Think fast, the Tesla company has sold its 200,000th credit-qualifying car, so it no longer qualifies for the federal electric car tax credit. However, there is a catch. Even though Tesla passed the mark, the Feds told Tesla they’ll still issue it until January 2019!
Tesla Tax Credit
Beg, borrow and steal is the name of the game as everyone scrambles to scratch up their down payment for their dream Tesla. There are only 5 short months left to take advantage of that $7500 Tesla tax credit.
How to Get the $7500
Normally you would get that rebate on your taxes when you file in 2019. Given that there is a lot that could go wrong with that idea now that the tax credit is expiring, there is a safer option.
Many dealers will use the tax credit themselves. And you’re thinking, “HOLD ON there, cowboy! Nobody touches my $7500 tax credit!” Not to worry. They use it themselves, but they write it into your contract. When you sign on the dotted line to buy your dream Model 3, S or X in the calendar year of 2018, you will see they’ve removed $7500 from your purchase price. So, you are receiving the credit instantly! Yay!
An Extended Tax Credit Option
But what if you just can’t get into the purchase deal until January? Well, you won’t be able to get $7500, but wait! Only in the month of January 2019, you will be able to get $3750 of it. Yay!
Will Tesla Survive?
So, time will tell as to how hard Tesla will be hit when the Tesla tax credit disappears. There are less popular automakers that will still qualify for the full electric car credit after Tesla is no longer a qualified purchase. Possibly their fans will shop elsewhere.