Update, 7/18: Over 100 DansDeals readers have purchased a Tesla from this deal! Local inventory discounts are running out as local cars are sold and the Government incentive programs can end at any time once funds run out, so be sure to get a Tesla now if you are considering it!
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Maya was way ahead of this Tesla trend, throw back to 2019:
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Update, 7/12: New Jersey just announced that their new Charge Up program goes live for cars purchased as of 7/12/23! Cars with an MSRP up to $45,000 will be eligible for an instant $4,000 rebate, while cars with an MSRP from $45,001-$55,000 will be eligible for an instant $1,500 rebate. The rebate is applied at the time of purchase/delivery when you buy or lease a car in New Jersey.
The program has limited funding, so you’ll want to order now to take advantage of the incentive before it is exhausted again. Cars ordered before 7/12 are ineligible for funding.
NJ also waives sales tax for electric vehicles!
Find other state incentives for EV purchases here, including big incentives in CA, CO, CT, DL, MA, MD, NY, and OR.
Tesla has now made Midnight Silver Metallic as the free base color for Model 3 and Y.
Plus, Tesla is now offering $500 off and 3 months of free full self-driving for Model 3 and Model Y via this referral link. Model S and X will get $1,000 off and 3 months of free full self-driving.
Inventory Model 3s start at just $37,830, less the $500 referral credit, for a total of $37,330. If you are eligible for the federal tax credit (see details in the original post below), the price drops to $29,830. If you are also eligible for the NJ credit, the price drops to $25,830!
The inventory deals in NJ are likely to sell out soon!
The made-to-order base Model 3 is $40,240, less the $500 referral credit, for a total of $39,740. If you are eligible for the federal tax credit (see details in the original post below), the price drops to $32,240. If you are also eligible for the NJ credit, the price drops to $28,240!
The made-to-order base Model Y is $47,740, less the $500 referral credit, for a total of $47,240. If you are eligible for the federal tax credit (see details in the original post below), the price drops to $39,740. If you are also eligible for the NJ credit, the price drops to $38,240!
You can also lease a Tesla for at least 36 months and get the NJ rebate, if you try that in a Tesla dealership, let us know what the pricing comes out to.
NJ also gives rebates for EV charger installations.
HT: yaakov
Update, 6/2: Tesla just announced that all of their Model 3 and Model Y vehicles are now eligible for a $7,500 federal tax credit. This lowers the cost of the RWD Model 3 to $32,740 and the AWD Long Range Model 3 to $39,740 after the credit! The current pricing in the chart has been updated below.
Update, 5/12: You can now earn 1,500 credits for reserving a Model 3 or Y, 2,500 credits for reserving a Model S or X, or 9,000 credits for ordering solar products via my referral link here. Tesla owners can also earn 2,000-9,000 credits for completed referrals and 3,500-9,000 credits for buying additional Teslas. This is the first time Tesla has offered referral incentives to buyers and owners since September 2021.
Here is what some sample prizes cost:
- Cybertruck raffle: 500 credits
- Tesla Powerwall T-shirt: 500 credits
- Tesla sipping glasses: 1,400 credits
- Tesla Giga Texas Belt Buckle: 1,500 credits
- Tesla Jacket/Hoodie: 1,500 credits
- 500 Supercharger miles: 1,500 credits
- Model 3/Y all-weather liners: 3,500 credits
- CCS Adapter: 4,000 credits
- 2,000 Supercharger miles: 4,800 credits
- Model S/X all-weather liners: 5,000 credits
- Wall connector: 5,500 credits
- Acceleration boost: 9,500 credits
- Enhanced Autopilot: 55,000 credits
- Full self driving: 120,000 credits
But will this ever return? 😉
Update, 5/11: Tesla pricing is trending upward yet again and the chart below has been updated. Prices are still significantly less than they were before last month, but don’t be surprised to see prices continue to climb upwards.
Update, 5/2: Tesla changes pricing based on demand, and has raised the cost of all models.
Originally posted on 4/19:
You’re likely to get whiplash if you’re watching Tesla pricing. I’ve documented some of the changes in this post, but pricing has been cut yet again.
While other car companies change their price levels silently by offering higher rebates to dealerships, which can pass on savings, Tesla doesn’t have franchised dealerships, so they can’t use that lever. Instead they frequently change pricing based on demand and tax credit availability.
The base Tesla Model 3’s federal tax credit has been cut from $7,500 to $3,750, but other Model 3s and Ys retained their $7,500 tax credit.
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. The credit is non-refundable, so it can’t exceed your federal taxes owed for the year, but it will apply and you will receive a refund if your taxes are automatically withheld by your employer. An FAQ is available here.
Many states also offer incentives for buying an EV, though the most lucrative version in NJ is now paused due to exhausting its funding. However NJ buyers still pay no sales tax on EVs, which is a big savings.
Here is a chart showing how Tesla pricing has changed over the past few years, from the lowest prices offered during the pandemic, to the quick increase in pricing due to the chip shortage and inflation, to the rapid drop in pricing now to boost demand as both output and competition increases.
