NJ Set to Become the Best State to Buy a Tesla Model 3

Jan 7, 2020   

Legislators in New Jersey are about to pass a new bill targeted towards the adoption of electric vehicles, which will be especially beneficial to prospective Model 3 buyers.

Most notably for future Tesla owners in New Jersey, the bill will introduce a state incentive for buyers of fully electric vehicles. As Model 3 exceeds 200 miles of electric range, it will be eligible for the full rebate of $5,000. Note that the rebate only applies to electric vehicles with a MSRP of up to $55,000, so Model 3 Performance would be excluded at its current price of $56,990.

Unlike EV rebates in other states, New Jersey is allowing the seller of the vehicle to deduct the rebate from the purchase price of the vehicle. Alternatively, the buyer may claim the rebate from the state. Potentially, for the first time ever Tesla may be able to offer a rebate that’s immediately deducted from the price of the car. The rebate would effectively make a new Model 3 $5,000 cheaper in New Jersey.

Better yet, the rebate can be claimed on new electric vehicles (with a purchase price not exceeding $55,000) in addition to the current state incentive of no sales tax on all new and used electric vehicles in New Jersey. Of course, this only applies to New Jersey residents that register the vehicle within the state.

Additionally, the State of New Jersey is taking a liberal approach to building chargers. The bill will ensure at least 600 new DC fast chargers as well as a thousand 240v charging stations to be added by the end of next year. Impressively, the state will also begin to require 25% of multi-family residential properties, overnight lodging establishments, and places of employment to provide charging opportunities.

The bill will take affect immediately once it’s signed into legislation, which is expected to occur within the next week.

Real Talk

It is certainly a possibility that Tesla will drop the starting price of Model 3 Performance to $54,990, if only to make it eligible for the rebate. Regardless, there isn’t a rush to claim it, as the program is intended to last for the next decade (assuming it doesn’t prematurely run out of funding).

Tesla already has a robust Supercharger and Destination charger network in New Jersey, so the additional chargers are more so for the benefit of owners of other brands of electric vehicles.

This is great news that will increase the EV adoption in New Jersey, thereby making it one of the greenest states. It’s encouraging to see a state being so proactive in pushing the movement forward. We applaud the legislators that voted on the bill.

_____

We find it’s much more accurate to determine the value of a Tesla based on its features and build date rather than its model year. Please feel free to contact us at contact@onlyusedtesla.com for an up-to-date NPV (net present value) on your Tesla.