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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Model Y pains.
]Quality of map in navigation system is not as good as Google or Apple Map;
Miss the option of Apple CarPlay;
Voice command works well but still end up using the touchscreen just as often and it can be a pain to use while driving
Several cameras around the perimeter of the car but the quality of the video is absurdly poor in 2023; strong sepia/amber tint such that accurately telling what color a car is that is on your side is difficult
Fair points. I have owned my Y for 6 months.
1) True on depreciation. But only because Musk decided to go nuts and dump the price. When gas was $7 a gallon, Teslas APPRECIATED in value. It'll never happen again.
2) Yes, I do hate how autopilot keeps activating the wipers.
3) No Phantom braking so far. Is this during autopilot only? I bought the car cause of the allegedly great autopilot. I'm not comfortable enough to trust it - Of the 4k miles I've driven, maybe 5 of those miles has been autopilot. Marketing gimmick I now realize.
4) There are ultrasonic sensors on mine. It detects how many inches I am from objects.
5) 100% true on home charging. If you live in an apartment or don't have a garage, no way EV would work for me.
6) I've complained a lot about the Tesla nav app. But I've gotten used to it after awhile. still not as good as Carplay or Auto
7) Yep. I use it maybe 20% of the time I need to do something.
8) My complaint on the cameras is that it's ridiculous that they only record 1 hr of video unless you honk or ask it to save manualy. I needed footage of my friend's son falling off his bike but by the time i got home, 1 hr had passed (1:10) and it got deleted!!! I have a 1TB SSD connected that was 80% empty. Cmon bruh!
Once you do, driving a regular car is awful and annoying.
When I'm driving the Tesla I don't touch the brake pedal. Basically at all. One pedal driving is fantastic. You have complete control- if you don't want to slow down, don't take your foot off the accelerator. It's not actually pretty similar to a manual transmission car in that sense, just that it'll also let you stop down to 0 without needing an extra pedal.
(Plus it's pretty common to go well north of 100k on your original brakes this way)
Except, they're not.
Everything you post is factually, provably, wrong my dude- so why keep doing it?
https://www.motorsafety
US government investigating 1.7 million Honda cars over phantom braking
https://www.reuters.com/article/u...SKCN1VX2CP
US probes 553,000 NIssan SUVs for unintended braking
https://www.torquenews.
Ford F-150 recalled for fault radar cruise control related to follow distance and braking
https://www.consumerrep
Mazda recalls 35,000 cars for sudden unexpected braking
https://www.baileyglass
Nissan and Infiniti sued for phantom braking
https://www.aboutautomo
Subaru phantom braking
https://palisadeforums.
Phantom braking on a Hyundai
https://www.e-tronforum.com/threa...king.13
Phantom braking on Audis
They literally have not.
But they ARE literally the safest cars on the road- with the lowest chance of injury of any vehicles ever tested by the NHTSA.
...what?
Teslas don't have an automatic transmission. It's a single reduction gear, thanks to the nature of electric motors having instant torque there's no need for multiple gears.
It's vastly more reliable than anything in a gasoline car.
Also, even in gas cars autos are more efficient than manuals anymore... it was the opposite when you have 5-speed manuals and 3-speed slushboxes, but it's not the 70s anymore. That said I agree the high-gear autos are more complex and prone to failing than manuals- but nobody wants a manual anyway and they're irrelevant with EVs.
Again, im sure you can have an ice that performs similarly with more wear and tear if you want to fight the future, but at some point this will be the norm...
Tesla could reduce the cost of a model y to $10k, people will have more excuses as to why they wont get an ev. Tesla makes the test drive experience soo easy, the sales process is literally zero pressure, people who havent gone through it wouldnt believe it. You dont need a salesman sitting in the car convincing you to buy it, you dont need any verbal interraction to go for a ride, if only people took advantage of the chance.
Im not a tesla fanboy, but after 2 drives the difference was insurmountable, i went from a truck to a MY, and a deposit for a cybertruck. Until charging infrastructure catches up to tesla im going to stick with them.
1) True on depreciation. But only because Musk decided to go nuts and dump the price. When gas was $7 a gallon, Teslas APPRECIATED in value. It'll never happen again.
2) Yes, I do hate how autopilot keeps activating the wipers.
3) No Phantom braking so far. Is this during autopilot only? I bought the car cause of the allegedly great autopilot. I'm not comfortable enough to trust it - Of the 4k miles I've driven, maybe 5 of those miles has been autopilot. Marketing gimmick I now realize.
4) There are ultrasonic sensors on mine. It detects how many inches I am from objects.
5) 100% true on home charging. If you live in an apartment or don't have a garage, no way EV would work for me.
6) I've complained a lot about the Tesla nav app. But I've gotten used to it after awhile. still not as good as Carplay or Auto
7) Yep. I use it maybe 20% of the time I need to do something.
8) My complaint on the cameras is that it's ridiculous that they only record 1 hr of video unless you honk or ask it to save manualy. I needed footage of my friend's son falling off his bike but by the time i got home, 1 hr had passed (1:10) and it got deleted!!! I have a 1TB SSD connected that was 80% empty. Cmon bruh!
You will run into instances where the sun and water on road blind the cameras, likely when the sun and cameras blind you too and autopilot wont function because its not able to meet the minimun standards. In these instances you have to drive, kinda reminds me of a mitch hedburg joke, i like escalators because they never fail, they just become stairs...
Never experienced phantom breaking other than with autopilot engaged, ie when some level of control is given up, there are other settings for collision advoidance, warnings, your safety limit, etc...
Again, id say phantom braking has never been a random event but rather the car misinterpreting the situation, ie a right turning vehicle is still in the lane of travel. With that being said, i keep settings conservative and dont fully understand how they all interact so perhaps with settings you can tailor when the car thinks its an issue.
Based on personal experience, phantom breaking is possibly better described as an unnecessary breaking event, and is explained as overly safe decisions. For me personally (limited data points) its never resulted in anything close to an issue. I find this to be a localized issue and know when its going to occur, even if inconvenient.
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For tax obligation purposes it's the year you buy the car- so your 2023 tax obligation (line 24 on the 1040) is what is offset by the $7500 credit when you file your 2023 taxes next year.
For income caps you can use 2023 or 2022, whichever is better for you.
Do you often resell cars you only bought a few months ago?
Because the current price now is... the same as it was in mid-2020.
There were significant price increases during covid/supply chain shortages- which have now largely been rolled back to "normal" pricing.
Also this is like the 10th time this, too, has had to be pointed out.
It'd be great if the FUD posters could get some new material.
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