This year is a good year for consumers who want to buy a new electric vehicle.
The supply-chain disruption and related computer-chip shortage that have hammered the industry are gradually easing. This means that factories are operating normally again and delivery times are not as long as they were last year and during the covid-19 pandemic.
Public authorities are moving to facilitate the mass adoption of green vehicles. To do this, the federal government extended the $7,500 federal tax credit and removed the restrictions that had made Tesla, (TSLA) General Motors (GM) and Toyota TM cars no longer eligible.
From now on, any manufacturer of green vehicles -- electric vehicles and plug-in vehicles -- is eligible for this credit.
In addition, many states also offer rebates to consumers interested in clean vehicles.
There is one state in particular where it is possible to buy the Tesla Model 3 sedan, a Chevrolet Bolt or a Nissan (NSANY) Leaf for less than $30,000. The price of a Ford (F) Mustang Mach-E is around $30,000.
That state is Oregon.
By stacking the incentives, residents of the state can become owners of electric vehicles and pay more than affordable prices.
Consumers buying a new electric vehicle in Oregon benefit from the federal tax credit of $7,500.
It's also possible to save up to an additional $7,500 through the Oregon Department of Environmental Quality's Oregon Clean Vehicle and Charge Ahead Rebate programs.
These latter programs have restrictions. You must reside in Oregon. All local residents can get a rebate of up to $2,500 for the purchase or lease of a qualifying new EV. Low- and moderate-income Oregonians can save an additional $5,000 on qualifying new or used EVs.
For a vehicle to be eligible, its manufacturer’s suggested retail price must not exceed $50,000, according to the program.
"The Oregon Clean Vehicle Rebate Program offers a rebate for Oregon drivers who purchase or lease zero-emission vehicles. It is not a tax credit," the state says. "The Program is designed to reduce vehicle emissions by encouraging more Oregonians to purchase or lease zero-emission vehicles."
There are also other local incentives like utility rebates that range between $100 and $1,500.
Tesla
In view of all these programs, TheStreet did the calculations and arrived at this:
Tesla Model 3 Rear-Wheel Drive
MSRP: $43,490
Federal Tax Credit: $7,500
Oregon Clean Vehicle Rebate: $2,500
Oregon Charge Ahead Rebate: $5,000
Local Incentives: $100-$1,500
Price after rebates and incentives: $26,990-$28,390
Ford Mustang Mach-E
MSRP: $45,995
Federal Tax Credit: $7,500
Oregon Clean Vehicle Rebate: $2,500
Oregon Charge Ahead Rebate: $5,000
Local Incentives: $100-$1,500
Price after rebates and incentives: $29,495-$30,895
Chevrolet Bolt EV
MSRP: $26,500
Federal Tax Credit: $7,500
Oregon Clean Vehicle Rebate: $2,500
Oregon Charge Ahead Rebate: $5,000
Local Incentives: $100-$1,500
Price after rebates and incentives: $10,000-$11,400
Nissan Leaf
MSRP: $28,040
Federal Tax Credit: $7,500
Oregon Clean Vehicle Rebate: $2,500
Oregon Charge Ahead Rebate: $5,000
Local Incentives: $100-$1,500
Price after rebates and incentives: $11,540-$12,940.
The prices we have calculated are base prices if a consumer meets all the criteria to qualify for all tax credits and incentives available in the state.
These prices are for new vehicles. On top of these prices buyers should add the costs of optional features.
