Is a 2023 Tesla Model Y Performance Really Worth Over $54K?
Tesla is one of the leading producers of electric vehicles in the world. It’s responsible for the majority of the electric vehicle market share. The Tesla Model Y was the dominant EV in the space in 2022. In 2023, the Tesla Model Y is taking over the world. Tesla recently cut prices, causing a price war and making the small electric SUV arguably more competitive in the U.S. than ever before. Is the fully loaded Tesla Model Y worth the money following price cuts, or is it overpriced?
Is the 2023 Tesla Model Y Performance worth the money?
The Tesla Model Y Performance starts at $54,490 (as of the time of writing). Tesla is known for pricing rollercoasters, but the current Model Y Performance price is the most affordable the fully-loaded SUV has been in months. Based on its specs, the final Model Y configuration is currently worth its price for drivers that value acceleration and an exhilarating driving experience.
Tesla CEO Elon Musk’s adoration of sports cars and supercars is well-documented. The very first Tesla model, the Tesla Roadster, is a sports car designed for performance over practicality or affordability. The Model Y’s base model is the better option for the average driver, but the Model Y Performance truly captures the spirit of the brand.
The clean energy and electric vehicle company has always strived to break new ground and push limits. Its small electric SUV is generally impressive, but the Performance configuration’s specs outshine the base and Long Range models. The main appeal of the fully loaded version is its rapid acceleration.
The 2023 Tesla Model Y Performance can go from 0-60 miles per hour in just 3.5 seconds. That makes it quicker than models like the 2023 BMW X3 M Competition and the 2023 Porsche Cayenne Turbo. It has 303 miles of driving range, which is incredible for a small electric SUV.
Is the Tesla Model Y Performance practical?
The 2023 Tesla Model Y Performance is one of the most practical EVs in its segment. It has enough cabin and cargo space for small families. Its driving range is far superior to many of its competitors. Ideally, Model Y Performance owners will have access to a home charger or local charging infrastructure. Tesla has one of the most advanced and developed EV charging networks on the planet.
So, $54,490 may seem like a lot to cough up for a small SUV (because it is), but the Model Y Performance provides adequate value to justify its price over a long-term ownership period. The average new vehicle ownership period is roughly 8.4 years. Tesla offers an eight-year/120,000-mile warranty on the EV.
Does the Tesla Model Y Performance qualify for tax credits?
Electric vehicle tax credit eligibility is tricky, to say the least. The Biden administration introduced the Inflation Reduction Act of 2022, effectively revising the criteria of eligibility for the federal electric vehicle tax credit. As a result, many vehicles that were previously eligible no longer make the cut, and some models that were absent from the list in previous years are benefitting from the incentive.
According to CNN Business, the 2023 Tesla Model Y Performance is not among the configurations and model years that qualify for the incentive. The 2022 Model Y Performance is included on a list of eligible electric vehicles. While this is disappointing, the 2023 Model Y Performance remains affordable enough for many drivers regardless of tax credit eligibility.