Tesla (TSLA) updated its online car configurator website yesterday to incorporate the new federal tax credit policies.
This new policy lets the qualified Model Y and Model X buyers get a price reduction of $7,500 federal EV tax incentive at the time of vehicle purchase.
Now the buyers of Model Y and Model X EVs will not have to wait till the end of the financial year to file for taxes and receive the tax credit. $7,500 will be directly stripped off from the vehicle’s purchase price if the customer(s) qualify for the tax credit.
Tesla also sent out emails to its customers in the United States to spread the information about the incentive of the direct price discount. The email states:
You can now apply the $7,500 federal tax credit directly to the purchase price of a new 2024 Model Y or Model X Dual Motor vehicle.
This allows you to deduct your tax credit amount from your vehicle’s actual purchase price, so you receive your savings up front instead of having to wait until tax season.
Tesla, Inc. (TSLA)
Only the base variant of the Model X is eligible for the federal tax credit. Because the MSRP of the Model X Dual-Motor All-Wheel Drive (AWD) is under $80K ($79,990).
After the reduction of the $7,500 reduction, a Tesla Model X can now be bought for only $72,490. This is historically the most affordable Tesla Model X. Even at its launch in 2015, the price of a base Tesla Model X was set at $80,000.
The new Tesla Model 3 Highland launched in the US and Canada at the start of 2024 lost the entire federal tax credit on all of its variants.
New Tesla Model Y Prices after Federal Tax Incentive Deduction
The world’s best-selling car Tesla Model Y is now at its historically lowest price with the new federal tax policy. Interestingly, all 3 variants of the Model Y are eligible for the full $7,500 federal tax incentive.
With the federal EV tax incentive, a Tesla Model Y RWD can be bought for as low as $36,490 anywhere in the United States (starting Feb 2024). This is very close to the $35,000 EV that Elon Musk promised before the launch of the Tesla Model 3.
Now you will not have to wait till the year-end to claim the tax credit on your Tesla Model Y EV. If you are eligible, the price will be reduced instantly (learn more about the federal tax incentive eligibility on Tesla’s official website).
Following are the prices of the Tesla Model Y before and after the $7,500 federal tax credit):
| Tesla Model Y Variant | Original MSRP | Price after $7,500 federal tax credit deduction |
|---|---|---|
| Model Y Rear-Wheel Drive | $43,990 | $36,490 |
| Model Y Long Range AWD | $48,990 | $41,490 |
| Model Y Performance AWD | $52,490 | $44,990 |
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