| Model | Late 2020/Early 2021 Pricing | Mid 2022 Pricing | April 2023 Pricing | May 2023 Pricing | September 2023 Pricing | October 2023 Pricing | December 2023 Pricing | July 2024 Pricing | Current Pricing After Tax Credit and Referal |
|---|---|---|---|---|---|---|---|---|---|
| Model 3 Rear-Wheel Drive/Standard Range | $35,000, in-store only | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | Discontinued | - |
| Model 3 Rear-Wheel Drive/Standard Range+ | $37,990 | $46,990 | $39,990 | $40,240 | $39,740 after $500 referral discount | $38,740 after $250 referral discount | $38,990 | $38,990 | $37,990 |
| Model 3 Rear-Wheel Drive/Long Range | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | $42,490 | $33,990 |
| Model 3 All-Wheel Drive/Long Range | $46,990 | $57,990 | Was unavailable | $47,240 | $46,740 after $500 referral discount | $45,740 after $250 referral discount | $45,990 | $47,990 | $38,990 |
| Model 3 All-Wheel Drive/Performance | $54,990 | $62,990 | $52,990 | $53,240 | $52,740 after $500 referral discount | $50,740 after $250 referral discount | $50,990 | $54,990 | $46,490 |
| Model Y Rear-Wheel Drive/Standard Range | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | $43,740 after $250 referral discount | $43,990 | Discontinued | - |
| Model Y Rear-Wheel Drive/Long Range | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | Was unavailable | $44,990 | $36,490 |
| Model Y All-Wheel Drive/Standard Range | $41,990 | Was unavailable | $46,990 | $47,490 | $47,240 after $500 referral discount | Discontinued | Discontinued | Discontinued | - |
| Model Y All-Wheel Drive/Long Range | $49,990 | $65,990 | $49,990 | $50,490 | $49,990 after $500 referral discount | $48,240 after $250 referral discount | $48,990 | $47.990 | $39,490 |
| Model Y All-Wheel Drive/Performance | $59,990 | $69,990 | $53,990 | $54,490 | $53,990 after $500 referral discount | $52,240 after $250 referral discount | $52,490 | $51,490 | $42,990 |
| Model S All-Wheel Drive/Long Range | $79,990 | $104,990 | $84,990 | $88,490 | $73,990 after $1,000 referral discount | $77,740 after $250 referral discount | $74,990 | $74,990 | $73,990 |
| Model S Plaid | $119,990 | $135,990 | $104,990 | $108,490 | $88,990 after $1,000 referral discount | $89,740 after $1,000 referral discount | $89,990 | $89,990 | $88,990 |
| Model X All-Wheel Drive/Long Range | $89,990 | $120,990 | $94,990 | $98,490 | $78,990 after $1,000 referral discount | $79,740 after $1,000 referral discount | $79,990 | $79,990 | $71,490 |
| Model X Plaid | $119,990 | $138,990 | $104,990 | $108,490 | $88,990 after $1,000 referral discount | $89,740 after $1,000 referral discount | $94,990 | $94,990 | $93,990 |
| Cybertruck Rear-Wheel Drive | - | - | - | - | - | - | - | $60,990 | Ineligible for credit. |
| Cybertruck All-Wheel Drive | - | - | - | - | - | - | - | $79,990 | Ineligible for credit. |
| Cybertruck Cyberbeast | - | - | - | - | - | - | - | $99,990 | Ineligible for credit. |
I’ve written several articles on Tesla after buying a Model 3 back in 2018.
Shortly after I got the car, Tesla accidentally handed over full control over their forums to me, which made national news headlines.
I wrote about my thoughts on the car after 2 years here.
After 4.5 years, I’m still thrilled with my Model 3 Long Range with acceleration boost, and love the software updates that improve the car as time goes on. There was one software update in that time period that made things worse by requiring more clicks, but that was since rectified.
The car is truly fun to drive on both short-haul and long-haul trips. And I love never having to do an oil change or go to a gas station!
Best of all, I never lose my keys as everything is controlled with your phone. The car automatically locks when you walk away from it and unlocks when you approach it. You can preheat or precool it all via the app.
When you’re stopped at a red light you don’t have to hold the brake and when the light turns green, the car can chime to let you know.
Thanks to 3rd party apps like TeslaFi, you can even prove your speed history to help you get out of a ticket!
If you are buying a Tesla, it’s worth noting that Tesla includes autopilot for free on all cars. I’d recommend getting the Enhanced Autopilot (EAP) for $6,000, which among many features, allows for auto lane changes on highways, which is what makes long-haul driving such a pleasure in a Tesla. I’d recommend against spending $15,000 for full self driving (FSD), which is very much still a beta product that isn’t currently worth the extra $9,000 in my opinion. You can always upgrade to FSD later on, should the product improve.
EAP also turns your car into a remote control car with smart summon. I’ve used that to get into my car by backing it up when someone parks too close to me, or to pick me up from the front door of shul when it’s raining.
Do you own a Tesla? What are your thoughts on it?
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352 Comments On "[Over 100 Teslas Sold!] SMOKING HOT! NJ Residents Can Get A Tesla Model 3 For Just $25,830 With No Sales Tax After Stacking Referral Credit+Federal Credit+State Rebate!"
All opinions expressed below are user generated and the opinions aren’t provided, reviewed or endorsed by any advertiser or DansDeals.
Got a model y long range at end of 2022 (ordered March took delivery November). Could’ve saved money if waited but needed a car. Bh!
Enhanced autopilot at $6k is way too expensive for just auto lane change. It’s a nice feature to have but not at that price. The other features are gimmicky and aren’t even currently available in the newer cars due to Tesla removing the ultrasonic sensors.
Plus it wouldn’t shock me if a basic level of auto lane change becomes included in the free autopilot at some point in the future. Many competing companies are offering that feature in their driving assist packages and that could push Tesla to change.
I guess that depends on how often you travel on the highway and how long you plan on keeping the car.
I did some highway driving in a friend’s Tesla without EAP, and it was a rather frustrating driving experience. Maybe that’s only because I was used to having it? In the end, he purchased EAP and was very happy with it.
It’s hard to see that becoming a free feature, otherwise nobody would purchase EAP, but anything is possible.
The only frustrating thing is not being able to change lanes without disengaging the autopilot. Really hope they add that at some point.
Agreed!!!
If the car is totaled you have to pay for it again…
Is the 4k tax credit on top of the 7.5k for NJ still valid?
