Tesla has recently rolled out significant discounts on its Model 3 and Model Y inventory. The price drops are not just marginal; they offer substantial savings, making these coveted electric vehicles more accessible than ever. But the good news doesn’t stop there. If you’re a resident of California, Tesla is encouraging you to take advantage of the California Clean Vehicle Rebate (CVRP), which could offer you up to $7,500 in additional savings. And let’s not forget the federal tax credits that are also on the table.
With all these incentives combined, potential Tesla buyers are looking at an unprecedented opportunity to make their electric vehicle dreams come true. Let’s delve into the specifics.
Tesla Inventory Discounts
Model 3
If you’ve had your eye on the Tesla Model 3, now might be the perfect time to make your move. Tesla has slashed the price of its Model 3 inventory to an attractive $36,220, down from its original price of $40,240. That’s a saving of $4,020 right off the bat!
But here’s the kicker: These aren’t used or refurbished vehicles. They are brand-new inventory cars, offering the same high-quality features, performance, and warranty as if you were buying a freshly manufactured Model 3. In essence, you’re getting a new Tesla for a fraction of the original price, making this an incredible deal for anyone considering an entry into the electric vehicle market.
Model Y
The discounts aren’t limited to just the Model 3; Tesla’s Model Y is also part of this incredible deal. The inventory price for the Model Y has been reduced to $43,680, a significant markdown from its original price of $47,740. This translates to a savings of $4,060, making it an excellent opportunity for those interested in this more spacious electric SUV.
What makes this deal even more compelling is that these are new inventory vehicles. They come with all the bells and whistles you’d expect from a brand-new Tesla Model Y, including the full warranty and state-of-the-art features. Essentially, you’re getting a new Model Y at a discounted price without compromising on quality or features. It’s a win-win situation for potential buyers.
California Clean Vehicle Rebate (CVRP)
For California residents, the savings don’t end with Tesla’s inventory discounts. The state offers the California Clean Vehicle Rebate Program (CVRP), administered by the California Air Resources Board, to further incentivize the purchase of electric vehicles. Under this program, you could receive up to $7,500 on your qualifying Model 3 or Model Y purchase. The aim is to accelerate the adoption of zero-emission vehicles, contributing to a cleaner and more sustainable environment.
However, there’s a catch. The funds for the CVRP are running out fast. Tesla is sending out emails to remind California customers to submit their applications by September 5, 2023, to be considered for the rebate. Applications received on or after September 6, 2023, will be placed on a standby list, and there’s no guarantee that you’ll receive the rebate if you’re on this list. So, if you’re contemplating taking advantage of this offer, time is of the essence.
Federal Tax Credit
In addition to the California Clean Vehicle Rebate, there’s another financial incentive that can make your Tesla purchase even more affordable: The Federal Tax Credit. This program offers a tax credit of up to $7,500 for new electric vehicle purchases, including Tesla’s Model 3 and Model Y. Unlike a rebate, which gives you money back shortly after your purchase, a tax credit reduces the amount of income tax you owe, effectively giving you a discount when you file your federal taxes.
The beauty of this program is that it can be combined with the CVRP, effectively doubling your savings. That means you could be looking at a total of $15,000 in incentives ($7,500 from the CVRP and $7,500 from the Federal Tax Credit). When applied to Tesla’s already discounted inventory prices, these incentives make owning a Tesla more financially accessible than ever before.
The Math
When you start adding up all the available discounts and credits, the financial picture becomes incredibly appealing for potential Tesla buyers. Let’s break down the numbers to see just how much you could save on a Model 3 or Model Y.
Model 3
- Original Price: $40,240
- Inventory Discount: $4,020
- New Inventory Price: $36,220
- California Clean Vehicle Rebate: $7,500
- Federal Tax Credit: $7,500
- Total Incentives: $15,000
- Potential Final Price: $21,220
Model Y
- Original Price: $47,740
- Inventory Discount: $4,060
- New Inventory Price: $43,680
- California Clean Vehicle Rebate: $7,500
- Federal Tax Credit: $7,500
- Total Incentives: $15,000
- Potential Final Price: $28,680
These calculations reveal that with all the incentives and discounts applied, you could potentially own a new Tesla Model 3 for as low as $21,220 or a Model Y for just $28,680. These are unprecedented prices for vehicles of this caliber, making it an opportune time to invest in a Tesla.
Note: It’s important to note that the rebate amounts mentioned, both for the California Clean Vehicle Rebate and the Federal Tax Credit, are the maximum figures available. Your actual rebate amount may vary based on your eligibility criteria, income level, and other factors.
Time-Sensitive Opportunity
While the financial incentives are undoubtedly appealing, it’s crucial to remember that some of these opportunities are time-sensitive. Tesla is proactively sending out email reminders to California customers, urging them to act quickly to take advantage of the California Clean Vehicle Rebate. The reason for this urgency is that the funds for the CVRP are nearly exhausted.
The deadline to submit your application for the California Clean Vehicle Rebate is September 5, 2023. Applications received after this date will be placed on a standby list, and there’s no guarantee of receiving the rebate if you find yourself on this list. Given the significant amount of savings at stake, it’s advisable to act swiftly if you’re considering a Tesla purchase.
Conclusion
The current landscape presents a golden opportunity for potential Tesla buyers, especially those residing in California. With Tesla’s generous inventory discounts on the Model 3 and Model Y, coupled with the California Clean Vehicle Rebate and Federal Tax Credit, the savings potential is significant. You could potentially own a brand-new Tesla for a fraction of its original price.
However, it’s essential to act quickly, particularly if you’re eyeing the California Clean Vehicle Rebate. With funds running low and a looming deadline of September 5, 2023, time is of the essence. Tesla’s email reminders to California customers underscore the urgency of this time-sensitive opportunity.
