New Tesla Model 3 Long Range For $34.9K After Federal Credit, $32.9K After Stacking NJ Credit, Final Months For 0% NJ Sales Tax!

41
DDMS IconNever Miss Another Deal - Follow DansDeals on Facebook

Update, 7/11: Tesla is now selling a new Model 3 RWD Long Range (363 mile range!) for $42,490 or just $34,990 after the $7,500 tax credit. NJ residents will pay just $32,990 after the stackable state credit!

NJ currently has no sales tax on EVs and credits for home chargers. Note that NJ sales tax on EVs starting on 10/1/24 will be 3.3215% and will go up to 6.625% on 7/1/25.

Update, 7/10: The $2,000 NJ Charge Up credit is alive again and will work for the Model 3 and Model Y! Beginning on a yet-to-be-determined date in the fall, this will increase to $4,000 for income-qualifying residents that earn up to $75K individual MAGI or $150K household MAGI.

Combined with the federal tax credit, a Model 3 Long Range AWD will be just $37,990, a Model Y Long Range RWD will be just $35,490, and a Model Y Long Range AWD will be just $38,490!


Originally posted on 6/23:

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.

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):

ModelLate 2020/Early 2021 PricingMid 2022 PricingApril 2023 PricingMay 2023 PricingSeptember 2023 PricingOctober 2023 PricingDecember 2023 PricingJuly 2024 PricingCurrent Pricing After Tax Credit
Model 3 Rear-Wheel Drive/Standard Range$35,000, in-store onlyDiscontinuedDiscontinuedDiscontinuedDiscontinuedDiscontinuedDiscontinuedDiscontinued-
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$38,990
Model 3 Rear-Wheel Drive/Long RangeWas unavailableWas unavailableWas unavailableWas unavailableWas unavailableWas unavailableWas unavailable$42,490$34,990
Model 3 All-Wheel Drive/Long Range$46,990$57,990Was unavailable$47,240$46,740 after $500 referral discount$45,740 after $250 referral discount$45,990$47,990$39,990
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$47,490
Model Y Rear-Wheel Drive/Standard RangeWas unavailableWas unavailableWas unavailableWas unavailableWas unavailable$43,740 after $250 referral discount$43,990Discontinued-
Model Y Rear-Wheel Drive/Long RangeWas unavailableWas unavailableWas unavailableWas unavailableWas unavailableWas unavailableWas unavailable$44,990$37,490
Model Y All-Wheel Drive/Standard Range$41,990Was unavailable$46,990$47,490$47,240 after $500 referral discountDiscontinuedDiscontinuedDiscontinued-
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$40,490
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$43,990
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$72,990Ineligible for credit.
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$87,990Ineligible for credit.
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
$77,990$70,490
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$92,990Ineligible for credit.
Cybertruck Rear-Wheel Drive-------$60,990Ineligible for credit.
Cybertruck All-Wheel Drive-------$79,990Ineligible for credit.
Cybertruck Cyberbeast-------$99,990Ineligible for credit.

Hundreds of Teslas have been purchased via DansDeals, how do you like your Tesla?

Leave a Reply

41 Comments On "New Tesla Model 3 Long Range For $34.9K After Federal Credit, $32.9K After Stacking NJ Credit, Final Months For 0% NJ Sales Tax!"

All opinions expressed below are user generated and the opinions aren’t provided, reviewed or endorsed by any advertiser or DansDeals.

Not worth putting it on Turo

No cybertruck pricing? Seriously though I was just offered to order mine and I can get it as soon as June but I don’t think I want it. If someone is interested they can reach out to me. I assume they can get my email address through this forum.

Mike

I love my model 3 AWD long range but I was a sucker who paid top price. I’m interested in the cyber truck how do I get in touch?

Not worth putting it on Turo
Michael

Just emailed you!;-)

Jo

Cyber truck is so ugly. My 19 year old freaks out every time she sees one or two or three floating around our tech town. Don’t say I didn’t warn you!

