How To Save On Tesla In 2024

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Here at WeTried.It, we're just an average family, facing the same online ads and product promises as you. Our reviews come from real-life use, providing you with trustworthy, down-to-earth advice on what to buy (and what to skip).

;tldr: how to get a new Model Y for less than $500/month

We picked a Tesla Model Y, Dual Motor, Long Range. No Full Self-Driving, used a referral code for 3 free months. 24 Month Lease, 10,000 miles.

Total Cost: $51,380
– $7,500 Lease Credit From Federal Rebate
– $3,559 Down
= $40,321 total cost
= $744/month
– $5,000 Colorado Rebate (after filing 2023 taxes, divided by 24 months = 208)
= $525/month
Bonus Savings
– $44+ gas savings
= $481/month

From understanding the ins and outs of Tesla pricing to maximizing federal and state rebates, and even scoring freebies like Supercharging and self-driving trials, we’ve got you covered.

Whether you’re eyeing the sleek Model S, the versatile Model 3, the robust Model X, or the family-friendly Model Y, this guide is your roadmap to unlocking Tesla affordability. So buckle up and get ready to supercharge your savings – owning a Tesla in 2024 might just be easier and more cost-effective than you think! 🚗💡💰

Curious about the new Tesla Model 3? Check out our guide to the refreshed 2024 Tesla Model 3.

Understanding Tesla Pricing and Models

As you embark on your journey to Tesla ownership, the first step is understanding what’s on offer. Tesla has revolutionized the electric vehicle (EV) market with its range of models, each boasting unique features and pricing. Here’s a breakdown to help you choose the one that fits your needs and budget.

What is Tesla Potential Savings?

Recently, Tesla’s website has made a change in its pricing structure.

Initially, when a customer visited the website to inquire about the cost of a Tesla car, the displayed price included “potential savings” such as tax incentives and a lower fuel cost. However, to view the actual cost of the car, one had to click to reveal the “purchase price,” which is the higher amount paid to Tesla. This tactic was deemed misleading by some, but Tesla has now altered its website to display the purchase price as the initial price, perhaps in an effort to be more transparent.

When accessing the page for any of Tesla’s models, the initial information displayed is the purchase price. For the Model 3, this price begins at $43,490. However, after clicking, you will then see the estimated price of $31,790, which includes “potential savings.” It is important to note that these savings may not actually be realized.

The reason behind Tesla’s decision, which was initially reported by Teslarati, remains unclear as Tesla rarely interacts with the media. In the past, Tesla’s vehicles were considered expensive compared to other brands, but that is no longer the case in today’s market, where the average price of a new car is close to $50,000.

How EXACTLY Tesa Calculates Potential Savings

Now, you can calculate EXACTLY how Tesla determines the Potential Savings, adjusting for the cost of gas in your area (and your actual charging costs).

However, now it’s important to highlight the current tax savings available from Tesla (and your local government).

Tesla Model S

The Luxury Choice: The Model S is Tesla’s flagship sedan, known for its luxurious features, long range, and unmatched performance.
Pricing: As the premium option, the Model S comes with a higher price tag. However, the cost is often justified by its advanced technology and superior driving experience.

Tesla Model 3

The Popular Pick: The Model 3 has quickly become the face of Tesla for the masses. It strikes a balance between affordability, performance, and range.
Pricing: This is the most budget-friendly option in Tesla’s lineup, making it a great choice for EV enthusiasts looking to join the Tesla family without breaking the bank.

Tesla Model X

The Spacious SUV: Perfect for families or those needing extra space, the Model X combines the practicality of an SUV with the performance of a sports car.
Pricing: It’s on the higher end, but its unique features like Falcon Wing doors and spacious interior justify the investment.

I almost bought the Model X, but simply couldn’t justify the almost 2x price for Falcon Wing Doors. The only way it would make sense to get this car, over the Model Y, is the extra weight that qualifies it for a Section 179 Deduction

Tesla Model Y

The Versatile Crossover: The Model Y is a more affordable SUV option, offering versatility, ample space, and Tesla’s signature technology.
Pricing: Slightly more expensive than the Model 3 but less than the Model X, the Model Y is an excellent middle-ground choice.

Key Takeaways

Know Your Needs: Assess what you value most in a vehicle – is it luxury, space, affordability, or a mix of these factors?
Budget Accordingly: Each model has a different price point, so consider your budget and the total cost of ownership, including potential savings from electric vehicle incentives.
Stay Informed: Tesla occasionally updates pricing and features, so keep an eye on their website for the latest information.

