Tesla slashed prices by huge amount for all models, feel duped

[KRP_18]

Hi everyone,
Hope you noticed that Tesla slashed prices by a huge amount, 20-30K for all models. Especially feels bad because I paid at least 17K more for Model X than what it costs now. I bought it less than 3 months back.
There are a lot of people who bought cars from Tesla at that time because when we went for test drive, the sales rep were pressuring by telling that the incentives won't be there if we waited, etc, etc and so we bought at that time. But this is so frustrating to see such a huge price drop just after 2 months!!
I'm wondering why no one is complaining? We need to get together and sue Tesla and ask for money back.
Thanks for reading.

 

[HankLloydRight]

A lot of people are complaining about this -- check out other threads here and on Facebook and other Tesla forums.

You certainly can sue Tesla, but you won't get any money back. They did nothing illegal, there's no grounds to sue them. Companies raise and lower prices all the time. Some vendors do offer a "price guarantee" to protect customers against lowered prices for a short period of time, but Tesla is not one of them.

If instead Tesla raised the prices of all their cars, would you be sending them a check for the difference?

 

[Ostrichsak]

Sue Tesla for discounting their prices later after you agreed to a purchase for a product at a known price?

Bwahahahahahahahahahah!

Thanks, I needed that.

 

[ChrisInVegas]

Sure... it hurts when it happens, and it is natural for you to feel differently about your purchase. That being said, drive and enjoy your car with the knowledge that the next time you buy one it won't be as expensive. I am thrilled that Tesla is constantly working to make their cars more affordable, even if mine is less valuable.

MYLR and Ford Lightning owner. Did we lose value? Yes. Do we still love our vehicles? Yes. Am I excited when I sit in a parking lot and see a sea of Teslas? Yes. Will it hurt down the road when we want to trade? Yes.

 

[Ostrichsak]

Sure... it hurts when it happens, and it is natural for you to feel differently about your purchase. That being said, drive and enjoy your car with the knowledge that the next time you buy one it won't be as expensive. I am thrilled that Tesla is constantly working to make their cars more affordable, even if mine is less valuable.

MYLR and Ford Lightning owner. Did we lose value? Yes. Do we still love our vehicles? Yes. Am I excited when I sit in a parking lot and see a sea of Teslas? Yes. Will it hurt down the road when we want to trade? Yes.

Wait... new vehicles lose value? Since when!?!?!

 

[ChrisInVegas]

That short period of time when used cars were appreciating in value will take years to get out of everybody's heads. (Ok... not "everybody".)

The way I look at it: Both of the ICE vehicles I traded in were WAY overvalued at the time I traded them. I got more money than I should have when I traded. Now the value of the vehicles I purchased has gone down. It is almost a wash.

New vehicles are depreciating assets.

 

[zoomer0056]

I'm wondering why no one is complaining?

Welcome to the forum. Keep reading, you're not the only one who's sad. I bought my 2022 MSLR for $25,000 more than it would cost today. Add Biden's incentive that is now available. But I'm not sad. It's the best car I've owned.

 

[Ostrichsak]

New vehicles are depreciating liabilities.

FTFY

 

[houstonian]

The three years of FUSC is worth more than price discount for some at current energy prices.

The situation only improves if energy costs inflate up.

No issues for me at all for the price drop considering the Q2 3y promo.

 

[electronhauler]

I don't think you're annoyed about the price cut, you're annoyed by the time lapse. I bought a Model S in 2016 for $95k. they are much lower now yet I don't feel scammed or annoyed. the difference is the time!
How will you feel in 2 years when the price of raw materials may have doubled and the cars cost a lot more?
Relax and enjoy your car. When you bought it you thought it was worth it.. I doubt if that has changed.

 

[father_of_6]

Welcome to the forum. Keep reading, you're not the only one who's sad. I bought my 2022 MSLR for $25,000 more than it would cost today. Add Biden's incentive that is now available. But I'm not sad. It's the best car I've owned.

I appreciate you @zoomer0056 - you've got good character that just seems so rare these days.

the sales rep were pressuring

I have a really hard time believing this. When I bought my car, I spoke with several different "sales advisors", but they were nothing like typical sales reps... they don't fight each other over a sale, they don't even seem to care if you buy or not. It can be difficult to even get them to call you back. It seems like the opposite of pressure (they suck, LOL ).

Recently on a service visit, I asked the sales rep to test drive a Y... he was helpful, but as soon as I realized how little leg room the third row had, I declined the test drive. He didn't even bat an eye. He just said "ok" and left me to go back into the waiting room.

Tesla's "sales reps" are not really in "sales" at all... they're just customer service reps. Their paychecks are unrelated to your purchase.

As for the price drop - this same thing happened to me recently on nintendo.com. I bought Jenny LeClue - Detectivu (great game btw) for $24.99, but right now it's on sale for only $2.99. That's a whopping EIGHTY-EIGHT PERCENT OFF! That's a *way* higher percent than the recent price drops on the Model S/X.

I feel for you on your Model X purchase, but at least be thankful you didn't buy Jenny LeClue before the 88% sale.

 

[karkrazy]

I'm wondering why no one is complaining?

The howls of consternation were heard as soon as it was announced on… Sept 1?
Along with the whoops of joy (for obvious reasons). Seriously though, this has been discussed a lot, from both viewpoints.

We need to get together and sue Tesla and ask for money back.

