2024 Tesla Model Y pricing: Big $8500 price cuts announced

April 23: 2024 Tesla Model Y prices dropped – again

Jordan Hickey

Prices for the 2024 Tesla Model Y electric SUV have fallen – again.

Tesla Australia has slashed a further $2700 from the Model Y Rear-Wheel Drive and $3000 from the Long Range AWD, while the Performance AWD remains unchanged after its big $8500 cut earlier this month (see earlier update).

Combined, prices for the Model Y Rear-Wheel Drive have fallen $4500 since March 31, while the Long Range AWD is also now down $8500 – matching the price cut applied to the Performance AWD.

The Model Y now starts from $60,900 before on-road costs – its lowest ever price – while the mid-spec Long Range AWD has fallen below $70,000 for the first time.

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It has been a chaotic month for the American electric vehicle brand, which has cut prices globally – including in Europe and China – as it faces increased competition and less demand than usual.

Last week, Tesla cut 10 per cent of its global workforce and announced a safety recall for the Cybertruck after owners reported a loose accelerator pedal cover could cause their vehicle to drive at full speed.

Tesla CEO Elon Musk also denied reports that it had cancelled its US$25,000 (AU$40,000) 'Model 2' project.

April 4: Tesla takes nearly $10K off Model Y pricing

Damion Smy

The updated Model Y RWD is down $1500 to $63,500, with the Model Y Long Range AWD $5500 cheaper at $72,900.

The biggest price reduction is saved for the flagship Model Y Performance AWD, now $82,900 – an $8500 cut – which is expected to impact both new and used electric vehicle sales.

While today's news brings a lower starting price, the revised Australian-spec Model Y misses out on the more substantial changes seen on the latest overseas versions.

Revised styling and new colour choices are part of our market's minor update, with a more significant upgrade similar to those applied to the Australian Model 3 Sedan in September 2023 expected for the Model Y in late 2024.

Due in local homes from April onwards, Australia's updated Model Y brings no mechanical changes, missing out on the faster acceleration and quicker battery charging given to the Chinese-market model last year.

Instead, the minor update brings dark covers as standard for the Model Y’s 19-inch wheels, and three new exterior paint choices – Stealth Grey ($2300 extra), Quicksilver and Ultra Red (both $2600 more) – with
Midnight silver metallic and red multi-coat colours dropped.

There are no interior changes – the revised fabric-like dash seen overseas and the ambient lighting not yet offered in Australia – with the same 15-inch touchscreen where the Model 3 now has a 15.4-inch version.

The Model Y also keeps its steering wheel and, notably, its indicator stalks – an item dropped from the Model 3 with its late 2023 update.

Tesla is Australia’s best-selling electric car brand – and remained so in March 2024 – with the Model 3 the most popular electric vehicle by some margin to the Model S in 2023.

This makes Tesla price changes have a noticeable impact on the overall electric vehicle market, with electric cars suffering lower retained value on the used market.

February: 2024 Model Y pricing and features detailed

The Tesla Model Y has taken Australia by storm, just as it has in Europe. It was the sixth most popular vehicle here in 2023, and the top-selling EV – outselling its sedan relation, the Model 3.

Released in mid 2022 locally – three years after the related Model 3 sedan locally – the Model Y isn’t expected to receive a refresh similar to the new Model 3 sedan until late 2024.

It still provides a more practical interior, some unique selling points (indicator stalks for one), and the availability of a flagship Performance variant which isn’t yet available for the facelifted Model 3.

Price changes for Teslas are more frequent than usual for the new-car market, which can make it tricky to keep track of how much the Model Y costs in Australia.

Here, you’ll find the exact price of every Tesla Model Y variant at the time of publishing, and how that’s changed over the years.

JUMP AHEAD

• Current pricing
• Pricing history
• Features
• Colours
• Options
• Powertrains, charging, and driving range
• Safety
• Dimensions
• Warranty and servicing
• Availability

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2024 Tesla Model Y pricing

February 2024

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Tesla Model Y price history charted

Here's an illustration of how Model Y pricing, which inconsistently fluctuates every few months or so, has changed since orders opened in June 2022.

Tesla Australia started Model Y deliveries from August 2022, but it took until April 2023 to introduce the mid-pack Long Range variant.

As per Tesla style, it makes continuous ‘running changes’ without notice, improves manufacturing processes and vertically integrates its supply chain to cut costs. It claimed to have reduced manufacturing costs of the related Model 3 sedan and Model Y SUV by around 30 per cent between 2018 and 2022.

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2024 Tesla Model Y features

The base Tesla Model Y rear-wheel drive (RWD) is powered by a single electric motor with a 57.5kWh usable lithium-iron-phosphate (LFP) battery pack (according to EV Database [↗]) delivering up to 455km claimed WLTP driving range.

