Do you need to be rich to afford a Tesla?
Sawyer Merritt, on X.com, looked into the state EV incentives and found some revealing information. When you factor in the federal tax credit and other EV incentives from states, you get a price for the Model 3 RWD that is downright ridiculous.
Here is what he found:
- Colorado: $22,590
- Vermont: $22,590
- Massachusetts: $24,090
- Maine: $24,090
- Delaware: $25,090
- Connecticut: $25,340
- Pennsylvania: $25,590
- New York: $25,590
It's also important to note that there are some income restrictions at both the federal and state level in the U.S. for these low prices, and that these Model 3 RWD vehicles are from Tesla's existing inventory.
Looking at all this makes me realize I over paid for my Model 3 RWD. I paid a base price of $44,900 in 2022 and there were no tax credits then. Still, it's an incredible car - I just didn't realize it would go down in price as much as it has.
In the future, checking to see if Tesla has your vehicle in its existing inventory could save you thousands of dollars.
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— Jeremy Noel Johnson (@AGuyOnlineHere) December 3, 2023
For additional perspective, Sawyer says that the Toyota Corolla starts at $21,900. This is a big benchmark for Tesla and EV prices. If it can get as cheap as a starting Toyota Corolla, it becomes too compelling to buy a Tesla.
There's also the factor of saving on maintenance and gas over time - depending on how long you keep your Tesla for.
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These Incentives Won't Last
These incentives won't last - the tax credit for the Model 3 RWD and Model 3 long range are going to be halved next year, from $7,500 to $3,250.
I also think that the U.S. government will realize how much the EV incentives are costing it and pull back on them in the coming years.
The nice thing about this is that even if they do that, Tesla vehicles over time are going to become absurdly cheap.
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— Jeremy Noel Johnson (@AGuyOnlineHere) December 6, 2023
An X.com user (Benjamin Westby) posted and had this to say about the Model 3 RWD. If you live in Colorado, you might want to look into this.
"In Colorado, should you be eligible for the vehicle exchange program, that Model 3 is actually $16,980."
You would have to be a resident of Colorado and you need an ICE (gas car) 2011 or older that has been registered in the state of Colorado.
These prices are insanely cheap and won't last beyond this year with the federal EV tax credit halving in the U.S. I do think other incentives will continue on for a number of years, though.
What do you think about these low prices for the Tesla Model 3 RWD? Would you get one at this price?
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I looked into some state EV incentives. It's pretty insane. Here's how cheap you can get a brand new Model 3 RWD right now (including fed & state EV incentives):
Hi! I'm Jeremy Noel Johnson, and I am a Tesla investor and supporter and own a 2022 Model 3 RWD EV and I don't have range anxiety :). I enjoy bringing you breaking Tesla news as well as anything about Tesla or other EV companies I can find, like Aptera. Other interests of mine are AI, Tesla Energy and the Tesla Bot! You can follow me on X.COM or LinkedIn to stay in touch and follow my Tesla and EV news coverage.