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Tesla Model 2 News & Insights

There has been more news revealed recently about the Tesla Model 2. You may or may not have heard about this vehicle that is in development by Tesla. The Model 2, (expected to be set for production in 2025) is designed to be a disruptor in the budget EV market. At just £22,000 – this vehicle is set to be the most affordable electric car on the market – will the Model 2 help push the way in which EV sales have been moving in the UK to further heights? We take a look at the features that are expected on the new Tesla Model 2 & the likelihood of this vehicle disrupting the car market in the UK further. 

Some key features that we already know about the Model 2 are below:

  • The car is set to be sold at a highly affordable price tag of £22,000, especially affordable for an EV.
  • Elon Musk has more or less confirmed that the design is likely to be a crossover in design.
  • The Model 2 is built on a new platform, named ‘Project Redwood’
  • The car is expected to have a range of at least 250 miles.
  • Set to be produced in Austin and then added to the Berlin megafactory for European distribution.
  • This car is specifically designed for the European market so it will be interesting to see the impact it has on the UK Market.

We are the leading independent provider of Tesla valuations and buyers of Tesla vehicles in the UK. If you are looking to sell your Tesla Model 3, Model S or Model Y then we can provide you with a guaranteed 48-hour valuation. If you are happy with your valuation then you can accept your valuation there and then or within the 48 hours. We will then arrange for the collection of your Tesla at a time that suits you and a location that is ideal for you. Get a free online valuation today.

What We Know About the Tesla Model 2

Tesla has provided limited detail in some areas but then a wealth of information on other areas of the new car. As mentioned in the summary, the car was revealed to be likely a crossover in January and information was released about a collaboration on the battery and charging technology with Chinese super-company CATL. We therefore know the range will aim to be at least 250 miles which for the affordable price tag of the car would be impressive at an entry-price EV. 

Designed to Target the European Market

The decision for the Model 2 to be added to the Berlin factory and the fact that the Model 2 is a smaller size than the other models means that it’s highly likely to be geared towards the European market. We have smaller cars on average than the USA and smaller and more affordable EVs are better suited towards smaller European cities and city driving. The Berlin factory also eliminates import costs if having to be imported from the other major factories in the USA and China.

The Model 2 is definitely going to cause some disruption in the market especially when looking at the success of the Model 3 in 2023. At this price range – this allows a new level of drivers even potentially as their second or third car. We will keep reviewing any new updates on the Model 2 as well as share future updates in our blog.

We are the leading independent provider of Tesla valuations and buyers of Tesla vehicles in the UK. Use our free online valuation tool today!

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2.9% APR on New Model Y’s & Hesitant Model Y Updates in China

In this article as part of our regular updates on the Tesla market, we take a look at 2.9& offers on APR for new Tesla Model Ys as well as China’s hesitant Model Y update. Deciding not to go through with an update that wasn’t even as advanced as the Project Highland update and releasing a more limited update to their new models – what does this suggest about the global market? How can you sell your current Tesla to capitalise on the 2.9% APR currently offered by Tesla for the New Model Y? Read our blog to find out more.

If you are looking to sell your Tesla then look no further. At We Love Tesla, we are the leading independent buyer of Tesla vehicles in the UK. We are able to offer you a guaranteed valuation for your used Tesla for 48 hours. If you are happy with your valuation then you can go ahead and accept and then we are able to arrange the pickup of your Tesla at a time and location that suits you. Get your Tesla valuation today.

2.9% APR Available on Tesla Model Ys

With these types of deals available, it’s a great time to consider looking to drive a new Tesla Model Y. With a number of different options available, it’s a great time to consider selling your current Tesla vehicle and then using the money that you obtain to arrange for a finance or leasing option. We are able to support you in getting the best deal possible for your Tesla. We have our online valuation form where all you need to do is fill in the relevant details of your Tesla. Our database will then provide you with an accurate valuation for your Tesla vehicle.

