-Wiznaz (mod)
As of Feb 3, IRS the Treasury Department just fixed the EV tax credit's Tesla Model Y problem and the cap is $80k for ALL models now.
Ordered Date and App Time; City/State; Model; Delivery Date
01/13/2023; 7pm CST, Dallas, TX; MY, Est Jan 22nd to Feb 5th
01/13/2023; Ohio; M3, Est Mid Feb to March
01/15/2023; Oahu, Hawaii; MY; February 19 - March 26
01/14/2023; 9pm; Los Angeles, CA; MY (Blue); February 4 - March 4 (edit// now February 14 - March 21 as of 1/24/23) (edit2// February 8 - February 22 as of 1/30/23) (edit3// VIN assigned [PA066*]; February 15 - February 24 as of 2/4/23)
01/13/2023; 11:29am EDT; Boston/MA; MY White/Black wheels; January 19 - came with defect and went promptly to body shop without picking up
01/13/2023: 12pm PT, Los Angeles, CA; MY (white) no options; Jan 26 - Feb 26, then 10 days later got VIN, then three days later scheduled delivery for Feb 5.
Who Qualifies
You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
The credit is available to individuals and their businesses.
To qualify, you must:
Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
https://www.irs.gov/credits-deduc...quireme
The sale qualifies only if:
You buy the vehicle new
The seller reports required information to you at the time of sale and to the IRS.
Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
The new law requires the POS (Dealer or manufacturer) to report a bunch of information on the buyer to the IRS.
Such as:
Seller/Dealer name and taxpayer ID number
Buyer's name and taxpayer ID number
Maximum credit allowable under IRC 30D for new vehicles or IRC 25E for previously owned vehicles
Vehicle identification number (VIN), unless the vehicle is not assigned one
Battery capacity
Date of sale
Sale price
For new vehicles, verification that the buyer is the original user
CALIFORNIA
Now the Model 3 and Y do qualify for CVRP rebate up to $4,500 ($2,000 + $2,500 income eligible ) up to $7,500 after February 2023.
https://cleanvehiclereb
Summary of February 28, 2023 updates:
……
In addition to the standard CVRP rebate, consumers with household income less than or equal to 400 percent of the federal poverty level are eligible for an increased rebate amount of $5,500 (previously $2,500) for BEVs and PHEVs, and $3,000 (previously $2,500) for FCEVs. This amounts to:
……….$7,500 for battery-electric vehicles (previously $4,500)
https://cleanvehiclereb
B Thank you for your email. Vehicle manufacturers must apply for Clean Vehicle Rebate Project (CVRP) eligibility with the California Air Resources Board (CARB) and meet a number of program requirements. If all program requirements are met, the vehicle is added to the list of eligible vehicles on our website. At this time, Tesla has not applied.
Top Comments
Excluding taxes and fees, I paid $63,940. It's now $59,630, which is $4,310 less, and it is eligible for the $7,500 tax credit. That means if I didn't buy it in December and bought it today, I would have saved $11,810 + sales tax, so a bit over $12,000 in savings I missed. (I got 10,000 Supercharger miles, which is worth somewhere between $500 and $1,000.) With taxes and fees, I paid $71,578.55 in total.
For those who do order, I recommend this Tesla Prep guide [glideapp.io] to check for build quality issues on delivery day.
I hope this helps,
Tofu Vic
The disclosure, which was first reported by Electrek, comes as the company faces scrutiny over the safety and capabilities of its standard advanced driver assistance system known as Autopilot and the $15,000 optional upgraded product branded as "Full Self-Driving." Tesla FSD beta software offers some automated driving features but is not a self-driving system.
The luxury EV-maker has long claimed it could reach full autonomy through a "vision only" approach that shuns other sensors like lidar and radar in favor of cameras and a deep neural network that quickly processes a vehicle's surroundings and responds in real time. Tesla CEO Elon Musk previously promised to "solve" full self-driving by the end of this year (he's also promised Tesla would get there every year for roughly nine years now). He has recently admitted the problem will take longer to solve.
And perhaps, as every other autonomous vehicle technologist says, it's not actually achievable yet through cameras alone.
The company began removing radar from its vehicles last May. In October, Tesla removed its 12 ultrasonic sensors from Model 3 and Model Y vehicles built for North America, Europe, the Middle East and Taiwan. Ultrasonic sensors measure distance via ultrasonic waves and are used as proximity sensors to support anti-collision safety systems, particularly in parking use cases.
