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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That is not true at all.... there's no such limit on the new EV tax credit (there is on the USED EV tax credit)
You can 100% claim a second (third, fourth, however many EVs you buy) new EV credit- assuming you have enough tax liability to do so (again, line 24 on your 1040)
The income tax withheld is only $11k. We assume income requirements are met and each EV is eligible for $7500 tax credit.
How much would be the tax refund? $14k or up to $11k only? Thanks.
"Keep the facts straight"
"If there is no increase"
"Lowering the price is a means to stimulate"
Grammatically it's kind of a mess, just trying to parse what's being said here…
Also the best selling car is going to be an incomplete picture, but for the most part the quantity will increase each year because it's usually a percentage of the global population.
Q1 Tesla produced 440K cars in total and delivered 430K cars. There isn't a big surplus here. Why do you want to drop another $3K — hurt another 7% gross margin? Because the demand is dropping, the backlog is not long enough.
You need to understand the sequence of events from Q4 2022 to Q1 2023:
Dropped demand — dropped prices — delivered similar number of cars.
Things were totally different in 2021 and 2022
Demand surged — price hike — still delivered many more cars.
Our current car is very limited in cargo space with baby stroller
Q1 Tesla produced 440K cars in total and delivered 430K cars. There isn't a big surplus here. Why do you want to drop another $3K — hurt another 7% gross margin? Because the demand is dropping, the backlog is not long enough.
You need to understand the sequence of events from Q4 2022 to Q1 2023:
Dropped demand — dropped prices — delivered similar number of cars.
Things were totally different in 2021 and 2022
Demand surged — price hike — still delivered many more cars.
"Q1 tesla produced 440k cars and delivered 430k (then bunch of gibberish after that.)" Do you realize how stupid it is to think that tesla can magically deliver their cars across OCEANS? They ship them on boats. 2.2% of their supply is IN TRANSIT at the end of a quarter. Thats called simple logistics. Once they invent teleportation maybe they can figure out how to make the 2.2% shrink to 0%.
Then you jump to 2021 vs 2023... you clearly dont own stocks or follow the economy. Tesla is the only car company that grew year over year. For your families sake i hope you arent investing any money.
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Our current car is very limited in cargo space with baby stroller
These have a lower floor than ICE cars especially in the trunk so they actually have more space than it looks from the outside. This has 30 cubic ft of space. Even the model S has 25 cubic feet which is more than some crossover suv.
Our current car is very limited in cargo space with baby stroller
The income tax withheld is only $11k. We assume income requirements are met and each EV is eligible for $7500 tax credit.
How much would be the tax refund? $14k or up to $11k only? Thanks.
Which is a decent clip above average in the US
Given everything I wrote was factually true- and you had to put words in my mouth I never spoke to have anything at all to post about...again... you might wanna take your own advice.
Not EXACTLY how I'd have described your posts here- but surprisingly accurate.
They have of course--- they update the system frequently.
Even moreso for those who have one of the higher-end sets of features than the default AP that comes on the car- but that, too, gets updated.
They haven't added entirely new capability to the base feature-- but that's why it's the base feature.
So It's a bit like saying "TVs haven't been updated since they added color because they still just show pictures and sound"
That's a weird claim given that your own link shows when you compare the "competition" including their most advanced systems, they generally score the same or, most of them, worse than the base -for free- offering from Tesla in terms of the actual performance of the system. 9/10 on that.
And are vastly less capable than the PAID offerings they ought to be compared to- since the ones they're using for Ford, GM, etc are PAID features.
It's only nebulous stuff like "driver monitoring" where they dinged Teslas overall score, not how well the thing actually works for driving.
(and as mentioned- and you just ignored- Tesla added exactly the monitoring CR asked for-- and then CR complained about THAT- so there seems a bit of anti-tesla bias there)
Great, another big word salad that doesn't changes any of the um FACTS I posted.
Look you can just sum up your replies with your last statement there as we all know this is how you argue facts
Which there WOULD be if DEMAND WAS LOW.
Thanks for proving the point
They continue to sell out of production- even as they increase production.
The 10k car gap is entirely vehicles already sold but still in transit to customers
They have more demand than production. Still.
Eventually, if you want to CONTINUE ramping up production and STILL sell every car quickly, you have to expand your TAM by lowering prices.
Because eventually you hit a point where the next group of people who want to buy your car can not afford to pay a higher price for it.
Economies of scale, which lower your costs as you ramp up, enable doing so profitably.
Which is... exactly what we are seeing happen.
Dropped demand — dropped prices — delivered similar number of cars.
They delivered over 17,000 more cars in Q1. If demand were lower they'd have sold FEWER cars.
Further- again- car sales tend to be seasonal. Q1 tends to be the LOWEST sales of the year. In fact- since you want to exclude the couple of covid years I'd encourage you to go back to 2019 and 2020 Q1s- where Q1 sales were LOWER than Q4 previous year both times-- that's what was typical. This time they were higher.
Moreover- they were up 36% from Q1 2022.
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Then when this was explained in detail you failed to understand a word of it- and dismissed it without addressing anything actually said.
Twice.
Because you know you can't, you know you're making things up, and you know you can't actually defend anything you wrote.
And anyone who bothers to check your post history will see you doing so for years in every EV thread
It's a very weird hobby you've got.
Again, a quick summary of actual facts relative to your latest FUD postings:
CRs testing was the basic (free) autopilot-- versus the more advanced, costs thousands of dollars paid features of the "leaders"... Teslas own paid options do far more than those leaders are capable of, but that wasn't how CR decided to test. Weird huh?
CR rated the actual driving features for Tesla autopilot 9 out of 10-- As good or better than virtually every vehicle they tested.
CRs major dings on Teslas overall score were around lack of driver monitoring- repeatedly calling for them to use an interior camera to do so. Which Tesla then did and CR complained about that despite not caring THEY asked for it or that they praised exactly that feature when other companies do it, nor did they go back and alter Teslas scores to reflect they'd added the one thing CR said they were missing. Weird again.
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