We are not like auction companies. We will offer you a guaranteed valuation. Although auction companies provide potentially high estimates, this is not a guarantee of the price that you will pay. We have also had many instances where our guaranteed valuation prices were higher than auction estimates so get your free valuation today.

Hesitant Release of the Updated Tesla Model Y in China

China released the updated Model Y but did not decide to fully roll out the upgrade. The full upgrade wasn’t even as extensive as updates such as Project Highland for the Model 3 but why was the update so hesitantly released by Tesla and not even carried through? Some market insights and potential reasons with cross-references to what Tesla and Musk have said are below:

  • Elon Musk as we covered in our last article has said that China is prepped to fully take over the Electric Vehicle market if they do not face regulation. This could be an indicator that Tesla do not want to roll out specific updates and risk not being able to sell excess stock if Chinese manufacturers undercut the Model Y in terms of price.
  • Tesla had issues selling vehicles in other countries which led to the price slash that happened at the end of the quarter last year. This could also be leading to fears that investing in the manufacture of fully upgraded Model Ys in China could see these overstocked again.

If you are looking to sell your Tesla then look no further. At We Love Tesla, we are the leading independent buyer of Tesla vehicles in the UK. It’s a great time to think about buying a new Tesla, especially if you are looking to enjoy deals such as the 2.9% APR on New Tesla Model Ys. 

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Tesla Market Insights & 2024

Tesla has stated & warned at the start of 2024 that it expects ‘notably lower’ sales growth than in 2023. With a record 1.8 million Tesla vehicles sold in 2023 due in part to the Tesla price slash at the end of the year, this would mean that it would be reasonable to expect that sales growth would be difficult to match unless a price slash was implemented again. But there are other factors that Tesla has assigned blame for their predictions for 2024. We take a look at Tesla market insights from the start of the year as well as reviewing what Tesla expects to see which we will continue to monitor throughout the year.

Looking to buy a new Tesla in 2024 and want to sell your Tesla? We are the leading independent valuation provider and buyer of used Tesla vehicles in the UK. We will offer you a guaranteed valuation for 48 hours and should all of the information provided be correct about the model and condition of your Tesla – we will purchase your Tesla at the agreed price. Use our free online valuation tool to arrange for a quote now.

Tesla & Elon Musk’s Anticipation for the Market in 2024

Elon Musk has acknowledged that he feels that the Chinese market will “pretty much completely demolish other car companies in the world” unless there are serious trade regulations put into place on these companies. Regardless of this, Tesla told shareholders that it doesn’t expect significant figures in sales growth until new models are released to the public.

 If you look at global figures, there are several Chinese companies producing EVs and their sales figures do support Musk’s claims. China has quickly become a global force in the EV market and in terms of overall automotive market share, it wouldn’t be a stretch for them to potentially be the 2nd largest exporter globally of passenger vehicles in the next few years. Chinese manufacturers have also moved to slash prices which also coincided with BYD outperforming Tesla as the world’s top-selling electric car manufacturer in Q4 2023.

The UK Market & Tesla Vehicles

Moving now to Europe & the UK market, 2023 saw increases in sales of electric vehicles overall but sales of ‘traditional’ combustion vehicles still held the top spot in terms of overall sales. Volkswagon was the top-selling manufacturer in 2023, with just over 162,000 cars registered in 2023. The top-selling car in the UK was the Ford Puma in 2023 so we haven’t seen a complete shift in terms of EVs vs traditional vehicles in 2023. Tesla saw overall sales in the UK at just over 85,000 which is an impressive number. But with the claims from Tesla and Musk, it will be interesting to keep an eye on the market and how Tesla sales perform in 2024.

Reviewing the Market in 2024

We will keep an eye on the market throughout 2024 and provide regular updates on how the market may change. Several factors may affect the market going forward which is why we will continue to monitor the market as well as any changes that do occur. With new models on the horizon and other aspects in the pipeline for Tesla, it will be highly interesting to see how the market progresses in 2024 and beyond.

