Tesla gives $7500 tax credit to EVERYONE on EVERY vehicle now!

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Tesla has recently extended the full $7,500 Federal tax credit to everyone in the US regardless of your income and regardless of the vehicle price. The Model S, 3, X, and Y all qualify for the full tax credit now but that is only if you lease them. Leased vehicles don’t have the income or price restrictions that are imposed on purchased vehicles.
Tesla has also started bringing back the “Inventory” discounts on the Model 3 and some other vehicles as well. They even allow Inventory vehicles to be leased now with the full tax credit. Model 3 prices have never been lower.
With all of that being said there are definitely some reasons why you would still want to buy a Tesla over leasing it. For example, a leased Model 3 has the full $7,500 tax credit applied to the payments of the lease. However, the lease terms still are not great so the $7,500 tax credit ends up looking more like a $3,000 benefit if you look at the total amount paid over the full lease.
You really should not be ordering a Tesla Model 3 right now. The Inventory discounts are just too strong to justify paying more for the exact specification you want. Try to search the inventory in other states and find what you want on the lot. You could be throwing away as much as $3,500 if you order a car right now.
If you qualify for the full $7,500 tax credit then you really should purchase the Tesla as opposed to leasing it. The monthly payments will be higher but you will get $7,500 back on your taxes in just a few months. That $7,500 tax benefit would pay for as many as 11 payments on a Model 3 RWD. That benefit is too good to pass up.
However, if you don’t qualify for the full tax credit on a purchase you absolutely should lease it instead as long as you are certain you will drive less than 15,000 miles per year. The lease will always cost less than the loan if you wouldn’t qualify for any tax credits with the loan. The lease is still beneficial even if you qualify for half the tax credit on the loan. Starting next year Tesla states that the tax credit will probably be cut in half for purchases even though you may be able to get the benefit of it upfront.
I would rather get the full $7,500 benefit with a lease over the upfront $3,500 benefit with a loan.
The current Tesla loan interest rate is 6.69%. If you can get a loan with a lower interest rate or pay cash then purchasing a Model 3 with the full $7,500 tax credit before the end of the year would be a really good deal. However, I have to warn you that the new and significantly improved Model 3 Highland will probably be coming to the US early next year. It will be slightly more expensive especially if they stop the Inventory discounts. However, it does have numerous upgrades over the current Model 3. If you really want the Highland Model 3 then you need to wait and possibly pay a lot more for it.
You also have to be careful with the leases. Tesla does not allow you to buyout the lease at any time for at least the Model 3 and Model Y. You absolutely have to turn the vehicle back in to them at the end of the lease. If you have gone over the mileage then you have to pay the $0.25 per mile penalty.
A lot of people shy away from leases because they think that with a loan they will accumulate equity in the car as they make the payments. However, Tesla has been reducing prices so much that they have obliterated the resell values of their cars. If you are planning on selling the car after a couple of years the loan probably isn’t going to be your best option. Leasing it protects you against severe depreciation because you can just hand the car back to them after the lease duration is over if you haven’t gone over the mileage.
With the loan you are probably going to be underwater for many years after you buy it.
Prices will probably continue to decrease all the way up to the end of the year. If you don’t need a car right now then right around Christmas is typically when the prices will bottom out. Inventory might be less then so you will just have to try to gauge when is the best time to buy or lease.

[@LearningFast]

Use my referral link below to get 6 months of free Supercharging and 3 months of free FSD if you buy or lease a Tesla Model 3 or Y.
ts.la/travis276037

[@arturof9875]

Isn’t it that starting 2024 the government gives you the 7,500 Right up front at the dealership instead of a tax credit. If I am right I would rather wait next year for the highland and this new ev incentive

[@LearningFast]

Yes, the tax credit can be delivered at purchase next year. However, it is likely that the tax credit will be reduced to $3,500 for the Model 3 next year accord to the Tesla website. Also the Highland Models could be more expensive. That might mean that the Performance model is no longer under the $55k limit.

[@gamingbtc]

The 7500 tax credit is the biggest scam I can think of. If you make a good wage, you are ineligible...why? No good reason.

[@LearningFast]

You can always lease it and still get some of the benefit. The income caps are actually pretty high especially for married couples.

[@GuidoLoko]

I figured it had a bunch of strings attached so I didn’t even bother looking into it ……I have a 21’ M3P and single with a above average income I’m sure now I’ve waited too long to even be eligible for it oh well lol