Tesla Models: Our Top Pick – The Model Y

When it comes to choosing the right Tesla model, it can feel like a tough decision with all the fantastic options available. However, for many, including us at “We Tried It”, the choice becomes clearer when you consider versatility, value, and performance. That’s why our top recommendation is the Tesla Model Y, specifically the Model Y Long Range.

Why We Chose the Model Y Long-Range

Perfect Balance: The Model Y strikes an ideal balance between the compact efficiency of the Model 3 and the spacious luxury of the Model X.
Dual Motor Advantage: Our choice of the Model Y Long Range is partly due to its dual-motor setup. This not only offers better traction and stability but also enhances the overall driving experience with improved range and performance.
Family-Friendly Yet Stylish: As a family of four, we appreciate the extra space and comfort the Model Y provides. It’s an SUV that doesn’t compromise on style or functionality, making it perfect for family trips, grocery runs, or just cruising around town.
Long Range for Long Drives: With the Long Range variant, range anxiety becomes a thing of the past. It’s perfect for those longer drives, ensuring you can enjoy your journey without constantly worrying about the next charging station.
Tax Benefits for Heavier Cars: While the Model Y can be a smart choice for those looking for a tax write-off for heavier vehicles, it stands out as a great option even without this consideration. Its balance of size, features, and price makes it a smart choice for a broad range of buyers. However, it does no apply for a Section 179 Deduction.

In summary, the Tesla Model Y Long Range is our top pick for anyone looking to dive into the Tesla experience. It provides a practical yet exciting EV experience that’s hard to beat. Whether you’re a small family, a couple, or just looking for a reliable and stylish electric vehicle, the Model Y is a choice you won’t regret. 🚗💚🌍

Maximizing Federal and State EV Rebates

Entering the world of electric vehicles (EVs) not only benefits the environment but also your wallet, thanks to various federal and state rebates. In this section, we’ll delve into how you can maximize these rebates to reduce the cost of your Tesla purchase in 2024.

Understanding Federal EV Tax Credits

What They Are: Federal tax credits for EVs are incentives provided by the U.S. government to encourage the adoption of electric vehicles.
How Much You Can Save: The exact amount varies, but you can potentially save thousands of dollars. It’s important to check the latest federal guidelines, as these credits can change.

Tesla has some more information here.

Navigating State-Specific Rebates

Varies by State: Each state offers different EV incentives, which can include additional tax credits, reduced vehicle registration fees, and even cash rebates.
Doing Your Research: To maximize your savings, research the specific rebates available in your state. Resources like the Department of Energy’s website or local DMV can provide up-to-date information.

Combining Rebates for Maximum Savings

Stacking Incentives: In many cases, you can combine federal and state rebates, leading to even greater savings.
Keep Timelines in Mind: Be aware of the expiration dates or changes in these incentives, especially as policies may evolve in 2024.

Tips for Applying for Rebates

Documentation is Key: Ensure you have all the necessary documents in order. This usually includes proof of purchase and, in some cases, proof of residency.
Consult with Experts: Consider talking to a tax professional or a knowledgeable salesperson at Tesla to ensure you’re taking full advantage of available rebates.

By smartly utilizing federal and state EV rebates, the dream of owning a Tesla becomes more attainable. Remember, these incentives are not just about immediate savings; they are also an investment in a more sustainable future. In the next section, we’ll explore Tesla’s exclusive offers and referral programs that can further enhance your savings. Stay tuned for more cost-effective Tesla buying strategies! 🌿🚘💸

Buying vs. Leasing a Tesla – Making the Smart Choice

When it comes to getting behind the wheel of a Tesla, you’re faced with two primary options: buying or leasing. Both have their benefits, but choosing the right one depends on your personal circumstances and future expectations. Let’s explore why, despite the potential tax benefits of buying, leasing might be the wiser choice for many, including us.

The Benefits of Buying a Tesla

Tax Benefits: Purchasing a Tesla outright can offer significant tax benefits. You may be eligible for federal and state EV tax credits, reducing the overall cost.
Long-Term Ownership: Buying is ideal if you plan to keep the vehicle for a long time, especially considering Tesla’s reputation for durability and high resale value.

Why We Chose to Lease

Despite these advantages, we opted for a lease for several reasons:

Tesla’s Adaptation of Tax Benefits for Leasing: Recently, Tesla has started passing on the tax benefit to those who lease, making leasing more financially attractive. Most tax rebates are passed on to the financial company – who can choose (or not) – to pass along the savings.
Rapidly Changing Technology: Tesla’s technology, including its batteries, is evolving quickly. We believe that the technology might not retain its value over a long period (10 years), potentially leading to expensive maintenance or upgrades.
Short-Term Lease Advantages: We opted for a two-year lease. In Colorado, the EV tax credit is $5,500. Spread over 24 months, this amounts to a saving of about $230 per month. A longer lease term, like 36 months, reduces the monthly savings to around $152. Thus, a shorter lease maximizes the benefit of the tax credit.
Future Value Uncertainty: After testing a lower-end Model 3, we were concerned it might depreciate like older EV models, such as the Nissan Leaf, where technology advancements rendered older models less desirable.
Simplicity and Flexibility: At the end of our two-year lease, we have the simplicity of just returning the car without the hassle of resale. This arrangement suits our desire for flexibility, especially in a rapidly evolving market.