Unfortunately they all come with internet that can’t be filtered. Maybe if you invest a lot (thousands?) in a custom IT filtering solution you can manage to filter it, but otherwise we can assume every Tesla owner has unfiltered internet.
It’s $10 a month for internet.
That’s for Premium connectivity. The free Standard connectivity still allows connecting to the internet and using the car’s browser through WIFI. Also you miss out on a lot of features if you don’t pay for Premium, so its likely any owner would buy Premium.
Why do you need to insist that everyone w a tesla has unfiltered internet? Does it make you feel good?
they come with internet for 30 days.
after you must pay if you want internet. no reason to “assume every Tesla owner has unfiltered internet”
to get updates car connects to home wifi which should have a filter.
@dan can you please make a post about this to get more people on board?
https://rocklanddaily.com/news/grassroots-effort-to-enable-filtering-on-tesla-internet
Hey Dan, when u write the nj incentive is paused. Does that mean it may start again?
If it gets funded again, sure.
It is slated to restart in 2024, although with politicians you never know
NJ has a system where a dealer “reserves” a rebate when a customer orders a car.
If they chose not to take delivery (for whatever reason) the reserved funds go back to the pool.
Since many cars are “on order” with $500 refundable deposits from many EV companies, like Chevy…it is possible that we will see 10% or even 25% of reserved rebates return to the pool soon.
I pay my taxes forward quarterly, and I don’t really pay much at the end of the year. Will I still be able to get the credit?
Yes. You can get a refund against taxes already paid via estimates and withholdings.
How often do you get speeding tickets where you really weren’t speeding, lol
Advice on purchasing in California? Is there a Tex credit? Can you get a credit for leasing?
Lucky those with a tesla in South FL, Very Challenging to get gas here now.
No Jew should be driving a Tesla. You also can’t filter the internet
I only got it for the unfiltered internet
Lol
Love this
Thanks for your opinion. You don’t need to pay $10 a month for internet access. I guess you don’t have the funds so you don’t want me ti have one either.
Thanks, Posek HaDor.
Most moronic comment on here, congrats
Is the federal tax credit for the base Model 3 that was purchased in February or March of this year still $7,500 (which I assume can be claimed when filing one’s 2023 tax return)?
As long as it was delivered by 4/17, you can claim a $7500 credit.
What about Sienna Hybrid?
Thanks to your post last month, I leased the base Model 3 in New Jersey a month ago and the state gave $4000 directly to the dealer which was applied as a downpayment. I upped the mileage from 10,000 to 15,000 a year for a few extra dollars a month. The 30-day premium connectivity free trial just ended a few days ago. They’re offering it for $99 a year (or $10 a month). Is that something I should do? I seem to be able to use the hotspot from my phone to give internet to the car. What would be the benefit of paying the extra money to Tesla? I don’t think I’m losing too much, other than some unnecessary bells and whistles. Am I missing something?
Question 2: do leases qualify for the federal tax credit?
re 2. No
Tesla received that and likely why the lease rates were so low
Are you sure?
Ask your accountant.
if you are a ny resident and wanted to lease not buy a tesla model 3, do you still get the 7500 tax credit?
only asking cause i saw in nj the 7500 tax credit only apllies if you buy the car?
its a federal credit, shouldnt make a diff which state
They were cut again since end of February when you posted the $350/month lease?
Yes, but NJ is no longer offering the $4K rebate.
they said 2024 Fiscal year it will be replenished, that starts July 1st
1. do car leases in ny qualify for the 7500$ tax credit?
2. if i recieved the $4000 NJ incentive for my leased model 3, can you still claim the 7500 tax credit even if you didnt sign the paper work for it?
1. No
2. No
Will the long-range (non-performance) be eligible for the full $7500 credit?
I ordered a Tesla about a month ago and didn’t take delivery yet. Do you know if I would still be eligible to receive the Nj rebate?
You will not. Delivery needed to happen before funds were uo
Tesla bought out my elantra lease with the highest offer.
in NJ im paying $260/m no $ down after NJ and other lease buyout credit!
(and no $10/ month for internet)
I was able to sneak in on this deal right before the NJ Charge up funds dried up. Got the base Model 3 white/black. 41.9k (car Price)+1.3k (delivery)-7.5k (fed)-4k(NJ)+ 0 sales tax. Total Cost around 32k. I could drive this car for three years and still sell for 23k at least.
Unless they keep cutting prices…
Doesn’t make a difference because even if they do drop prices that means a new Tesla won’t cost much more than his used one. His point that the spread won’t be that much between a new and used car is still valid
above someone stated that you cant get the fed credit if you recieved the 4k nj credit
The waypoint was specifically for a lease, on purchase you are eligible for both. Lease only the NJ charge Up
They should make Tesla minivans for Jews to start buying it
The minivan market is small
Still worth an investment. every company has minivans
No they don’t.
its called model x
is there any way for a dealership to still reserve the 4K tax credit in New Jersey? If yes, can they do that for a Tesla customer?
Approx how much is car insurance per month for model 3 and Y?
Will never give a dime to Tesla and their extreme MAGA owner.
He voted for Biden lol
I’m sorry if this question is annoying, but where does the seventh seat model Y fit in on this list?
Is the 3rd row on the model Y a worthy investment?
Yes for those times when you have guests in town or if you have kids driving friends, etc. we have 3rd row in our model Y that was one of the reasons my wife wanted it. For all electric 7 seater this was our choice based off price.
“Thanks to 3rd party apps like TeslaFi, you can even prove your speed history to help you get out of a ticket!”
Can the authorities also get hold of the data and hold it against you, if you were indeed speeding?
I ordered the Model Y inApril 2022 and got the delivery November 2022. can I get any tax credits?
