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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2.3K Comments
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im waiting for musk to make long range lifepo4
they also need to advertise this more.
google
4680-type battery
remember this 500 charges for model y is 279*500 = 139.5k miles
discounting the decay in charges to give tesla a little wiggle room next
3500 charges * 269 = 900000+ miles
definitely get lifepo4 version of tesla do not touch non lifepo4 ev cars.
ideally make sure they are lifepo4 too bad long range isn't lifepo4 and not advertised.
https://www.youtube.com/watch?v=N...lea
I drove 120k in 5 yrs.
the insurance company gave me 13.5-14k about 8k lost from total. so basically 6k lost and 2k to taxes on purchase with registration cost.
I used the money unfortunately to buy a over priced new car since used car market was still crap and i forced the dealers to give me msrp for new else I walk since cars were softening.
too bad tesla didn't discount in time else I would have ordered one.
if I trade in my car now I would lose about 5-6k in equity. currently at the discount it is now I would just break even. not worth it for me yet.
another 5k to compensate for my new car depreciation would help otherwise I'll have to pass for the next 3 to 4 yrs until interest rates go down as well.
currently tesla is at 20% margin meaning they can still go another 10% discount to squeeze the manufacturers.
id definitely hold off and wait for the other ev manufacturers like ford and gm to follow.
and if they dont short their stock as they been bad manufacturers intentionally price gouging.
this goes for toyota as well. the rav4 prime should cost 35k since battery is smaller not 42-45k they also no longer q for 7500 credit.
rav4 prime will now have a hard time selling. 18kwhr battery.
note hybrid cost 3k more than rav4 base 18kwhr model is a cheap battery that cost 5k.
mazda cx90 may be bust now for their hybrid since they priced it at 55k instead. ideally it should be 35-40k
stupid manufacturers I want all legacy manufacturers and dealers to die now since elon is helping to cut prices I will support his cause if he cuts another 5 k
I'll trade in my gas car for a model y standard if lifepo4 and long range if lifepo4 confirmation needed.
On June 2021 I booked a MYLR for 54k. They did not give me a delivery for mos and in Jun 22 I sent a bank check for my delivery. On tbe day of delivery they cancelled my order on some clause unofficially they told me they can resell the same car to someone else for $67k.
How the circle of life comes round - they cannot even sell for $49k lol.
BTW I drive a Mach e, F150 Lightning and Ioniq 5 ... 100% EV household ...
They tried me to pay 67k
https://forum.miata.net/vb/showth...441&page=3 [miata.net]
The entire thread has Miata owners talking about how the frameless windows operate exactly the same way as everyone elses. They drop when you open the door.
NOTE- one owner checked and found an actual problem with his car because it was NOT doing that. But it's supposed to. He fixed it by resetting the power window function and now it drops and raises exactly like it's supposed to... maybe you need to try that?
That's his original post.
Then he follows it up with:
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They tried me to pay 67k
But you know Heat Pump does not work in sub zero temps it is same with a car having no heat pump.
EVs are really not built for sub zero cold temps specially where it is cold 7 mos
I drove 120k in 5 yrs.
the insurance company gave me 13.5-14k about 8k lost from total. so basically 6k lost and 2k to taxes on purchase with registration cost.
I used the money unfortunately to buy a over priced new car since used car market was still crap and i forced the dealers to give me msrp for new else I walk since cars were softening.
too bad tesla didn't discount in time else I would have ordered one.
if I trade in my car now I would lose about 5-6k in equity. currently at the discount it is now I would just break even. not worth it for me yet.
another 5k to compensate for my new car depreciation would help otherwise I'll have to pass for the next 3 to 4 yrs until interest rates go down as well.
currently tesla is at 20% margin meaning they can still go another 10% discount to squeeze the manufacturers.
id definitely hold off and wait for the other ev manufacturers like ford and gm to follow.
and if they dont short their stock as they been bad manufacturers intentionally price gouging.
this goes for toyota as well. the rav4 prime should cost 35k since battery is smaller not 42-45k they also no longer q for 7500 credit.
rav4 prime will now have a hard time selling. 18kwhr battery.
note hybrid cost 3k more than rav4 base 18kwhr model is a cheap battery that cost 5k.
mazda cx90 may be bust now for their hybrid since they priced it at 55k instead. ideally it should be 35-40k
stupid manufacturers I want all legacy manufacturers and dealers to die now since elon is helping to cut prices I will support his cause if he cuts another 5 k
I'll trade in my gas car for a model y standard if lifepo4 and long range if lifepo4 confirmation needed.
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Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
I fixed it for you.
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