Tesla EVs offer the best value for money relative to the US car market.

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• Tesla models sell for less than the average American new car.
• Recent price reductions have been extensive on both the Model 3 and Model Y Teslas.
• Rivian and Ford were among the automakers that followed Tesla's lead by reducing prices in January.

According to Bloomberg, some of the most sought-after Tesla models are being sold at a fraction of the cost of new cars in the US.

According to the report, Tesla Model 3 is selling for almost $5,000 less than the average US car.

The Tesla Model Y is still available at a discount, even though its price has been reduced by $13,000 since the beginning of this year.

The lower-end Tesla Model 3 starts today at $42,990. This price doesn't include the $7,500 US tax credit that was added in January, which brings the price down to $35,500.

The price of traditional gasoline-powered cars has risen sharply in recent months due to a shortage of computer chip technology, inflation of raw materials, and an intentional move by automakers to maintain inventories. Bloomberg reported that the average vehicle cost was nearly $48,000 in January, an increase of $10,000 since the beginning of the pandemic.

On January 12, Tesla announced the first price reductions. Rivian and Ford quickly followed Tesla's lead and did the same.

According to Edmunds data, Tesla's price reductions drew more buyers interest.

This helped to spark a huge turnaround in Tesla stock, which plunged by 65% last fiscal year. It has already risen 64% in seven weeks, and many analysts predict a further rise in shares of the electric vehicle maker.

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By: bevans@insider.com (Brian Evans)
Title: Tesla EVs are the cheapest they have ever been relative to the overall US auto market
Sourced From: markets.businessinsider.com/news/stocks/tesla-price-model-3-cheapest-ever-us-auto-market-outlook-2023-2
Published Date: Tue, 21 Feb 2023 20:48:00 +0000

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