I’m in exact same boat (ordered March though) and I filed my taxes this year was not eligible for rebate. Tesla had maxed out. But best to speak with an accountant about that or check irs info.
@Dan, thanks fr another great post, i just dont understand the chart you made, are the old prices pre pandemic and by chip shortage before or after the Tax credits??
I’ve been driving a tesla model y for a bit now, and I’m not a big fan. Car is cheap feeling, poor build quality, terrible suspension, and has poor visibility. Also, i never get anywhere close to 330 miles on a full charge. I test drove a bmw ix which was beautiful and so quiet and smooth. I wish i had the money to buy that one instead
No one ever gets pulled over for speeding who wasnt speeding.
Everyone just lies to the judge, and need an app that doesnt tell you the accurate speed 🙂
Im assuming Dan meant there is a premium speed change feature to use to get out of pesky speeding tickets
Uh, I did.
Cop said it was called in to him via airplane so he didn’t know, but they either got the wrong car or they had bad speed measuring equipment and TeslaFi proved that.
just saying its $50/Year and a Ohio speeding ticket costs $175, would need this to happen every 3.5 years to make it worth it 🙂
Gotta factor insurance too 😀
But TelsaFi has many more uses than that.
I’ve been renting the model y from hertz lately for a couple long hauls, and though it’s nice to not “have to go to a gas station” somehow I find myself at a gas station every 150-200 miles for 30 minutes or more! .. or a Culver’s.. lots of Culver’s lol. But it is a good drive, maybe some day I’ll have the money to be an owner.
The main benefit is when you plug it in weekly in your own home while you sleep.
But the road charging time is made up by EAP for me. Though I don’t think Hertz cars have EAP.
does EAP help in traffic?
Sure
Is it possible to somehow get waze on the screen?
How does Lucid compare to Tesla?
Dan you mentioned interesting fact re AGI. Are you saying if you have say negative AGI, but have a salary where withholding taxes are held, even though that would be refunded, then the 7500 credit(assuming the car qualifies of course)would be applicable? If so that’s a huge help, I can simply pay myself salary which I do anyway and let the IRS hold the funds for a bit in exchange for 7500 tax credit?
Be aware that insurance on teslas are almost double the price then other cars, because they build it as 1 piece so any stupid crash they need to replace the whole car, so it aint that cheap
Not the case for me with Progressive.
I got quoted 1900 for 6 month premium while the volvo electric which has a higher msrp then tesla was coming in at 1100 for 6 months from geico
Geico’s pricing for Tesla is absurd. Shop around.
Progressive don’t insure teslas anymore
Erm, just got mine renewed.
They renew existing but won’t take new customers
Source/link?
Nationwide or in one state?
not the case for me either… also if you get insurance through Tesla sometimes it’s cheaper than other companies. I have my Y bundled through group plan and my Tesla is not that far off from other cars .
I pay just $10 more…a year for my Tesla, as compared to my previous car.
What are these credits worth?
Read the post please 🙂
Is the tax credit only for the year is purchased in, or can it continue to be used over a few years?
only in year purchased.
@dan assuming you have a couple roadsters that you got for free why you driving the 3?
Because the roadster is vaporware?
Dan, I bought my Model 3 in Oct 2018. I have EAP. I love the car but I don’t get the green light chime . I wonder if you have the newer computer? Thanks!
It should be an option in the menu settings to enable.
Thanks!!
If it also applies to new in stock inventory then starting price for model 3 should be $30320
Hey Dan-
Two questions for you please
1) if I got a model 3 In 2021 and got the $5k rebate am I eligible for the $7500 tax credit if I buy a brand new model Y now?
2) am I allowed to buy another model Y as well next year and also get another 7500 all the tax credit?
1-Yes
2-as long as you have Federal tax liability you can buy 2 cars this year.
For purchase only or can use for leasing as well?
Now waiting for NJ to bring back their Charge Up credit.
Should be by end of July. At that point you will probably know about the new model 3
Dan,
I recently ordered a Tesla Model 3 Long Range but forgot to click on your referral link before doing so. Can I have it added to my order after the fact?
Prices for tesla model 3 coning down because they are coming out with new model 3 design
I’m in NY which qualifies for an additional discount of $2,000 (Drive Clean Rebate) but I don’t see the discount applied when checking out. Anyone familiar with this?
This is done later after you get your registration paperwork. You need to submit this separately with the rebate program
Are the prices listed for the Inventory Model 3’s including the $2,410 discount? or is the discount ontop of those prices? Because I dont see anywhere that theres additional discounts more than the listed price
It’s already built into the sale price, hence the crossed out price.
Is it possible that the prices just jumped by more than 10k? I’m seeing initial prices (before rebates) around $50K?
Sort the pricing from low to high?
It looks like the Federal rebate is non refundable 🙁
So its not for the folks who get a refund (40 percent of americans, 60 percent of yidden)
It has nothing to do with getting a refund, unless you didn’t pay in anything at all via withholdings or estimates.
It is non refundable, so if you would be getting all the withholding back, as a large percentage do, you would not gain from this at all
How do I get the 2400 off?
Select the inventory Model 3s at the bottom of the link.
Dan, you in should do a post valuing Tesla points…
Dan – for tesla model 3 referrals, can the person referred get 6 months of free supercharging?
3 months if you take delivery this month, plus credits to get more supercharging.
thanks for the quick reply
nj ev bonus should start again in July
also the reason tesla is giving discount is theyre coming out with totally new refresh in aug.
This true?
Dan did u hear anything about the ev bonus starting again in July?
Any exciting new offers for 3Q? (NJ)
Looks like prices for Y are going up? No longer seeing any discounts…..at least in the South.
nj just announced yr 4 rebate start today
Awesome, thanks!