JR

Your comment is contradicting itself. Is it ugly or is it cool? Depends on your views. I personally think it’s weird looking but def an attention grabber, the more I see it on the road the more it’s growing on me. The kids love it.

Ted Wheeler

she needs therapy

yisroel

cybertruck? Hello?

Tony c

You can lease a 2024 polestar 2 ev for $249 per month. Much better car from a quality and luxury stand point. Tesla will always beat everyone with better tech. But it’s marginal at this point.

Chaim

Sorry but the refreshed Tesla model 3 has a really nice interior, beats the polestar any day. But quality on the other hand is another sorry …

S

Polestar interior is basically cloth, even with the Plus package, unless you opt for the Nappa Leather. That was a deal breaker for us since the Nappa wasn’t available at the time, and much more expensive. So this is subjective, but Tesla is actually more luxurious (to me) unless you get the Nappa on the polestar. Polestar 2 drives really nicely. Just as good as the model Y, but different feeling. I think the Polestar is more composed and the Y feels more powerful. The Y has MUCH more room, both interior and storage space.

Ted Wheeler

good luck when your polestar breaks down and new parts or repair, the giving it away for a reason, lease don’t buy IMHO….for those inter

Tesla commute

can I mix the 7500 discount for commercial with 2000 (4000) from NJ?

Mark

Unfortunately I got my 7 seater Y in 12/23 thinking it’d be the last month to get the federal $7500.

So I missed everything.

I missed the $7500 coming off the cost of the monthly payments.

I missed the 1% APY offer.

And now I missed the EV NJ rebate.

Buying a Tesla is so frustrating

Yossi

How does one go about getting the NJ rebate for charger installation? Was it maxed out?

Ed

Recently I heard of a company in Lakewood Nj EVIUM that handles everything there is to know and do wh ev charges. Including setting up grants for free home chargers etc. They should be able to help you

Sara

Is there a contact number?

Kev

Eviumcharging.com
Tel: 917-274-7217​
Email: david@eviumcharging.com

Abraham S

Hi Dan and team- i just have a quick question since i was waiting for this for a while and budgeting for this. I want to lease the model Y. When does Fall 2024 start for the Charge + program?

Is the basic of basic model Y available for the $4,000 rebate?

deeeg

Reading the actual guidelines PDF, there’s no mention as to when that part of the program starts.

Jamie

It’s probably better to wait for 4000 rebate especially since a refresh is coming?

xbox 360

they can always raise the price 2k and then it doesnt matter. its a gamble as is always with tesla

Mike

Hi Dan,

It seems the details for the $4,000 are already posted. Seems max income for married is $150k.

https://chargeup.njcleanenergy.com/eligibility-guidelines

Zac

If they are trying to be ‘green’ and help the environment… why would the credit be limited to an AGI under $300k? If you make more than that they don’t want to incentivize you? Sounds more like a welfare program for car buyers than their rhetoric about them being for the envirnment.

deeeg

I love how the moment it became a little means tested it becomes a “welfare program”. It makes perfect sense that lower income people need bigger cash incentives to offset the disproportionate impact a car purchase has on their cash flow. And Above $300,000, the $2,000 means very little to you.

yaakovely

FYI in October NJ starts charging 3.3125% Sales Tax on EV’s.

Yehuda

I’m not seeing this on the Tesla website. I only see the $7,500 credit. Where are you seeing the additional $2,000 NJ credit? Second question, will this be applied to leases too (and disregard income caps)?

Anonymous

Any creative approaches to buying/financing the purchase of a new Tesla for those who don’t qualify for the $7500 Fed / $2,000 NJ?

DeerFeet

Looks like the M#LR RWD is at lease capacity on the site?

Tony c

Meh… polestar much better product. More solid. Not a tin can car with a great computer. Polestar is solid. Cheaper leases in nj with Costco discount. Ends this month.

JR

Is there a way to avoid the $1,390 destination fee?

wpDiscuz