Tesla's Price Drop: Is It Time to Buy the Model Y?

As we enter 2023, articles related to Tesla have become a hot topic.

Until last year, the company frequently raised prices,

but since the beginning of this year, they have introduced price cuts, perhaps sensing a crisis.

Moreover, they are also facing large-scale recall incidents that seem to arise just when we forget about them.

Today, I will share various information about the Tesla Model Y and

the evaluations from owners for those contemplating a purchase.

Many people choose the Tesla Model Y as a family car due to its ample cargo space.

I have three friends who switched from the Model 3 to the Model Y because of space.

They all express high satisfaction with the cost-effectiveness and driving performance of electric vehicles.

Before I test drove a Tesla, I felt hesitant about the empty space, except for the center monitor.

However, after experiencing the test drive,

I found it convenient to control everything while driving with just the center monitor, which made it quite appealing.

This made the space feel even more spacious, and I think this model successfully eliminates drivers' preconceptions while optimizing space efficiency.

Tesla stands tall as a global electric vehicle brand, surpassing many automotive brands,

and both Tesla and its owner, Elon Musk, always find themselves at the center of attention.

However, despite its success, discussions about a potential crisis began when Tesla's stock price started to plummet.

Now that many global automotive brands are producing high-quality electric vehicles,

Tesla feels like it has transitioned from a unique entity to a more ordinary one.

I also considered purchasing the Model Y.

I quickly made the purchase before a price increase, thinking that if I received the full electric vehicle subsidy, I could profit when I resell it later.

However, since I frequently drive long distances,

I decided against the Tesla Model Y, as its highway driving satisfaction is lower compared to city driving.

If I had planned to drive primarily in the city, I would have bought it immediately,

and I would have been smiling at the timing of last year's price increase.

However, 2023 has brought significant changes.

Tesla has implemented price cuts since the beginning of the year to defend its market share, with the Model 3 seeing a reduction of approximately 600,000 KRW (about 455 USD) and the Model Y about 1,000,000 KRW (about 758 USD).

If I had purchased it around this time last year, I would have broken even, but thanks to these changes, the Model Y sold out in the U.S. market in the first quarter.

In South Korea, they are running special promotions due to leftover stock of the 2022 models.

Tesla Korea is offering a discount promotion of 9,000,000 KRW (about 6,810 USD) for the 2022 Model 3 and Model Y.

This method, often used by imported car brands, has now started to be applied by Tesla.

In fact, considering that Tesla has not changed its design since its release, there seems to be merit in not insisting on the 2023 model.

In the first quarter of 2023, there was also a large-scale recall incident.

The issue involved loose bolts securing the frame of the seat backrest, which could degrade the performance of the seatbelt and pose safety risks in the event of an accident.

Tesla emphasized that this was not a major problem but rather a precaution for customer safety.

However, reports of the steering wheel detaching while driving have led to a recall, attributed to the same issue of loose bolts.

I don't understand why the bolts keep loosening during driving, but it sounds alarming.

I've also heard evaluations from Tesla Model Y owners.

Many owners highlight the driving performance as a satisfying aspect, especially noting higher satisfaction with city driving compared to highway driving.

They mention the convenience of controlling features through the 15-inch center monitor, the economic benefits of electric vehicle efficiency, ample cargo space,

and the excellent driving assistance systems (autopilot, etc.) as key advantages.

Some owners express satisfaction with the design, but this is subjective and varies by personal taste.

When it comes to drawbacks, owners often mention panel gaps, which have been a long-standing criticism.

Additionally, they express concerns about the hard suspension affecting highway driving comfort, and some dissatisfaction with the navigation system in South Korea.

Despite these drawbacks, many people around me still express their intention to purchase the 2023 Tesla Model Y, indicating a strong perception that no other electric vehicle brand matches Tesla.

For those considering purchasing the Tesla Model Y, I will share a comparison of the Long Range and Performance models.

Comparison of Specifications for Tesla Model Y

Overall Length (mm)

4,750

Overall Width (mm)

1,920

Overall Height (mm)

1,625

Wheelbase (mm)

2,890

0-60 mph (seconds)

5.0

3.7

Wheel Size (inches)

19 or 20When looking at the driving ranges of the two models, the Long Range offers 511 km, while the Performance provides 448 km.Comparison of Estimated Prices for the 2023 Tesla Model YGovernment Subsidy: 2,600,000 KRW (about 1,965 USD)Government Subsidy: 2,600,000 KRW (about 1,965 USD)However, using KS Auto Plan's long-term rental service allows you to use the vehicle without the burden of upfront costs.they offer the advantage of operating at lower rental rates through competitive estimates.When looking at the stock list from KS Auto Plan, I found various Model Y options available, including exterior colors, trims, and features.

21	Driving Range (km)	511
448
For domestic use, the Performance model’s driving range is still quite sufficient, and with the increasing number of fast charging facilities, including Superchargers,	the difference in driving range may not be significant in your decision.
Based on combined efficiency, the Long Range model achieves 5.4 km/kWh, while the Performance model achieves 4.8 km/kWh.	The Performance model features 21-inch wheels, while the Long Range model comes with either 19-inch or 20-inch wheels.	The 0-60 mph time shows a significant difference, with the Long Range model at 5.0 seconds compared to the Performance model at 3.7 seconds. Those who enjoy thrilling high-speed driving should prioritize speed over economy when making their choice.

Vehicle Price: 78,400,000 KRW (about 59,000 USD) / Registration Tax: 3,600,000 KRW (about 2,700 USD) / Discount Amount: 570,000 KRW (about 430 USD)	=> Estimated Actual Purchase Price: 79,970,000 KRW (about 60,500 USD)	Vehicle Price: 85,000,000 KRW (about 64,000 USD) / Registration Tax: 4,000,000 KRW (about 3,000 USD) / Discount Amount: 650,000 KRW (about 490 USD)
=> Estimated Actual Purchase Price: 87,050,000 KRW (about 65,800 USD) When comparing the estimated prices, the Performance model is approximately 7,000,000 KRW (about 5,300 USD) more expensive.	This might explain why there are more Long Range owners among my acquaintances.	The 2023 Tesla Model Y can be purchased for around 80 million KRW (about 60,500 USD), which makes it a significant financial commitment.
They have secured stock reflecting the reduced prices for 2023, and since they deal with all capital companies in the market,		Large rental companies often secure stock in advance through pre-orders for popular models, allowing for immediate delivery after stock matching.

Individuals and businesses can benefit from long-term rentals or leases to optimize costs and achieve tax savings.

It would be helpful to work with KS Auto Plan's professional consultants for this aspect.

If you're just starting your business, you might find cost management and tax savings unfamiliar,

but you can easily learn about and apply these through consultations.

You can easily request consultations through their website, and even if you have estimates from other companies,

comparing them with KS Auto Plan's lowest price estimates will ensure you make a wise decision.

The more estimates, the better!

The results of the lowest price comparison can be received conveniently via text, KakaoTalk, or phone, so if you take just a few minutes to look into it, it will surely be worth your time.

This post received content production support from KS.

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