You Can Now Purchase Teslas In Its Existing Inventory For Up To S$10,000 Cheaper

Model 3 allocations that benefit from this discount have been wiped out. Fastest fingers first!

Gerald Yuen

16 Jan 2023

Tesla revealed last week that customers who book a Tesla in Singapore will be offered a S$5,000 discount if they trade in an existing internal combustion engine (ICE) car. Another S$5,000 will be shaved off the cost of COE. To top it off, the brand will throw in a home wall connector for free, assuming that you have a place for home installation. This announcement came after Tesla cut prices in some markets including Australia, Japan and China.

This now makes Teslas an even more tempting proposition, when pitched against EV “rivals” like the Kia EV6 and Hyundai Ioniq 5. The EV6 in 58kWh, RWD standard trim level costs S$247,999 with COE. Only the top spec, “First 100” editions of the Hyundai Ioniq 5 is available for sale now, packing a 77kWh battery and AWD for S$249,800 with COE.

We explored the inventory list on the local Tesla website and at time of writing, there were no 2022 Model 3 units for sale. 2022 Model Y variants for booking range from the “basic” RWD spec, up to the Performance Dual Motor. So the cheapest Tesla we can buy now that takes advantage of the discounts will be the Model Y RWD, which costs S$146,069 without COE. The brand does not price cars with COE, but if the customer chooses to bid for a category E COE, it will cost S$253,958.

Granted, a fairer comparison could be made once RWD versions of the Ioniq 5 lists for sale. But it does bring to light the competitive prices even for big brother Model Y. The Performance variant of Model 3 was already rated as OneShift’s “Best Value Proposition” vehicle in 2022 before this announcement, and to have this fleet of Model Y inventory priced so strategically makes us wonder if Tesla has any other value-led tricks up its sleeve for the Singapore market.

If you’re after the latest and greatest…

If you can stomach a 3 to 4 months wait, Tesla will offer you 2 variants of the latest model year Model Y, available for test drives at both Millenia Walk and Toa Payoh Tesla Experience Centres. The single motor, RWD variant will cost S$142,601, while the Performance Dual Motor AWD version is priced at S$190,325. All orders from now till the end of March will still be available for the S$5,000 COE incentive, along with an additional S$1,500 off if the customer insures their car with Tesla’s preferred insurer. A free home charger will still be thrown in free of charge.

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