Tesla Model Y vs Model 3 Refresh - Which One Should You Get??

The Tesla Model Y and Model 3 continue to be the largest volume vehicles at Tesla. With the recent roll out of the refresh Model 3 Highland, it begs the question, should you get the refresh Model 3 or the existing Model Y?

Earlier this year we heard from Tesla directly that there was no refresh Model Y (project Juniper) coming this year. Elon Musk just further reiterated this stating that on top of not coming this year, even just 6 months of time represents a better Model Y than before.

Although it is true that Tesla does make enhancements on the go rather than waiting on new model years, the bigger refresh like what we have seen in the Highland Model 3 Refresh, includes a lot more new features that we wont see in the Model Y until it too is refreshed.

So with that, and following a quarter with some pretty incredible deals on the Model Y, we are now looking at different incentives, which in general, are lower than what they were before. Which should you choose between the refresh Model 3 and the existing Model Y?

The Refresh Model 3 does come with some important upgrades that are not yet present in the Model Y. Some of the bigger items are cooled seats, rear screen, updated front and rear bumpers, new dash, updated screen with thinner bezel, and more. There are also some things that were taken away, including the turn signal and gear shift levers.

This month, Tesla has removed the financing incentives they were offering on the Model Y and has applied an interest rate incentive on the Model 3 instead. It is important to note that this incentive is for lower month terms and does not meet the offer that the Model y was given just last month.

The Model Y on the other hand returned to standard financing rates, which is significantly higher than what they were just last month. There is one other thing that is a big piece of this puzzle, and that is EV tax credits.

The Model Y in all configurations qualifies for the EV tax credit of $7,500. With the new rules allowing you to claim this credit at time of purchase, you can now get this immediately reducing the cost of the vehicle. If you transfer the credit to the dealer (Tesla in this case) AND you do not exceed the income caps, that full credit can be taken at time of purchase without penalty.

On the other hand, the refresh Model 3 is notably missing the tax credit on the 2 more affordable options. Only the recently returned Model 3 Performance is able to claim the full $7,500 tax credit, meaning that in reality for most buyers, the Model 3 performance is actually cheaper than the Long Range AWD Model 3!

Even crazier is when you compare the Model Y with the Model 3 Refresh by trim. The Model Y is cheaper than the Model 3 equivalent in all 3 trims. That said, the RWD Model Y now only comes as a Long Range while the RWD Model 3 remains a standard range vehicle. So even with significantly higher range, the Model Y RWD is still cheaper than the Model 3 RWD because of the tax credits.

So what should you do? Well, I believe that the Model Y is significantly more car on the whole. That said, the refresh Model 3 does come with significant upgrades in the refresh. Without tax credit qualification, it's hard to say the Model 3 is worth paying more than a Y at this time, of course the exception being the Performance model.

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