Tesla updated the referral program, meaning prices are even better than just a couple days ago! See the update right here!!
Since the Tesla Model Y was first released in 2020, I have been tracking and reporting on pricing of the flagship Tesla. Although we saw massive price increases in 2021, we finally saw significant price decreases in 2023, following the implementation of the EV Tax Credits.
Prices have been overall steady this year, although there have been a few changes. At the beginning of the year, the EV Tax credits began eligibility to be transferred to the dealer and realized as a point of sale tax credit. The benefit of this is that by transferring the credit, you dont have to worry about having enough tax liability to cover the full $7,500. However, you still have to meet income cap requirements and the vehicle must be under MSRP limits.
The thing is, these tax credits are specifically for new vehicle purchases. For leases, you as the buyer dont get a tax credit, kind of. The bank, or manufacturer gets to take the full tax credit and is allowed to handle the $7,500 as they wish. Some manufacturers apply none of the funds to the lease, while others apply the full amount. In the case of Tesla, starting this year, they finally started applying the full amount to leases.
This means that Tesla is applying $7,500 towards the depreciation of the Tesla Model Y in the lease. This significant application of cash makes the lease on a new Tesla Model Y extremely low, and certainly cheaper than most other gas car equivalent on the market.
This Lease "loophole" actually allows everyone to qualify. You dont have to be under income limits, meaning even if you make too much money, or the vehicle you are looking at wouldn't qualify for the battery component requirements, the lease option applies to most EV's on the road today, within MSRP limits.
As we are coming to the close of 2024, I have been watching Model Y prices, and recently saw something that couldn't possibly be true. The payment calculator on Tesla's website showed an almost unbelievable payment on a brand new in inventory Model Y. I also have the military program for an additional $1,000 off a new Tesla. When combined, it actually means that the base Tesla Model Y can be had for just over $250/mo!!
Now I am not suggesting leasing is the right or wrong thing to do, or that its better or worse than a purchase, I am simply sharing what I have found on the affordability on a car that is far more sophisticated, has far more tech, is in a class of its own in safety, and all for costs lower than most run of the mill entry level cars.
This shouldn't be possible, but here we are. The affordability of a Tesla Model Y is at levels that make no sense. Once the year is over, these discounts usually reset, so this may be the best time to consider a new Tesla Model Y, because we already know that come next year, we may see the end of the $7,500 tax credit.
Incentives available right now on new Model Y and Model 3
Inventory Discounts from $1-5k
$1k-2k discount w/ referral link
Free Supercharging for 3 mo
Free FSD for 3 mo
FSD Transfer
$1k Military
0% on Model Y/Y
Lease Model Y/3 $299/mo
Free paint Model 3 Performance w/ FSD Purchase
Free option Model X AWD w/ FSD Purchase
$2k Uber drivers
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