The Tesla Model Y now costs less than the average US vehicle

• Elon Musk's automaker has cut prices several times this year in an apparent bid to boost sales.
• Tesla's Model Y SUV now costs $46,990 after the company's latest price cut.

Teslas are cheaper than they've been in ages following a series of price cuts undertaken by Elon Musk's automaker this year.

Now Tesla's Model Y SUV — the brand's most popular model and the world's best-selling electric vehicle — costs less than the average new car. In late April Tesla added a cheaper, previously off-menu Model Y to its site and subsequently dropped that model's price to $46,990.

The average new vehicle changed hands for $48,008 in March, according to Kelley Blue Book. By and large, EVs cost significantly more than their gas counterparts. EV buyers paid $58,940 for their new cars in March, Kelley Blue Book says.

At the start of the year, the cheapest Model Y on offer cost $65,990.

Tesla also recently slashed the price of its entry-level Model 3 to $39,990, down from its most recent price of $41,990. Tesla discounted the sedan after new rules surrounding the federal electric-vehicle tax credit went into effect. The requirements mean the base Model 3 is now eligible for a $3,750 credit, rather than the maximum of $7,500.

Since the cheapest Model 3's battery pack is Chinese, buyers don't qualify for the full incentive, which prioritizes vehicles made in North America using battery components and minerals also from North America or certain trade partners. The rear-wheel-drive car promises 272 miles of range and a 0-60-mph time of 5.8 seconds.

Here's how much all of Tesla's models cost:

• Model 3: $39,990
• Model 3 Performance: $52,990
• Model Y: $46,990
• Model Y Long Range: $49,990
• Model Y Performance: $53,990
• Model X: $97,490
• Model X Plaid: $107,490
• Model S: $87,490
• Model S Plaid: $107,490