Obtain a free valuation for your used Tesla today with our online valuation tool. We will offer you a guaranteed valuation for 48 hours and should all of the information provided be correct about the model and condition of your Tesla – we will purchase your Tesla at the agreed price. Use our free online valuation tool to arrange for a quote now.

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Tesla US ‘Recall’ & Tesla Autopilot Technology

To find out relevant information on Tesla recalls for the UK market, you can visit Tesla’s designated page.

Recent news from the US that has made headlines across the world is that Tesla has recalled millions of their EVs for a vital computer system upgrade/update. More than 2 million vehicles have been recalled in efforts to quell concerns about their Autopilot advanced driving system. But is this recall an alarming figure or just a standard part of the development process of vehicle ranges? We provide our insights below.

Looking to sell your current Tesla and get an upgrade? Use our free and 48-hour guaranteed Tesla valuation tool. There are exciting new ranges of Tesla vehicles and upgrades to current models being rolled out to the UK in 2024 so it’s a great time to think about upgrading to a new Tesla vehicle.

If you are happy with the price you can accept it straight away and we will arrange for the collection of your Tesla. We will not leave until the money enters your account and we will check the details you provided against your Tesla upon collection. Contact us directly if you require further information and we would be happy to help.

Is This Recall as Alarming as It Seems?

On paper, the recall of over 2 million vehicles certainly seems alarming but when a manufacturer recognises a potential issue that is becoming prevalent with certain vehicles. The mass recall may seem alarming but Tesla is doing all that it can to ensure that there is a base standard across technology and safety across these vehicles. This recall has been applied to almost every Tesla sold since Autopilot was officially launched in 2015. 

All manufacturers identify faults that need to be fixed. Although this is branded a ‘recall’ it’s an over-the-air software update. It doesn’t require the vehicles to physically be returned to Tesla which cannot be said for other recalls from Tesla and other manufacturers.

What are the Issues With Tesla Autopilot?

There have been social media videos in circulation of Tesla Autopilot going wrong which is why the media has been fixated on this topic in recent days. A probe in August 2021 by NHTSA revealed that Tesla vehicles in autopilot mode collided with more than 12 stationary emergency vehicles. But is it driver misuse that’s causing these issues rather than the system being flawed in itself?

Fact Check – The Recall May Not Even Fix Issues With Autopilot

This all boils down to what the issues with the software are. The software is getting updates to provide more prominent visual alerts, simplifies going in and out of Autosteer and makes the risks more evident when turning on the system. This isn’t a software issue that’s causing the collisions to take place, the NHTSA ultimately concluded that it was driver misuse and failure to intervene in the cases in which collisions occurred. So the fact that the system is being ‘fixed’ is a confirmed myth – the system is being made to be safer in use rather than the system itself causing collisions and accidents.

Autopilot as Driver Assistance

Autopilot is a driving assistance tool and should be treated as such. Consider the technology more as a lane management and stability tool and be fully aware of the risks. The system helps with driving but driver intervention is still key and it’s highly important to ensure that you are continuing to drive safely and monitor hazards with this driving mode engaged.

Looking to sell your current Tesla and get an upgrade? Use our free and 48-hour guaranteed Tesla valuation tool. There are exciting new ranges of Tesla vehicles and upgrades to current models being rolled out to the UK in 2024 so it’s a great time to think about upgrading to a new Tesla vehicle.

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Project Highland Changes – Frustration for UK Motorists?

Last month we discussed that Project Highland has officially been launched for 2024 in the UK. The new and improved Tesla Model 3 has some interesting features announced which we discussed in our previous article. However, now that the dust has settled – some of the features UK motorists & car critics turned out to be not so excited about. 

This article takes a look at the features that people weren’t so happy about. We also take a look at why these features were considered and why they are being featured in UK vehicles. We’ve already seen some of these mentioned features in Teslas in Australia which has the same road system as the UK. Does this mean that new Tesla Model 3 owners are going to have to just adapt to the new changes or choose a different car? We take a look below.

