Now that's a heck of a deal right there.
With the announcement of the $35,000 Tesla Model 3, the electric automaker rocked the world a bit. However, what if we told you that you can buy a Model 3 for a lot less than $35,000.
No, we're not talking used, but rather a brand new Model 3.
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You see, even though the federal tax credit of $7,500 is down to just $3,750 for Tesla, state credits for EV purchases are still fully in place. For example, in California, an electric car buyer gets a $2,500 rebate. So, in California, the after-credit price of the Model 3 would be just $28,750 (plus destination). That's an extremely low price for a Tesla electric car, but it drops even lower in some states.
What Incentives Do I Qualify For By Buying An Electric Vehicle?
We should point out that these EV incentives aren't limited to just Tesla or the Model 3. Any pure electric car qualifies equally at the state level.
But $26,250. How's that possible? Well, if you reside in Colorado, the state offers a $5,000 cash rebate. This is not tied to your tax liability at all, so all buyers qualify.
Time to run the numbers. Starting with the base price of $35,000, subtract the $5,000 Colorado state rebate and it drops down to $30,000. Minus the $3,750 federal tax credit (provided you have the tax liability to qualify for that amount) and there's your $26,250 brand new Tesla Model 3. Sure seems like a bargain to us for an electric car with a range of 220 miles and a 0 to 60 MPH time of 5.6 seconds. Or, you could buy a well-equipped Toyota Corolla instead (sarcasm intended).
We suggest you check out what your state offers in incentives for electric cars and see if the Model 3 (or any other EV) meets your needs. Many of these incentives won't last long, so you surely don't want to miss out on a deal by waiting it out.