Tesla’s $7,500 federal tax credit is set to expire in less than two weeks
Tesla earlier today published a blog post reminding prospective buyers that the generous $7,500 federal tax credit as it pertains to new Tesla purchases is set to expire in less than two weeks. In other words, if the tax credit plays a role in whether or not you’re ready to pull the trigger on a brand new Tesla, you’ll definitely want to get your order in as soon as possible.
For a few years now, Tesla buyers have enjoyed the aforementioned $7,500 tax credit, but it’s about to be phased out entirely in just a few months. Because Tesla shipped its 200,000th EV this past July, the tax credit will drop down to $3,750 starting in January. Then in July of 2019, the tax credit drops down to $1,875. And starting in 2020, the credit disappears entirely.
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There is a caveat, though, for folks inclined to purchase a new Tesla. The full tax credit is only applicable for buyers who receive their newly purchased car before 2019. Consequently, Tesla is pulling out all the stops to ensure that as many new orders are delivered over the next 10 or so days.
Tesla’s post reads in part:
The full $7,500 federal tax credit for Tesla customers ends in less than two weeks, and we’re doing everything we can to try to ensure those who order a vehicle today can take delivery by December 31st and take advantage of the savings. To help ensure vehicles are available, we’ve released all our fleet vehicles – like those used for test drives – and vehicles where the original customer can’t take delivery by the end of the year. Our mission is to accelerate the world’s transition to sustainable energy – and to do that, we need to get as many electric vehicles on the road as quickly as possible, which is why we are working around the clock to meet demand before the end of the year.
Incidentally, Tesla reminds prospective buyers that there are also state incentives available depending on where one lives. Not surprisingly, the two states that offer up the most in tax credits include California and Colorado. As a final point, Tesla earlier this month said that it would allow buyers who don’t receive their car before 2019 to cancel their orders for a full refund.
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