Can someone please tell me if im paying the regular price and just claim the NJ and federal rebate later on my tax return? The tesla site isnt really clear. also, the referral link seems broken
The NJ rebate will be deducted at pickup, while the federal credit comes off your taxes.
Does one have to put down a $4k deposit to get the NJ rebate or can they put a $0 down payment and it still be applied point of sale?
Applied at point of sale!
You should probably make clear that the $7,500 federal tax credit is not refundable so this price is only accurate if you have a tax bill of $7,500+ after all other credits.
The post says that, in bold.
If other credits are refundable then you don’t have to include them.
Even though Tesla didn’t update website yet can I place the order and get the incentive?
Yes.
How would I know if I qualify for the $7500 rebate?
The original post above explains the details.
Can an order be cancelled?
Yes, but there is a $250 non-refundable deposit.
Is the New Jersey credit taken off of the purchase price?
Or is it a refund what you get two years later?
Purchase price.
Does the $7,500 tax credit deduct taxes owed to SS/Medicare, or is it deductible for income tax bills only?
When I click on the link for inventory model 3s in your latest post it shows me a starting price of $40,240 – where can I find the $37,830? Honestly, this post gets quite confusing with the amount of updates. Would be super helpful if there was a new post outlining the steps needed to purchase or lease the car with all the credits.
The base model may have sold out in your area. You can try searching for inventory in other zip codes.
Tried many different zip codes all around Jersey and keep seeing the $40,240. If anyone is able to get the $37,830 base price, can you please let me know how?
There was plenty when I posted, but people may have snapped them all up by now.
you have to make sure you are filtering low to high pricing.
Starting 2024 the $7500 will be taken off the purchase price by the dealer even if you don’t owe the taxes. Worth mentioning as will be a game changer and most probably worth waiting for
The IRS has not issued guidance on how that will work or who will qualify. We shall see what happens.
Tesla just announced that several models will no longer be eligible for the $7,500 credit in 2024. Expect other cars to be ineligible as well, due to stricter requirements that will kick in then.
A bird in the hand is worth two in the bush.
Does it have delivered to NJ or must you be a NJ resident?
You need a NJ driver license
You don’t need a physical license. As long as New Jersey knows you live in the state they will give it to you
It says destination fee 1390 any way to avoid that , I don’t see it as part of your calculation
@dan can you advise me on this ?
Nope, that’s standard on all cars. It’s also not counted in the MSRP calculation.
Any recommendations for other electric vehicles that are even less expensive than Tesla?
Wait. If you don’t need a car right now wait for new models to come out, will significantly be better technology, range and options.
Hmm, you should be able to get a pretty decent deal on Volvos now, with stacking a lot of incentives.
This would be great!
Hey, How do you apply for the 4,000 rebate? how do you get that payment?
It will be credited to you automatically for NJ purchases when you take delivery and pay.
After I place order anything else I need to do to get the 4000?
Nope, the dealership should take care of everything.
How does it come out to $25,830? Did you calculate the $1400 destination fee?
No, advertised prices for cars are before destination fees and taxes (though taxes are waived in NJ!).
It’s also not part of the MSRP calculation.
can you lease?
Yes
Will the $4K be deducted as a money down for a lease?
Yes
If I finance, who gets the $4000 rebate? Me or the bank?
If the bank – does it lower monthly payments or just get applied to the overall loan?
You get it at the point of sale.
Do you still get the $7.5k tax rebate if you lease the Tesla or is it only if you actually buy the car?
The federal credit is only if you buy it, however that rebate goes to Tesla and they do pass along some of the savings to the lease cost.
This is before all the fees right?
https://www.dansdeals.com/more/dans-commentary/teslas-good-deal-latest-price-cuts-heres-comparison-chart/#comment-1642283
If I have a W-2 and all my taxes are withheld properly, I get a very small return at the end of the year, not because of tax credits but because its withheld at the right amount, will I still be able to get the federal rebate?
I definitely pay more than 7.5 in taxes for the year, but I don’t pay that out at the end of the year since its withheld
From the post,
“it will apply and you will receive a refund if your taxes are automatically withheld by your employer.”
Any update about Tesla enabling a filter for the internet?
No, but if you lock the car to valet mode, the WiFi is disabled.
I noticed that Revel cars in NYC are all locked to valet mode.
but then you control at whim when to lock and when to unlock. I think they are trying to figure out a permanent filter
Can AGI be based on 2021 or only 2022?
“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.”
In any case, to actually get the credit, you need to have a 7.5k tax liability for 2023
Or 2022.
Potentially 2021 if you have not yet filed for 2022.
I think you’re mistaken, to be eligible you need to be below 300k for a couple etc. in either year, but to actually get the credit you need to have a tax liabilty of 7.5k in the 2023 filling year.
Gotcha, that could be. These are questions for your tax accountant.
I’d imagine it also depends on whether you have filed for 2022 yet or are on extension?
The tax credit is claimed in the year you spent the money. Buy the car in 2023, get the credit on your 2023 return. As for AGI qualifications (per the IRS):
“You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.”
Translation: Buy the car in 2023, you can qualify if either your 2022 or 2023 AGI is below the threshold. (Not 2021, regardless of when returns are filed.)
And when can you claim the credit? Can you claim it now on your 2022 return if you haven’t filed yet? Or has to be on the 2023?
If you are ordering it now, 2023 return. Per the IRS FAQ’s:
A5. For vehicles purchased on or after August 16, 2022, the new clean vehicle credit is claimed in the tax year that the vehicle is placed in service, meaning the date the taxpayer takes delivery of the vehicle. For vehicles that are placed in service after they are ordered, a vehicle’s eligibility for the new clean vehicle credit may change as certain eligibility criteria vary based on when the taxpayer takes delivery of the vehicle. For more information, see FAQ 7.
