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.
Top Comments
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
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!
2.3K Comments
Sign up for a Slickdeals account to remove this ad.
he is not describing either of the two scenarios you brought up.
- Tesla did away with radar last year. There's talk about it coming back and even teardowns of the HW3 computer that started going into cars this year that showed open connections for radar. The self driving and autopilot effectiveness with and without is debatable. I have a 3 with the radar and autopilot seems better at not having phantom braking. I also have a Y w/o radar and it has more phantom braking, but seems smoother in the left/right movements. Overall, I'd prefer the 3 with radar because phantom braking is a safety issue and the left/right movements only impacts comfort.
- Tesla did away ultrasonic sensors for parking. There's talk of the new HD cameras being able to judge distance. Personally, knowing exactly how far I am from an obstacle while parking is a luxury I didn't know I needed till it was gone. Having visual estimates of distances is just different and in my opinion, not as good as an audible signal about how close you are. I've heard the auto park and summon features of the cars with FSD but without USS are a bit nerfed. My 3 with USS and radar is still able to autopark and smart summon w/o issues.
- Tesla is rumored to have an update to the Model Y in process. The 3 is closer to release and there are spy shots online. We'll get a better sense of what improvements will come with the upgrade once the 3 launches as much of the stuff will carry over into the Y.
- Small compliant is that the car does NOT come with homelink. You need to pay a few hundred extra for it after purchase if you want the feature. My 3 has it and the geofencing function is great. I would definitely recommend spending the money to get it.
Not official, just my opinion that this price reduction solves 2 things for Tesla. It drives up demand in the short term to keep deliveries up and it keeps demand up ahead of a refresh of the model so demand doesn't dip with the known release on the horizon. It also allows Tesla to raise prices back to the pre-discount level once the new refresh is out. Personally I'm in the market for a Y, but am holding off as I want to see if radar and USS make a comeback and what new stuff is coming in the refresh.Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
A few things in mind. Let your kids buy for you; Or finalize the divorce this year if one of you has a lower income.
Joking aside, the simplest way is to wait for another price cut.
Personally I am waiting for another cut of the price to under $45000 for SR model Y so that to qualify $4000 tax credit in NJ. That is about $43k out the door, which is very good.
It sucks that i don't qualify for the tax credit. Seriously considered ticking the box for another brand car which would qualify the Tesla for the 2022 credit. But way too easy to be audited with VIN number. I hate how complicated they make taxes now. Trying to divide people into a million different little tribes - we want you to buy an EV, but if you make over $300k sorry you don't qualify. And if Tesla makes a ton of cars and money, sorry Teslas don't qualify. And if their batteries come elsewhere, they don't qualify. And if our lobbyists at the UAW don't work on it, that car doesn't qualify. I mean WTF is this? I thought they wanted to encourage green cars.
Our community has rated this post as helpful. If you agree, why not thank joe_sun
Keeping all coverage limits the same insurance will go up 1443.84 a year. 120.00 a month more sure offsets some of that fuel savings which is currently calculated to save us 160.00 a month.
Sign up for a Slickdeals account to remove this ad.
Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
Details here:
https://www.irs.gov/credits-deduc...3-or-after
Exactly, you wake up to a car ready to go! I've saved so much time and aggravation of going to the gas station and waiting in line.
I do have to say though, I have another gas car that I use for long road trips cause I don't want to go out of my way to charge.
An EV is a no brainer if 1)you can charge at home or at work 2) you live in a warm area 3) gas prices by you are expensive 4) you have another car for longer road trips. And at these prices with a tax credit, they're practically giving them away. $42.5k after tax credit is insane!
Looks like the models Y are safe while the standard model 3 is not
Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
FSD costs extra $15k or monthly subscription $199.
Tesla's autopilot (all 3 mode, basic, enhanced, FSD) has been known with phantom braking issue. The sudden braking may cause accidents.
I 100% agree my friend. The hypocritical constituency that shall not be named (to avoid a political flame war on this thread)..
Sign up for a Slickdeals account to remove this ad.
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!