Leading American automaker Tesla has just introduced a new purchasing process to offer the $7,500 electric vehicle tax credit as an instant rebate at the point of sale.
Enticing offer
As you can see on Tesla’s official website, qualified customers of its new 2024 Model Y and Model X Dual Motor can immediately use the $7,500 tax credit at “time of delivery.”
“Eligible customers who take delivery of a qualified new Tesla and meet all federal requirements are eligible to receive $7,500 off the purchase price. Applied at time of delivery. Customers can purchase up to two vehicles per year with the tax credit applied directly to the purchase price.”
Tesla
How does it work?
Buyers of the above-mentioned eligible models will no longer need to pay the full price and wait for the Internal Revenue Service (IRS) to reduce or eliminate their tax liability after filing the federal tax income forms.
Tesla now offers the $7,500 tax credit under the Inflation Reduction Act at the time of delivery. The electric automaker will then reimburse the amount from the federal government.
This process significantly makes it easier for customers, ensuring that they benefit from the tax credits fully and immediately.
Qualifications
In this new process, buyers must guarantee that they meet all the qualifications of the program. If they fail to maintain integrity in their application, the IRS will request a reimbursement.
Below are the qualifications to access the tax credits of up to $7,500:
| Adjusted Gross Income Limitations | Amount |
| Married couples filing jointly | $300,000 |
| Heads of households | $225,000 |
| All other filers | $150,000 |
| Price Caps | Amount |
| Model 3 Performance | $55,000 |
| 2024 Model Y Rear-Wheel Drive | $80,000 |
| Model Y Long Range | $80,000 |
| Model Y Performance | $80,000 |
| Model X Dual Motor | $80,000 |
Apart from offering the $7,500 EV tax credit at the point of sale, Tesla customers can also benefit from the leasing loophole that enables all its EVs to qualify for the incentive.
The new purchasing process basically lowers the regular pricing of the most affordable Model Y from $43,990 to $36,490. Meanwhile, the Dual Motor Model X’s price drops to $72,490 from $79,990.
It must also be noted that customers who aim to buy these eligible models must use them personally and not for resale. It also strictly requires them to use Tesla cars in the United States.