However, if you entered into a written binding contract to buy a new clean vehicle after December 31, 2021, and before August 16,
2022, but took possession on or after August 16, 2022, you must claim the credit on a tax return for tax year 2022. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return. For more
information, see FAQ 8
Including your $500 referral my model Y comes out to $54,630. Is that now considered the MSRP and would thus be eligible for the $1,500 credit? Or does the MSRP not include the referral discount, and the price would be over $55,000 and not eligible for the credit?
No, unfortunately MSRP is before discounts.
Hi Dan, wondering if we would qualify for two separate $7,500 tax credits if both husband and wife buy a tesla each and fall within the income limits?
I don’t think there are any limits, but speak to your accountant.
The credit is per vehicle, not per person, so each EV purchased would qualify for the credit.
https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
Practically speaking, the max that a couple filing MFJ could owe in taxes is about $99K, so you’d only get the benefit from at most 13 cars per year.
As Dan said, speak to your accountant. Don’t take what random people on the internet say as the final word when it comes to taxes – not even Dan. (I don’t think he is or claims to be a professional accountant.)
So Dan just to confirm if I want my monthly payments to be less if I finance I should put another 4K down? Bec I’m going to get it back at point of sale as a check?
Correct.
And that is with the 7500 as well I can lay it out now and get back at end of year?
Correct.
When financing with Tesla, make sure to specify the exact down payment amount you want to contribute. Otherwise, they will approve you for a loan that is $4,000 less, assuming a $4,000 credit. This is because they already have the $4,000 credit in their system, and it is deducted from the approved loan amount. I learned this the hard way today by making that mistake.
So what exactly should down payment be? Keep in mind any down payments are lost is the car is in an accident usually insurance won’t reimburse.
Hi I thought the tax rebate in nj is no longer available
See the 7/12 update at the top of this post.
On teslas website I don’t see that they are deducting the 4000 rebate.
It’s done at the point of sale.
I’m confused what everyone is writing, Dan can u clarify.. people are saying that u only get back 7500 tax credit if u owe more then 7500!? Let’s say u don’t owe anything so u don’t get 7500??
Correct, as the post says, it’s non-refundable if you haven’t paid any taxes or had taxes withheld by your employer.
Dan, On the IRS faq page, it doesn’t say you will receive a refund if your employer withholds taxes, it says it will only cover taxes due and will not carry over
This is tax law 101, it doesn’t need to spell that out. Feel free to confirm with your accountant.
Look at line 24 of your tax return. If there are numbers (other than 0) there, you should be able to use at least as much as is reported on that line (up to $7,500) as a tax credit. For this credit, everything below that does not matter.
Speak to your accountant.
Thank you for this! I nominate this comment to be pointed at the top!! It literally answers half the questions in the comments. @dan it may even be worth it to stick this in the actual article next time you update it which should be pretty soon at the rate this article gets updated
@dan do you know if there will be such great incentives in florida?
The one benefit of living in a liberal state is the incentives to save the planet from imminent destruction.
Am I right that the income threshhold is a cliff, so if you have 300k AGI, you get 0 federal credit?
$300,001 if you are MFJ, but yes.
Can one buy for delivery in NJ and then register in a different state?
Read the terms in the link. #6:
Retain ownership, or an active lease agreement, and registration of the vehicle with the New Jersey Motor Vehicle Commission for a minimum of 36 consecutive months immediately after the vehicle purchase or lease date. Customers who lease their vehicle must ensure that their original lease agreement explicitly lists a term of 36 months or longer.
https://chargeup.njcleanenergy.com/eligibility-guidelines
I’m trying to do the math how much the credits are worth. How many kWh does Tesla account per mile? So how much is the charging credit worth?
Kind of crazy but nobody really knows. Even the Youtube guys don’t really know what Tesla does. But it appears that the miles are pretty low and in your favor. I did some math with a coworker who has 10,000 free supercharger miles and we found that they only took about 3 miles per kWh. This was on a long range Model Y.
Does anyone know if Tesla has a split charger? A way to charge 2 vehicles at once?
Can delivery be pushed off until after the 9 days?
Yes
Why is Tesla no longer offering $7,500 off their leased cars?
If I live in MI, but lease from a NJ dealership, am I eligible?
No.
Read the terms in the link. #6:
Retain ownership, or an active lease agreement, and registration of the vehicle with the New Jersey Motor Vehicle Commission for a minimum of 36 consecutive months immediately after the vehicle purchase or lease date. Customers who lease their vehicle must ensure that their original lease agreement explicitly lists a term of 36 months or longer.
https://chargeup.njcleanenergy.com/eligibility-guidelines
No
So absurd that we’re all STILL subsidizing the wealthiest man in the history of the world
Whoa! let’s not get carried away, he does slip into 2nd or 3rd place every so often, depending on his latest escapades.
I’d rather be dead than buy anything from musk.
Why
dan we need some minivan deals!
https://www.dansdeals.com/more/dans-commentary/advice/buy-new-minivan-without-getting-gouged-experience-plus-leasing-vs-buying/
Dan I just saw your post on twitter regarding the number of referrals made. Are you still getting the credits even though tesla now states that referrals are limited to 5 per year?
Out of curiosity, why is this one long post with updates rather than individual posts with the latest pricing from tesla?
What is the tax percent on a new Tesla in NY? 4%?
No more teslas on the road please! There are way too many and they look too similar feels like living in the stepford wives. Slow down the buying, I can’t wait for Tesla to make changes to the models
Am I understanding correctly? If the cost is $40,000, then the cost will be $40,000 less the $4,000 rebate at the point of delivery, and then $7,500 rebate? So total cost will only be $28,500 theoretically?
