Tesla Model 3 Long Range Now Qualifies For Full $7,500 Tax Credit

Tesla Inc TSLA announced the new Model 3 Long Range (LR) now qualifies for the full $7,500 federal tax credit in the U.S., providing eligible buyers with a significant financial incentive.

The announcement was made on Tesla's official "Tesla North America" X account, highlighting this important update for prospective customers.

New Model 3 LR now qualifies for the full $7,500 federal tax credit in the US (if eligible)

Starts at $34,990 when also factoring in estimated 5-year gas savings → https://t.co/eqpjGuewQ2

— Tesla North America (@tesla_na) June 17, 2024

With the federal tax credit, the starting price of the Model 3 LR can effectively drop to $34,990 when considering the estimated five-year gas savings. This makes the Model 3 LR more accessible and financially attractive to a broader range of buyers, enhancing its competitiveness in the electric vehicle market.

Previously, only the Performance Model 3 variant qualified for the full tax credit, which sometimes led to a peculiar pricing situation where the performance variant could cost less than the long-range variant.

This change corrects that imbalance, ensuring that buyers of the Model 3 LR can now get a more efficient vehicle at a more efficient price.

Photo: Courtesy of Tesla