If you are excited about the new Tesla Model 3 then why not prepare for the launch for an upgrade and get a guaranteed valuation for your current Tesla? We will offer you a guaranteed 48-hour valuation subject to the details provided is accurate and the vehicle is in the condition mentioned. Find out more by visiting We Love Tesla today!

Gear Shift Changes – Frustration for Motorists?

The gear shift changes have been completely moved on the new Tesla Model 3. Previous models featured the gear shift on the indicator stalk but you may be surprised to note that the indicator stalk has been removed in its entirety. The gear shift feature is now situated on the touchscreen as Tesla enthusiasts noticed in the updated images and promotional material for Project Highland that the indicator stalk had indeed been completely removed.

Positive Points for the Gear Shift Changes

There is no doubt that vehicles are becoming more modern and the features and functions of a new vehicle mean that you have to re-learn where a lot of the features in your car are now situated. Moving from an older Tesla to the new Model 3, many features are improved or the same so there are only a few additional features to deal with. Some highlighted that the indicator buttons whilst being confusing at first were on the left of the steering wheel – new owners would get used to this over time.

You are also able to opt for the backup system but this is on the roof.

Negative Gear Shift Feedback From Those Interested in Project Highland

Some overseas owners who already have driven the new Model 3 were less than impressed with the changes. They said that it’s a challenging system while at high speeds for such an important feature as shifting gears. Others mentioned that they even had to take their eyes off the road when switching to reverse or going forward.

What is the reason for these changes? People in support suggest moving towards a modern and integrated design whereas critics questioned whether this was a cost-cutting exercise to make the system cheaper to build and install on the new Model 3.

The Indicators Have Also Been Moved – Sparking Controversy

As we mentioned above, the movement of the indicator stalk means that any form of traditional indicator has been removed in the new Tesla Model 3. This was a key point that is not surprising to have sparked controversy. It’s going to take some getting used to and it’s such an integral part of the driving system/experience that it’s a very controversial feature to change. Similarly to the sentiments from both sides of the camp, new owners are going to have to get used to the system and people who were positive about the changes suggest this is part of the Tesla minimalist design. Whereas critics suggest that this is another cost-cutting exercise by the manufacturer.

Despite the changes if you are going to upgrade to the new Tesla Model 3 in 2024 then why not prepare for the launch for an upgrade and get a guaranteed valuation for your current Tesla? We will offer you a guaranteed 48-hour valuation subject to the details provided is accurate and the vehicle is in the condition mentioned. Find out more by visiting We Love Tesla today!

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The New Tesla Model 3 Revealed

The long-awaited redesign of the Tesla Model 3 has been announced by Tesla. The redesign includes various upgrades for the saloon including exterior and interior changes and an increased charge range of up to 423 miles.

These are exciting developments for the Model 3 and will provide upgrades that many who are looking to start driving an electric vehicle will find enticing in terms of choosing Tesla as the manufacturer of choice. For those who are looking to drive a newer Tesla vehicle, this will also be great news as they may want to upgrade from their current Model 3 to a newer vehicle or from another vehicle into this new and modernised design for 2023 / 2024.

In this article, we discuss the new changes as well as how the rollout of new Model 3s may affect the entire Tesla market.

Are you looking for a valuation for your used Tesla vehicle? Use our free, no-obligation quotation form today to obtain a 48-hour guaranteed valuation. If you are happy with your valuation then we will arrange for pick up of your vehicle at a location that suits you. Providing that the details that you were provided about your vehicle were correct, we will not leave until the money for your vehicle enters your bank account.

When Will the New Tesla Model 3 Be Available in the UK

The new Model 3 will be available in Europe next month but won’t be available in the UK until some time next year. The price isn’t expected to change and should be around the £42,000 mark in the UK when the new vehicles appear on the market. Depending on the specification, the performance model would be the maximum at just under £59,000.

Insights into What the New Model 3 Will Bring to the Market

The addition of a new Tesla vehicle in the market will naturally increase the number of Teslas that are available. The Model 3 is already the best-performing model in terms of sales worldwide for Tesla so it’s likely that the market will continue to increase with the number of new Teslas and therefore the number of used Teslas that will be available in both markets. 

