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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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.
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.
There are no caps per manufacturer unlike the previous rebate (few years ago) where each manufacturer had a cap of 200,000 vehicles before the tax credit ran out. Current Inflation Reduction Act does away with those caps and replaces them with other battery and assembly conditions (you can read on Intrenet).
The only way rebate runs out is if government reintroduces manufacturer caps or something stupid. Right now Tesla produces more EVs than anyone else and is able to cash-in lions share of the funds allocated by Government for EV adoption.
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.
"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 (IRS)."
https://www.irs.gov/credits-deduc...3-or-after
Tesla Model Y (Standard Range) $46,990
Tesla Model Y (Long Range) $49,990
Tesla Model Y (Standard Range) $53,990
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Tons of other car makers have used them for generations....Toyota, Audi, BMW, Subaru, Mercedes, etc...
What I don't understand is the number of price changes in such a short amount of time. That just fuels the wait and see approach. They raised the price slightly twice after the big January drop and now have dropped it twice since then. Not great for consumer confidence when making a large purchase.
And the transparent nature of their sales model also fuels buyer's remorse. For new cars purchased through traditional dealerships, we accept that the out the door cost can vary based on a number of factors, but generally you don't know what someone else paid for a car unless they share that info and you go looking for it. So you think you got a good deal because the sales manger took off the market adjustment or sold it below 'sticker' and you're comparing that to someone in another state who shared what they paid on a forum. But with Tesla there is no 'dealership' and the price is online so we all know about price changes. I will say that I do find their sales model refreshing and better than dealing with some dealership but these price changes can give you whiplash.
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