Longer-Range Tesla Model Y Debuts, Keeps Competitive Price, Lease

BRUSSELS, BELGIUM – JANUARY 13: Tesla Model Y full electric crossover SUV on dsipaly at Brussels … [+] Expo on January 13, 2023 in Brussels, Belgium. (Photo by Sjoerd van der Wal/Getty Images)

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Tesla is not giving any ground on Model Y leases in May while keeping the price competitive, despite extending the range of its lowest-priced variant.

The new “Long-Range” rear-wheel-drive Model Y with a freshly spec’d EPA estimated range of 320 miles is available with a $399 a month lease with $2,999 down (lease pricing as of Sunday May 5). That does not include taxes and fees. (Note that Tesla by default shows the lease price at $299 a month with “gas savings” so you have to toggle that off.) Tesla has also added the Quicksilver color option to the Model Y as of Friday.

As widely reported, Tesla threw up the new Long Range variant on its website Friday night, bumping up the range from 260 miles to 320 miles. The price also got a $2,000 boost from $42,990 to $44,990. But the lease remains very competitive and, as it turns out, leases may be the way to go with Tesla. Model 3 leases, for example, are very aggressive, rendering the Model 3 virtually a $30,000 car, according to Pat Ryan, Founder & CEO of CoPilot, an AI-assisted car shopping app.

“Incentives are very popular right now as the industry is looking to provide consumers with some relief on interest rates. The deal on the Model Y falls more within that category,” Ryan told me in a phone interview. Tesla has been putting pressure on rivals in recent weeks with price cuts on the Model Y, Model S and Model X in the U.S.

The Model Y took a third of all EV sales in the U.S. in 2023, according to Kelley Blue Book. Overall, Tesla outsold VW, Subaru and others in 2023, according to KBB.

This article was originally published by a www.forbes.com

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