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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All Ys in the US use 2170 (P and LR) or 4680 (SR) battery cells, which is why they qualify for the full $7500 federal tax credit.
LFP Ys are sold overseas, and more recently in Canada (so that Tesla could divert more non-LFP Ys from US production to US sales rather than to Canada- thus maximizing vehicles available with the credit)
Without buying the vehicles, if only $11k tax is withheld, and your liability is $14k, then you would have to pay an additional $3k in taxes.
For example, cooling seats for both the driver and passenger and rear traffic alerts are now standard in many vehicles in this price range, but not in a Tesla. The seats are made of synthetic material, which, according to a service technician, may develop bubbles on the headrest if not maintained properly. Additionally, I've experienced noises on the left side of my car while driving, which requires further inspection. It's quite disheartening to face these issues with a brand-new vehicle.
Customer service is another area where Tesla falls short. Direct communication with the company is challenging, and my first service appointment was far from satisfactory. Despite threats of cancellation charges, I arrived at the service center only to find that they had neither the necessary parts nor loaner vehicles available. To add insult to injury, the company offered no apology for the inconvenience, merely a touch-up for a paint bubble issue rather than a complete repaint.
Unfortunately, it seems Tesla's primary focus is not on providing the best possible experience for the average consumer. With resale values projected to decline, recouping a significant portion of the initial investment might prove challenging. As someone who was swayed by Tesla's enthusiastic fan base, I encourage potential buyers to critically evaluate their expectations before making a decision.
Just take some photos and explanations thru Tesla App and choose the service date and location, then that is it.
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IMO, if it weren't for the frunk and 50 extra miles of range, I would have picked something else.
The interior is crappy. The ride is jerky and bumpy. I already had a mobile visit to fix the falling apart passenger sear back cover.
Their marketing strategy is to pay for the fanboy army all over social media and the press. There is nothing special here.
It was a mistake of a lifetime for me. RIP
First of all, I am sorry to hear that your awful experience for Tesla Y.
I had the similar problem from my 2022 and 2023 both Tesla Y for Painting and Dents problem. Only downside for Tesla Body Service is totally up to Tesla Affiliated Body shop's schedule which is at least Georgia. I made the schedules to inspect the paint and dents problem with Tesla right away but had to wait for the body Shop to repair them.
For the interior, yes I agree with you partially but I like to simple and clean design and vegan leather which is easy to care.
For the ride feel, I do not agree with you, but I respect your feeling due to a personal preference. My 2023 Y is better than 2022 but I still like the riding feel both which are comparing with my past cars, like Lexus GS -350 F Sport, BMW 530i, Mercedes E350 AMG, Lexus GX 450, Acura MDX, TL-S, ILX, RDX... and so on....
Only thing I hate for Tesla is the price fluctuation.
I still have Lexus GX-450 , Acura RDX and Toyota RAV 4 Limited.
I will get rid of GX-450 and buy another Tesla MYLR this year.
If you buy a Tesla and fall into the hype to put your family at risk I seriously feel sorry for you. Better to buy from a company who actually cares about the customers rather than the hype and stock price. Knightshade and others on this discussion care nothing about you and only about their investment in "TSLA". He acts like his comments will make the stock go up. Sad.
I started my experience with Electric Car in 2020 when I bought Honda Clarity PHEV (Plugin Hybrid) which has roughly 50 miles of Range and then a Gas Engine. I bought it in great deal with final price around $16K. I liked it so much for that 50 Miles Electric Drive but I decided to sold after Honda announced that 2022 will be the last year for Clarity.
But since then I knew I have to buy another Electric to continue that experience. I chased Rav4 Prime like crazy but with the Dealer Markup ranging from $5K and more, I couldn't justify to go for it.
Tesla was never in my mind due to their higher price and not eligible for Tax Credits. But all this changed in January 2023. Not only Tesla reduced prices, it became eligible for Tax Credits too. I am in Oregon and local incentive of $2500 helps too.
Based on my need which was specifically for a 2nd Car (I have a Honda Pilot too), to be used for City Driving (more stop n go traffic), I was only looking for Hybrid/PHEV/Electric. With Rav4 Prime out because of Dealer's markup, I started considering Bolt EUV. But then finding Bold EUV at MSRP is also not easy, most dealers were asking for Markup. And then slow charging of Bolt makes it difficult to go for Long Drive.
With all these, I started considering Model 3 RWD. I liked the look, took a Test Drive and just found Ok in that short drive. Then I started the breakdown of price and realized with all the Federal and Local Credit ($7500 + $2500 = $10000 in Oregon), Model 3 price was same as Camry Hybrid SE (Cloths Seat). And I decided to go for it just 2 days before the April 18th Deadline for LFP Batteries (Credit reduced to $3750 now)
Thing is when you are in the market for a new Car, you have to see your requirement and the Target price range. If you are looking for Driving experience (Instant Torque: Test Drive to know the feeling), Tesla for sure is a good option. I know many friends even buying Rav4 Prime now with Dealer Markup for $48K for SE Trim which comes with Cloth Seat, Slower charging and not all the Full Feature. I feel for them. Rav4 Prime is a great Car but when it is available for no Dealer Markup and was eligible for Tax Credit till last year. But now it is still a great Car but just too expensive.
Similarly Tesla even if it is a nice Car, was just too expensive till last year with No Tax Credits. But as of today if your situation allows you to get Full Credit, Tesla is very good option. Otherwise it is just expensive. And if you can EV6, Ioniq5 or similar cars at this price those are good options too, but with Tesla you get their 10+ experience with Electric Cars + Supercharger Network.
Just Drive any Electric or PHEV (Rav4 Prime like) and I can guarantee you, you will love it for all the Stop and Go driving in City Traffic. Just make a well informed decision.
That's because they're trying to justify the purchase based on price alone.
And you've been called out on these lies rapidly in this and previous threads.
Why keep repeating the same debunked lies over and over?
EVs on the whole catch on fire vastly less often than gasoline cars.
https://electrek.co/2022/01/12/go...-than-evs/
Electric cars: 25.1 fires per 100,000 cars sold
Gas cars: 1529.9 fires per 100,000 cars sold
Hybrid cars: 3474.5 fires per 100,000 cars sold.
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If you buy a Tesla and fall into the hype to put your family at risk I seriously feel sorry for you. Better to buy from a company who actually cares about the customers rather than the hype and stock price. Knightshade and others on this discussion care nothing about you and only about their investment in "TSLA". He acts like his comments will make the stock go up. Sad.
I saw a couple of cars in fire which was all regular gasoline cars at I-85 and I-285 hwy in the past. I do not think that Tesla can control all medias in the world to hide for Explosion or fire of Tesla cars.
However, I heard that more gasoline cars explode or get fire than any EV by ratio-wise.
https://www.bostonglobe
https://electrek.co/2022/01/12/go...-than-evs/
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