on Model Y.

These price changes come without any new upgrades or features, such as the HEPA air filter and a new wood trim on the door panels that we expect Tesla to add later in the quarter.

Real Talk

Tesla continues to adjust pricing on its vehicles as they’re able to, making the most affordable configurations even more affordable. Every price drop of $1,000-$2,000 makes the vehicle more accessible to a new group of buyers.

Leasing in particular has become more attractive than ever, with an all-time low lease payment of $329/month on Model 3 and $367/month on Model Y Standard Range. Both are with a suggested down payment of $4,500, and may not include a buyout option at lease-end.

It is curious that the Performance models have had their price increased slightly, although that may be to offset the new starting prices to maintain profit margins.

With a $7,000 federal incentive potentially being introduced soon, Tesla’s vehicles will continue to become more affordable over time.

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