When Tesla cut prices across the board last week, some worried the company had an oversupply problem. Not any more.
. The result has been electrifying. Pardon the expression. According to Edmunds, prior to the price cuts, the Model Y was the 70th most researched vehicle. In the week following the price cuts, it jumped to 2nd place. The Model 3 was 36th before and 11th after the price reductions., Edmunds analyst Jessica Caldwell wrote on Thursday, “These price cuts, as well as inventory on the ground, will win Tesla market share and help consumers overlook the brand’s aging lineup.
When dealers start marking up cars that are in high demand — which most electric cars are — the rules of the game are violated and customers feel cheated. They expect to pay less than sticker price, not more. With Tesla, the price is the price. It might go up or down tomorrow, but if today is the day you decide to buy, you get the same deal as everyone else. People purport to like haggling, but in truth, most are happy not to play games with a dealer in the showroom.
as it sees fit whenever it thinks it should do so. The only thing that changes is its profit margin after a price adjustment. Since Tesla enjoys margins that are up to three times greater than most legacy automakers, it has the flexibility to lower prices significantly and still make a profit that would be the envy of any other automaker.
“Now is the time to research vehicle inventory, secure financing, and determine how current and upcoming EV tax credits will impact your purchase,” Drury wrote in a note. “Price cuts of 20% or more, with incentives, nationwide don’t come around often, so acting now is in your best interest before any corrections in the opposite direction.
“He who hesitates is lost,” my old Irish grandmother liked to say. Gather your rosebuds while you may.
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