Tesla recently reduced the prices of its luxury electric vehicles Model S and Model X by $5,000 (5.2%) for the former and $10,000 (9.1%) for the latter, as noted on website .
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For the second time this year, the company dropped the price of the Model X from $120,990 to $99,990 – a savings of $21,000, while as of January 1, the Model S dropped from $104,990 to $89,990 – a reduction of $15,000.
Unfortunately, none of these cars are eligible for the federal tax credits that are set to expire at the end of this month. The credit only applies to SUVs that cost no more than $80,000 and cars priced no more than $55,000. These incentives are sure to sway even the most hesitant consumers. Echoing CEO Elon Musk during Tesla’s Investor Day, “the interest in owning a Tesla is quite high… but the ability to pay for it is what’s holding people back from owning one.”
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Thanks to Tesla's January price cuts for the Model 3 and Model Y, most of these electric cars are now eligible for the rebates. Keep in mind that this is a "non-refundable" tax credit, which you'll only get if your federal tax liability is at least $7,500. In mid-March, the eligibility rules will change, and many electric vehicles may no longer qualify for the tax credit.
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Tesla is an example of how innovation can change an entire industry for the better, if done right and on such a large scale, as it did here with electric cars! With more improvements coming every year, this company continues to revolutionize the way we see transportation around us.
