Potential Tesla buyers are in for some good news, with multiple models seeing some major price cuts in the US and Europe.

According to Engadget, Tesla has lowered prices by thousands:

The least expensive EV, the Model 3 RWD, has dropped from $46,990 to $43,990, while the 5-seat Model Y Long Range fell 20 percent from $65,990 to $52,990. That means the latter model now qualifies for the $7,500 US Federal Tax credit, so the final price drop will be $20,500 — over 30 percent.

It’s unclear why Tesla is lowering the price as much as it is, but the largest price cut is a limited-time deal.

As Engadget points out, consumers will need to purchase a vehicle by mid-March in order to gain the full $7,500 rebate. After that, the rebate will likely be cut in half.

In the meantime, this is an excellent time to buy a new Tesla.