Save $7,500 on Tesla Model 3 Long Range, but $3,200 financing hike!

The Tesla Model 3 Long Range just got a sweet discount, making it $7,500 cheaper due to a federal tax credit. However, there’s a catch – financing it through Tesla is now $3,200 more expensive than last week.

What?

Tesla recently made the Model 3 Long Range eligible for the full $7,500 federal tax credit, bringing the upfront purchase price down to $34,990. On the other hand, the Model 3 Rear Wheel Drive is still excluded from the tax credit due to its battery source from China. The Model 3 Long Range is now offered at a 6.39% APR for loans up to 72 months, while the Rear Wheel Drive has lower APR options.

Why does it matter?

While the tax credit makes the Model 3 Long Range significantly more affordable, the increase in financing costs dampens the savings. The higher interest rate adds around $3,200 to the overall cost of financing the vehicle, limiting the potential savings. It’s essential for potential buyers to carefully compare their options before committing to a purchase.

How is it going to shape the future?

This development highlights the importance of considering all financial aspects when buying an electric vehicle. While tax credits can make EVs more accessible, fluctuations in financing terms can offset the initial savings. As the EV market continues to evolve, consumers will need to stay informed about changes in pricing and incentives to make the best decisions for their budgets.

In conclusion, if you’re eyeing the Model 3 Long Range, be sure to factor in the updated financing costs along with the tax savings to determine the overall affordability of the vehicle. Being a savvy shopper in the ever-changing landscape of electric vehicles can help maximize your savings and ensure you make a financially sound investment in the future of transportation.