The process of buying a Tesla has undergone significant changes from 2023 to 2024. In this blog, we’ll delve into the changes, new features, and considerations that potential buyers need to be aware of. Whether you’re eyeing the new Tesla Model 3 Highland or contemplating the futuristic Tesla Cybertruck, this guide will help you navigate the Tesla buying experience.

I also created a Youtube video about this that can be watched here

Disclaimer: This blog post is for educational and entertainment purposes only. This is not financial or tax advice. Please seek the advice from a tax professional or financial advisor for your own financial situation. 

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Tesla Purchasing Process

Buying a Tesla is as easy as ordering it on the Tesla website. There’s no salesperson and unlike other car dealerships, you don’t have to negotiate your price. You can speak to advisors at Tesla Showrooms, but you’ll be directed to order online.

If you order a Tesla, don’t forget to use a referral code. Referral perks are constantly changing, and currently, users can enjoy 3 months of free Full Self-Driving by using specific links during the purchase.

2024 EV Tax Credits

Understanding EV tax credits is crucial, and there are new changes in 2024. Currently the Tesla models that qualify up to the following price points are:

  • Model 3 Performance: $55,000
  • Model Y variants (Rear Wheel Drive, Long Range, and Performance): $80,000
  • 5-seater Model X Dual Motor: $80,000

The price limit includes optional physical equipment physically attached to the vehicle. So if you purchase upgraded wheels, white seats, and a different exterior color, the price may exceed the price cap, so make sure to pay attention to that.  Software, accessories, taxes and fees are excluded. 

These models qualify for the $7,500 point-of-sale rebate, but you must also meet the income requirements.This means that $7,500 will be deducted off the purchase price at the time of the delivery. Previously, buyers had to wait until the end of the year to file taxes, to receive the tax credit.

The Adjusted Gross Income limitations are: 

  • $300,000 for married couples filing jointly
  • $225,000 for heads of households
  • $150,000 for all other filers

An interesting loophole exists for leases of the Model 3, allowing for the $7,500 tax credit to be distributed across lease term. This is seen on the Tesla website

Financing Tips

A crucial financing tip is to wait until you receive a VIN, before starting the financing process. 

After you order a Tesla online, it can potentially take weeks to months before your Tesla is actually ready to take delivery. If you get approved for a loan too early, it may expire and you may have to apply for another loan. Each time you apply, your credit takes a hit, and additional hits can result in a lower credit score, and consequently a loan with a higher interest rate.

Typically, local credit unions have better interest rates compared to traditional banks.  I have used DCU (not sponsored) previously and had a great experience with them. You can use my referral for a discount. 

EPA Range Adjustments

Tesla vehicles, like all electric cars, have seen adjustments in their EPA ranges due to a new testing process. The changes reflect the impact of comfort and climate adjustments, affecting all electric cars in the market.

Tesla Model 3 Refresh (Highland)

The Model 3 has undergone a significant refresh, almost resembling an entirely new model. The exterior and interior have been revamped. The rear-wheel-drive variant, using LFP batteries, offers an affordable starting point with 272 miles of range.  The Model 3 Refresh receives the stylish Photon wheels, and the exterior now features a spelled-out “TESLA” instead of the traditional logo.

Enhanced Autopilot Considerations

Enhanced Autopilot is a tempting $6,000 upgrade, but caution is advised. Tesla’s transition to relying solely on cameras for certain features means some functionalities including summon, smart summon, and auto park are not currently available. So essentially the only usable features with Enhanced Autopilot are Navigate on Autopilot and Auto Lane Change. These are still great features to have, especially if you do extensive driving.

Cybertruck Update

While the Cybertruck can be ordered online, the ability to configure your Cybertruck is still pending for most. Early reservation holders who ordered in 2019, started receiving invitations for the Foundation series in December 2023, and some are finally starting to take delivery in January 2024. 

Conclusion

In the rapidly evolving world of Tesla, staying informed is key to making the right purchasing decisions. Keep an eye on Tesla’s dynamic updates, explore new features, and embark on your electric journey with confidence. Don’t forget to check out my Youtube channel for all the latest information. 

DISCLAIMER

The opinions and views expressed on this blog are solely personal, Everyday Chris.  Everyday Chris is not affiliated with or endorsed by Tesla. It is neither inferred nor implied that products recommended by Everyday Chris nor recommendations given by Everyday Chris are authorized by or in any way connected to Tesla. This post may contain affiliate links, which means I’ll receive a commission if you purchase through my links, at no extra cost to you. Please read full Terms & Conditions for more information. .

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