Aussie Tesla EV owners' 'nightmare' as prices for their brand new vehicles suddenly crash

Newly minted Tesla owners have suffered a rapid $5,000 loss in value on their electric vehicles after Elon Musk's company, and several other EV makers, dropped their prices.

Sunshine Coast driver Jason C recently bought a Model Y RWD for $60,900 plus on-roads but just two weeks later found the price had dropped to $55,900.

'What's going on?' he asked. 

'Elon and his company aren't endearing themselves to customers. Resale's going to be a nightmare when we sell it,' news.com.au reported. 

Tesla's prices have been drastically fluctuating as it, and other EV brands, try to keep up with increasing competition. 

'The Model Y RWD reached peak selling price of $72,300 in June 2022; it was $69,300 in May 2023, and a year later is now $13,400 cheaper,' wrote car advice columnist Iain Curry.

'Not great news for you: yours has basically shed an extra $5k overnight. Even the most hardcore Tesla-owning loyalist won't be happy, and you're doubtless fuming.

'There's been heavy EV discounting this month: Peugeot's e-2008 is down $25,000 and the Nissan Leaf down over $10,000, both now $39,990 drive-away.'

Elon Musk's company previously had a firm hold over the EV market with its Model Y found to be the world's most popular car in 2023. 

However, Tesla dropped its prices in Australia in response to increased competition as well-known carmakers expanded their EV ranges, with Chinese brands offering significantly lower prices.

In fact, China's BYD sold more cars than Tesla in 2023.

Mr Curry explained BYD's Seal sedan, Dolphin hatchback and Atto 3 compact SUV were more popular than their Tesla counterparts.

Tesla will face even more competition as new EV alternatives enter the Australian markets, including XPeng, Leapmotor and Zeekr.

BMW, Toyota and Kia are all making their mark on the EV market as well. 

Kia will soon launch its new EV5 in Australia. The model is built in China to help keep its pricing low and stock high.

Volvo has already launched its compact SUV EV, the EX30, which was cheaper than Tesla's Model Y before its price drop.