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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https://twitter.com/realdanodowd/...sH0d2pkBUw
https://twitter.com/Tweetermeyer/...2160689152
Why hasn't Musk/Tesla been sued yet for repeated lies and selling vaporware?
Looks like this time the stock didn't move so his lies aren't working as well? It'll be interesting to see how many buyers still pay for FSD.
Frankly he's so aloof with claims that you can't take anything that he says seriously. Remember the Tesla Semi that was supposed to start production in 2017, with 2019 deliveries, then 2020, then 2021, and finally very limited deliveries at the very end of 2022. Or, that the Model 3 was supposed to be a $30k car that until very recently wasn't configurable at below more like $50k. And then there's the Cybertruck that's going to ship any day now.....
I'm just surprised there isn't more noise about Tesla's habit of taking massive preorders then just sitting on that money without any real promise of a product. They do that quite a bit.
IRS doesn't ask who paid, all that matters is that the relative qualifies and can claim the tax credit, but it will have to be by all intents and purposes their car. If you are fine with that then good luck.
The pink slip has both our names but I claimed the Full Federal rebate. Didn't face any problems. I just finally paid off but am not inclined to take his name off unless he requests it.
From turbotax:
1) Is there a time frame that I have to own the car in order to qualify for the tax credit?
2) Will I still be eligible to file for tax credit if I sold the car same year as purchased?
1) Yes, you would need to own the vehicle for 3 full years to not end up having to pay back the credit or part of the credit.
2) No, you would not be able to take the credit. The recapture amount for the first year of service is 100% so even if you did take the credit you would need to pay it back in full.
3) The new owner would have to prove their right to claim the credit. This is not something you need to deal with.
What you are describing would be ridiculous. I could buy 8 Teslas and turn around and sell them right away and reap 8 x $7500 = $60k of tax credits to completely offset my tax liability on $300k. No way the government would allow more than 1 credit or immediate sale. Heck, they even claw back asset amortization on a laptop if you took a 100% bonus depreciation in year 1 and sold it in year 2.
Add 30% higher insurance to your mileage. That is an additional ~ $1.2k per year. The higher insurance will eat up all your gas savings. Have you tried to repair dents on your Tesla? I'm not even mentioning that you are paying a premium price for the EV to begin with.
Are teslas made of some new material where dent repairs cannot be completed like other cars? Tesla sells a chip repair kit, made likely by dr. Colorchip, people have been using them on all cars for years.
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I think this law is unfair for CA and NY.
There's been evidence a Model 3 update is coming later this year- not Y. The Y came out several years after the 3.
in Mid 2020 it was... $49,990 new.
So...no.
There was a price RAISE during covid/supply chain shortages... it's now simply back down to where it was.
Same thing happened with all cars really, but thanks to the deceptive dealer model this markups didn't show in MSRP, just in "market adjustments" on window stickers.
Obviously they don't need to be ON and RUNNING all the time.
How did everyone park for the ~100 years before these were on cars?
Also, they've already updated the SW to use vision for parking distance as you appear to admit down below here-
Because the cars with USS did... the same thing. Arced lines around the car showing nearby objects.
Look in the bottom right hand corner- it even says google there.
Again I've got to wonder if you actually own a Tesla.
It was announced as starting at 35k, not 30.
https://electrek.co/2019/04/15/te...rt%20lived.
Like you've been corrected on the last couple dozen times you posted this misinformation.
Model 3 they took deposits, and began production roughly on time from original schedule- though ramping up to huge production #s took longer than expected.
Model Y they took deposits, but deliveres actually started earlier than planned and the ramp there has gone great-- to the point it will be the best selling car in the world this year.
The only vehicle they ever took a lot of deposits on and were then substantially late delivering was Cybertruck... but that was a MUCH smaller deposit ($100), and was refundable at any time... and it's not like they weren't producing anything during the delays- they went from producing a few hundred thousand cars a year to this year it'll be nearly 2 million.
There's been evidence a Model 3 update is coming later this year- not Y. The Y came out several years after the 3.
The Model Y LR today is $49,990 new.
in Mid 2020 it was... $49,990 new.
So...no.
There was a price RAISE during covid/supply chain shortages... it's now simply back down to where it was.
Same thing happened with all cars really, but thanks to the deceptive dealer model this markups didn't show in MSRP, just in "market adjustments" on window stickers.
[QUOTE=Gandalf879;163045301][*]Cannot use cruise control without windshield wipers running. AND you cannot just turn the wipers off.[/QUOTE
Outright false.
Sure. Just like it is for every brand of car on the market with any sort of adaptive cruise control.
How did everyone park for the ~100 years before these were on cars?
Also, they've already updated the SW to use vision for parking distance as you appear to admit down below here-
Are you sure you own a Tesla?
Because the cars with USS did... the same thing. Arced lines around the car showing nearby objects.
The base maps literally are google maps
Look in the bottom right hand corner- it even says google there.
Again I've got to wonder if you actually own a Tesla.
...can you explain why knowing the exact paint shade of nearby cars is relevant to.... anything?
How many times do you need to be corrected on this?
It was announced as starting at 35k, not 30.
Weird- because here's a story from early 2019 about the $35,000 Model 3 he promised being delivered to customers.
https://electrek.co/2019/04/15/te...rt%20lived [electrek.co].
