Summary
– The Long Range AWD version of the Tesla Model 3 received a $250 price cut, bringing the price down to $47,490
– The 2024 Model 3 Long Range AWD version now qualifies for the $7,500 federal tax credit
– The supply of Tesla Model 3 exceeds demand in the U.S.
– The entry-level RWD version of the Model 3 does not qualify for the $7,500 federal tax credit
– The performance version of the Model 3 is eligible for the $7,500 tax credit and has an estimated delivery time of July-August
Article
**Tesla Model 3 Long Range AWD Gets $250 Price Cut**
On June 17, 2024, Tesla announced a $250 price cut for the Long Range AWD version of the Model 3 in the U.S. This reduction brings the price down to $47,490. This change is different from the usual $500 or $1,000 price adjustments seen in the past. While other Model 3 versions remain unaffected by this price cut, it comes alongside the approval of a $7,500 tax credit for the 2024 Model 3 Long Range AWD.
**Tesla Model 3 Qualifies for $7,500 Federal Tax Credit**
Initially, the Model 3 lacked the $7,500 federal tax credit earlier in the year. However, with the introduction of the Performance version, the vehicle became eligible for the tax incentive. Now, the regular Long Range AWD version also qualifies for the $7,500 federal tax credit. This development is expected to balance the supply-demand dynamic for Tesla and attract more customers to the Model 3 lineup.
**Eligibility Confirmed by fueleconomy.gov**
Confirmation of the Model 3 Long Range AWD’s eligibility for the $7,500 federal tax credit came via the fueleconomy.gov website. This means that individuals who qualify for the incentive can save a total of $7,750 on the purchase of the Model 3 Long Range AWD. While the entry-level RWD version remains ineligible for the tax credit, the reduction in price for the Long Range AWD version aims to make it more accessible to a wider range of customers, considering the decreased effective price.
**Model 3 Pricing and Incentives**
The pricing structure for different Tesla Model 3 versions, along with the corresponding destination charges and tax credit eligibility, has been outlined. The availability of the $7,500 federal tax credit through leasing further enhances the affordability of the Model 3 lineup. With the Performance version recently qualifying for the tax credit, the anticipated delivery times for new orders vary across the different trims. The effective pricing after factoring in incentives makes the Model 3 an attractive option in the electric vehicle market.
**Competition with Model Y**
While the Model 3 remains one of the best-selling electric cars in the U.S., Tesla also offers the Model Y as another popular option in the market. With the Model Y Long Range RWD starting at $44,990 and the Long Range AWD version being $3,000 more expensive, there is a close price competition between the two models. The availability of the $7,500 tax credit for both models further adds to their appeal to customers, potentially influencing their purchasing decisions.
**Performance and Specifications**
In terms of performance and specifications, the Model 3 lineup offers varying ranges, acceleration times, and top speeds across different versions. The Long Range AWD version stands out with a range of up to 342 miles and an impressive acceleration of 4.2 seconds from 0-60 mph. These features, combined with the recent price adjustments and tax credit eligibility, position the Model 3 as a competitive choice in the electric vehicle market. As Tesla aims to increase sales and attract more customers, the availability of incentives and the performance capabilities of the Model 3 continue to be key factors in consumer decision-making.
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