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
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all to say, its all relative to where you live. comparing the "average/median" income of the country as an aggregate, is very difficult and not an apple to apple comparison due to cost of living.
https://www.kron4.com/news/nation...se-cities/
"Pew explains that a middle income equals an annual household income of $52,000 to $156,000 for a family of three, based on 2020 dollars. These numbers are obviously not adjusted for inflation since then.
San Francisco, CA. Oakland, CA. Berkeley, CA
Low-end middle class $77,000 High-end middle class $232,000
While these income ranges vary widely and are still technically considered "middle class," the U.S. Census Bureau says the median U.S. household income in 2021 was $70,784."
https://www.sfgate.com/expensive-...637536.php
"In San Francisco, where the median household income is $96,265, the middle income range is $64,177 to an eye-popping $192,530.
The study measured middle class income ranges for the 200 largest American cities. Five of those — San Francisco, Sunnyvale, San Jose, Oakland and Fremont — landed in the study's top 20, in terms of how high the range stretches.
All five cities were found to have extremely high upper limits for the middle class designation, but the highest wasn't San Francisco or somewhere in pricey Silicon Valley. It was actually found to be Fremont, which was has a middle class income range of between $81,461 to $244,382."​
Ouch, you better hope they love the cars enough to stay loyal because that's a huge burn to anyone who isn't a millionaire.
Gasoline car prices keep going up.
Gasoline prices keeps going up.
Lots of instability with gasoline supply.
EV car prices keep going down.
EV technology keeps getting better.
Government subsidies keep getting better.
Seems like EV is the way to go.
Also the $7500 now is still not expired on April 18th or reduced in half?
Price cuts have always been part of the Tesla business model. I bought an E350 about 15 years ago (last year before redesign) for $20000 off sticker. How is that any different?
And, FWIW, the M3 SR+ is still $3000 more than MSRP in February 2021, and the S is $15000 more than December 2020.
Also, you need to install the charger which may require wiring, depending on where you want to install it. You also need panel space for a new breaker, and your panel needs the capacity to support a fancy new large amperage breaker.
If you do not have those requirements you could start a fire and burn your house down. There are products designed so if you dont have electrical capacity you can use your dryer circuit and it auto switches based on whats running and keeps your house safe.
As someone else mentioned, u dont need all 48 amps to charge as you will be sleeping so 3 hours or 6 probably isnt important. I keep my charging rate in the 30 amp range anyway, which is just a setting on the Tesla app (car side).
My reccomendation is to buy a mobile connector and keep it in the car, use it when traveling (not often) when ur car will be parked for longer durations as u probably will only have access to 110v. Id also reccomend installing a permanent charger at the house to simplify your life!
Meanwhile, the engineers at Mercedes built a LIDAR based system that managed to obtain Level 3 self driving regulatory approval. Maybe you can give them a call and explain to them how wrong they were?
Ironically, you are the one who is trotting around wearing your credentials on your sleeve for all to see, not me.
You have not provided any technical argument against what I wrote except to dismiss it as technobable. It's not up to me to make further arguments when you have failed to make any of your own.
Note that I also did not make any claims about the absolute superiority of any solution versus another, only that vision-only is a rational engineering choice. If you misunderstood my claims, that's your problem, not mine. An engineer should understand the problem concisely before offering any analysis. A different sensor solution may indeed be superior in theory or in practice, but it would be wrong to claim that vision-only is inherently inferior or inadequate based on special case comparisons with other more narrowly defined solutions like laser assisted cruise control. This is what is commonly referred to as comparing apples to oranges, a terminology that's probably more at your level since your technical abilities are questionable based on available evidence.
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You can stop by your nearest Tesla Supercharger and ask one of the Tesla owners price per kwt
It's better and cheaper to slow charge at home or work for best battery performance
Also, you need to install the charger which may require wiring, depending on where you want to install it. You also need panel space for a new breaker, and your panel needs the capacity to support a fancy new large amperage breaker.
If you do not have those requirements you could start a fire and burn your house down. There are products designed so if you dont have electrical capacity you can use your dryer circuit and it auto switches based on whats running and keeps your house safe.
As someone else mentioned, u dont need all 48 amps to charge as you will be sleeping so 3 hours or 6 probably isnt important. I keep my charging rate in the 30 amp range anyway, which is just a setting on the Tesla app (car side).
My reccomendation is to buy a mobile connector and keep it in the car, use it when traveling (not often) when ur car will be parked for longer durations as u probably will only have access to 110v. Id also reccomend installing a permanent charger at the house to simplify your life!
I will say having picked up my Y 2 weeks ago this price drop stings but I'd be in the same boat if I bought any other brand and they started some cash back rebate after I bought a car. That is what I keep telling myself anyways.
Can you also share a realistic estimated value for this. Thank you in advance..
Thinking if I can get a cheap upgrade to Model Y LR. I do qualify for the tax rebates.
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I hope VW brings the ID7 wagon to the US. Probably not since we don't buy much wagons over here.
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