Tesla Deals May 2023: Uncovering the Best Incentives and Discounts
Hey everyone, DennisCW here! Welcome back to another deep dive into the world of Tesla deal hacking. Happy May! With a new month comes a fresh batch of incentives, and today I’m breaking down all the latest Tesla deals, focusing on which models are worth your money right now. Spoiler alert: there’s really only one (or maybe 1.5) Tesla vehicle I can confidently recommend at this moment. Let’s jump into the details, plus some other exciting topics and community questions. If you’ve got a question or need help with a deal, drop it in my Patreon group linked below!
Current Tesla Incentives: What You Need to Know
Tesla is rolling out a variety of incentives this month, and it can be a bit overwhelming to piece through them all. I’ve compiled the full list to help you navigate the best deals. Here’s what’s on the table:
Full Self-Driving (FSD) Transfer
- Details: You can transfer FSD to any Tesla vehicle, except for the Foundation Series Cybertruck and Model Y Launch Series. This also applies if you’re transferring FSD off of those specific models.
- Pro Tip: If you’re looking to take advantage of this, send me a DM. I’d be happy to point you in the right direction!
Tesla Referral Link Bonus
- Details: Use a Tesla referral link (like mine in the description below) to get 3 months of Full Self-Driving with any Tesla purchase—Model 3, Model Y, Cybertruck, Model S, or Model X.
- Note: Make sure to open the referral link before placing your order to ensure it’s applied.
Military Appreciation Discount
- Details: Active military personnel can get $1,000 off through ID.me verification. Make sure the email used for ID.me matches your Tesla account.
- Heads Up: There are some rumors (shoutout to Stephen for the heads-up) that this might not stack with other offers like the referral program. Take this with a grain of salt and double-check with Tesla.
Model 3: The Best Deal Right Now
Hands down, the Tesla Model 3 is the star of the show this month. If you’re in the market for a Tesla, this is the one to go for. Here’s why:
- Inventory Discounts: Stackable discounts on inventory units are insane. You can find:
- Model 3 Performance: Up to $7,440 off
- Model 3 Long Range AWD: Around $2,000–$3,000 off
- Model 3 Long Range RWD: Similar discounts
- Financing Offers: Get 0% APR for 60 months (it doesn’t get better than 0%!). Alternatively, there’s 0.99% APR for up to 72 months. Both require a 15% down payment.
- Leasing Deals: You can lease a Model 3 with zero down for $349/month, or for the Long Range RWD, as low as $265/month with $5,000 down (I just helped a friend snag this deal!).
If you’ve been waiting for the perfect time to buy a Tesla, this is it. While we might see perks like free Supercharging or FSD later in the year, if you need a vehicle now, these Model 3 deals are unbeatable.
Model Y: Hold Off for Now
Unfortunately, the Model Y isn’t looking as attractive. Inventory is starting to build up on Tesla’s website (including Launch Series units), but there are minimal incentives. Here’s the breakdown:
- Loyalty Offer: If you’ve owned a 2020–2022 Model Y, you might have received an email or text for an extra $2,000 off.
- No Major Discounts: Unlike the Model 3, there’s no 0% APR or significant price cuts.
My advice? Wait. I’m predicting better deals soon, possibly 0% APR by Q3 or Q4. In a recent poll, 43% of you think it’s coming in May–June, while 32% believe it’ll hit in Q4. What are your thoughts? Let me know in the comments!
Model S and Model X: Mixed Bag
For the Model S and Model X, there are some tempting offers, but I’m not sold yet:
- Discounts: Up to $9,500 off plus unlimited Supercharging.
- Catch: Tesla recently raised prices by $5,000, offsetting some of the appeal. Plus, with refreshes potentially on the horizon (as hinted by Tesla’s VP of Engineering, Lars), I’d wait unless you don’t mind missing out on the latest tech.
Cybertruck: A Niche Deal
The Cybertruck has some intriguing offers, especially if you can find the right configuration:
- Discounts: Up to $11,000 off on Foundation Series, plus free Supercharging.
- Leasing Trick: Look for a 2024 Cybertruck to lease (I found some in Maryland with an $8,000 discount). Leasing can net you around $6,000–$6,500 off via a lease buyout loophole (minus acquisition and buyout fees). Payments as low as $724/month with $5,000 down are possible.
- Tax Credit: 2025 Cybertrucks qualify for the $7,500 federal tax credit on cash or finance purchases (income limits: $150k single, $300k married).
I’ll dive deeper into Cybertruck deals in a future video, so stay tuned!
Must-Have Tesla Accessories from Joa
Once you’ve snagged your Tesla, you’ll notice it comes with zero accessories—not even a phone mount! Don’t worry, I’ve partnered with Joa to bring you some must-haves:
- Phone Mount: Keep your phone secure during acceleration.
- Center Console Organizer: Avoid losing items in the chaos.
- Underscreen Station Mount: Perfect for storing sunglasses.
Joa also offers cool extras like a wireless game controller, portable air compressor, and even an electric scooter for those long walks from Superchargers. Use my promo code below for a discount and free shipping on orders over $120. Thanks, Joa, for supporting the channel!
Community Questions and Hot Topics
I love hearing from you all during my live streams. Here are some highlights:
- Daniel: “When will Model Y interest rates drop to Model 3 levels?” My prediction is soon—possibly this quarter. Leasing rates might take longer, especially with uncertainty around the Model Y RWD Long Range release.
- Patrick: “Waiting for 0% on Cybertruck!” That would be incredible. Fingers crossed!
- TK: “Has Model Y ever had 0% APR before?” Yes, it has in the past. I’m planning a future video to chart every 0% offer for Tesla models—stay tuned!
- Pud: “How much does a Tesla depreciate over 3 years?” Around 50%, depending on ownership history, warranty preferences, and whether you’re paying cash or financing. Right now, a used 3-year-old Model Y might be a better deal than a new one.
Rumors and Future Updates
- Extended Model Y: There’s talk of a longer-wheelbase, three-row Model Y for North America, potentially built at Giga Texas. This could solve the cramped third-row issue in current models. Would you want this in our market? Let me know!
- Affordable Model Y Spec Leak: A cheaper Model Y might feature a basic interior (gray textile seats, no heated steering wheel, reduced sound system, etc.). I hope Tesla doesn’t go this route, but it’s something to watch.
Final Thoughts: Which Tesla Should You Buy?
- Model 3: Buy now. The deals are unbeatable with 0% APR and massive inventory discounts.
- Model Y: Wait. Better incentives are likely coming soon.
- Model S/X: Wait unless you’re okay with current tech and discounts.
- Cybertruck: Buy if you can find the right deal (2024 lease or 2025 tax credit).
Thanks for tuning in, everyone! If you’re in the market for a Tesla or have questions about stacking incentives, drop a comment or join my Patreon group. Don’t forget to use my referral link for 3 months of FSD, and check out Joa for awesome Tesla accessories. See you in the next video!
Disclaimer: Deals and incentives are subject to change. Always confirm with Tesla or your local advisor before making a purchase.
