Tesla has updated its purchasing process, announcing that eligible buyers can now receive a $7,500 federal tax credit directly off the purchase price of new 2024 Model Y and Model X Dual Motor vehicles at the time of delivery.
According to a post from Tesla’s North America account on X, this immediate discount will be available to customers who pay in cash or through a loan and meet all federal requirements.
The tax credit is part of a federal incentive program to encourage the adoption of electric vehicles and is applicable to qualified new Tesla vehicles.
To get the credit, individual purchasers must adhere to adjusted gross income limitations: $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for all other filers.
Furthermore, the incentive is designed to be consumer-friendly, allowing the purchase of up to two vehicles per year with the tax credit being applied directly to the purchase price at the time of delivery.
Tesla also outlined price caps for the vehicles eligible for the tax credit, ensuring that the manufacturer’s suggested retail price (MSRP) at the time of delivery does not exceed set limits. These limits take into account optional equipment physically attached to the vehicle but exclude software features, accessories, taxes, and fees.
The price caps for the respective models are $55,000 for the Model 3 Performance and $80,000 for various configurations of the Model Y and Model X Dual Motor. Interestingly, the Model 3 Performance is not yet available to order, but this is a confirmation it’s coming in an upgraded form.
Tesla launched sales of the upgraded Model 3 in North America earlier this week.
Federal tax credit has now been updated
Receive $7500 off the purchase price of a new Model Y/X or Model 3 Performance at time of delivery → https://t.co/MvlrZN5GYJ
— Tesla North America (@tesla_na) January 12, 2024
