While Tesla’s affordable mass-market electric car, priced below $25,000, might not hit the market for another year or two, certain customers are already taking advantage of inventory discounts and local/federal incentives to bring home a Tesla at a fantastic bargain.
According to Twitter user Zohar, they managed to purchase a brand-new Tesla Model 3 in California for an astonishing $18,525, inclusive of taxes and fees.
While it may seem unbelievable, let’s delve into the incentives Zohar combined, as per their shared information on the platform.
He bought the rear-wheel-drive Model 3, featuring 18-inch wheels, and adorned with midnight silver paint and a white interior. Thanks to an inventory discount of $4,120, the initial sticker price of $37,120 was reduced.
Additionally, a $500 referral brought the price further down to $36,620, while also earning him three months of complimentary Full-Self Driving (FSD) capability.
Zohar explained that his unique financial situation from the previous year made him eligible for the highest rebates available for low-income individuals in each program.
Despite having a good credit score and a higher income this year, he would still qualify for the $7,500 federal clean vehicle credit due to his tax liability.
Below is the compilation of subsidies he managed to secure:
$7,500: California’s Clean Vehicle Rebate Project
$4,000: Electrify Your Ride Program from Central Coast Community Energy
Monterey Bay Air Resources District – Electric Vehicle Incentive Program offers a substantial $4,000 incentive.
$7,500: Federal clean vehicle credit
The total incentives amount to $23,000, which is equivalent to the price of a brand-new 2023 Toyota Corolla Hybrid. Before factoring in taxes and fees, Zohar’s Model 3 cost him only $13,620.
However, after including the $1,390 destination charges and the 9.25 percent tax rate of $3,515 in his area, the effective price of his new Model 3 comes out to be just $18,525.
It’s important to note that these incentives are subject to regional variations and are contingent upon meeting income eligibility criteria. California, in particular, offers a wide range of incentives, and prices may differ for residents of other states.
Additionally, certain subsidies may not be combinable with others, impacting the total savings for potential buyers.
In our previous report from June, we highlighted that certain California residents were able to purchase the Model 3 for less than $20,000, which is less than half of the base custom order price.
Even if you don’t reside in California, you can still expect the Model 3 and Model Y to come at significantly lower costs compared to their Manufacturer’s Suggested Retail Price (MSRP) due to the current availability of inventory discounts along with the federal tax credit.
Source : insideevs.com