Like you've been corrected on the last couple dozen times you posted this misinformation.
First deliveries Q3 of this year to be specific.
I mean, they don't really though.
Model 3 they took deposits, and began production roughly on time from original schedule- though ramping up to huge production #s took longer than expected.
Model Y they took deposits, but deliveres actually started earlier than planned and the ramp there has gone great-- to the point it will be the best selling car in the world this year.
The only vehicle they ever took a lot of deposits on and were then substantially late delivering was Cybertruck... but that was a MUCH smaller deposit ($100), and was refundable at any time... and it's not like they weren't producing anything during the delays- they went from producing a few hundred thousand cars a year to this year it'll be nearly 2 million.
Since Tesla's been expanding production and sales of model Y in the US, most people who own one bought it after 2020. For those that bought it in 2020, the vehicles have still depreciated given that they're now up to 3 years old, but not by as much as those people who have bought one of these vehicles recently.
Sure, other brands are depreciating fast as well. Although, not all vehicles went up in price at the rate that Tesla had been going up.
As to vehicles they took deposits on but were significantly late on delivering, you say Cybertruck. Well that's certainly true, they're late on deliveries... however the deposits were only $100. You seem to forget the Tesla Semi and Roadster were both unveiled in 2017. The Semi had a guaranteed delivery date of late 2019, but deliveries only started in late 2022; 3 years behind schedule. The Roadster had an expected delivery date of 2020 and there's still no new estimated delivery date for when production will start.
The Semi had an initial deposit of $5,000, but that was quickly increased to $20,000. The Roadster deposit was $50,000, or $250,000 (the full price) for a first edition. A bunch of Tesla rewards participants were also awarded with a free Tesla Roadster; some even got two as rewards. Tesla's now 2 years behind in delivering.
So, many of the folks buying a $50K car may not qualify based on the location of their home.
You can see the actual text of the law and some detailed parsing of it here: https://www.reddit.com/r/evchargi...ax_c
The gist is that the lawmakers seemed to be trying to encourage installation of commercial EV charging in rural and poor areas, but did not draw a distinction between commercial charging and residential charging. Or, intentionally did not want to subsidize rich EV buyers.
The other thing holding me back is the slew of new models by other manufacturers being released in the next year or two.
Lastly, rumors of a facelift are adding to the concern.
In terms of the Model Y refresh, more than likely it will not happen until at least mid 2024, which is just my guess (its internally known as Project Juniper)
I dont have one but you can join the discord server dedicated to Teslas I'm active on there. Heres the link: https://discord.com/invite/tesla
If you took Tesla's EV tax credits (allows them to maintain high MSRPs) and regulatory credit sales (100% profit) away in Q1, they would have reported a net loss. If Tesla's demand is already dropping off a cliff in Q1, before any major signs of recession, I can't imagine what their sales will look like later in the year as we start sliding into recession; as many are expecting.
All auto companies are going to be in a world of hurt, but none have such massively bloated stock prices as Tesla.
If you took Tesla's EV tax credits (allows them to maintain high MSRPs) and regulatory credit sales (100% profit) away in Q1, they would have reported a net loss. If Tesla's demand is already dropping off a cliff in Q1, before any major signs of recession, I can't imagine what their sales will look like later in the year as we start sliding into recession; as many are expecting.
All auto companies are going to be in a world of hurt, but none have such massively bloated stock prices as Tesla.
Exactly. I think you're right the best case scenario is the government bankrupts the company and restructure it by selling off portions of it to apple and other companies who are willing to buy for pennies on the dollar. Musk will already have ripped off investors though and the service or accountability of being able to get these things fixed will be hard to come by.
Worst case scenario is the company goes under with all EV credits gone republicans take control of the government with no bail out. Will be a bunch of Pontiac Fierros driving around.
Is he selling his brand new car after 6 months?
And do you consider someone who bought it 6 months before the price hikes to have experiences appreciation of his now-used car or does this only work in one directly?
Pricing on cars moves all the time... it's just that the dealer model hides a lot of it.
There's times 2 guys might buy literally the same car on the same day and one pays $10,000 more than the other.
Did the guy who paid more "experience depreciation" because the other guy got his cheaper?
Compared the launch price of the base F-150 EV to the current price for example.
50% higher.
(but then everyone knew Ford couldn't legit sell the truck as cheap as they announced anyway, they were losing $ at that price- just like they lose money on every Mach E they sell which is why they keep missing their announced production targets- they can't AFFORD to sell hundreds of thousands of em, they'd go broke)
MY $250,000 CAR I AM GETTING FOR FREE IS LATE! OH THE HUMANITY!
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Best wait your turn on brownout days.
Utilities are reluctant to increase capacity to meet peak needs, that by definition only exist a few days per year. You lose money increasing capacity if you can only sell it a handful of days. Utilities do not like losing money. Customers do not like the rate increases that follow to offset those losses.
On the other hand, utilities love to increase capacity for demand that exists 365 days per yea, like EVs create. That makes them money. Utilities like making money.
It's not like the amount of increase is anything challenging. We've increased capacity for growing demand 1228% since 1950. Another 30% over the coming decades for EVs is no great challenge.
And there are a number of ways EVs can actually help make the grid stronger.
https://www.scientifica
https://www.businessins
https://www.forbes.com/sites/brad...salvatio
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