Tesla Cuts Model 3 Existing Inventory by Up to $6,500

In a surprising move, Tesla has slashed prices further on its existing Model 3 inventory in Canada, intensifying speculation about an upcoming refresh to the popular electric vehicle line, reports Tesla North.

The Model 3 Rear-Wheel Drive (RWD) now starts at $49,490 CAD, down from its original price of $54,990 CAD—a discount of $5,500. The Long Range Model 3 is now priced at $58,490 CAD, a $6,500 price cut. These vehicles are being manufactured at Tesla’s Giga Shanghai factory in China.

Earlier this week, Canadian customers were seeing a discount of $4,950 CAD on the existing inventory, but the discount has now been bumped up by an additional $550 CAD.

The cost savings don’t end there, depending on where you live. The Model 3 RWD and Long Range qualify for a $5,000 federal rebate and can further be reduced by $650 if ordered through a referral. Provincial rebates, such as $3,000 in British Columbia and $7,000 in Quebec, make these EVs even cheaper.

After accounting for federal and provincial rebates and the referral discount, the price for the Model 3 RWD from existing inventory drops to $36,840 CAD. This means a new Tesla Model 3 RWD now undercuts the price of a Toyota Corolla Hybrid that starts at $37,525, not even taking into account your monthly gas savings.

The sweeping discounts come amid rumours about Tesla’s new ‘Highland’ Model 3, said to launch soon. Speculation is that the refreshed Model 3 could be priced from 199,800 CNY (approximately $25,527 USD)—a steep drop from the current US price of $40,240 USD.

Domestic media reports Tesla's new #Model 3 will go on sale on September 1 as scheduled, with a price of 199800

— 大趙 (@zhongwen2005) August 31, 2023

If you’ve been waiting to order a Tesla Model 3, it seems like now may be the time to jump on one.