Shopping for an electric car that qualifies for the full $7,500 federal tax credit sometimes requires re-calibrating your definition of arithmetic. Take the Tesla Cybertruck: its optional white interior costs $2,000, but buyers who select it can end up paying over $11,000 for it.
EVs and the drivers who buy them need to tick numerous boxes to qualify for the full tax credit. There are several technical, pricing, and income limitations. Only vehicles equipped with a battery pack with a capacity of at least seven kilowatt-hours qualify, for example, and married couples who file jointly can’t claim the full tax credit if they make over $300,000 a year. The car’s price gets taken into account as well. SUVs, vans, and pickup trucks don’t qualify if they cost over $80,000, and the price of other vehicles (like sedans and coupes) is capped at $55,000.
This very likely explains why the entry-level, all-wheel-drive version of the Cybertruck costs $79,990 excluding destination. It’s a Hamilton and a penny away from not being eligible for the federal tax credit. The Cyberbeast trim starts at $99,990, so it’s far too expensive to qualify for government incentives. But, the base trim is so close to the threshold that ticking even a single option box can end up costing buyers a lot more.
Website CarsDirect used the optional white interior as an example. Which, by the way, doesn’t actually change the color of the upholstery; it merely adds white trim accents to the door panels and the dashboard. If you buy an all-wheel-drive Cybertruck without any options—and if you qualify for the full tax credit—you can put the electric pickup in your driveway for $72,490 excluding destination and other applicable fees. Tesla charges $2,000 for the white interior, which bumps the price to $81,990 and makes the Cybertruck no longer eligible for the $7,500 incentive.
Put another way, selecting a $2,000 option ends up costing you $9,500. The same applies to the Cyber wheels, which come with all-terrain tires and cost $3,500, and the much-hyped range extender, which should cost approximately $16,000 when it finally enters production later in 2025.
You’ll lose more money if you finance your Cybertruck through Tesla, according to CarsDirect. The brand offers 5.99% financing for 72 months. Add it all up, and a Cybertruck with the white interior sets you back by about $97,807 once interest enters the equation. Financing the same Cybertruck with the standard, Tactical Gray interior and the tax credit costs a total of $86,474, which represents a difference of nearly $11,400.
This isn’t limited to the Cybertruck, of course. Tesla charges $54,990 for the range-topping Model 3 Performance. While the black and white interior is a no-cost option, you’re stuck with Stealth Gray paint if you want to buy and qualify for the federal tax credit. All of the other paint colors are optional; Deep Blue Metallic, Solid Black, and Pearl White Multi-Coat cost $1,000, while Ultra Red and Quicksilver are priced at $2,000.
However, there’s a loophole. If you lease rather than buy, you can bag a $7,500 credit regardless of factors such as the MSRP and your income.
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