In a groundbreaking turn of events, the Tesla Model 3 has surpassed the Toyota Camry in affordability in California, marking a significant milestone for both Tesla and the electric vehicle (EV) industry as a whole. With the Model 3's price drop, owning a luxurious and eco-friendly car is no longer a distant dream but an enticing reality for a wider range of buyers. So Tesla Model 3 just became cheaper than Toyota Camry in California, Reuters reported today.
Tesla, renowned for its cutting-edge technology and commitment to sustainability, has been making waves with its latest move. By updating its Model 3 Design Studio to include updated tax credit qualifications, Tesla now enables buyers to enjoy the full $7,500 federal tax credit across all three trim levels of the Model 3, rendering it even more attractive.
Previously, only the Performance trim level qualified for the full tax credit, leaving potential buyers with limited options. However, Tesla's strategic shift now offers a golden opportunity to own this remarkable vehicle at an unprecedented price point. The updated credit, in combination with local incentives like California's tax rebate, has effectively placed the Model 3 on par with traditional gas-powered cars and, in some instances, even priced it below some of the most popular sedans in the market, including the Toyota Camry.
The new tax credit qualifications were made possible by the incorporation of domestic battery packs in the Model 3, replacing the earlier Chinese-built batteries. This change has not only leveled the playing field for Tesla but has also posed a significant challenge to rival EV manufacturers and traditional petroleum companies, whose lack of scalability prevents them from offering comparable prices.
With the current configuration of the Model 3's Rear-Wheel-Drive trim level, priced at $40,240, the combined benefits of the federal tax credit and California tax rebate effectively reduce the cost to an astonishing $25,240. This undercuts the entry-level configuration of the Toyota Camry, which is listed at $26,320. Tesla has not only achieved price parity but has gone a step further, providing an irresistible deal for prospective car buyers.
Beyond the financial advantages, the Tesla Model 3 boasts an array of captivating features. Firstly, the Model 3 qualifies for the $7,500 federal tax credit, further reducing the effective price and making it even more enticing for potential buyers. Moreover, Tesla has continuously improved the Model 3's range, ensuring that owners can enjoy extended journeys without range anxiety. The base model now offers an impressive range of 267 miles, while the Long Range model can travel up to 358 miles on a single charge.
Additionally, Tesla has been dedicated to expanding its Supercharger network, eliminating any concerns about long-distance travel. Model 3 owners can embark on road trips with peace of mind, knowing that a reliable and extensive charging infrastructure supports their adventures.
If you are currently in the market for a new car, the Tesla Model 3 is an opportunity that should not be missed. With its remarkable features, impressive range, and now unbeatable price, it has become the epitome of affordable luxury. Tesla's groundbreaking achievement highlights its continued lead in the EV industry, leaving us to wonder how long it will take for other companies to catch up.
With the Tesla Model 3's newfound affordability, it's time to seize the moment and embark on an electrifying journey towards a sustainable and thrilling driving experience. The Tesla Model 3 is more accessible than ever before, so why wait?
Armen Hareyan is the founder and the Editor in Chief of Torque News. He founded TorqueNews.com in 2010, which since then has been publishing expert news and analysis about the automotive industry. He can be reached at Torque News Twitter, Facebok, Linkedin and Youtube.
