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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Here's a Tesla self driving. Super impressive what Tesla has accomplished:
https://www.youtube.com/watch?v=nW-3KcEKjpQ
I'd be fine with that since I'd get an additional 7.5k from California.
Can you elaborate on the bolded? I thought the California credit is something like 2k?
Can you elaborate on the bolded? I thought the California credit is something like 2k?
Low to mid income qualifies for the higher amount but must be under the household income threshold. Around 54k for singles, 111k for 4 people.
Why are there so many people misinformed about autonomous driving/driving assists/self driving. The fact that so many people think that there are other car manufacturers that surpass Tesla in self driving just goes to show how much effort Tesla haters have put into spreading misinformation.
Not a single car manufacturer has anything beyond level 2 without extreme limitations, including Tesla. This is fact. Anyone who argues against this is either misinformed or straight up lying.
That's..not how that works at all.
First- I9 is employment eligiblity- nothing to do with tax rates.
Second- the W4 you meant ALSO doesn't change your actual tax owed, it just adjusts how much you prepay- which as explained 9763 times already in the thread has no impact at all on your eligibility for the full credit or not.
The main differences are the range and the LR has a little better performance (0-60 is a touch quicker)--- beyond that it's mainly some structural differences the owner isn't likely to care about (the 4680 uses the battery pack as part of the vehicle structure, the 2170 does not)
Mind you, in the US they offer L3 only:
In Nevada, specifically.
Only on certain roads in Nevada.
Only when going 50mph or less on specific roads in Nevada.
Only under certain weather conditions, going under 50 mph, on specific roads, in Nevada.
Only when there's a lead car to follow close in front of you, in specific weather conditions, going under 50 mph, on specific roads, in Nevada.
But sure, technically it's L3 if all those things are true. Otherwise it's not.
Tesla system is absolutely L2, but you can use it virtually everywhere, in all states and all roads, at speeds up to 85 mph.
I'll leave which ends up being more useful as an exercise for the reader.
Might also be of value for you to read J3016 and see what the actual differences are between L2 and L3.... (the really short version, though it leaves a lot out, is that a system where the car is doing the driving task except it requires the human to be paying attention, and ready to take over at any time, is L2... a system where the car is doing the driving task, and the human needs to be there, and doesn't have to actively pay attention every second, but DOES need to be ready to take over with a few seconds of notice, is L3. The difference isn't really all that big other than one says it's "ok" to be checking texts on your phone or watching a movie in between being asked to take over requests....and the other you're probably gonna do it anyway but "shouldn't"--- the BIG leap in difference comes at L4, which nobody offers in a consumer vehicle today, but is the level where the human is no longer required, and you can just sleep in the car.
So the main interesting thing about it is it's the first time a car maker is assuming legal responsibility for the dynamic driving task---(that they're doing so might give you some idea why they so massively restrict the circumstances in which you can actually use it)--- and that this will eventually get us the various court cases we will need to figure out how this is all going to work in the future in terms of liability.
I suspect most other companies will wait for the first couple accidents, and lawsuits, before they consider doing anything similar.
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It costs a ton more, it's slower, it's a COUPE not an SUV, it has less cargo room, it has a slower max charge rate, and production numbers will be virtually nothing.
What's hilarious is during the first 3/4 of the article they keep pointing out all the specs that are "nearly" as good as the Y... and somehow use that to conclude it's a better car.
They also suggest the 60k base price is "butting heads" with the Y... Despite the Y being MUCH cheaper.
The fact "hotcars.com" made a dumb comparison doesn't mean you should double down on it my dude.
It is a 4 door, is that a coupe? I guess model Y is a coupe too.
You have now promoted the model Y from a crossover (barely) to an SUV? The model Y is an SUV like FSD will self drive the car...my dude
What the first 3/4 of the article covers are all of the Tesla fanboi talking points, like 0-60 speeds and says yes, they are within like 0.2 seconds so that makes those talking points moot for the comparison.
Then they list all of the things the model Y DOES NOT have like heated and ventilated seats, Apple carplay Android auto, run google apps native, massaging seats, much better cabin materials, I mean you can read the article for yourself and see all of the reasons it is a better car.
Like the article says, you will be sorry your bought a model Y and with the resale values plummeting daily, you will be stuck with it or take a bath.
Plus, who wants to drive around in a white model Y anyway, the sparkle has worn off a while ago.
People have been warned, they can make their own decision and live with it.
According to the Tesla website, ALL used Tesla vehicles are eligible for IRS EV Credit, but the IRS list of qualified vehicles does not show Tesla on their list.
It is a 4 door, is that a coupe? I guess model Y is a coupe too.
You have now promoted the model Y from a crossover (barely) to an SUV? The model Y is an SUV like FSD will self drive the car...my dude
What the first 3/4 of the article covers are all of the Tesla fanboi talking points, like 0-60 speeds and says yes, they are within like 0.2 seconds so that makes those talking points moot for the comparison.
Then they list all of the things the model Y DOES NOT have like heated and ventilated seats, Apple carplay Android auto, run google apps native, massaging seats, much better cabin materials, I mean you can read the article for yourself and see all of the reasons it is a better car.
Like the article says, you will be sorry your bought a model Y and with the resale values plummeting daily, you will be stuck with it or take a bath.
Plus, who wants to drive around in a white model Y anyway, the sparkle has worn off a while ago.
People have been warned, they can make their own decision and live with it.
What comes to mind when the average person thinks SUV? Rav4, CR-V, Pilot, Highlander, Tucson, Traverse, etc. Not Y. Heck, googling it it seems there are "subcompact" SUVs and the Kia Soul is listed as one (really, a Soul is an SUV?). The issue is there is no objective definition of "SUV" just like there is no objective definition of "luxury". Thus, people can toss around terms and labels (and abscond them).
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