The world’s most popular electric vehicle is surprisingly affordable following new developments. Tesla has slashed prices across the board. The electric vehicle and clean energy company is looking to snuff out the competition by making drivers an offer that’s tough to refuse. So, should you get a Tesla Model Y now that the EV automaker has reduced its price, or do alternatives offer more value?

The Tesla Model Y is one of the brand’s most impactful models

The Tesla Model Y is currently the most popular electric vehicle in the world. It beat out the Model 3 sedan for the top spot. Tesla has been producing popular electric vehicle nameplates for over a decade and has been in business for two decades. The electric vehicle and clean energy company has experienced plenty of ups and downs, but it’s arguably the most dynamic automaker in the industry at the moment. Its stock price is certainly among the most volatile (for better or worse).

Tesla has been shaking up the industry for years, and its electric vehicles have changed the way millions of drivers look at transportation. Range anxiety is dying out as automakers develop electric vehicles with plenty of driving range and fast charging capability. Charging infrastructure isn’t where it needs to be, but it is progressing.

The Tesla Model Y is leading the charge for EVs (no pun intended). Small SUVs are currently the most popular vehicles in the world thanks to models like the Toyota RAV4. So, when electric vehicles become more ubiquitous, the most popular small electric SUV could become the most popular vehicle in the industry. Watch out Toyota, Tesla is aiming to dominate the auto industry in the years to come.

How much does the 2023 Tesla Model Y cost?

Tesla has officially added a base model Tesla Model Y to its order options on its United States website. Prior to the addition of the base model, consumers could only choose between the Long Range and Performance trims due to availability.

According to CNN Business, Tesla cut prices for the fifth time since the year started. The Model Y starts at $49,990. The site claims that it’s eligible for the $7,500 federal electric vehicle tax credit. If the incentive is included, the Model Y’s starting price is closer to $42,490. The Model Y hasn’t been this affordable in quite some time.

The 2023 Tesla Model Y Long Range now starts at $52,990, and the Performance configuration starts at $56,990. So, is now the time to grab a Model Y?

Should you get a Tesla Model Y?

The 2023 Tesla Model Y has an estimated 279 miles of standard driving range. That’s an incredible amount of range for its price. It has a top speed of 135 miles per hour. The Model Y can go from 0-60 miles per hour in just 5.0 seconds.

The Tesla Model Y is easily one of the best options in its segment. If consumers can successfully take advantage of the federal electric vehicle tax incentive, the Model Y is arguably a better deal than rivals like the Hyundai Ioniq 5 and Ford Mustang Mach-E because of its standard driving range and quickness.