In previous years, EV buyers would have to wait to receive their tax credit due to their purchase. The credit would be applied to the buyer’s taxes the following year. However, the October changes would let buyers use the credit as a discount immediately, giving them the option to apply it as a discount at the point of sale, essentially taking $7,500 off of the purchase price. The amount can vary depending on the vehicle model, but $7,500 is the most a buyer could receive off of the purchase price.
Regardless of the amount, 2024 presented an opportunity for owners to receive an immediate discount on their vehicle purchases. Tesla is now embracing the new system, allowing buyers to apply the credit to their vehicle purchase when buying the car online. Sawyer Merritt, a popular Tesla enthusiast and news source, announced that Tesla is officially offering the new $7,500 Federal EV point-of-sale (POS) rebate in the US. This enables an estimated 250 million Americans to benefit from the rebate, a significant increase from the previous year.
The new system will let the buyer immediately receive the credit amount off of the purchase price of the vehicle, given that the car still qualifies. Tesla owners can obtain the $7,500 discount by selecting the appropriate option during the online purchase process. This new policy makes it much easier for buyers to access the tax credit, eliminating the need to wait until the following year to realize any benefits. The qualifying EV models for the $7,500 tax credit in 2024 are listed on the website. If you have any questions or concerns, you can contact the author via the provided email address or on Twitter.