CINCINNATI — EV prices are finally starting to drop, and it is possible that a price war could be on the horizon in 2023.
While that is great news for prospective buyers, it is leaving some recent buyers furious, realizing they overpaid by thousands of dollars.
Tesla started the cuts, slashing prices as much as 20 percent on its vehicles, or $3,000 to $10,000 depending on model.
Ford quickly responded with a rollback on its Mustang Mach-E, by $700 to $5,000 depending on model.
In some cases, the price cuts bring the models back to where they qualify once again for an EV tax credit.
But for new Tesla owner Benjamin Affatato of Newport, KY, his love of his new Model Y does not translate to love of the company anymore.
"I love the car," he told us during a drive in his new Tesla.
"But two hours after I bought the car, it went down $9,000."
Talk about bad timing: he took delivery of his brand new Tesla Model Y the morning of January 12th, just hours before Tesla slashed its price.
A day later, Affatato says, he would have saved nearly $10,000.
Buyers ask for some price adjustment
He thinks the company should give recent buyers at least a partial credit.
So do hundreds of buyers in China, who recently protested outside the company's stores.
And here in the US, a Change.org petitionhas more than 2,000 signatures demanding some sort of compensation for owners.
"They should do right by their customers, and make everybody whole," Affatato said.
Things are very different in the normal retail world.
If you buy a new 65-inch TV and the price drops $100 a couple of days later, you can usually grab your receipt, go back to the store, and get a credit.
But a TV is not a car, and it's certainly not a Tesla.
Affatato says he went back to his local dealer -- Cincinnati Tesla -- where he says a salesperson told him there was nothing they could do.
"She said there is no return policy, there are no adjustments that can be made," he said.
We tried to get him some answers, but neither the dealer or Tesla corporate would comment.
The dealership told us to email Tesla's press department, which responded with an automated "mailbox full" notice on two different days we reached out.
Ford, though, is talking, and says it will soon offer a special bonus or price adjustmentto recent buyers of the Mustang Mach-E, who missed the discount.
Affatato says knowing his Tesla is worth a lot less than what he paid "hurts pretty bad."
And he says it has taken away some of the new car joy.
If you are on the bubble about buying an electric car, however, the good news is we may see more price cuts in the coming months, so you don't waste your money.
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