Let us know how it goes… you have a ready audience in TMC

 

[RSpanner]

Two years after buying a Model 3 awd lr, I wondered what Tesla would offer on my car. Just the basic white/black interior. Exactly 2 years ol, 20, 246 miles, in nice condition. So, exactly $20k less..Usually, most of the cars I have had ( a lot of) depreciate arould $5k a year. Love the car, not selling, just a little steamed, but don't think about ..much.

 

[karkrazy]

Two years after buying a Model 3 awd lr, I wondered what Tesla would offer on my car. Just the basic white/black interior. Exactly 2 years ol, 20, 246 miles, in nice condition. So, exactly $20k less..Usually, most of the cars I have had ( a lot of) depreciate arould $5k a year. Love the car, not selling, just a little steamed, but don't think about ..much.

Same here. 2022 MY… got a trade-in number from Tesla. About $20k underwater. Oh well, still love the car, even though there’s no chance of getting rid of it without a bloodbath anytime soon.

And seriously considered getting a MX when the price plummeted

 

[Watts_Up]

Hope you noticed that Tesla slashed prices by a huge amount, 20-30K for all models.
Especially feels bad because I paid at least 17K more for Model X than what it costs now. I bought it less than 3 months back.
But this is so frustrating to see such a huge price drop just after 2 months!!
I'm wondering why no one is complaining? We need to get together and sue Tesla and ask for money back.

I understand that it is frustrating to see the value of your car depreciating so rapidly
but Tesla just follows the market trend by adjusting cars price to optimise profit and minimise inventory.

To give you a little bit of perspective, I was looking at the following article from iseecars on August 22, 2023.
The article reviewed only used Tesla, and excludes new Tesla from the EV list,
but this is well representative of the car market, and shows how hard it can be to sell cars competitively:

The Fastest- and Slowest-Selling New and Used Cars in Today’s Market​

​

Used cars sell faster as new car sales slow and EVs take twice as long to find a buyer​

​

The Tesla Model S is the slowest-selling used vehicle, taking an average of 88.3 days to sell​

​

New and used electric cars now take twice as long to sell despite massive price drops over the past year​

​

The Tesla Model Y is the fastest-selling used EV, taking an average of 47.6 days to sell​

Bottom 10 slowest selling used cars [ average days on Market ] [ average price ]

10. Buick Enclave	64.3 days	$ 32,000
9. Chrysler 300	64.7 days	$ 25,000
8. Chevrolet Blazer	65.9 days	$ 32,000
7. Land Rover Range Rover	68.4 days	$ 75,000
6. Tesla Model X	71.4 days	$ 71,000
5. Cadillac XT4	71.9 days	$ 32,000
4. Land Rover discovery sport	73.6 days	$ 30,000
3. Ford Mustang Mach-E	75.8 days	$ 42,500
2. Buick Envision	82.3 days	$ 29,100
1. Tesla Model S	88.3 days	$ 65,200

 

[KRP_18]

Hi everyone,
Hope you noticed that Tesla slashed prices by a huge amount, 20-30K for all models. Especially feels bad because I paid at least 17K more for Model X than what it costs now. I bought it less than 3 months back.
There are a lot of people who bought cars from Tesla at that time because when we went for test drive, the sales rep were pressuring by telling that the incentives won't be there if we waited, etc, etc and so we bought at that time. But this is so frustrating to see such a huge price drop just after 2 months!!
I'm wondering why no one is complaining? We need to get together and sue Tesla and ask for money back.
Thanks for reading

Petition for change: Preserve Residue Value for Tesla Customers, Refund Price Adjustments

 

[KRP_18]

GIVE TESLA FSD TO TESLA BUYERS WHO BOUGHT Pre-Price DROP

Can you spare a minute to help this campaign?

chng.it

 

[father_of_6]

Petition for change: Preserve Residue Value for Tesla Customers, Refund Price Adjustments

You wrote "Residue Value" here and on change.org. I think you mean "Residual Value". This is an incredibly silly cause.

 

[mm9351]

Here we go again. Thinking back to late 2021, I recall having a discussion with a sales advisor at Tesla who urged me to place an order 'now' to avoid future "price increases." At the time, it seemed like a fair judgment call as Tesla was raising prices on various models across the board. Admittedly, it was a reassuring justification to lock in at a price point that I felt comfortable with. "Tesla will never lower the price on these cars, right? Or so I thought...just look at the crazy through the roof demand..."prices are going up so obviously I need to act now." And so it happened, the M3P selling price jumped $4K in April 2022. Again, actions fully justified. Good call. And then the hammer dropped in January of 2023...price was slashed $9K.

History repeats itself on my Model S delivered on March 31 of this year. Fast forward 5 months and 1 day, the hammer dropped again with a $10K discount. Simple advice: Get used to it my friends. Upset, yes. Surprised, no. What makes this all so tolerable is I absolutely love my Model S.

 

[KMCC]

Hi everyone,
Hope you noticed that Tesla slashed prices by a huge amount, 20-30K for all models. Especially feels bad because I paid at least 17K more for Model X than what it costs now. I bought it less than 3 months back.
There are a lot of people who bought cars from Tesla at that time because when we went for test drive, the sales rep were pressuring by telling that the incentives won't be there if we waited, etc, etc and so we bought at that time. But this is so frustrating to see such a huge price drop just after 2 months!!
I'm wondering why no one is complaining? We need to get together and sue Tesla and ask for money back.
Thanks for reading.

Vehicle prices change constantly nobody pays the same price for a brand new car it's just more noticeable because when Tesla changes its prices it makes front Page News

I paid 52,000 for my 2018 M3 and $60,000 for my 2022 model y and I love them both.