Price cuts trigger a surge in Tesla shopping to become second-most researched vehicle on Edmunds

It is no longer news that Tesla has implemented significant price cuts across its models globally. However, the move is paying off as automobile websites are witnessing more than usual traffic as shoppers try to learn more about Tesla cars.

According to analyst firm Edmunds, “On-site shopper consideration of Tesla vehicle pages on Edmunds jumped to 4 percent of all researched brands compared to 1.9 percent the week prior. The Tesla Model Y became the second-most researched vehicle on Edmunds, behind the Honda CR-V, up from 70th place the week prior.”

In the US, the Model Y got a price cut of $13,000 to $54,630. Apart from making the electric crossover more affordable, the new price now allows it to qualify for up to $7,500 in the new federal EV tax credit. This means buyers can save up to $20,500.

The three-row Model Y also qualifies for the incentives as it is under the $80,000 cap.

The entry-level Model 3 got a $3,000 price cut, to sell for $45,630. The Performance variant was reduced by $9,000 in price to $55,630. Both of them qualify for the full EV tax credit.

Not to be forgotten, Tesla also cut the price of the Model 3 RWD in Canada to below the threshold for the $5,000 federal rebate.

Edmunds admitted the price cuts led to a surge in interest in the cars on its website. The volume of appraisal of Tesla cars more than tripled and accounted for 3.1% of all vehicles on the website, compared to 0.8% the day before.

“These price cuts, as well as inventory on the ground, will win Tesla market share and help consumers overlook the brand’s aging lineup. Lower prices and immediate availability undeniably resonate with the American consumer,” said Jessica Caldwell, Edmunds’ executive director of insights.

Meanwhile, people who bought the cars before the discount would be upset to see the residual values of their vehicle drop. Edmunds reported the value drop had been instant.

Other EV makers have responded to Tesla’s price cuts, including Xpeng and VinFast.

Are you buying a Tesla? If you enjoy our content and we helped in your decision, use our referral link to get C$2,600/US$2,000 off your purchase.
Previous Article

Frito Lay Tesla Semi spotted on the side of the road with mobile service

Next Article

Tesla heated steering wheel to gain auto and manual temperature settings in future software update

You might be interested in …

modelsx

Tesla drops price of FSD in Canada and US, and drops Model S/X Standard Range from lineup, cutting prices at the same time

After a major announcement earlier tonight with the launch of the Model 3 refresh in China and Europe, Tesla has made some significant changes for the North American market. The automaker has lowered the price […]