The Tesla Model Y Long Range is powered by dual motors for all-wheel drive (AWD), with a 75kWh usable nickel-manganese-cobalt (NMC) battery (according to EV Database [↗]) providing up to 533km claimed WLTP range.

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The Tesla Model Y Performance increases the dual-motor outputs and reduces claimed WLTP range to up to 514km.

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Colours

Five exterior colours are available across the Tesla Model Y line-up, with red being the priciest.

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Options

• 20-inch Induction wheels (RWD and Long Range only) – $2400

• White and black interior – $1500

• Tesla Mobile Connector trickle charging cable – $550

• Tesla Gen 3 11kW AC Wall Connector – $750 (excludes installation fees)

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• Premium Connectivity – $9.99 per month

• Enhanced Autopilot – $5100

• ‘Full Self-Driving’ Capability – $10,100

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Powertrains, charging, and driving range

The 2024 Tesla Model Y is differentiated by standard range single-motor and long range dual-motor configurations.

The base Model Y RWD is powered by a single rear-mounted electric motor that can accelerate the electric sedan from 0-100km/h in a claimed 6.9 seconds.

Tesla doesn’t provide power figures, but according to official filings to the Australian Government’s road vehicle regulator and EV Database [↗], the RWD outputs 220kW of power output and 420Nm of torque.

Meanwhile, the Long Range has two electric motors for all-wheel drive and a claimed 0-100km/h time in 5.0 seconds. EV Database [↗] suggests it produces 378kW and 493Nm.

The flagship Performance increases its dual-motor tune to accelerate from 0-100km/h in a claimed 3.7 seconds – but this isn’t as realistic since Tesla subtracts a one-foot rollout. EV Database [↗] states it makes 393kW and 660Nm.

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Safety

The Tesla Model Y has received the full five-star safety rating by the Australasian New Car Assessment Program (ANCAP) [↗] under the 2022 testing criteria.

According to the Model Y owner’s manual [↗], there are six airbags, but it lacks a front-centre airbag. Yet, it still achieved strong individual criteria scores by ANCAP.

The Tesla electric SUV has a Cabin Overheat Protection feature, which automatically turns on the climate control to try to keep the interior cool under a set temperature when parked. It also features ‘Keep Climate On’, camp and dog modes.

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2022 Tesla Model Y ANCAP testing criteria

The Model Y’s safety assistance technologies are powered by all-round cameras only, called ‘Tesla Vision’.

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• Enhanced Autopilot – $5100

• ‘Full Self-Driving’ Capability – $10,100

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Dimensions

The 2024 Tesla Model Y is classed as a medium SUV and is only sold as a five-seater in Australia.

It uses the company’s second-generation ground-up EV platform, which is shared with the Model 3 electric sedan.

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The Model Y has a 1600kg braked or 750kg unbraked maximum towing capacity.

The company offers a tow package accessory for $1970, which includes a steel tow bar with a maximum 72kg download weight. A trailer harness and tow mode software is also included.

Meanwhile, Tesla also sells a roof rack priced at $770 and is capable of carrying a of 74kg load.

The Model Y RWD has a maximum payload of 539kg, Long Range at 640kg, and Performance at 637kg.

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Warranty and servicing

The 2024 Tesla Model Y is covered by a four-year/80,000km vehicle warranty – which is shorter than the industry standard.

The battery warranty differs depending on the variant. The base RWD’s battery pack is backed for eight-years/160,000km, while the Long Range battery goes for up to eight-years/192,000km.

Both promise the pack won’t degrade by more than 30 per cent within the battery warranty period.

The touchscreen and media control unit are covered by a separate two-year/40,000 km warranty.

Tesla uses a condition-based servicing scheme, instead of traditional scheduled logbook servicing.

This means vehicle's sensors detect when specific parts need maintenance based on usage and time, and notifies the owner via the touchscreen or mobile app to schedule a checkup. Tesla also recommends a range of routine maintenance tasks, which are listed here [↗].

Roadside assistance is included during the vehicle warranty.

Standard Connectivity for the touchscreen and mobile app is included for the first eight years.

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Availability

The 2024 Tesla Model Y is available now in Australia.

Orders must be via the Tesla website since it uses an online-only, fixed-pricing purchasing model.

The Model Y directly competes with various electric SUVs, such as the Volvo XC40 Recharge, Hyundai Ioniq 5, Kia EV6, Ford Mustang Mach-E, BMW iX1 and Mercedes-Benz EQB.

It’s also priced in line with the Tesla Model 3, Polestar 2, Renault Megane E-Tech, Peugeot E-2008 and Kia Niro EV.

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