Where is it least expensive to buy a Tesla Model Y?
Tesla’s electric vehicles are now available throughout many world auto markets, but where can you buy Model Y SUV for the cheapest price? While Singapore, Israel and Mexico represent the three countries where Tesla’s best-seller costs the most, the U.S. falls somewhere in the middle, and one country holds the crown for offering the cheapest Model Y units in the world.
Above: A Tesla Model Y off-roading. Photo: Tesla
The cheapest price for a Tesla Model Y can be found in China, costing an average of just $40,411 USD according to global pricing data measured in U.S. dollars and compiled by Bloomberg. The news comes after multiple price cuts in China over the past couple of months and a production upgrade that significantly increased Tesla’s output capacity at Gigafactory Shanghai.
The remaining top ten countries for the cheapest Model Y price included a four-way tie between Slovakia, Latvia, Lithuania and Estonia ($44,323) for second, in addition to Japan ($46,300), New Zealand ($48,393), Macau ($49,509), France ($49,617) and Australia ($51,093), based on a multi-state average).
Singapore and Israel were among the world’s most expensive places to purchase a Tesla Model Y. The U.S. ranked the ninth most expensive country in which to purchase a Model Y, though it’s worth noting that different states offer different incentives for EV purchases — causing the price to be dependent on where in the U.S. it is sold.
“Automobiles are generally more expensive in places like Singapore and Israel due to higher taxes, duties and registration fees versus China and Europe,” Morningstar Research Services equity analyst Seth Goldstein said. “If we see an economic slowdown in 2023, we could see commodity prices fall, so input costs would go down. If this happens, I’d expect Tesla and most other automakers would cut prices again to boost demand.”
Of the 42 countries included on the index, Singapore offered the most expensive Model Y in the world, costing as much as S$142,471 ($103,800 USD) — rising to over $180,000 after levies for some.
Despite the high price of the Model Y in the country, Singapore-based finance professional Alexander Ang said Tesla’s SUV offered “the most bang for my buck” compared to the other EV options available. Ang also said that “the choices were limited.”
“Sure, it’s definitely expensive but it’s the same for any car in Singapore,” Ang said. “A similar-sized EV from other manufacturers is more expensive than Tesla because of additional dealership charges and they don’t have as much legroom in the rear.”