When Tesla cuts prices like it did this week, buyers looking for electric vehicles generally benefit. But for anyone who buys a Tesla just before such price cuts, the frustration can be great. After all, if they had waited a little longer to purchase, they could have saved a significant amount of money – but they had no way of knowing.
One risk for Elon Musk’s carmaker, which has repeatedly cut prices on its high-end models this year, is that existing customers will feel dissatisfaction – not to mention that their vehicle will lose value – while some Buyers are hesitant to purchase because another price cut could be just around the corner.
After the carmaker made its latest price cuts on Thursday, new Tesla owners vented their displeasure on social media, often reaching out to Musk in posts on X (formerly Twitter), the social network he runs.
One tweet The article, published Friday, said: “Tesla is screwing people so much when they lower the price by more than $20,000. I just picked up my Model S Plaid a day ago, drove it less than 100 miles and lost over $20,000. TESLA NEVER AGAIN.”
Tesla then dramatically reduced the price of the Plaid versions of its Model X SUV and Model S sedan by about $18,500. The car manufacturer also made significant price cuts for the other X and S models. Buyers can now get a Model S for the base price of $74,990 and a Model S. The automaker has decided to no longer charge extra for certain paint colors.
So a customer who bought a plaid version of one of the two models with a more expensive paint job on Monday was likely to be angry on Friday – or soon will be when he finds out about the discounts.
Tesla will “lose some loyalty”
“These large unexpected price cuts are definitely not fair to those who have recently purchased Tesla vehicles,” one said tweet Posted Friday.
A Answer It said on Friday: “I just bought the S (today), but I agree, pretty crappy, they’ll lose some loyalty.”
Those who bought one of the two models at the beginning of the year are also frustrated. Back then, a Model S started at $104,990 and an X at $120,990. Such customers now see the same cars selling for $30,000 or $41,000 less.
Anyone who wants to sell a used Tesla will of course also be annoyed by the price cuts.
Some customers have asked Musk to give them something of value to offset the frustration. One tweet The article, posted Friday and addressed to the billionaire CEO, reads: “Thanks to the price cuts, my Model S with less than 2,000 miles is worth $25,000 less than I paid for it earlier this year, and the Plaid is only $6,000.” Dollars more.” At least bring out the chain/performance upgrade so I don’t feel like this was all a complete rip off!”
Another customer asked Musk, referring to Enhance Autopilot, “Can Model S&X owners who pick up within a week of the price cut get a free EAP upgrade?” I would really like to be able to change lanes without turning off AP. “ This customer said he purchased a Model S earlier this week and wrote: “How could you do this to your loyal customers?”
Another post was also directed at Musk reads: “I should get a lifetime free top-up after paying full price for the model
Tesla buyers feel “cheated” once again.
Another customer wrote: “I feel completely betrayed. I just bought a Model S LR 60 days ago for $90,000, now the plaid is cheaper than what I paid for. I could have gotten FSD and the long range cheaper. The value of my assets has dropped by 20,000.”
Still, this isn’t the first time Tesla owners have felt “cheated” by falling prices. In January, customers filed similar complaints following drastic price cuts. A self-described “Tesla fan” told Bloomberg after price cuts on the Model Y she just bought: “I feel like I’ve been cheated.” I feel like I’ve been taken advantage of as a consumer. Right off the bat I lost $13,306. It’s such a big drop that it will affect a lot of people who have just purchased a vehicle.”
Tesla also cut the price of its Full Self-Driving (FSD) software from $15,000 to $12,000 this week. In 2019, Musk suggested that customers who buy a Tesla with FSD would be “purchasing an accreting asset” thanks to the feature. He tweeted“If we make all cars with the FSD package self-driving as planned, such a Tesla should be worth $100,000 to $200,000, as the utility increases from about 12 hours/week to about 60 hours/week.”
You can’t blame Tesla owners who bought their Model X or S earlier this week or earlier this year for doubting it.
Fortune reached out to Tesla but did not receive an immediate response.