Will the New Model 3 Change the Tesla Market?

It’s likely that it will take a year for the new Model 3 to make an impact on the current market but with Tesla manufacturing continuing to produce new vehicles, the number of used Teslas available is going to increase further. Should current owners of the Model 3 want to make an upgrade to a newer model, this will mean that they will sell their old model and add additional Model 3s to the market. 

Tesla’s Continued Innovation & Challenges

It’s not just the new Model 3 that is coming. The release of the Cybertruck, the Roadster 2.0 & the Tesla Model 2 (designed to be even cheaper than the current Model 3) are all approaching and this shows the ambitious plans of this manufacturer as we progress into 2024. Tesla has also caused ripples in the market by slashing prices throughout 2023, likely due to missing production and manufacturing targets. The infrastructure will also need to improve in the UK which is a government-related problem. It will be highly interesting to see how this ever-growing and changing market develops in 2024 and beyond.

Are you looking for a valuation for your used Tesla vehicle? Use our free, no-obligation quotation form today to obtain a 48-hour guaranteed valuation. Our valuation is easy to use and designed to help you get the best valuation possible for your Tesla. Obtain your Tesla Valuation today.

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The Tesla Project Highland is set to overhaul the Tesla Model 3

Since November 2022, there has been speculation regarding the Tesla Model 3 and the proposed reports that Tesla has been working on an update and refresh for one of their most popular vehicles. The current reports all lead to something Tesla is dubbing the code name – “Project Highland”.

However, as speculation has been building, little has been confirmed on the side of Tesla. Until recently when Tesla CEO, Elon Musk, finally gave some sort of confirmation about the supposed overhaul of the Tesla Model 3 in the most typical Elon Musk-style way.

Although it may be grasping at straws, Musk recently tweeted about the new Tesla Cybertruck parked next to a Tesla Model 3 on Twitter. A cunning Twitter user replied, “Cybertruck and Project Highland parked next to it.”, to which he responded by liking the tweet.

Now, this isn’t the end-all and be-all however the acknowledgement from Musk shows promising signs that the Tesla Project Highland reports are somewhat pointing in the correct direction.

So, what is the Tesla Project Highland and what does this have to do with the Tesla Model 3 and its features?

What is Project Highland?

Project Highland was first uncovered in November of 2022 and was a codename for the updates and changes that were planned to take place on one of Tesla’s most adored vehicles, the Tesla Model 3.

These changes will be the largest update that the Tesla Model 3 has ever seen since it was first introduced to the market in 2017. These updates have not been confirmed however the number of leaks and information that has been circulating the internet in recent months beg to differ.

What are the features of Project Highland?

Although Tesla is continuing to keep a hush on the worst-kept secret since their last one, there are a few unconfirmed rumours that we know are coming to the new Model 3.

The revamp of the electric car will see internal and external updates that will aim at turning the Model 3 back into Teslas best selling automotive vehicle. Currently, the Model 3 has been overshadowed by the Model Y SUV which is outselling the Model 3 by 46.29% in the UK in 2022.

However, this complete overhaul of the interior and exterior of the model will look to implement new changes that will revolutionize and build hype back around the Model 3.

In addition to the decline in sales, Project Highland is designed to cut production costs by decreasing the components used within the car whilst still painting the high-quality and innovative designs that Tesla is known for.

Some of the changes that are currently rumoured in the Project Highland update include, front and rear bumper sensors, redesigned headlights, additional cameras and improved internal hardware.

Improved Front and Rear Bumper Sensors & Additional Cameras

From what we know, the Project Highland update will completely overhaul the Model 3 front and rear sensors so that they now contain Tesla’s FSD Hardware Version 4.0 technology. This technology has 12 camera inputs instead of the typical 9 and will include 1,2 Mpixels and LED flicker mitigation which will improve the Tesla’s ability to read digital signs. It will also aim at reducing the camera blindspots currently on the old Tesla Model 3 and will include heaters that will reduce the build-up of fog to help aid with visibility.