Leasing: can be a good idea

In summary, while buying a Tesla offers long-term benefits and potential tax credits, leasing can be a smart option for those who want to enjoy the latest technology without long-term commitment or the uncertainty of resale value. It boils down to your personal preferences, driving habits, and financial goals. In the next section, we’ll delve into the exciting world of Tesla’s free Supercharging and self-driving promotions, so stay tuned! 🚗💡📈

Exclusive Promotions: Supercharging and Self-Driving with Our Promo Code

Limited time only

FREE Tesla Super Charging + Full-Self Driving

FREE

Buy Now

We might earn a commission if you make a purchase, at no additional cost to you.

Tesla is renowned for its innovation in the automotive world, and now, with our exclusive Tesla Referal code, the Tesla experience becomes even more rewarding. If you’re considering a Tesla, here’s a fantastic opportunity: use our unique promo code to unlock exclusive offers on Supercharging and Full Self-Driving (FSD). Let’s explore how these offers can elevate your Tesla experience while offering significant financial benefits.

Unlock 6 Months of Free Supercharging

The Offer: When you purchase a Tesla using our exclusive promo code, you’ll receive 6 months of free Supercharging.
Benefits of Free Supercharging: This perk is particularly valuable for long-distance drivers, as it significantly reduces the cost of ‘fueling’ your vehicle, offering savings that are impossible with traditional gasoline cars.

The Value of Supercharging

Cost Savings: Free Supercharging is a financial game-changer, especially in the first few crucial months of owning your new Tesla.
Network and Convenience: With Tesla’s widespread network of Superchargers, charging on the go is easy, fast, and now, free with our promo code.

3 Months of Full Self-Driving: Experience Advanced Tech

Exclusive Trial: Our Tesla promo code also gifts you a 3-month free trial of Tesla’s Full Self-Driving package.
FSD Features: This trial includes access to features like autopilot navigation, auto lane change, auto park, summon, and more.

Why These Offers Are a Must-Have

Try Before You Buy: The FSD trial lets you experience Tesla’s most advanced autonomous driving technology, helping you decide if it’s something you’d want permanently.
Enhance Your Ownership Experience: These promotions not only offer a glimpse into the future of driving but also provide tangible financial benefits, reducing the overall cost of ownership in your first months with a Tesla.

The easiest way to save: using a referral code

By using our exclusive promo code, you step into a world of luxury, innovation, and savings with Tesla. These offers aren’t just perks; they are gateways to experiencing the full potential of electric driving without the typical costs. As these promotions are subject to availability, we encourage you to act fast and make the most of this fantastic opportunity.

Stay tuned for our next section, where we’ll delve into effective charging strategies to maximize your Tesla’s efficiency and save even more. Grab this electrifying opportunity today! 🚗💡🔌

Smart Charging: Maximizing Savings Beyond Free Supercharging

After taking advantage of our exclusive promo code for 6 months of free Supercharging, it’s vital to plan for cost-effective charging methods for your Tesla in the long term. Beyond the initial free Supercharging period, there are several strategies to minimize charging costs. Here’s how to keep charging both conveniently and economically.

Free Supercharging: The Initial Cost-Saver

Leverage the Promo Offer: Initially, make the most of the free Supercharging provided by our exclusive promo code. This is the most cost-effective way to charge your Tesla for the first six months.

Workplace Charging

Utilize Office Charging Facilities: If your workplace offers free charging – like mine does – this is an excellent way to keep your Tesla charged without any additional cost.

Off-Peak Charging at Home

Charging During Off-Peak Hours: Charging your Tesla at home during off-peak hours can lead to significant savings. Electricity rates are generally lower during these times, usually late at night or early in the morning. Fort Collins, Colorado, where we live, has Time of Day Pricing.
Install a Home Charger: Consider installing a Tesla home charger for convenience. Although there’s an upfront cost, it allows you to easily take advantage of off-peak rates.

Optimizing Charging Habits

Charge Only When Needed: Avoid overcharging. Keeping your Tesla battery between 20% and 80% can help maintain battery health and reduce electricity costs.
Plan Long Trips Wisely: For longer journeys, plan your route around Tesla’s Supercharger network to maximize your initial free Supercharging period.

