The 2023 Tesla Model Y Long Range just received a small price increase of $500. Tesla will now charge $53,490 for the Dual Motor electric crossover. Despite the $500 price hike, the Model Y is still an outstanding deal thanks to recent price cuts that slashed around $13,000 from the MSRP (down to $52,990 previously). Oddly, pricing for the Model Y Performance remains the same at $56,990.

There are no immediately apparent reasons for the small increase, as the specs for the Model Y remain the same. The Long Range model comes with 330 miles of range, a 135 mph top speed, and a 0-60 mph time of 4.8 seconds. Available options include four premium paint colors, larger 20-inch wheels, tow hitch, black/white interior, seven-seater layout, Enhanced Autopilot, and "Full Self-Driving" Capability.

We doubt anyone will hesitate to order a Model Y due to such a minor price increase, but many owners who ordered the car prior to the cuts have expressed anger towards Tesla. It's understandable why someone would be upset if their car lost $13,000 in value overnight, but Tesla's random price changes are nothing new.

The American automaker constantly raises and lower prices, similar to how dealerships offer discounts or mark up cars based on demand. Tesla's direct-to-consumer sales model is far more transparent, but it's still subject to market factors just like the traditional dealership model.

Even after this latest pricing change, the Model Y remains one of the best values in the electric crossover segment. $53,490 is higher than options like the Ford Mustang Mach-E, Hyundai Ioniq 5, Kia EV6, and Volkswagen ID.4, but unlike a few of those cars, the Model Y now qualifies for a $7,500 federal tax credit.

And thanks to the price drop, customers no longer have to add the third row to get the credit. Though it's not a direct cash rebate, this effectively pulls the price down to $45,990.