The Tesla Cybertruck has been a hot topic since its debut as a prototype in 2019, especially due to its competitive pricing. Initially, Tesla CEO Elon Musk announced that the base model with a single motor would start at $39,900. However, the cheapest option available now is the dual-motor All-Wheel Drive trim, priced at $79,990. But there’s good news for potential buyers as some versions of the Cybertruck are now eligible for the $7,500 federal tax credit.
The IRS recently updated its list of eligible vehicles, including the Cybertruck, which means that buyers can benefit from the tax credit when purchasing. While the tri-motor Cybertruck exceeds the $80,000 MSRP cap and is not eligible for the credit, the dual-motor version can enjoy a $7,500 reduction in price, bringing it down to $72,490 before destination and taxes.
Interestingly, the list also includes the single-motor Rear-Wheel Drive trim, which is yet to be available for order. This version was initially listed with a starting price of $60,990 but was removed from Tesla’s website last year. If the single-motor Cybertruck maintains the same price when it goes on sale, buyers could potentially get it for $53,490 after applying the tax credit.
Comparatively, the Ford F-150 Lightning XLT, which starts at $62,995 before incentives and taxes, is also eligible for the $7,500 tax credit. However, the base model of the F-150 Lightning comes with two electric motors and a range of 240 miles, while the single-motor Cybertruck was estimated to offer 250 miles on a full charge.
To qualify for the federal tax credit when purchasing an EV, the adjusted gross income (AGI) must not exceed $300,000 for married couples filing jointly, $225,000 for heads of household, and $150,000 for all other filers. With these incentives in place, the Tesla Cybertruck is becoming a more attractive option for electric vehicle enthusiasts looking to make a purchase in the near future.