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'd be nice if the FUDster trolls could at least find new material.
At this point one just has to cut and paste the same 5 debunkings of the same 5 bits of nonsense. It's boring.
EVs catch on fire far far less often than gasoline cars. And hybrids are worse than both.
https://www.motorbiscui
Gas-powered cars: 1,530 fires per 100,000 sold
Hybrid cars: 3,475 fires per 100,000 sold
Does charging take longer than getting gas (assuming no lines either way) absolutely! Nobody can argue that, but my point is that you dont have to sit in the car and watch a movie, u charge while u have to do other things like eat, go to the bathroom, etc...
Also, i think the times people who dont have an ev believe it takes to charge are probably not correct. U drive a little different, its not just empty the battery, charge, repeat.
What part is wrong?
If you have charging at work, that will work instead of having to charge at home as long as you can get to it regularly.
You don't necessarily need a wall charger or 240v. Our 2019 M3 came with the now optional Tesla portable charger and we can charge with a regular 110v outlet, although you need to keep in mind that this will only give you about 10%+ overnight, and that it is like a 1000w load on that outlet continuously so you have to think about heat and whatnot--ie don't plug it into some loose outlet or it will probably not charge fast at all or pop the breaker/burn out the outlet.
To keep from getting ripped off by electricians, tell them you need a 'dryer outlet' installed and it should be like $100-$200 to get that installed. Then just get a Tesla portable charter and the nema plug adapter for your dryer outlet. This way you can charge 110v or 200v+ and it's portable. This type of a charging setup should be well under $600. If you want to install a stand along charger, the clipper creek ones are great as we had those at our previous apartment. Made in usa and competitively priced too.
For insurance, check out Tesla's own insurance. We found it to be cheaper than state farm for the same coverage. Plus, Tesla knows their cars so any repairs won't be with people scratching their heads on how to do the work.
I'm in the opposite camp--after feeling the performance of an EV, I'm done with gasoline engines--and I have a Porsche Boxster, a 500hp c5 Corvette, and an e55 AMG. With some suspension mods or the performance model, the Tesla M3 is far more fun considering the zero maintenance. And once I drive a S Plaid I'm sure that will really fit the bill until I can get the Roadster and live somewhere again where the roads won't kill it.
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This is wrong. For those who are unsure, please disregard this and consult a tax professional.
When supply was low the past couple of years, many people bought cars at an inflated price, cause you know supply & demand. Some of them are likely under water from a market perspective. The ignorance is thinking that something's value in the market is based on what YOU paid for it vs. what OTHERS would pay for it. I've seen numerous stories of even used car dealers doing the same - buying cars at auction, and since market values are changing (declining) so quickly, by the time they get the car and turn it around for sale, they're already looking at losing money. The best you can do to advertise it at some reasonable price point that still gives margin and hope you get a sucker that wants it badly enough.
Used Tesla prices have crashed over the last 9 months, down about 30% on average. Those trying to sell used Teslas (or just about any car for that matter) at last year's prices aren't even close to listing at a reasonable price point and they're just going to extend their losses (and making monthly payments in most cases) by refusing to acknowledge the current market price.
Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
Elon bought his way into Tesla and space x and has run twitter into the ground.
The Kia EV6 and Hyundai IONIQ 5 are both been well-reviewed. I'm especially interested in the upcoming 3-row EV9 (basically an electric Telluride with more modern styling). My local Kia dealer is marking up some of the EV6s depending on the trim, and said they expect the EV9 to be $10k over MSRP! Very frustrating…
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If you don't owe any taxes or are getting a refund, you won't see a single penny of this credit.
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