Not the US, this is where Tesla cars have the cheapest prices in the world – undeniably the “gold mine” of Elon Musk

Tesla Model Y created a big hit in the market while on its way to the top 5 best-selling car models of the year and is the only electric car to make this list. Over 500,000 units were sold globally in 9 months. However, depending on where you live, the amount you have to pay to own this car is different.

China is the best place to buy a Tesla Model Y. After a price cut last month, the Model Y is now priced at the equivalent of $40,500, much cheaper than the more than $65,000 in the US market. Meanwhile, users in Singapore are not so lucky when paying 103,800 USD to own a Model Y, the most expensive in the world. Remember, this price does not include the registration fee, which can double the price of the car.

“Vehicle prices tend to be higher in some places like Singapore and Israel due to higher taxes, fees and vehicle registration costs compared to China and Europe,” said Seth Foldstein, strategic fund manager at Morningstar Research Services. Supply, demand as well as the level of competition of the market also affect car prices.

Specifically, buying a Tesla in Singapore can cost as much as an apartment. Singapore is trying to limit the number of vehicles on the road. Therefore, car buyers will have to conduct auctions twice a month to be able to own a car for 10 years. With a Tesla, that auction has reached 116,577 USD, equivalent to the price of a Model Y here.

The markets where a Tesla Model Y is the most expensive and cheapest.

Meanwhile, the completely opposite story takes place in China – the world’s largest and most fiercely competitive electric vehicle market. A wave of domestic manufacturers such as BYD, Nio is emerging to compete with Tesla. They constantly launch new models, launch promotions to win market share.

The domestic automaker accounted for 80% of electric vehicle sales in China in the first seven months of the year, according to the China Automobile Association.

To compete, Tesla was forced to launch a series of marketing strategies, typically a car sale in October. The company even ran ads on local TV stations, something that had never happened before.

These moves come as vehicle sales in China have begun to “fall” from the peak. The time users wait to receive their cars has also decreased to just one week, compared with 22 weeks at the beginning of the year – a sign that order volume has decreased.