Now it appears radar is back. It's not yet clear which models will get the new radar. The type of radar Tesla intends to market next year is of a frequency that's allocated by the FCC for ADAS use cases, according to Ram Machness, chief business officer at Arbe Robotics, which produces ultra-high-resolution 4D imaging radar.
Tesla had originally filed with the FCC to use the new radar — which is described in filings as "76-77 GHz Automotive Radar" — in its vehicles back in June.
"From the frequency of operation (76-77GHz) as well as the mechanical design of the sensor from Tesla's FCC filing, it appears that this radar would be utilized in ADAS applications," Steven Hong, VP and general manager of radar technology at semiconductor company Ambarella, told TechCrunch.
He noted that while the performance of this "edge" radar sensor will be limited, it's a positive development that Tesla is looking to add radar to its perception stack for safety-critical, robust performance.
Earlier this year, the FCC had granted a confidential treatment to Tesla in order to keep the details of the new radar under wraps. Late last month, Tesla applied to extend that confidentiality treatment another 60 days from its date of expiration, which is December 7.
i hope this answers your question
Wayback Machine if anyone wants to do some research: https://web.archive.org/web/20220...ely/design
I'll throw out some notable 'milestones' , focusing only on the Model Y LR base model:
* Feb 2021 - $49,000 - Roughly the lowest price for the Y LR (not including the SR @ $42k)
From this point forward, Tesla started increasing the price about $1-2 every month or so, until it peaked out at $66,000. Ex:
* May 2021 - $51,000
* July 2021 - $53,000, etc...
* Feb 2022 - $59,000, etc...
* July 2022 - $66,000 <-- peak
* Dec 1 2022 - $66,000 (-$3750 credit/refund)
* Dec 15 2022 - $66,000 (-$7500 credit/refund)
* Jan 1 2023 - $66,000 back to peak (-$7500 fed tax credit only on 7-seater)
* Jan 13 2023 - $53,000 (-$7500 fed tax credit on base model + 7-seater but not performance)
* Jan 23 2023 - $53,500 (-$7500 fed tax credit on base model + 7-seater but not performance)
* Feb 4 2023 - $55,000 (-$7500 fed tax credit on all models)
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!
12.3K Comments
Sign up for a Slickdeals account to remove this ad.
https://youtu.be/mbBHDIYEVeM
I read that from Jan 2024 the deduction will be directly off the purchase price at point of sale and no need to worry about filing for Tax credits. I usually don't pay much for Fed/State tax anyway. Wondering if prices go up by Tesla by that time? MA state tax incentive is $3500 on EV below 55k. That stopped me from buying a different color and actually I really wanted white interior. Any ideas? Thank you.
https://youtu.be/mbBHDIYEVeM
I read that from Jan 2024 the deduction will be directly off the purchase price at point of sale and no need to worry about filing for Tax credits. I usually don't pay much for Fed/State tax anyway. Wondering if prices go up by Tesla by that time? MA state tax incentive is $3500 on EV below 55k. That stopped me from buying a different color and actually I really wanted white interior. Any ideas? Thank you.
MYLR, Grey, Cash, No TradeIn, Central CA
1/25 EDD Feb1-Mar31
2/1 EDD Mar20-31
2/28 EDD Mar18-31
3/7 EDD Apr2-May7
https://youtu.be/mbBHDIYEVeM
Sign up for a Slickdeals account to remove this ad.
I wouldn't bring this up directly to your brother, because that money is long gone, but I'll bet his was one of the typical bad ones. In his case, assuming he put $0 down and did a 72 month loan, he might have been $6k underwater most of year 1, $3k underwater most of year 2, and pretty close to even by the end of year 3. A shorter loan or down payment would make the payouts worse.
So he was betting $900 that he would total the car in 3 years, and he would have "won" something between $0 and $6k if he was successful in that endeavor.
In this case, $265 is a lot more reasonable and the Teslas are reportedly more likely to be totaled than other makes, but the question is still going to be a balance between your estimated odds of totaling the car vs. the gap between the car's value and the loan amount.
For starters, with a $53k loan, you must have already put down taxes and license. I'll bet the actual value of the car is close to $50k, and will decrease more slowly than the loan balance. So you're probably looking at a $3-5k payout month one that's crawling down by a couple hundred bucks every month, probably reaching zero by month 24.
