Note: This article may contain commentary reflecting the author's opinion.

This week Tesla, the electric car company owned by billionaire Elon Musk, slashed many of its prices in order to increase demand for their vehicles that reach upwards of $60,000. In response to the sudden cut in prices, many current Tesla drivers feel swindled.

The company also cut their prices for customers to be eligible for a $7,500 federal tax credit that lasts through 2032 so that more Americans are incentivized to purchase electric vehicles, according to The Wall Street Journal.

The electric car company slashed its price by nearly 20 percent for its baseline vehicle, the Model Y. Its current price of $52,990 was dropped from the previous price tag of around $65,000, per Reuters. Some models of the Model Y, however, can cost upwards of $77,000 before the price cut.

The Model 3 Sedan also saw a price cut of 14 percent leading to a listed price of $53,990.


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In response to the cuts, Fortune heard from Tesla drivers who voiced their contempt for the change after they missed out on tens of thousands of dollars.

“I feel like I got duped. I feel like a got taken advantage of as a consumer,” said Marianne Simmons, a web designer in Naples, Florida. “Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle.”

“For any existing owner it’s a kick to the teeth,” said Ivan Drury, director of insights for research website “Anyone who bought a Tesla recently will feel an immediate impact wish they leased it.” 

As Tesla adjusts its prices to bring in more customers, existing owners feel as if they spent their money on a product that was overpriced and not worth it. For the company’s sake, they should hope that the change brings in more customers than it alienates.

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