Tesla Model Y Strong Sales in Singapore Even With High Price Tag11/30/2022
Bloomberg recently put together a list of the cheapest and most expensive places across the globe to buy the Tesla Model Y. For starters, the Model Y isn’t cheap. When there was first talk about it coming to market in the form of an inflated Model 3, it seemed the base model would be relatively affordable, though Tesla never really offered a base model, and the electric crossover currently starts at nearly $70,000 in the States.
While $70,000 is a high price to pay when you can get a rival electric crossover in the US for tens of thousands less, the Tesla Model Y is priced much cheaper on our shores than it is in other locations.
According to Bloomberg, the Model Y ranges in price from as little as about $40,000 (in Mainland China) to a whopping $103,000 in Singapore. The US starting price is in the ninth spot overall, and relatively in line with Model Y pricing in many other parts of the world.
Teslarati shared information from Bloomberg’s recent Model Y pricing report. If you think $103,000 for a Model Y is high, you should also know that in Singapore, the Tesla electric crossover could actually cost over $180,000. The most interesting part here is that people are actually paying these prices, though they’re also paying high car prices across the board.
There have been many reports that Tesla may be in a bit of a slump when it comes to the demand for its vehicles. However, while that could certainly be the case in some areas, Tesla is a global company, and in other areas, the demand is still skyrocketing.
In some markets, the Tesla Model Y is actually the best-selling vehicle of any kind. One might expect this to be the case in areas where EVs are popular, crossovers are popular, and the prices are reasonable. However, the Model Y is currently the best-selling car of any kind in Singapore, where its price is more than double that of many other countries.
EV ownership is growing exponentially in Singapore as it is in many parts of the globe. Moreover, while SUVs aren’t as popular in parts of Asia as they are in the US, it seems car shoppers appreciate the Model Y’s roomy accommodations for both passengers and cargo.
Model Y owner Alexander Ang explained to Bloomberg that all cars are expensive in Singapore, and rival EVs may actually cost more than Tesla’s models due to dealership fees:
“Sure, it’s definitely expensive, but it’s the same for any car in Singapore. A similar-sized EV from other manufacturers is more expensive than Tesla because of additional dealership charges, and they don’t have as much legroom in the rear.”
Regardless of markets or prices, Bloomberg estimates that the Tesla Model Y will be one of the best-selling vehicles of any kind across the globe in 2022. The Tesla Model 3 was on the list in 2021, and the Model Y is selling significantly better.
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