Tesla Warns Customers That The Model 3 Will Cost More Soon
It’s the opposite of a blue light special.
Tesla has posted a notice on its consumer website notifying prospective buyers that the federal tax credit available for some of its vehicles is about to be slashed in half.
The maximum credit of $7,500 is contingent on an electric car’s battery being built in North America with a specified amount of critical materials sourced from U.S. free trade partners, which is set to rise from 40% this year to 80% in 2027 by increments of 10%.
Teslas that come in under the price thresholds of $55,000 for cars and $80,000 for SUVs currently qualify for the full amount, but a note in a blue box on the Model 3 page says that the credit is “expected to reduce to $3,750 on Dec 31 pending federal guidance. Take delivery to guarantee full incentive.”
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Tesla hasn’t offered any details on why only the Model 3 is affected. The Model S sedan does not qualify for any federal incentives, because the lowest-priced version starts at $74,990.
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Tesla last week cut prices on the Model 3 and Model Y and has now reduced leasing prices by up to $100 per month, with the entry-level Model 3 Rear-Wheel Drive reduced from $419 to $329 per month with a $4,500 down payment on a three-year lease with a 10,000-mile annual allotment.
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