Tesla Model 3 Performance qualifies for the federal tax credit, gets a $1k price hike, and can cost less than the Long Range variant

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Tesla launched the new Model 3 Performance across global markets earlier this week. Tesla has put significant efforts into fine-tuning the car as a purpose-built performance race car.

But there is a tiny bit of detail that missed the eyes of many. The new Model 3 Performance Highland qualifies for the entire $7,500 federal EV tax credit in the United States.

Federal EV tax credit entirely phased out for the Tesla Model 3 RWD and Long Range variants at the end of last year. At this time, the new Model 3 Highland was not launched. Even after the launch of the new model, these two variants did not qualify for the tax credit again.

In the meantime, Tesla was working on the updated Model 3 Performance and there was no federal tax credit available for the existing two variants.

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A black Tesla Model 3 Performance with a Ludicrous badge on the rear.
A black Tesla Model 3 Performance with a Ludicrous badge on the rear. Credit: Tesla press photo / Courtesy of Tesla, Inc. (TSLA).

However, now that the new Tesla Model 3 Performance is on sale, a federal tax credit of $7,500 is available for the electric vehicle by the Austin, TX-based automaker.

Tesla increased the price of the Model 3 Performance by $1,000 just a few hours ago. Tesla introduced the new Model 3 Highland Performance at $52,990 and it’s now priced at $53,990 after the most recent increase.

The interesting part is that the new Tesla Model 3 Performance costs less than the mid-tier Model 3 Long Range AWD.

You will only have to compromise on range by opting for the performance variant. Tesla Model 3 Performance comes with an EPA-estimated range of 296 miles (476 km) vs Model 3 Long Range AWD’s 341 miles (548 km) of range.

Tesla Model 3 Long Range is priced at $47,740 and does not qualify for the $7,500 federal EV tax credit. With the new laws in place, eligible customers get a point-of-sale federal tax credit deducted from the price of the vehicle.

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With the deduction of $7,500 in the form of federal EV tax credit, the new Tesla Model 3 Performance costs $46,490 only. This makes the price of the top-tier performance variant $1,250 less than the Model 3 Long Range variant.

Tesla’s $1K price increase for the new Model 3 Performance speaks about the demand for the vehicle. This can be taken as a signal for the car’s successful launch and the rush of orders that pushed Tesla (TSLA) to raise the price of the vehicle at a time when the overall EV market is facing a downturn.

Screenshot: Prices of all the variants of the Tesla Model 3 in the United States as of 27th April 2024. Source: Tesla online car configurator.
Screenshot: Prices of all the variants of the Tesla Model 3 in the United States as of 27th April 2024. Tesla Model 3 Performance gets a $1K price increase and is eligible for the $7,500 federal tax credit. Source: Tesla online car configurator.
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Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

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