Tesla may have been responsible for ushering in the era of widespread electric vehicle (EV) adoption, but it certainly hasn’t been resting on its laurels. The company has taken some hits over the year with vehicle sales on the decline. If you factor in the controversial public figure that is the company’s CEO, Elon Musk, then you know investing in a Tesla has become a hot button issue.
Find Out: Here’s What It Costs To Charge a Tesla Monthly vs. Using Gas for a Nissan Altima
For You: 10 Unreliable SUVs To Stay Away From Buying
Still, Tesla remains a leading name in the EV space, renowned for its performance and strong warranty options. For those interested in making the switch to electric, there’s a lot to consider when it comes to whether or not a Tesla can save you money.
EV Tax Credits vs. One ‘Big Beautiful Bill’ Act
President Donald Trump signed an executive order to eliminate the federal EV mandate at the beginning of 2025, though some EV tax credits remained in place. However, they now have an expiration date for vehicles purchased after September 30, 2025. This change is due to the recent passage of Trump’s tax reform, known as the One Big Beautiful Bill (OBBB), which accelerates the end date of this incentive.
If you are still privy to the tax credit, here are some key takeaways:
- For the first half of the credit ($3,750), a new EV needs to meet certain restrictions regarding the vehicle’s critical battery minerals. A certain percentage of the minerals need to have been sourced from the U.S. or any country with which the U.S. holds a free trade agreement.
- The second half of the credit kicks in if a certain percentage of battery components were manufactured or assembled in those same countries.
- Finally, to be eligible for any credit, any new EV or plug-in hybrid must see final assembly take place in North America.
- Concerning the Tesla Cybertuck, those who purchase a new model (single- and dual-motor models) can expect the full $7,500 federal tax credit until it expires. All trim packages of the Tesla Model 3 and Model Y are eligible for the full tax credit as well, as is the all-wheel-drive Tesla Model X.
Read More: I Asked ChatGPT What Electric Vehicles To Stay Away From Buying: Here’s What It Said
Tesla’s Referral Program Can Help Save Money
Per CleanTechnica, those interested in driving away from a Tesla showroom with a brand-new EV could save a bundle by taking advantage of the company’s referral program.
By utilizing a referral code, buyers can shave $500 off a Tesla Model Y — excluding the Launch Series — or $1,000 off the purchase of a Cybertruck, Model S or Model X. Those interested in the Model 3 can save $2,500 in this fashion.
As a bonus, the referrer also receives a $500 credit to spend with the automaker.
Save Money on Total Gas or Fuel
As TopSpeed detailed, drivers who purchase a 2025 Tesla Model Y long-range rear-wheel drive could save nearly $5,000 on gas over five years. You can also see savings in other models. If you compare the Tesla Model S to the relatively fuel-efficient Toyota Camry, you may find cost savings that a Tesla driver could see.
For example, if a Camry were driven 15,000 miles a year with an average gas price of $3.39 per gallon, a driver would spend $1,589 in gas. With a Tesla Model S, a driver would spend only $555 due to the lower electric charge cost of $0.037 per mile.
Caitlyn Moorhead contributed to the reporting for this article.
More From GOBankingRates
- 7 McDonald's Toys Worth Way More Today
- 4 Companies as Much as Tripling Prices Due To Tariffs
- How Much Money Is Needed To Be Considered Middle Class in Your State?
- 7 Luxury SUVs That Will Become Affordable in 2025
This article originally appeared on GOBankingRates.com: Could Buying a Tesla Still Save Car Owners Money in 2025?
