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Tesla produces some of the most popular electric vehicle nameplates on the planet. The electric vehicle and clean energy company has made a name for itself in the EV space. It’s the automaker to beat when it comes to electric vehicles. The Tesla Model Y is the brand’s small electric SUV. It just got significantly cheaper.

Get the Tesla Model Y for under $48K

The Tesla Model Y has a current starting price of $54,990 after a recent price bump, according to Reuters. Why would Tesla suddenly raise prices after lowering them recently? The automaker learned that the Model Y small electric SUV is eligible for the full federal electric vehicle tax incentive of $7,500 following the Inflation Reduction Act of 2022.

The Inflation Reduction Act revised the EV tax incentive and tweaked the requirements to favor EVs that are produced in America. The 2023 Tesla Model Y is eligible for the tax credit until March. After March, the Model Y will likely be eligible for a reduced version of the incentive. Since Tesla vehicles struggled with qualifying for any incentives for quite some time, this is great news for Model Y fans.

Subtract the $7,500 tax incentive from the 2023 Tesla Model Y’s current starting price of $54,990, and the EV’s price gets closer to $47,490. Here’s why a Model Y Long Range is a steal for under $48,000.

The 2023 Tesla Model Y Long Range boasts impressive specs

A white 2023 Tesla Model Y small electric SUV is parked.
The 2023 Tesla Model Y | Tesla

Tesla estimates that the Tesla Model Y Long Range gets an impressive 330 miles of driving range on a full charge. Give or take a few miles, the Model Y Long Range is undeniably one of the most practical EVs on the market. It isn’t just practical, either. The small electric SUV is also quick.

The 2023 Tesla Model Y Long Range can go from 0-60 miles per hour in about 4.8 seconds. Edmunds praises the small SUV’s acceleration. If you’re interested in a 2023 Tesla Model Y, this may be the best time to get it, thanks to the tax credit eligibility. At over $54K, the EV seems pricey. At under $48,000, it’s hard to resist. This pricing also puts the EV in a better position to compete with more affordable models like the Hyundai Ioniq 5 and Kia EV6.

Don’t forget about the Tesla Model Y Performance

The back of a red 2023 Tesla Model Y small electric SUV.
The 2023 Tesla Model Y | Tesla

The Tesla Model Y Performance is the final Model Y trim. It doesn’t get as much range, but it has plenty of giddyup.

The 2023 Tesla Model Y Performance starts at $57,990. After the EV tax incentive, the Model Y Performance’s price becomes a much more reasonable $50,490.

The Model Y final trim makes a massive 456 horsepower and 479 lb-ft of torque. It can go from 0-60 miles per hour in about 3.6 seconds. The aptly-named Performance trim delivers acceleration that very few electric vehicles can compete within that price range. It gets about 303 miles of driving range.

Let us know which Tesla Model Y trim you’d go for in the comment section below.


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