Thanks for posting Dan – Think we may get one – I am having trouble finding how to get the $4000 NJ credit. Do you know how I can find that?
Did you find out ?
The dealership will take care of that.
I don’t see the tesla wall charger on the list of eligible chargers to receive a $250 NJ credit.
https://chargeup.njcleanenergy.com/ev-charger-incentive
Any recommendations?
As a W2 employee, how can I withhold less taxes during the year so I can have at least $7.5k Tax liability when filing? I want to get the full benefit but not sure how to go about it
If you already paid the taxes you’ll get it back as a credit when you file your return.
this is wrong. It is a non refundable credit. Unless you have a tax liability, you will not get the benefit
It is not wrong. If you had taxes withheld by your employer, you can get a refund for this credit up to that amount of taxes paid/withheld.
Look at line 24 of your tax return. If there are numbers (other than 0) there, you should be able to use at least as much as is reported on that line (up to $7,500) as a tax credit. For this credit, everything below that does not matter.
Speak to your accountant.
Please Be Remined There Is No Filter For The Open Internet.
https://www.dansdeals.com/more/dans-commentary/teslas-good-deal-latest-price-cuts-heres-comparison-chart/#comment-1642315
Dan, im renting a tesla for the first time for long distance, was wondering how much is the cost of recharging compared to filling up a tank of gas? any other usefull tips? thanks
25-33% of cost. So $2.50-3.33 in electric supercharge costs for every $10 your gas counterpart spends at pump. Plenty of online articles.
Your numbers might be when charging at home, when cahrging at public charging stations the savings is less than half.
“Inventory Model 3s start at just $37,830” Is this old price? I am not seeing this price. Seeing 40k+ starting.
those are gone, better grab the 40k, most are 42 already!
can a/o advise which chargers for NJ rebate are priced below $400 or so and are decent. all the models seem to cost $500-600+
i can get a good level 2 fro about $200 so not worth if more than 400
Will i still be eligible for the $7,500 if i sell the car?
Irs says get credit only with intention to keep and not sell. While I doubt they will track dmv registration, an IRS audit will cost more. Love the opportunistic idea but maybe next time?
can you get the federal or n.j. rebate on a used electric car
Federal, but it is a different credit and is lower. 30% of purchase price, up to $4K.
https://www.irs.gov/credits-deductions/used-clean-vehicle-credit
@dan
do you have any information on the EV charger program rebate from NJ state?
I got a Model 3 today
and need to get a charger ASAP
but I want to qualify for the $250 rebate
Relax.
Dan does it make sense when I went to pick up my Tesla they didn’t give me a 4000$ check they deducted it from the amount of the car? Can anyone advise?
Same happened with mine. It was laid out in the term sheet. Pretty clear so yes makes sense! Enjoy the car!
Does the 7500k credit apply even if you lease the vehicle?
Don’t think so
Yes
I don’t think so.
https://electrek.co/2023/04/05/how-to-bypass-nearly-every-restriction-of-the-ev-tax-credit-by-leasing/
Yes, but not to you, only to the company you are leasing from. The idea would be that it would count towards your lease.
Does the $4000 New Jersey credit apply for only tesla or any electric car?
Any EV.
For the tax rebate does it have to be claimed in 2023 only or does it roll over if my taxes are below 7k?
2023 only
Is that a yes or no
Anyone know how long is the wait for a model 3 ordered from Tesla?
4-5 weeks .. but order one form inventory. They have drop on a daily basis. (Almost)
Got an inventory gray for cheaper! $37,420 before any discounts.
Awesome!
Reminder – the federal credit is a refundable credit. If April 15th comes and before Tesla calculation you have an overpayment on your return (you had enough withholding and estimates paid in), your Tesla credit is 0. If you would owe $2,000, then you get a $2,000 credit. Just understand, that it doesn’t mean that you automatically receive $7,500 back!
With that said, I have a Tesla and love it!
Incorrect. You will get a refund for withholdings and estimates made based on the actual tax owed.
I believe you meant to say non-refundable credit.
Also, actual balance due with the return is irrelevant, actual tax liability is all that matters.
Look at line 24 of your tax return. If there are numbers (other than 0) there, you should be able to use at least as much as is reported on that line (up to $7,500) as a tax credit. For this credit, everything below that does not matter.
Speak to your accountant.
What’s the current deal on a model y ?
Is the deal only for model 3? I’m used to driving an Avalon will a model 3 or Y be too small?
how do you get the 4000 discount in NJ?
It will be applied when you receive and pay for the car.
Is that applied to the sale of the car? Or do you get a tax credit when you do taxes?
The $4,000 NJ discount is applied at point of sale.
How do I know when I check out if the $4,000 is still available when I pick up the car?
It’s based on the date you make the initial deposit.
NJ will make an announcement when the order cutoff is.
When searching for inventory cars, and putting a NJ zip code. The delivery location shows PA for the car model I want. Can I change that delivery to NJ. I am a NJ resident.
It’s not fully true the 4k will come off price but 7500 is not till later and with all the fees the total after all rebates on model 3 will look closer to around 33k
Can you elaborate?
He means you will pay $33K now, and get a refund on your return of up to $7,500 when you file next year, so make sure you can finance that amount for 6+ months.
any comparison or comments to the ioniq 5
Best way is to test drive yourself if you are able. These electric cars are very different. There’s also great videos on YouTube that do comparisons much more informative than comments on forum
Can someone explain the NY income rebate incentive?
I see you can get one up to $2,000 but it has nothing to do with income. Was Dan referencing a different incentive?
Where did I say it was income based?
