Charge-Up NJ rebate program Phase 2

[Mixman]

If NJ wants to take this program seriously, they’ll raise the threshold MSRP price. Car price(gas and electric) have gone up considerably this year.

Absolutely. I was serious with my comment earlier. We could literally be two or three price increases away from the Model Y not be eligible for this program at all. In my opinion the limit should be raised to $75k minimum.

Which sales advisor did you use? I am trying to find an inventory car but hard to find one these days. May have to go to the store where I can browse the existing inventory list and pick one from there.

There have been some inventory Y’s in the metro posted lately. Most however have been either loaded LR’s or MYP’s neither of which would qualify for this program.

 

[1cruise@atime]

In my view the wait for the NJ program is now a poorer return on investment. Most of us will finance. Last 3 months have seen price increases upwards of 2500. The interest on finance will cover the rest of whatever is left. So the wait game is a choice to make. For us we could have waited until the price hit 55k and take the rebate or book at 51k and let go of the rebate.

we may just hit a jackpot if somehow NJ decides to make the rebate effective date of delivery.

 

[goldeneagle]

In my view the wait for the NJ program is now a poorer return on investment. Most of us will finance. Last 3 months have seen price increases upwards of 2500. The interest on finance will cover the rest of whatever is left. So the wait game is a choice to make. For us we could have waited until the price hit 55k and take the rebate or book at 51k and let go of the rebate.

we may just hit a jackpot if somehow NJ decides to make the rebate effective date of delivery.

you would be correct 3 months ago but jumping in now head first will be worst possible choice to make. In stock market terms it is buy high and sell low. My gut is they will launch it sometime in July and Tesla can not increase the price by 500 every week. they might be towards the end of there price increase cycle and not beginning. I think risk reward set up for waiting another month is favorable however it is difficult to do it psychologically at least for me. I am going to take a chill pill and suck up the wait.

usually hardest thing to do is always right thing to do and hardest thing to do at this point is to sit on your hands, easier said than done imho.

 

[spat12]

Hopefully combi

In my view the wait for the NJ program is now a poorer return on investment. Most of us will finance. Last 3 months have seen price increases upwards of 2500. The interest on finance will cover the rest of whatever is left. So the wait game is a choice to make. For us we could have waited until the price hit 55k and take the rebate or book at 51k and let go of the rebate.

we may just hit a jackpot if somehow NJ decides to make the rebate effective date of deliv

Hopefully combination of $10.1B NJ surplus and Murphy's reelection (NJ has offered $10,000 HVAC credit during Chris Christie's reelection year in 2009.) will fruitfully result in our favor including delivery date and full $5,000.

 

[Nickyd]

Absolutely. I was serious with my comment earlier. We could literally be two or three price increases away from the Model Y not be eligible for this program at all. In my opinion the limit should be raised to $75k minimum.

There have been some inventory Y’s in the metro posted lately. Most however have been either loaded LR’s or MYP’s neither of which would qualify for this program.

 

[Nickyd]

Perhaps what may be hurting Tesla buyers is the fact that 83% of rebates went to Tesla buyers last year. Sounds like the NJ BPU is looking for diversity with other, less expensive brands. I also heard on the BPU Stakeholders call that they are trying attract LMI (low, moderate income) buyers. Not really sure how a $5,000 rebate will help LMI buyers, since the price for most EV's is above what LMI buyers can afford. Federal Tax credits likely won't help much since LMI buyers do not have sufficient tax liability to make up the difference. Also, home charging may not be an option for many LMI buyers who will just not pursue an EV.

My feeling is to "keep it simple" and provide the $5,000 rebate same as last year to drive EV adoption. Frankly, without the combined State and Federal incentives I cannot justify the cost of an EV versus ICE.

 

[anabot]

At this point, what ever the decision is, would like to hear it soon..

 

[Gellie]

There was also a link that someone on FB posted that regardless of the rebate, the car must be ordered after 7/1/21.

 

[Tes12]

There was also a link that someone on FB posted that regardless of the rebate, the car must be ordered after 7/1/21.

Can you share that link? Because he hasn’t been confirmed.

 

[testlanewport]

Is there 55K MSRP upper limit confirmed news? I was looking to buy 7 seater Model Y and even base model comes around 55.5k.

 

[1cruise@atime]

Nothing is confirmed. It was in the proposal and as expected it’s being ping ponged around.

the only way you could have scraped the quality was if you had ordered before the price increase but again no one knows for sure if the rebate applies to point of order, or point of sale.

 

[Gellie]

Can you share that link? Because he hasn’t been confirmed.

Ill try to find it. It was posted on a long NJ Tesla FB thread.

 

[ParkinNJ]

Is there 55K MSRP upper limit confirmed news? I was looking to buy 7 seater Model Y and even base model comes around 55.5k.

Nothing has been confirmed but @fatyg5 shared the FY22 EV rebate straw-proposal which seems to show a $55K MSRP limit for rebate eligibility. The draft proposal also modifies the rebate amounts where MSRP >$45K and less than $55K the max rebate is $2K and a MSRP <$45K the max rebate is $5K. Again, nothing has been confirmed but it doesn't look promising.

https://www.nj.gov/bpu/pdf/publicnotice/EV%20FY22%20Charge%20Up%20NJ%20Program%20Straw%20Proposal.pdf

 

[testlanewport]

Thank for the info and draft. It looks highly unlikely that they will raise the $55k upper limit. This sucks

 

[Naderh3697]

I removed the delivery hold from My car 2 days ago. yesterday was showing July 17- August 5th delivery date. Today it updated to September.

Remove those delivery holds and get in line. looks like its going to be a longggggggg wait.

 

[TennisNik45]

This email just got sent out, it’s for dealerships who need to enroll themselves into the Charge Up program and be able to offer the rebate. Good sign that this could be happening soon!

 

[goldeneagle]

. Review Webinar Recording Our webinar recording takes you through the different enrollment steps and shows you what is required. View Webinar Recording

2) Complete Dealership Enrollment Form Select a primary contact at your dealership who will invite team members to the portal and provide financial information for direct wire transfers.

 

[ParkinNJ]

Well, based on the video, the MSRP limit is indeed $55K with only a $2K max rebate for MSRP vehicles in the $45K-$55K range. Kind of stinks since you could have essentially received a similar 'rebate' if you simply purchased the Model Y earlier in the year before the 3 price increases.

 

[veriojon]

Based on the presentation for Tesla date of registration is considered date of sale/lease

 

[ParkinNJ]

Based on the presentation for Tesla date of registration is considered date of sale/lease

Oh, I didn't catch that ... then as long as you register your Tesla after the launch date then it looks like you're in. Now, we just need to know the freakin program launch date. The presenter in the video kept touting the 'party line' of Summer 2021 so I guess they have until Aug?!