Update: Tesla has just increased the referral discount on the Model 3 to $1,500! You can also save $1,000 off a Model Y, or $2,000 off a Model S, X, or Cybertruck! Plus, you’ll get 3 months of free supercharging and Full Self Driving.
Model S now includes free lifetime supercharging for the original owner, though the cost of the card has increased, as per the table below.
Excellent leasing deals are available as well.
The $7,500 federal tax credit is also available, though President Trump has stated that he will remove that credit next year, so this may be the last chance to take advantage of that credit.
Together with our referral link, state residents can save even more:
- NY residents also receive a $2,000 rebate, dropping the price of a Model 3 to as low as $30,490.
- CO residents also receive a $5,000 rebate, dropping the price of a Model 3 to as low as $28,490.
- For NJ residents, the $2,000 NJ Charge Up credit is also available again and will work for the Model 3 and Model Y! Income-qualifying residents that earn up to $75K individual MAGI or $150K household MAGI can get a $4,000 credit, dropping the price of a Model 3 to as low as $29,490.
NJ residents also pay just 3.3125% sales tax on EVs through 6/30/25.
For example:
- The Model 3 RWD Long Range (363 mile range!) will be $41,490 after referral or just $33,490 after the $7,500 tax credit. NJ residents will pay just $29,490 or $31,490 after the stackable state credit.
- The Model Y RWD Long Range will be $43,990 after referral or just $36,490 after the $7,500 tax credit. NJ residents will pay just $32,490 or $34,490 after the stackable state credit.
- The Model 3 AWD Long Range will be $46,490 after referral or just $38,490 after the $7,500 tax credit. NJ residents will pay just $34,490 or $36,490 after the stackable state credit.
- The Model Y AWD Long Range will be $46,990 after referral or just $39,490 after the $7,500 tax credit. NJ residents will pay just $35,490 or $37,490 after the stackable state credit.
- The Model Y AWD Performance will be $50,490 after referral or just $42,990 after the $7,500 tax credit. NJ residents will pay just $38,990 or $40,990 after the stackable state credit.
- The Model 3 AWD Performance will be $53,990 after referral or just $45,990 after the $7,500 tax credit. NJ residents will pay just $41,990 or $43,990 after the stackable state credit.
Will these incentives get you to order a Tesla?
Originally posted on 6/23/24:
I’ve been driving the Tesla Model 3 Long Range All Wheel Drive since 2018 and love it. The Model 3 has now been fully refreshed and that sweet spot model is now eligible for the $7,500 federal tax credit, dropping its cost to $39,990 if you’re eligible. It was previously not eligible for any tax credit this year after the refresh.
The Model Y will be similarly refreshed next year.
The tax credit is now valid at the point of sale, so you will pay just $39,990+fees and tax out the door for the refreshed Model 3 Long Range All Wheel Drive. The credit applies if you buy or finance the car, but not for leasing the car, though lease payments have dropped as well.
The tax credit applies in full if you have AGI in the current year or the previous year up to $300,000 for married couples filing jointly, $225,000 for heads of households, or $150,000 for all other filers. As long as your AGI is lower than those numbers in either year, you will qualify for the credit. However, if you expect a lower AGI in 2024 in order to qualify, but wind up with a higher AGI, you will have to pay back the credit when you file your taxes.
Best of all, while in previous years the credit was non-refundable, with the point of sale rebate if your tax liability is lower than $7,500, you will not have to pay back the credit, as long as your AGI is lower than the limits.
Speak to a financial professional for more details about how the tax credit may affect you.
It’s worth noting that if you’re buying a car for business purposes, there is an alternate $7,500 commercial EV credit, that has no income limitations and will be valid on all Tesla models as it has no cost limit either. Speak to a financial professional for more details.
And if you buy a Model X for business purposes, you may be able to take a first-year section 179 60% bonus depreciation for cars weighing over 6,000 pounds that are delivered by 12/31/24 before depreciating the rest of it over 7 years. That can mean massive tax savings based on your marginal federal and local tax rate. Speak to a financial professional for more details.
- Many states also offer incentives for buying an EV:
See more state incentives here.
