Do I have this right? (Buying a Tesla in NJ)

So I found out that on top of the federal tax credit of $7500 for buying a new EV, you also get $5,000 off the sale price of a new EV and they waive the sales tax. That means if I bought a Model 3 for $38k, it would cost $33k up front (no tax). Then when I do my 2021 taxes next year I would get $7500 back? Is this correct?

So really the car is $25,500 and with lower maintenance costs and no gas, it would be even cheaper.

This sounds too good to be true. Am I missing something here?

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