Tesla cuts prices again to shift slow moving stock

Tom Barnard

8 Mar 2023

Two months after slashing prices, Tesla is once again offering discounts on new, unregistered cars it has in stock, taking more than 8% off the list price of some models and bringing the cheapest Model 3 down to £40,450. This price includes options such as black paint and represents a discount of £3,640.

Discounts on the Model Y are not so generous currently, with £3,190 being the biggest cut we could find on a brand new, unregistered car. 

The last time Tesla offered similar discounts on its cars was in December, a few weeks before it controversially cut prices across the board.

While the discounts and price cuts appear good news for buyers who can pay cash, it’s not necessarily reflected in the cost of financing a new Tesla. Private buyers using the company’s own PCP calculator will be given a monthly repayment figure of £693 per month over three years when doing 10,000 miles per year with a deposit of £5,200. This is £192 per month more than a Cupra Born 77, which has a higher list price.

This strange phenomena has been caused by the predicted resale value of Teslas plummeting as finance companies get spooked by the prospect of more price cuts to come and possible over supply.

James Baggott, editor-in-chief of Car Dealer Magazine said: "This latest cut will cause ramifications in the used car market where Tesla prices have plummeted by as much as 20 per cent since October. Used Tesla Model 3 and Y are free falling in value and the car maker’s aggressive moves to reduce prices of new models will have a huge impact in the used car market. 

"We’re already seeing that with the price of long term finance deals for Teslas going up as the slashing of prices has a snowball effect in the used market."

Tesla with discounts screengrab from 8th March 23 Lower prices and free options are being offered on cars in stock

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