Improved Internal Hardware

The overhaul of the interior of the Tesla Model 3 will also include an improvement on the internal hardware of the car including an FSD 4.0 computer that is over four times faster that the current 3.0 hardware version found in the Model 3. In addition to this, it will come from 20 processing cores rather than the typical 12. The FSD 4.0 also has an HD radar known as the Phoneix which has a much higher resolution than seen in the current Model 3 designs. Furthermore, it will contain a heater that will be used as protection to reduce snow, frost and ice from getting intertwined with the signal and causing issues. It will also use the same battery packs that are currently found in the Tesla Model Y which will help to reduce on production costs compared to the standard Model 3.

Redesigned Headlights

Due to the strong rumours surrounding the front and rear bumper sensors and additional cameras, there is a strong theory that suggests the Model 3 will have a revamped look in terms of the front bumper and headlight areas as well as the rear of the Model 3. Some rumours circulate around these changes because when the Tesla Model 3 test vehicles have been caught in public, the front and rear of the model have been wrapped potentially to disguise any current changes that Tesla has planned.

Conclusion

In conclusion, these improvements are only speculation at this current time however it is clear to see that there is a large amount of evidence as well as reasoning as to why Tesla will be making these updates and changes to the Model 3 in 2023.

The project is now rumoured to be in the test stages of production so we will keep you updated with any developments!

What Does This Mean For Selling My Tesla?

With the increase in hype and attention around the Tesla Model 3, there is no better time to sell our Tesla than today. At We Love Tesla, we will provide you with a competitive and fair price for your used Tesla vehicle. We offer a free instant online valuation service for your used Tesla vehicle that makes it stress-free and easy. Get in touch with us today and start your Tesla selling journey now.

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What is Project Juniper and the Impact of this Tesla Project

Tesla has been confirmed to be launching a new project labelled ‘Project Juniper’, specifically focused on the Tesla Model Y. This project is a soft redesign of the Tesla Model Y which is designed to upgrade the interior and exterior of the Tesla Model Y and is set to begin in October 2024. It’s fascinating to see the reveal of this new project as Telsa has made a number of changes this year including reducing standard RRP across the entirety of their current new vehicles and their aims after 2022 in terms of focusing on manufacturing to focus on the production of new vehicles in 2023. We take a look at what Project Juniper is and how this may affect the Model Y and other Tesla vehicles in the future.

At We Love Tesla, we are the leading independent buyers and valuators of used Tesla Vehicles in the UK. Using our free, online valuation tool, we can give you a 48-hour guaranteed valuation for your Tesla vehicle. If you are happy with the valuation that you receive then you can accept our valuation and we will arrange for the free collection of your Tesla Vehicle and we won’t leave until you receive the money transfer directly into your bank account. Get in touch today.

Don’t Expect a New Model Y But Expect Price-Cutting Options

It has been rumoured to not expect an entire redesign of the Model Y’s design, but rather a number of interior and exterior upgrades to the current range despite the complete rehauls that we saw of the Model S & Model X in 2021. This is highly likely to be because of factory costs and Tesla’s concerns about not reaching manufacturing targets despite focusing solely on manufacturing in 2022. Saying this, the code-named ‘Project Highland’ has been proposed for the Model 3 which we discuss in more detail in this article.

It’s not clear what improvements are going to be made currently to the Model Y in Project Juniper. However, it’s highly likely that because of the reduction in new Tesla vehicle price points – that this will aim to reduce costs rather than to release a more premium Model Y vehicle. Until we receive more information, we will be unsure as to whether this will increase the RRP of the Model Y or if there will be innovations made to reduce the costs. This will affect the market as if price points increase – used Model Y vehicles will rise in value and vice-versa. We will keep you updated on developments as these are released from Tesla.

