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 still use navigate on autopilot, but I have to manually trigger lane changes to keep from looking like a complete tool on the highway. I'm pretty sure my friend's Nissan Altima will keep its lane and use traffic-aware cruise control just as well as my Tesla, which is pretty annoying for the cost difference. Not to mention I picked up my car in October before all these crazy price drops.
Don't get me wrong, I love my car. There are things I would change, but overall I enjoy how all the controls and driving feel very intentional. But I would never pay for FSD or EAP again. I might try the monthly subscription when travelling, but otherwise the lane keeping of regular Autopilot is enough for most.
do you honestly think a 40k Tesla is what everyone should buy? You sound like a total Musk fanboy dismissing any other options.
Tires seem to wear much faster than any car I've previously owned. Not sure if this is an EV thing (regen eats tires), weight or what. Tires due to their size are also not cheap (about $1000 for all 4) for stock 18's and much more if you have wheel upgrades.
Insurance is significantly more expensive using AAA. Ymmv
If you do not have a garage and home charger, highly not recommended as charging at superchargers are prohibitively expensive.
Paint seems very soft and my front bumper has multiple dings due to the way the bumper is shaped.
The LTE seems good enough for streaming music for the most part but the few times I've tried watching videos it was unusably slow.
If you live in a warm climate the interior gets very warm due to glass roof.
These are my minor gripes but overall the car is fun. Unfortunately I cannot see mass adoption since owning an EV seems to have a lot of logistical issues with charging and will take longer to fill up even at the supercharger.
You appear to not understand the difference between a credit (which this is) and a deduction (which this is not but you think it is).
It's $7500 straight off your tax obligation.
The only way it's worth less than $7500 is if you have quite low income. In which case a new car might not be a good purchase regardless.
Roughly 2/3rds of the US live in detached single-family homes (owned or rented) where they should be able to pretty easily charge at home.
Add in the % of folks who have apartments or attached townhomes with garages or driveways they could charge in, and the ones who have chargers at workplaces.
There's absolutely some dude in a 5th floor walkup in NYC who has no practical way to own an EV without vast changes in infrastructure. But he's very much in the minority of potential car buyers.... and by the time the other 70+ percent of the population has switched to EVs I'm sure they'll have the remaining no-reserved-parking apartment dwellers figured out.
Tires seem to wear much faster than any car I've previously owned. Not sure if this is an EV thing (regen eats tires), weight or what. Tires due to their size are also not cheap (about $1000 for all 4) for stock 18's and much more if you have wheel upgrades.
Insurance is significantly more expensive using AAA. Ymmv
If you do not have a garage and home charger, highly not recommended as charging at superchargers are prohibitively expensive.
Paint seems very soft and my front bumper has multiple dings due to the way the bumper is shaped.
The LTE seems good enough for streaming music for the most part but the few times I've tried watching videos it was unusably slow.
If you live in a warm climate the interior gets very warm due to glass roof.
These are my minor gripes but overall the car is fun. Unfortunately I cannot see mass adoption since owning an EV seems to have a lot of logistical issues with charging and will take longer to fill up even at the supercharger.
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https://www.bloomberg.c
Current elevated prices across the board (not just autos) are unsustainable and economy will need to adjust back to pre-covid levels.
If you don't owe any taxes or are getting a refund, you won't see a single penny of this credit.
It's not even talking about the same $7500 credit under discussion here.
Is line 24 on your 1040 $7500 or more? If yes, you get the full credit. If that line is less, you get whatever the # on that line is.
That's it.
There's no clawback if you sell the car later. There's no holding period.
None.
What that guy posted isn't about this rebate at all. This rebate is quite simple despite people continually trying to make it more confusing.
There's ways to increase your tax liability that might be worth doing to capture the full deduction of course (regular to roth IRA conversion being the most common- but see a tax pro if genuinely interested)
Yup. You'll need $15,000 in tax liability (form 1040, line 24) to get all of both though.
This is a deal discussion for a Tesla Model Y + $7,500 Federal Tax Credit $46,990 (For Qualified Buyers)." If this deal isn't for you, we'd kindly ask that you move along to one that you might like better. The deal threads are intended to share information about the deal, not argue with or belittle other members, call them names, talk politics, etc. Thanks!
Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
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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.
But keep on keeping on - meanwhile, only Mercedes has regulatory clearance to even call it autonomous driving, Consumer Reports ranked Tesla 7th (!!) in the field, and every social media platform you can find has scores of Tesla owners complaining about the unreliability of Musk's 'beta' platform.
Some defense you mounted there - the best you could come up with was 'I never claimed it wasn't superior'. it's inferior in every way, and you came up empty when trying to suggest otherwise.
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