Do you think you have a 10+% chance of totaling the car? And if not, would the $1-5k be more money than you can afford to lose?
Insurance companies will quickly do a write off vs a repair once the damages exceed certain amounts i.e too much hassle. Teslas aren't known for the various repair places that will do the job. So you'll have to understand that your car doesn't need to be really badly damaged to be considered a write off. Given that Tesla chassis contains the battery, I'll guess that being written off will be more likely even in situations that other cars wouldn't have been.
Another thing, is that they will never pay you 53K even if your car was written off the same day you bought it. That is just how insurance companies work. They have their own version of Kelly Blue book that they use for loss determinations and it is crap to say the least.
One of my employees had a brand new Honda, she was rear ended just 3 months later and the insurance wrote off the car with a -5K difference, lucky she had gap insurance that covered the rest, otherwise she would have to be paying for that while paying for a new car. Yes, that is what happens if you use a loan, the insurance will pay what they determined as the loss to the loan company and you'll have to keep making car payments on a car you don't even have.
In insurance, there is what is called adjusted depreciation and that is how they get you when it comes time to payout. You'll see a line item and boom, they just claimed back money they were supposed to pay you.
IMHO if you have to take a loan to buy a 50K car and the GAP is just 265, then just pay it. Worst case you pay it for the first 2-3 years and avoid the hassle.
Insurance companies will quickly do a write off vs a repair once the damages exceed certain amounts i.e too much hassle. Teslas aren't known for the various repair places that will do the job. So you'll have to understand that your car doesn't need to be really badly damaged to be considered a write off. Given that Tesla chassis contains the battery, I'll guess that being written off will be more likely even in situations that other cars wouldn't have been.
Another thing, is that they will never pay you 53K even if your car was written off the same day you bought it. That is just how insurance companies work. They have their own version of Kelly Blue book that they use for loss determinations and it is crap to say the least.
One of my employees had a brand new Honda, she was rear ended just 3 months later and the insurance wrote off the car with a -5K difference, lucky she had gap insurance that covered the rest, otherwise she would have to be paying for that while paying for a new car. Yes, that is what happens if you use a loan, the insurance will pay what they determined as the loss to the loan company and you'll have to keep making car payments on a car you don't even have.
In insurance, there is what is called adjusted depreciation and that is how they get you when it comes time to payout. You'll see a line item and boom, they just claimed back money they were supposed to pay you.
IMHO if you have to take a loan to buy a 50K car and the GAP is just 265, then just pay it. Worst case you pay it for the first 2-3 years and avoid the hassle.
As for your employee, I'm glad she had the coverage, but I don't think the fact that a bet came in necessarily means it was a good bet. We probably all know someone who has totaled a car early in ownership, but I'll bet we all know a lot more people who haven't.
As for the value calculation, some insurance companies will lowball you and try to pushy a black book/wholesale price, but you don't have to accept their initial offer.
I read that from Jan 2024 the deduction will be directly off the purchase price at point of sale and no need to worry about filing for Tax credits. I usually don't pay much for Fed/State tax anyway. Wondering if prices go up by Tesla by that time? MA state tax incentive is $3500 on EV below 55k. That stopped me from buying a different color and actually I really wanted white interior. Any ideas? Thank you.
Sign up for a Slickdeals account to remove this ad.
I wouldn't bring this up directly to your brother, because that money is long gone, but I'll bet his was one of the typical bad ones. In his case, assuming he put $0 down and did a 72 month loan, he might have been $6k underwater most of year 1, $3k underwater most of year 2, and pretty close to even by the end of year 3. A shorter loan or down payment would make the payouts worse.
So he was betting $900 that he would total the car in 3 years, and he would have "won" something between $0 and $6k if he was successful in that endeavor.
In this case, $265 is a lot more reasonable and the Teslas are reportedly more likely to be totaled than other makes, but the question is still going to be a balance between your estimated odds of totaling the car vs. the gap between the car's value and the loan amount.
For starters, with a $53k loan, you must have already put down taxes and license. I'll bet the actual value of the car is close to $50k, and will decrease more slowly than the loan balance. So you're probably looking at a $3-5k payout month one that's crawling down by a couple hundred bucks every month, probably reaching zero by month 24.
Do you think you have a 10+% chance of totaling the car? And if not, would the $1-5k be more money than you can afford to lose?
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!