The EV Market is Continuing to Expand

The UK Government in January released their recommended insights and potential future updates to the MOT testing system. This shows the growing impact that the EV market is having on the ‘traditional’ vehicle market. Because of the fact that EV manufacturers such as Tesla are developing safety methods and increased safety, the Government is looking to increase the MOT first testing year from 3 years to 4 years, potentially saving motorists £100m per year. This shows that the growing EV market is having a huge impact and this is likely a key indicator as to why Tesla are looking to upgrade their vehicles to continue to compete in the EV space.

At We Love Tesla, we are the leading independent buyers and valuators of used Tesla Vehicles in the UK. Using our free, online valuation tool, we can give you a 48-hour guaranteed valuation for your Tesla vehicle. If you are happy with the valuation that you receive then you can accept our valuation and we will arrange for the free collection of your Tesla Vehicle and we won’t leave until you receive the money transfer directly into your bank account. If you are looking to ‘Sell My Tesla Model Y‘ Get in touch today.

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Tesla’s Price Cuts – The Huge Shockwave Affecting the Used & New EV Market

Tesla’s recent global price cuts have sent shockwaves throughout the entire electric vehicle (EV) industry. Under the guidance of CEO Elon Musk, the company’s decision to lower prices on most of its models has not only impacted the new EV market, but also the used EV market. In this analysis, we’ll examine the ramifications of Tesla’s price cuts on both the used and new EV market, delve into the reasons behind the cost cuts, explore their short-term and long-term effects, and examine the reactions from competitors in the industry.

Tesla’s Global Price Cuts

Tesla’s global price cuts have been making headlines since they were announced in April 2021. The company has slashed prices on all of its models, ranging from the top selling Model 3, to the top-of-the-line Model S and Y Performance. The cuts range from around 5% to as much as 20% in the UK, depending on the model.

Tesla’s price cuts were part of a larger strategy to make the company’s electric automobiles more affordable and accessible to a wider range of customers. The company hopes that the this will help boost sales and give them a competitive edge in the increasingly crowded electric car market.

The official reason behind Tesla’s recent move however still remains “unclear” for many, as there are speculations that this may be due to increased competition from legacy automakers entering the market.

Thomas Hayes, Chairman and managing member at Great Hill Capital stated that “Competition is coming and they are responding with price cuts”

This has raised concerns among Tesla owners about the potential effect on pricing and the value of their vehicles.

  • Impact on Used and New EV Market

The impact of Tesla’s price cuts on the used and new EV market has been significant. The price cuts have had an immediate effect on the new EV market, as customers have been quick to take advantage of the lower prices. In the used market, the effects have been more subtle, but still noticeable.

Tesla’s recent price reductions have created a challenge for used electric vehicle dealers as they find it hard to compete with the company’s lower prices. As per Reuters, this could result in a decline in demand for used electric vehicles and a decrease in their prices.

Tesla Price Cuts – What to Expect

It’s worth noting that the price cuts are not permanent, as the company has stated that it’s a short-term strategy implemented to increase sales in the short run. Therefore, the impact of these cuts on the used and new EV market may not be long-term.

It is also important to note that these figures are not universal. The company has only reduced the prices of certain models, leaving some models untouched. This means that the impact of the price cuts on the used and new EV market will be limited to those models that have seen a decrease in price.

  • Will it cause an EV Price War?

According to CNBC, analysts believe that Tesla’s recent price cut indicate that the company is prioritising sales over profits and that it could lead to a price war in the electric cars market. The slowing demand of EVs has pushed Elon to make this drastic change, however, competitors in Europe and China are reportedly taking a clear shot by noting and may respond with their own price reductions.

Short-term and Long-term Impact of Tesla’s Price Cuts

The short-term impact of Tesla’s price cuts will mainly be felt in the new EV market. By making its vehicles more affordable and accessible, the company is hoping to boost sales in the short-term. This could lead to an increase in demand for new EVs, which would be a positive for the EV market.

In the long-term, the impact of Tesla’s price cuts will depend on the response of its competitors. If competitors are able to match Tesla’s price cuts, then the impact on the used and new EV market will be limited. However, if competitors are unable to match Tesla’s prices, then the long-term impact could be more significant.

