Tesla Model 3 Long Range costs $3,200 more to finance than last week

Tesla Model 3 Long Range costs $3,200 more to finance than last week

Tesla scrapped promotional financing on the Model 3 Long Range this week after it became eligible for the $7,500 federal tax credit.

As Electrek reported on June 17, Tesla and the IRS confirmed that the Model 3 Long Range All-Wheel Drive is now eligible for the full tax credit. Today, Tesla is pricing the EV’s upfront purchase price at just $34,990 – $1,000 more than the Model 3 Rear Wheel Drive – including the federal tax credit and an estimated five-year gas savings of $5,000.

The Model 3 Rear Wheel Drive still doesn’t qualify for the federal tax credit because it uses LFP battery cells from China.



As Electrek reported on June 17, Tesla and the IRS confirmed that the Model 3 Long Range All-Wheel Drive is now eligible for the full tax credit. Today, Tesla is pricing the EV’s upfront purchase price at just $34,990 – $1,000 more than the Model 3 Rear Wheel Drive – including the federal tax credit and an estimated five-year gas savings of $5,000.

The Model 3 Rear Wheel Drive still doesn’t qualify for the federal tax credit because it uses LFP battery cells from China.

The Model 3 Long Range is now listed at 6.39% APR on loans up to 72 months. The Model 3 Rear-Wheel Drive continues to offer 1.99% APR for 36 months with a 60-month option at 2.99%.

Even though the Model 3 Long Range is now $7,500 cheaper, the higher interest rate is a bit of a party pooper, as it eats up potential savings. The folks at CarsDirect estimated that on a five-year loan, thanks to the 6.39% interest rate, the Model 3 Long Range has more of a $4,200 advantage than a $7,500 advantage.

If you’re eligible for the federal tax credit, the Model 3 Long Range is cheaper than before but costs around $3,200 more to finance through Tesla than last week. CarsDirect suggests comparing your options carefully if you’re shopping for a Model 3 Long Range.

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