Time to buy Model Y in New Jersey?

[Aaronkim92]

Hey guys,
I’m looking for some guidance on when to order the Model Y. Wife and I fell in love with it and really looking forward to getting it with the 3rd row. I’ve seen there are incentives to take advantage of but, currently New Jersey is out of funds and it might come back in July? And then there’s the possible 7K tax credit. Am I missing anything else?
Our 2018 Rx350 is coming out of lease in October so I have some time. Could get some thoughts on the matter please and thank you

 

[hlin07]

Hey guys,
I’m looking for some guidance on when to order the Model Y. Wife and I fell in love with it and really looking forward to getting it with the 3rd row. I’ve seen there are incentives to take advantage of but, currently New Jersey is out of funds and it might come back in July? And then there’s the possible 7K tax credit. Am I missing anything else?
Our 2018 Rx350 is coming out of lease in October so I have some time. Could get some thoughts on the matter please and thank you

The best time to buy is AFTER the Green Act pass AND before July 1st factor in the expected jump in demand for Model Ys. Bottom line, you want to take delivery AFTER July 1st, that's when NJ's fiscal year restarts, and they will be money available then, it's the LAW. If Green act passes, say in April, order it, but keep pushing out the delivery date until after July 1st, then you get both the federal credit and state incentive. If there's no green act, then about 1-2 months ahead of July 1st would be a safe bet to take delivery around July 1st timeframe.

No one can predict what the Tesla demand will be with Green Act or without, you'll need to keep an eye out on it and take it one step at a time.

 

[hakunamattata]

I agree with all the suggestions given by hlin07, just a word of caution based on what we saw in December when they announced the program end date for 2020 it was based on order date which is on MVPA. Not sure if the same rules will apply and I would recommend to wait if you are looking for the rebate. Just for your reference the website FAQ's clearly states ordered also Home | Charge Up New Jersey

Following is a copy of the FAQ

I ordered, purchased, or leased my vehicle between December 15, 2020 - Summer 2021. Will I be eligible for the point-of-sale incentive?

Due to a lack of funding, vehicles ordered, purchased, or leased after the deadline of December 15, 2020 and before the launch of the point-of sale program in Summer 2021 will not be eligible for an incentive.

 

[Aaronkim92]

Shoot
Thank you to the both of you for the awesome suggestions! Really appreciate it!

 

[rjpjnk]

I don’t think the wording of the NJ FAQ is clear enough to be 100% certain, but it does appear that cars like Tesla with long order wait times may be based on date of order rather than date of purchase as they were in 2020. If this turns out to be the case in July, could we just cancel the order and start a new order and lose only the 100 dollar deposit?

 

[hakunamattata]

You can absolutely cancel and start a new order obviously the delivery dates will line up with the new order date. Since in July 2021 they will be doing point of sale rebate and not mail-in rebate no one know how it will be handled i.e. the amount is reserved while ordering or at delivery. Logically it would make sense to do it at time of delivery but who knows till the new program details are published.

 

[VaxAce]

get the performance model and forego any rebates. Dont look back.

 

[sroy]

I believe people who ordered before jan 17th 2020 but took delivery before dec 15th as well as people who placed orders before dec 15 and took delivery before the application deadline (march 15th) each got their checks.

As was mentioned, this will be p-o-s rebate. Given how you can easily game the tesla ordering system I doubt that you can't get the rebate if you get your delivery after the program start date regardless of order date.