How Competition is Responding to Tesla’s Price Cuts

The reaction of Tesla’s competitors to the company’s price cuts has been mixed. Some companies, such as Volkswagen and General Motors, have followed Tesla’s lead and have matched the company’s price cuts. This has helped to limit the impact of the price cuts on the used and new EV market.

Other companies, such as Nissan and BMW, have chosen not to match Tesla’s prices. This could lead to an increase in demand for their vehicles as customers look for alternatives to Tesla’s lower prices.

How The Used EV Market is Changing

While it is clear that this strategy has impacted the used EV market by making it more challenging for dealers to compete with the lowered prices. This has resulted in a decrease in demand and prices for used EVs. Despite this, the used EV market is still expanding, and dealers can still be successful by offering high-quality vehicles and exceptional customer service to differentiate themselves.

Should I Sell My Tesla?

Don’t let the decrease in prices for used Tesla models discourage you. At We Love Tesla, we strive to provide you with a fair and competitive offer for your used Tesla vehicle. Plus, our instant and free online valuation service makes it easy and stress-free for you. Let us help you navigate the used EV market and make the most out of your Tesla sale. Get in touch with us today!

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Tesla Price Adjustments Since June 2022

The stats at a glance that we have collected are as follows in terms of the depreciation or drop in the value of used Tesla Vehicles:

Tesla Model 3 Standard Range Plus21% drop in value since the peak in June 2022
Tesla Model 3 Long Range22% …..
Tesla Model 3 Performance19% …..
Tesla Model S Long Range16%……
Tesla Model X Performance21%……

Tesla overall market evaluation:

In June 2022 the estimated lead time for a new Tesla Model 3 or Model Y was on average 6 months from the time of order.  In December 2022, the same cars have a lead time of just 3-6 weeks from the time of order.  Additionally, in June 2022 Tesla had zero Inventory cars available on their website in the UK, however, on 9th December 2022 –  300 vehicles across their range were available for immediate delivery. 

The microchip shortage levelling out as well as Tesla’s commitment to increasing production will have had an impact on the ability to meet lead times in terms of production. The electric vehicle sector of the automotive market is becoming more and more popular and this is likely to increase demand in both the used and new vehicle markets. The question is will this balance out prices or cause a further increase in production?

Our Insights as to Why Vehicle Values Have Changed

This will have coincided with the overall cost of living crisis and the increased production capacity now coming out of Giga Shanghai and Giga Berlin. Elon Musk set a very clear precedent in 2022 that there were to be no new Tesla vehicles released in any of the ranges with the manufacturer looking to ramp up new production most notably the Cybertruck in 2023. This meant that the manufacturer was set on meeting manufacturing and delivering targets – which Tesla still missed by 20,000 vehicles in the 4th quarter of 2022. 

Vehicle owner habits will also likely affect the popularity of Tesla vehicles. With the cold snap experienced in the UK at the beginning of December, there was media coverage of the seemingly unknown issues that can occur with charge distances in extreme weather conditions relating to the cold. It will be interesting to observe trends with purchasing and Tesla vehicle valuations moving into the first quarter of 2023.

Tesla Model Y Statistics in 2022

The Tesla Model Y has reached 2nd place in the UK for new car registrations in 2022 YTD, however, it is a similar story in terms of current valuations. Despite a rare period where many used Model Y’s were listed for sale over list price due to the extended waiting time on new and the demand for this eagerly awaited model, there are now many inventory cars available for immediate delivery with Tesla direct and a host of used cars to chose from. We have seen up to 15% price adjustment off the valuation of used Model Y’s despite the fact they have only just arrived in the UK in 2022.

2023 Potential Insights

Continuing to observe trends in the value of the Tesla Model Y may be key to being able to predict Tesla valuation trends in the first quarter of 2023 and beyond. With the overall shift of new vehicles being delivered in 2023 by Tesla and the recent debacles regarding Elon Musk’s priorities being shifted with his ownership of Twitter – it will be interesting to see if these factors affect vehicle pricing and valuations going into 2023.