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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I wonder if any of the remember here own the bZ4X?
Honda and Nissan would be tier 3 car makers in 10 years, and Toyota would be tier 2 as well. They were simply dragged into a territory Tesla set and have no choice.
850/year for the EV with a 500 deductible, 250/500k liability for injury, 250k liability for PD, rental reimbursement, roadside assistance, 250/500k UM/UIM, and PIP. Honestly not bad compared to the 15 year old ICE minivan I also have on the policy and am paying $406 annually for. Definitely in line with what I would expect to be paying for a similarly priced ICE. My prior EV had similar difference in rates, which means about no difference from an ICE. If you have a question though, your insurer will quote you and let you know and then you can tell for sure.
What a lot of people don't seem to realize (which amazes me) is that the biggest driver in insurance claims is injury claims. A 30 or 50k property damage payout, while not nothing, is not what is making premiums high. It's all the personal injury claims.
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Editing, just to do the math a little more. I am saving $1050 for fuel expenses annually on the car, charging at home (at my current electric rate), versus a 30 mpg vehicle at 3 mpg. If I got 3 oil changes at $25 per oil change, that would bring the total to $1125. Now if I were hypothetically paying 30% more for the insurance than if I had an equivalently priced ICE (which I doubt, but we'll just use your numbers), that would be costing an extra $255 annually. So $855 per year of savings for EV over ICE. Whether that qualifies as "much" is subjective, but I would say saving nearly a grand per year is not insignificant, and over the life of the car that could easily be into 5-figure savings.
But when I am sitting behind the wheel, I don't look at the grill, so its all good.
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I've got the model Y long range delivered last week: Monday, 4/11 for $52,990 and it's now down to $49,990. I texted Tesla and they said "unable to apply current pricing to vehicles already delivered". I there a way to get $3K re-adjustment? Maybe return and re-order again?
Thanks!
Cue those saying "well what makes Tesla luxury is the tech". OK, are all EV's "luxury"? Why not? They all have comparable tech - anyone can slap an ipad in the middle of the dash and make it do snazzy things.
Basically no objective person will consider Tesla's interior or exterior luxury. Versus the "traditional" luxury brands (however that's defined, at least they have been considered luxury for many many years), Tesla's are far inferior and it's not even close.
I can only personally speak to a model 3 (I'm sure the Y is the same) but having wrenched on the 3 a bit I can tell you it is a CHEAP car. Far Far from Luxury.
If you don't believe me , take the back seat out, it is simple, one tab. Feel the weight. Probably less than a pound. Careful if you set it down, it might blow away
Take the dash apart. Same as a Civic or Corolla, cheap plastic.
Knock on the doors and listen. Tin can.
The sound deadening is non-existent. Nothing in the doors, nothing on the floors. This is why you see so many people on these threads complaining about road noise. It is real and it isn't because you hear it more without the engine, it is a cheaply built car.
As far as QC? All anyone need to do is detail your own car, you will see all of the issues.
Look at the welds, under the trunk and frunk. Look at the roof pillars where the meet the trunk.
3rd party chargers apparently take forever. Avoid them at all costs.
This is highly region-dependent.
Right now gas is $3.28 (just filled this AM) and I pay $0.36/kwh. If a random EV is getting 4 miles/kwh, in order for the ICE to meet that pricepoint it only has to hit 36mpg. Any comparably-sized new ICE can get that in a heartbeat.
"But what about maintenance"? That's a secondary consideration. The EV will be much more than the ICE on initial cost, the ICE will cost more in maintenance but not that much. EV's go through tires at a quicker rate than ICE. ICE is basically only going to require oil changes, and in the longer term perhaps coolant and transmission fluid changes. These are peanuts compared with the increased capital cost of the EV, and given the very low per-mile difference in cost of the EV vs ICE (even if there is one), makes the breakeven period very long, like 100k+ long or more, and that's assuming that absolutely *nothing* goes wrong on the EV, as in ZERO maintenance, which we all know won't be true.
I'll concede though, if you get cheap power that's going to be a primary driver in making the EV economics work. I wouldn't rest on my laurels though.
Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
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Plus you have to wait for about 25 min to charge.
For instance, you just came home from work with an almost discharged battery and your wife asked to pick up kids 20-30 miles away or have to drive somewhere for any other reason. How do EV owners manage this? Will you tell your wife sorry I can't go my car needs to be charged?
Hybrid cars are more practical and will give you better savings than EVs. That's how I see it.
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