Tesla has slashed the price of its Model S and X models in the UK leaving recent buyers up in arms.
While Tesla boss Elon Musk was announcing the new $35,000 Model 3 on Thursday, his UK colleagues were quietly realigning its model range with the new prices equating to the massive cuts.
The new range-topping Model S Ludicrous Performance model now starts at £83,300 with its 0-60mph time of 2.4 seconds and a range of 381 miles. Although specs are slightly different, that model has effectively replaced the previous range-topping Model S P100D costing £131,305 – a drop of £48,005.
• The best electric cars on sale
The longer range £93,205 100D Model S has been replaced by the new £76,000 Long Range car, while the entry-level £74,405 75D has been gone, replaced by the £72,000 Standard Range model.
The two-model Model X SUV line-up has seen similar drops with the £137,705 Model X Performance D replaced with a Ludicrous Performance model costing £87,200.
While this is great news for potential new Tesla buyers, recent buyers have taken to Tesla forums to express their anger that the sudden drop in value of their cars, with one new owner saying he was furious with the unexpected huge price cut. Another used more strident language, while bemoaning an instant £25,000 drop in value of their car.
Similarly, independent dealers with high-spec Teslas have seen thousands wiped from the value of their stock, while Tesla seems to be taking time to realign the prices of its own used inventory. At the time of writing, only three used Model S cars were available on Tesla’s website, all well under the price of the current cheapest Model S.
Buyers who recently bought their Teslas through the brand’s PCP scheme will be protected from the drop in value of their cars, although they’re unlikely to see any equity left in the vehicles at the end of their terms.
However, Tesla boss Elon Musk has promised to offer something to disgruntled owners, tweeting: “If you bought a Tesla before yesterday’s price reduction, you can have Autopilot or full self-driving at half normal cost (up to $6k less)”
Tesla in the US confirmed, “‘All customers who bought a Tesla before yesterday’s price decrease will be able to buy the Autopilot or Full Self-Driving capability for half of what those features would normally cost after initial purchase.
“Autopilot, which enables automatic steering, accelerating and braking, normally costs $4,000 after delivery and Full Self-Driving normally costs $7,000 after delivery. Full Self-Driving capability includes Navigate on Autopilot, Advanced Summon, Auto Lane Change, Autopark and, later this year, will recognize and respond to traffic lights.
“Any customer who bought a Tesla prior to this week’s price adjustment will be able to upgrade to Autopilot for $2,000 or Full Self-Driving capability for an additional $3,000. In other words, for a customer who previously hadn’t purchased Autopilot plus Full Self-Driving, they will soon be able to do so for $6,000 less than before. Customers who previously purchased Full Self-Driving will receive an invitation to Tesla’s Early Access Program (EAP). EAP members are invited to experience and provide feedback on new features and functionality before they are rolled out to other customers.”
What do you think of Tesla’s move to cut prices by more than £40k? Have your say below…