TESLA

Company ranks cheapest Model Y and Model 3 with state incentives

Colorado is the absolute leader in electric car state incentive stacking that can bring the Model Y price down to $15,000 with the federal tax credit and Tesla's 'gas savings.'

Tesla has ranked the US states with the cheapest Model Y and Model 3 vehicles when accounting for all the stackable federal and state incentives available there, as well as the estimated gas savings.

From Colorado to New York, the Model Y can be had for anything between $14,990 to $29,990, compared to an MSRP of $44,990 for the cheapest RWD version.

Granted, buying the Model Y for just $15,000 or so in Colorado is a special case, as that state has the most generous electric vehicles rebates and tax credits at the moment. Colorado has set a goal to increase the amount of light-duty electric vehicles in the state tenfold by 2030, and is offering the following incentives to reach that goal:

Colorado EV tax credit: $5,000

Colorado low-cost EV tax credit: $2,500

Colorado vehicle exchange program for people below the 80% median income: $6,000

Xcel Energy rebates for residential customers below 80% median income: $5,500

When the $7,500 federal tax credit is stacked with all the Colorado state credits or rebates above, a person whose income doesn't exceed 80% of the median and is a Xcel utility customer, can discount the price of a Model Y by more than $25,000 in total. Even if they don't fall in any of these categories, though, they can still knock $12,500 off the Model Y price tag with the federal and state tax credits alone.

During a recent interview, Elon Musk mentioned that he doesn't care about subsidies and would prefer a level playing field. One look at the Tesla car price rankings below, however, reveals that incentives probably play a big role in its customers' purchase decisions.

To these, Tesla adds its own "gas savings" estimate, which it really shouldn't as those differ from state to state, so the actual purchase price will be higher. All in all, however, the state incentives make the Model Y and Model 3 incredibly cheap to acquire for what they are.

This can also lead to some absurdly low Model 3 and Model Y price differences, though, like in New York where incentives bring the Model 3 price down to $29,490, while the larger and more popular Model Y can be had for just $1,500 more.

Tesla has also listed WA state in the middle of the Model Y incentives pack. There, the Model Y can be had with a $352 monthly lease possible on a 72-months term, probably referring to the state's very generous $9,000 rebate for leased electric cars.

During a recent interview, Elon Musk mentioned that he doesn't care about subsidies and would prefer a level playing field. One look at the Tesla car price rankings below, however, reveals that incentives probably play a big role in its customers' purchase decisions.

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