It was JJ then on The Instagram post in the caption. I guess the wording was confusing with the other states grouped in there.
https://letmegooglethat.com/?q=NY+EV+Credit
May be a silly question but… is there anyway to purchase a tesla in nj through a nj resident (family member) in order to get the discounts and credits even though I live in another state. I.e Can they gift it to me? or any loopholes?
have her buy it and lend it to you? and pay her back
Loophole? No. Can you do it against the terms? I guess.
It needs to be purchased/leased in NJ and registered in NJ for at least 36 months.
Having someone else do that for you and driving it in another state long-term is *probably* tax and insurance fraud. You know, if chas v’sholom you get into an accident.
Ask your lawyer/accountant, not random internet people.
Is there a way to do this with a sister that lives in NJ, though I live in CA?
Yes. All paperwork would have to go through them including their tax returns.
Do I have to live or have a business in the zip code I use to purchase the car on Tesla or as long as it’s anywhere in NJ that’s fine?
Anywhere in NJ.
Can I finance and still get the credit?
Yes.
Generally speaking, when it comes to taxes and tax credits, there is no differentiation between paying cash and financing. This is one of those cases.
You got that free founder’s series roadster coming bro?
can i purchase for my son that is currently in Israel?
Will i be able to pick up for him?
ty
what proof is needed that I am a NJ resident for the 4k discount?
Did you get any answers to this one?
is it worth it to purchase the Wall Connector & Mobile Connector thru tesla?
I also heard that NJ offers upto $1500 to install a home electric charger,Where can i find this offer?
Dan, just curious how you get that data 100 sold.
https://ts.la/daniel70566
Wow that’s a lot of referrals!!
Keep up all the great work!
I live in Lakewood, I have good credit now where should I start where should I go…?? can you please give a full guide?
You go to Tesla’s website using Dan’s referral link and order. Or go directly to a Tesla dealership.
Or buy a used one through any channels you want.
Hi Dan I’m a little bit confused about the open internet situation there were a few discussions about it but nobody was clear. does a Tesla come with open internet by default? or does it only have internet access if I pay $10 a month?
And if it does come with internet access is there a proper filtering option?
If you have WiFi, it does have a primitive browser you can use even if you don’t pay for cell access.
You can lock browser use with valet mode, as Revel does for its drivers, though you will lose access to other features as well in valet mode.
https://www.tesla.com/ownersmanual/model3/en_is/GUID-A2D0403E-3DAC-4695-A4E6-DC875F4DEDC3.html#D1E13121
Otherwise, there is no filter option as of now.
https://cdn2.thelakewoodscoop.com/wp-content/uploads/2023/05/IMG_6659-W.jpeg
I’m NJ resident and should qualify but don’t need a new car. You think this could be flipped for a profit?
100% but you have to sit on the car for awhile
How long?
Read the FAQ’s?
36 months for the NJ.
Hi,
I live in NJ and my credit is too low. If my father who lives in NY cosigns on the financing, an i stop eligible for the NJ credit?
How it is paid for is irrelevant. As long as you are the official purchaser/registering individual, you get the credit.
Keep in mind that you are the one that gets the Federal tax credit (not your father), so if you’re not paying any Federal taxes (line 24 of your tax return), then you will not get the benefit of the $7,500 tax credit.
Thank you
Hi Dan,
First-time car buyer so trying to figure this out correctly. I have 2 young kids (have an UppaBaby Vista Stroller that needs to go with us), so I think that I would need the Model Y over the Model 3. I live in NJ, so I would qualify for both the federal and state programs, but the MSRP for the Model Y is over the $45,000 limit. Does this mean I cannot get the $4,000 incentive if I go with the Model Y? If I can, how? Does the $7,500 rebate come off the MSRP?
How do you get the dealer discount??
Dan, I ordered a model 3 via your link. I am a NJ resident, the closest location for pick-up was in PA. Will I be eligible for the $4,000 NJ grant if I pick it up in PA?
Question about the NJ deal. I live in PA, but my parents live in NJ. I was thinking they could do everything in their name and we could transfer the title later. But I read that the Federal Credit is non-refundable, and since they are retired, I do not think that my original plan would work. Here is my question for the community, is there a way that both my father and I can buy the car together, but somehow I get the federal credit and my father get the NJ credit?
Yes, this is exactly possible.
How can I validate and make sure that I’m eligible for Credits?
Alternatively, who can help me to make sure this.
Can my brother who is a new jersey resident buy the car and give it to me as a gift even though I live in new york?
Why is my model 3 order totaling (after $500, 4,000, and 7,500 credits) around 30,000 with some random “model 3 rear wheel drive” 5,240$ charge ? how did that get there
Any way I can cancel the pick on it and/or change to a lower priced model 3?
I’m seeing my final price coming out to be around $30,000 5K more than I anticipated
Does the Tesla EV charger qualify for the NJ rebate
Hi Dan,
I ordered the model 3 but I didn’t realize that I forgot to click on your referral link until after I placed the online order, will they still honor the $500 + 3 month self driving credit if I call or email them? Thanks.
Is there a limit to how many vehicles an invidial can purchase under this and do businesses qualify ?
@dan does the $500 and 3 month FSD work on a lease?
@dan if I have family in nj, can I get the $4000 nj credit if use them as a co-signer? Or does it have to be completely under their name?
Is this deal still active in NJ?
Yes it is.
Can I pay for the car with a credit card? If yes, is there a fee for using credit card?
credit card for the order ($250) ACH at pick up for the balance
Anyone have info on the $1000 tax credit for installing the wall charger?
I live in New York but have an address under a different name in Jersey how can I get the car under my name with my insurance and how do I properly get all the rebate and tax back because I heard there’s added fees after the rebates come off
What is the final price for model 3 after all other fees for car?
Hey, is this deal still avail?
It would seem that the new model Y rear wheel drive should be eligible for the NJ 4k since the MSRP is 4,400. can anyone confirm?