Conclusion

By combining the initial benefit of free Supercharging with smart, long-term charging practices like workplace charging and off-peak home charging, you can maximize the cost efficiency of owning a Tesla. These strategies not only save money but also contribute to a more sustainable and efficient use of energy.

In our next section, we’ll explore the advantages of considering a used or demo Tesla vehicle, an often overlooked option for entering the Tesla world. Stay tuned for more insights! 🌍⚡🚘

Navigating the Pre-Owned Tesla Market: A Cautious Approach

While buying a used or demo Tesla can seem like an attractive alternative to purchasing a new one, it’s essential to approach this option with caution, especially considering our earlier insights. Let’s explore why, in our view, delving into the pre-owned Tesla market requires careful thought, particularly in light of factors like tax credits and resale values.

Considering Resale Values and Tax Credits

Concerns About Resale Values: As technology rapidly evolves, there’s a risk that older Tesla models might not hold their value over time, much like what we’ve seen with other EV models.
Tax Credit Limitations: In most states, tax credits are only available for new EV purchases, not for used ones. This means you might miss out on significant savings when opting for a used Tesla.

Demo Teslas: Weighing the Pros and Cons

Demo Vehicle Overview: Demo Teslas are lightly used vehicles from showrooms or test drives, often in excellent condition with low mileage.
Balancing Factors: While demo Teslas can be a more affordable option, the lack of tax incentives and potential concerns about future value make this a decision that needs careful consideration.

Our Recommendations for Pre-Owned Teslas

Thorough Research: Investigate the car’s history, battery health, and any remaining warranty coverage.
Professional Inspection: Get the vehicle inspected by a trusted professional to ensure its condition and longevity.
Understand Your Needs: Consider how long you plan to keep the car and how advancements in EV technology might affect your decision.

Alternatives to Buying Used

Leasing Options: As discussed earlier, leasing a new Tesla might offer more benefits, including staying up-to-date with the latest technology and avoiding long-term depreciation concerns.
New Purchase Benefits: Purchasing a new Tesla can provide the full benefits of tax credits and the assurance of cutting-edge technology and warranty.

Navigating the pre-owned Tesla market requires a balance of considerations, especially regarding potential savings versus future resale values and the absence of tax credits. While buying a used or demo Tesla can be a way to join the Tesla community at a lower initial cost, our recommendation leans towards leasing or purchasing new to maximize the benefits and minimize future uncertainties.

In our next section, we’ll look at the implications of insurance and maintenance costs for Tesla ownership, providing a comprehensive understanding of the financial aspects of owning these innovative vehicles. Stay tuned for more insights! 🚗🔍💡

Navigating Insurance and Maintenance Costs for Tesla Ownership

In the realm of Tesla ownership, understanding insurance and maintenance costs is essential for a complete financial picture. This section will delve into these aspects, including an overview of Tesla’s unique insurance offering, which can potentially offer significant savings.

Tesla Insurance: A Game-Changer

Tesla’s Unique Offering: Tesla now offers its own insurance, leveraging the car’s technology to monitor driving habits. This allows them to provide personalized insurance rates based on your actual driving behavior.
Our Experience: In our case, switching to Tesla’s insurance cut our costs by about 50% compared to our previous insurer, Geico. We went from roughly $200 with Geico to about $100 with Tesla Insurance, thanks to our good driving records.

Factors Affecting Insurance Costs

Model and Location Variables: Insurance premiums can vary based on the Tesla model, your geographic location, driving history, and the coverage level you choose.
Safety Features and Premiums: Teslas are equipped with advanced safety features which can sometimes help in reducing insurance costs.

Maintenance: Lower Costs, Less Hassle

Reduced Maintenance Needs: Teslas require less maintenance than traditional vehicles, thanks to fewer moving parts and a simpler mechanical setup.
Key Maintenance Areas: While less frequent, maintenance tasks like battery checks, tire rotation, and software updates are still essential.

Insurance and maintenance are crucial elements of the total cost of owning a Tesla. By considering options like Tesla’s own insurance and understanding the reduced maintenance needs of electric vehicles, owners can enjoy the benefits of Tesla ownership without undue financial strain.

Our final section will offer a comprehensive summary and final thoughts on maximizing your savings on a Tesla in 2024, helping you make an informed decision in your Tesla journey. Stay tuned for our wrap-up! 🚗💰🔧

Want to save the most on a Tesla in 2024?

In short, there are 7 ways to save on Tesla in 2024

Pick the right model.
Take advantage of the right tax incentives.
Use our Tesla Promo Code.
Lease – for the right terms
Get Free Supercharging – and charge at the right time
Get Tesla Insurance
Save on maintenance