New Tesla Model 3 Performance is eligible for full $7,500 Federal tax credit

New Tesla Model 3 Performance is now released and a good thing is that the model is eligible for a full $7,500 Federal tax credit starting from the launch day.

This new electric vehicle (EV) is available at a purchase price of $52,990. After a $7,500 Federal tax credit, the price goes down to $45,490. Customers can take benefit of the on-delivery rebate, which is much convivence compared to the past.

Tesla is also showing a starting price of $40,490 in the U.S. after an estimated 5-year gas savings, which could cost around $5,000. However, this price won’t be deducted from the purchase price, it’s just an estimated saving.

Unlike Model 3 Performance, the rear-wheel drive (RWD) and the Long Range versions aren’t eligible for the incentives. These two models don’t comply with the IRS guidelines on EV component sourcing. Subsequently, making both cars ineligible for Federal incentives.

New Tesla Model 3 Performance Price (Source – Tesla)

It could be about the battery component because the RWD and LR versions use Chinese-sourced battery packs. On the other hand, the new Tesla Model 3 Performance brings a Panasonic battery pack, which makes it eligible for a full $7,500 Federal tax credit.

The RWD version is priced at $38,990 and the Long Range version is priced at $47,740. Therefore, the tax credit makes it price lower than LR at $45,490. That’s a massive relief for the buyers and gives customers an easy option to choose the new Model.