Buyers who've been waiting for a cheaper Tesla model are in luck. The EV company announced major price reductions on its Model 3 and Model Y in January, which helped drivers take advantage of a new tax credit, then followed up with price cuts for the Model S and Model X in March. With its latest round of reductions, Teslas have now gotten cheaper five times since January.
The Clean Vehicle Credit, outlined on the U.S. Department of Energy website, was established by the Inflation Reduction Act of 2022. It's a modified version of the former Qualified Plug-in Electric Drive Motor Vehicle Credit, allowing buyers of electric vehicles to claim up to a $7,500 credit on their taxes.
This move is meant to help more drivers switch to EVs, although not all electric vehicles qualify. There are several requirements regarding battery capacity and type — and a cap on the price of EVs that qualify.
For vans, SUVs, and trucks, the cap is $80,000. For all other vehicles, it's $55,000.
Previously, a Model 3 P sold for $62,990, and a Model Y Long Range cost $65,990, according to a tweet from Tesla investor Sawyer Merritt. The Model 3 is now 11% cheaper than it was in January, and the Model Y can be had for 20% less.
This is huge news for potential Tesla buyers. Between the drop in price and the tax credit, a Model Y Long Range is now more than $20,000 cheaper to buy.
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It's also good news for the rest of America. EVs produce far less toxic exhaust and are much quieter than traditional fuel-burning vehicles, so the more drivers make the switch, the cleaner and quieter roads will be.
EVs can also be recharged using eco-friendly power sources like wind and solar, which makes them a greener option than other cars.
Buyers have been quick to leap on the deal. One Twitter user says, "Shared this with my friend, and he ordered an MYP immediately."
Others regretted missing the opportunity.
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"So if I had waited 2 months I could have saved $20k," one user says.
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