Car sales on a budget don’t have to be boring! Are you dreaming of owning a Tesla, but don’t want to pay full price? The price of a Tesla depends on the model and add-ons, but the average cost ranges from $40,000 to over $90,000 brand new. You can stay on budget by utilizing budget car sales, discounts, and more. So, how do you get the best price on a Tesla? Here’s everything you need to know.
Buy Demo or Leftover Inventory
At the end of the year, car dealerships usually run sales, which works well if you’re on a budget. Car dealerships need to make way for new inventory so last year’s models and showroom demo cars are discounted. Demand for electric vehicles can fluctuate throughout the year, so keep an eye on prices throughout the year as well.
Buy a Used Tesla
Many car brands are more affordable used, but used Tesla cars have been almost as expensive as their brand-new counterparts. This seems to changing in recent years though. The good news is that used Tesla cars will hold their value well so buying used is still a good investment.
Get a Federal Tax Credit
If you buy a Tesla, you may qualify for a clean vehicle tax credit. This can help you offset the cost. There are several steps you need to take to receive your tax credit. You could be eligible for up to a $7,500 credit. According to the IRS, at the time of sale, the seller must give you information about your vehicle’s qualifications. Sellers must also register online and report the same information to the IRS. If they don’t, your vehicle won’t be eligible for the credit. You also must meet the AGI requirements to qualify. However, it is important to keep in mind that President Donald Trump has plans to get rid of this tax credit, so this perk may not be around much longer.
Participate in The Referral Program
Tesla has a referral program where you will be rewarded if you refer friends or family and they make their first qualifying purchase using your referral link. Qualifying purchases include the Model S, Model 3, Model X, Model Y, Cybertruck, and Solar panels. According to Tesla, You can receive referrer benefits up to 10 times per calendar year. All referrer benefits will help you earn Tesla credits which can be used on supercharging, a new vehicle purchase, any outstanding balance from a service appointment in the Tesla app, Tesla Shop purchases, subscriptions, and upgrades. Loyalty benefits are also available if you have owned a Tesla and made another purchase.
Buy a Lower-End Model
If you don’t get all the bells and whistles or purchase a lower-end model, you’ll save a good deal of money. The Model 3 is already popular and is the least expensive model in Tesla’s line. You can also consider leasing or financing your purchase to meet your budget needs.
Navigating Budget Car Sales
Before committing to buying a Tesla, make sure to shop around, review your budget, and do your research. With patience, you can find a good deal on a Tesla. Are you in the market for a new car? What model of Tesla are you considering?
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Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.
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