Reserve a Tesla Today to Get $7,500 Tax Rebate
Today is a huge day for Tesla. They are unveiling their all-new vehicle, the Model 3, at 8:30 PM at their California headquarters. This will be the most-affordable Tesla so far, estimated to be around $35,000 before tax credits, with a rumored 0-60 time of less than 4 seconds and battery range of over 300 miles.
The Model 3 is scheduled to start production towards the end of 2017, and Tesla begins taking reservations this morning at Tesla showrooms (they will start taking online reservations later this evening, but keep reading to see why you shouldn't wait).
Tesla requires a $1,000 deposit to reserve your spot in line, and I urge you to reserve as soon as possible to make sure you have a shot at getting the $7,500 federal tax credit. The $1,000 deposit is fully-refundable at any time, so there is no risk if you later decide you don't want to purchase the vehicle.
Here's why you shouldn't wait to put your deposit down: The $7,500 federal tax credit is available on the first 200,000 electric vehicles sold by each manufacturer in the United States. It is estimated that Tesla will reach this 200,000 limit sometime in 2018. Since the Model 3 won't be rolling off the production line until late 2017, it won't be long before Teslas stop qualifying for this tax credit (It's estimated that only the first 10,000 to 20,000 Model 3s will have the full $7,500 tax credit applied - and that's assuming there are no production delays).
The good news is that after the $7,500 federal tax credit expires, there are still tax credits available for one more year (although at lower rates). For the first 6 months after the full credit expires, you will get a $3,750 tax credit, then $1,875 for the remaining 6 months. I can pretty much guarantee that if you DON'T reserve the Model 3 today, you probably won't see ANY of these tax credits - so please take the time to reserve today. If there are no Tesla showrooms near you (see map here), then reserve online later this evening.
Please note that the tax credit is not a rebate. You will have to have a federal tax bill of at least $7,500 to take full advantage of the credit (this means an annual salary of over $50,000), so keep that in mind.
Personally, I've been so impressed with Tesla, I plan to purchase this vehicle sight unseen, and will be waiting in line at my closest Tesla showroom to put my deposit down today.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid