Detailed Answer:
Step 1: Look at Line 11 on your 2022 Tax return (Form 1040).
Step 1a: For the vast majority of taxpayers this won't apply: Add to Step 1 any income from Puerto Rico you excluded, any housing exclusion foreign income you claimed (Lines 45 and 50 of Form 2555), and American Samoa residential income excluded (Line 15 of Form 4563).
Step 2: If that number is less than:
$300,000 Married Filing Jointly
$225,000 Head of Household
$150,000 Single and any other filing status
then continue to Step 3. Otherwise, you currently DO NOT qualify for any rebate, and will need to reduce that number on your 2023 Tax return below those limits. You can reduce that number by traditional 401k contributions, or some small-business options.
Step 3: Look at Line 24 on your 2022 Tax return (Form 1040).
- If it is greater than $7,500 and your income in 2023 stays the same or increase, you will get the full $7,500.
- If it is less than that, you get that amount (assuming your income stays the same). If your income increases then you may get a larger refund, up to $7,500.
In other words, in order to get the full tax credit, you must OWE at least $7500 in taxes and be under the income limits.
You absolutely CAN NOT carry over for a few years, or even one more year. It is a one time credit. Any unused credit is LOST!
Q7. Is the new clean vehicle credit refundable or able to be carried forward? (updated March 31, 2023)
A7. The new clean vehicle credit may only be claimed to the extent of reported tax due of the taxpayer and cannot be refunded. The new clean vehicle credit cannot be carried forward to the extent it is claimed for personal use on Form 1040, Schedule 3, Additional Credits and Payments.
from page 3 of this IRS document: https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
* If you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (Pull down the menu for Model Y LR)
* If you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
* You can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
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EV good if you have a dedicated charging station at home.
if you live in an apartment complex or condo its not as consumer friendly, unless you want to pay up the wazoo at supercharger stations and inconvenience yourself by having to go there every time to charge. Go to plugshare.com to see how much you will be paying in your area. Just multiply cents * 45kwh (assuming you're charging from 20% to 80%). For my area I would be paying $20-$25 per charge at a supercharger station. At home, with the national average electrity rate of 0.14 / kwh, it would cost $6
if you live in california, don't forget that you can also get another $2k in CVRP rebate. you get a check in the mail but the wait time is long to get it.
also don't forget about the single occupant HOV lane decal you can sign up at the DMV website.
basic autopilot is more than sufficient. autopilot still has a long ways to go imo. definitely not worth getting the advanced AP and definitely not full self driving at $15k. as MKBHD always says, don't buy a product on a promise of features yet to come.
also, make sure you setup your electricity usage to "time of use" or EV-specific plan as your bill will assuredly go up. Don't be on those tiered plans. Yes, you will end up saving money compared to ICE vehicles paying for gas, unless you get a hybrid, which is a bit more comparable, especially in areas where electricity is expensive.
additionally, people forget that you need to install a wall connector or mobile connector in your home. equipment costs $230 for the mobile connector +$45 for the nema 14-50 adapter, which is good enough especially if you do scheduled charging at night to save on electricity. installation itself will vary depending on your region and how much electricians will charge you, but it can get expensive. just make sure you're not getting ripped off as electricians are aware of the EV craze and asking for higher premiums on them. installation can go anywhere from $1k-$2k+. (according to poster SamirPD, you can ask the electrictian to install a dryer outlet and it should save you money and prevent you from being ripped off). One worthy note, EV charger and installation is tax deductible at 30%, just need to fill out the tax form [irs.gov] when you do your taxes next year. EDIT: SD poster hiro916 indicated that the 30% tax deduction only pertains to low income or rural tract areas, so YMMV [reddit.com].
as for car insurance, I'm paying $95 a month through Geico, but thats with a robust policy.
if you are impatient like me, and want to get one right away without having to wait, go to the waitingfortesla discord server [discord.com] and setup alerts for any time a Model Y drops in your local area. You have to act quick as they get snatched up relatively quickly. You can see whats in inventory on their website too [waitingfortesla.com]. Don't expect to see base model Y LR coming into inventory. If you want to pick something up quick settle for the 20 inch induction wheels (costs $2k extra) as they are more readily available. You can always sell the tires if you want to recoup some of the costs and get an aftermarket hubcap that look better than stock anyhow.
If you're interested in a real world range comparison of current popular EV's check out this YT video [youtube.com].
once you pick up your car you have 100 miles and 7 days to report any defects. panels gaps aren't as much of a problem anymore compared to years past, but be on the lookout for them. paint quality isn't so great out of the factory, mine came with swirl marks all over and had to get it paint corrected.
if you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (select dropdown and look for Y LR AWD US to see the average degradation over time based on mileage. on average after 50k miles you should see about a 10% degradation, and it will degrade more slowly 50k+ miles onwards.
in terms of accessories, the only real requirement imo that you need are mud flaps. reason being is because without them, the rear passenger quarter panels will get hit with rock chips very quickly. tesmanian is a good aftermarket seller, or you can just opt for ones you see on amazon. if you want to go deeper into accessories temu is a great site for low prices compared to amazon.
if you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
you can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
my personal thoughts on ownership thus far. overall i like it. i am using it as a daily driver / commuter car. i don't think of Model Y and 3 as a 'luxury' vehicle. I see Tesla as a software company trying to be an automaker, and the legacy automakers are trying to be more like Tesla by being more tech focused. Teslas are continuously getting software updates to improve year over year. Interior build quality is spartan, and the ride quality need some improvement, especially if you are in an area with poor road conditions. if you're really into tech like me, this is the car for you. Performance vehicles I still prefer ICE cars over EV's however. first thing you will notice in an EV though, is the instant torque. that is what will grab you immediately.
If you have questions and need instant feedback join the Tesla discord, I'm active on there and other members can assist with questions you may have: https://discord.com/invite/tesla
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It is a non refundable credit.
It offsets your tax liability.
If you have no tax liability you get no credit.
NOTE: this is your LIABILITY-- not your "how much of a refund did I get"
Again- see line 24 on the 1040. Whatever that # is, that's how much you get, up to a max of $7500.
It's not.
I'm paying about the same on my Tesla as I did on my Lexus before it.
One issue is some folks are coming from like a Corolla or something and shocked the price went up.
Others don't bother to shop around at all.
One of the major car mags actually checked into this-- doing a more apples to apples comparing insurance cost for Tesla across all models vs BMW.... and found, especially for the 3/Y, insurance was comparable.
Yeah--- it's not though.
They sold almost none because it's a terrible car, with terrible specs, for a terrible price.
If they made 10x more they would just have 10x more sitting unsold on lots.
That hilarious! i had a bad pcs on a new model Y and had no issues with them fixing my car and getting a loaner!!
I'll be buying a Y LR once HW4 is out. That is assuming they don't turn around and hike the price 20%. If you're not in a rush today it'll likely help with resale value.
My only true complaint is that the cabin air filter is not designed well and collects moisture faster then it should, resulting in needing to replace it weirdly frequently due to mold growth. I'm ordering my second set soon cuz the smell is starting up again. Considering I don't need to worry about oil changes or gas station stops for daily driving, it's a small price to pay as far as maintenance goes, just a weird problem they seem to know about but not really acknowledge.
Charging at home is amazing, the only times I've used a super charger is when I'm on a trip. If you can't charge at home it would definitely lose one of the major daily perks.
Base autopilot (not fsd) is perfect for me, it keeps the car centered in the lane and follows traffic in a smooth and natural way. My commute with stop-and-go traffic has completely transformed from stressful to (almost) relaxing because the car takes care of the tedious part. I've now vowed to never have another car without it.
FSD is currently an expensive scam.
Having cameras all over has already helped, I got rear ended in stop and go traffic and it went even smoother than normal when dealing with insurance.
Speaking of insurance, we have an umbrella policy and going from a liability only car to full coverage on the M3 barely raised our rates. Tesla insurance is cheaper for some folks but they judge your driving all day, every day, and they seem unnecessarily subjective (like if you're driving past 10pm AT ALL, even if everything else is perfect, you get points docked from your score and your rate raises). Some folks still save with things like that but I still suggest shopping around.
Also on insurance... the windshields seem more prone to cracking when chipped so I highly recommend getting the lower "glass deductible", I think ours was $50? And the windshield is ridiculously expensive, so when ours cracked it really saved us.
For everyday folks, it can be a scary jump to go full electric, but the longer I've had mine the more reassured I am that it was the right call. Road trips barely changed, going to work every day with a "full tank" cuz I can charge at home is honestly a real game changer.
It's Mercedes Benz and they are first by a large amount. Level 3 is a completely different story than Level 2. Do a basis Google search on what the differences between Level 2 and Level 3 are. I also believe that the Germans will be able to continue to dominate car production. If driving is something that is something you enjoy than a BMW i4 is around the same price and drives almost like a combustion engine BMW.
What other product in life is there that you pay more for, than someone else if you make less money than they do?
Where'd you get that number? It should be significantly less than that to get the full $7500 back. The reason you get less if you make less is because it's credit based off how much your tax liability is. That way taxpayers don't get screwed paying for some cash only business owner's 50k Tesla who reports nothing on their taxes but also getting $7500 off funded by OTHER taxpayers. Anyone that makes little enough to not get the full $7500 should not be buying a Tesla anyways. It's structured this way so that this EV "credit" is not a burden on other taxpayers. I have friends that drive a different supercar every other week who qualify as "low income" cause of the way they report their earnings. I sure as hell am not paying for a discount on their Tesla.
Mercedes Benz EQS, EQE, EQB, EQC SUV and coupe.
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Lol, got my pre-order the night of the unveiling. Cancelled mine a year later when it didn't become real (like the roadster taking $250k deposits in 2017 and still not out) then asked for refund, they still haven't reimbursed me. Tesla using it as way to make free money. Wonder if they'll have another class action for people trying to get their deposits back.
This.
Manufacturers don't make large price drops when the sky is sunny and the product is selling like hot cakes. Prices only drop when there's a reason to drop them.
What are you talking about? It is a tax credit so if you do not pay taxes then you will not get any money back but that would not make much sense though right ?
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