The Tesla Model 3 Long Range, Model Y Performance, and Model Y Long Range are also expected to receive price reductions in Hong Kong.
Following the Hong Kong government’s revision to the electric vehicle tax exemption plan, Tesla has adjusted the Model 3’s price. The government lowered the first registration tax relief for ‘One-for-One’ electric vehicles to HK$172,500, increasing the tax on high-priced electric cars. Tesla’s Model 3 Long Range price has been reduced from HK$328,300 to HK$308,000, maintaining its selling price at HK$344,635.
Latest Prices for Tesla Model 3 and Tesla Model Y
In response to the new “one-for-one” policy starting on April 1, 2024, Tesla adjusted the price of the Model 3 on March 15, 2024. The new price for the Tesla Model 3 RWD (Rear Wheel Drive) version is HK$270,200, which can enjoy the full tax exemption of the new “one-for-one” policy. As for the Model 3 Long Range version, the basic car price has been reduced from HK$328,300 to HK$308,900, and the new “one-for-one” price is HK$344,635.
Tesla Model 3 and Model Y had a price drop again on August 4, 2023, and there have been changes under the latest 1-for-1 replacement scheme. The new prices compared to the old ones are as follows:
| Tesla Model | April 15, 2023 | August 4, 2023 | Latest (2024) |
|---|---|---|---|
| Tesla Model Y Rear-Wheel Drive | HK$367,100 | HK$345,100 | HK$345,100 |
| Tesla Model Y Long Range | HK$459,685 | HK$406,150 | HK$391,000 |
| Tesla Model Y Performance | HK$487,202 | HK$431,950 | HK$403,000 |
| Tesla Model 3 Rear-Wheel Drive | HK$341,200 | HK$320,800 | HK$270,200 |
| Tesla Model 3 Long Range | HK$399,485 | HK$364,700 | HK$308,900 |
| Tesla Model 3 Performance | HK$440,335 | HK$382,875 | – |
The new selling price for the Model Y Long Range and Performance versions, and the Model 3 Performance version, are more than 11% cheaper than before, based on the equivalent exchange price after tax.
However, you may also note that the Tesla Hong Kong official website currently does not offer reservations for the Tesla Model 3 Rear-Wheel Drive and Performance versions.
Finance your Tesla purchase with tax loan
Are you dreaming of owning a Tesla after the price cut? Keep your eyes peeled for the low-interest tax loan period from October to March, coinciding with tax season. During this time, major banks and financial institutions offer tax loans with lower interest rates than regular personal loans. And, with added welcome rewards, taking out a tax loan to finance your Tesla purchase could be the smartest move you make. Even if you’re not quite ready to make the leap to a new car, it’s worth considering tax loans when they become available. Some may consider using it for other purposes.
Frequently Asked Questions: Tesla Price Reduction 2023
Which model gas the greatest price cut?
Tesla Model Y Performance has the greatest price cut of 11.65% off.
When can you get a 2023 Tesla?
If you place an order for a new Model Y today, Tesla anticipates delivery between April and June of 2023. While there may still be select configurations available in inventory in certain regions, they are not expected to remain in stock for long.
What to expect from Tesla Model 3 2023?
This project will include updates to the exterior, interior, software, hardware, and frame of the vehicle. These updates will likely require changes to the manufacturing process, such as implementing front and rear casting to enhance the vehicle’s similarity to the Model Y.
Should I choose car loan or personal loan?
It depends on your personal credit score, if you’re interested in learning more, check out the blog post Car Loans vs. Personal Loans: Which Has a Lower Interest Rate?
Related articles
Interested in learning more about getting an electric car in Hong Kong? Check out the price comparisons of all Tesla models and EVs of other EV brands.
Get ready to rev up your engines because the 2024 Tesla Model 3 is getting a major makeover! This new model promises to be a hit with EV enthusiasts, boasting improved performance, a sleek exterior, and an upgraded interior. It’s no wonder the car experts are already raving about it! Want to know more about the latest changes? Check out our blog for all the juicy details!
Wanna stay ahead of the herd? Let’s check out the MoneySmart blog for more financial tips!
MoneySmart—Your One-Stop Financial Products Platform
Homepage: www.moneysmart.hk/en/