While in the past Tesla had a referral program that offered additional credits and perks, that program is currently unavailable. Elon Musk said to expect the referral program to return next quarter, so you may want to wait for that to happen before buying a Tesla.
Here is a history of Tesla pricing (Scroll at the bottom of the chart):
Model | Current Pricing After Tax Credit and Referral | November 2024 Pricing | July 2024 Pricing | October 2023 Pricing | December 2023 Pricing | September 2023 Pricing | May 2023 Pricing | April 2023 Pricing | Mid 2022 Pricing | Late 2020/Early 2021 Pricing |
Model 3 Rear-Wheel Drive/Standard Range | - | - | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | $35,000, in-store only |
Model 3 Rear-Wheel Drive/Standard Range+ | Discontinued | Discontinued | $38,990 | $38,740 after $250 referral discount | $38,990 | $39,740 after $500 referral discount | $40,240 | $39,990 | $46,990 | $37,990 |
Model 3 Rear-Wheel Drive/Long Range | $33,490 after referral discount and tax credit | $41,490 after referral discount | $42,490 | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable |
Model 3 All-Wheel Drive/Long Range | $38,490 after referral discount and tax credit | $46,490 after referral discount | $47,990 | $45,740 after $250 referral discount | $45,990 | $46,740 after $500 referral discount | $47,240 | Was unavailable | $57,990 | $46,990 |
Model 3 All-Wheel Drive/Performance | $45,990 after referral discount and tax credit | $53,990 after referral discount | $54,990 | $50,740 after $250 referral discount | $50,990 | $52,740 after $500 referral discount | $53,240 | $52,990 | $62,990 | $54,990 |
Model Y Rear-Wheel Drive/Standard Range | Discontinued | Discontinued | Discontinued | $43,740 after $250 referral discount | $43,990 | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable |
Model Y Rear-Wheel Drive/Long Range | $36,490 after referral discount and tax credit | $43,990 after referral discount | $44,990 | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable |
Model Y All-Wheel Drive/Standard Range | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | $47,240 after $500 referral discount | $47,490 | $46,990 | Was unavailable | $41,990 |
Model Y All-Wheel Drive/Long Range | $39,490 after referral discount and tax credit | $46,990 | $47.990 | $48,240 after $250 referral discount | $48,990 | $49,990 after $500 referral discount | $50,490 | $49,990 | $65,990 | $49,990 |
Model Y All-Wheel Drive/Performance | $42,990 after referral discount and tax credit | $50,490 | $51,490 | $52,240 after $250 referral discount | $52,490 | $53,990 after $500 referral discount | $54,490 | $53,990 | $69,990 | $59,990 |
Model S All-Wheel Drive/Long Range | $77,990 including supercharging for life and referral discount | $72,990 after referral discount | $74,990 | $77,740 after $250 referral discount | $74,990 | $73,990 after $1,000 referral discount | $88,490 | $84,990 | $104,990 | $79,990 |
Model S Plaid | $87,990 including supercharging for life and referral discount | $87,990 after referral discount | $89,990 | $89,740 after $1,000 referral discount | $89,990 | $88,990 after $1,000 referral discount | $108,490 | $104,990 | $135,990 | $119,990 |
Model X All-Wheel Drive/Long Range | $70,490 after referral discount and tax credit | $70,490 after referral discount | $79,990 | $79,740 after $1,000 referral discount | $79,990
| $78,990 after $1,000 referral discount | $98,490 | $94,990 | $120,990 | $89,990 |
Model X Plaid | $92,990 after referral discount | $92,990 after referral discount | $94,990 | $89,740 after $1,000 referral discount | $94,990 | $88,990 after $1,000 referral discount | $108,490 | $104,990 | $138,990 | $119,990 |
Cybertruck Rear-Wheel Drive | Discontinued | Discontinued | $60,990 | - | - | - | - | - | - | - |
Cybertruck All-Wheel Drive | $77,990 after referral discount | $77,990 after referral discount | $79,990 | - | - | - | - | - | - | - |
Cybertruck Cyberbeast | $97,990 after referral discount | $97,990 after referral discount | $99,990 | - | - | - | - | - | - | - |
Hundreds of Teslas have been purchased via DansDeals, how do you like your Tesla?