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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Tesla, the world's most valuable automaker, climbed by four spots and was ranked 19th out of the 24 brands. The EV leader continues to have issues with body hardware, steering/suspension, paint and trim, and climate systems on its models, the report says.
https://energy.economic
Which TECHNICALLY violated an NHTSA rule
So Tesla had to issue a "recall" via an OTA software update to remove that feature.
But, even if we pretend 100% of them were TOTALLY SERIOUS recalls-- Tesla still had three times fewer ones than Toyota in the last 10 years.
And the model Y hasn't been in production for the last 10 years so comparing to Toyota is a red herring. Nice try though.
I should have figured you would say something like that in your never ending defense and excuses for Tesla shortcomings.
I cited sources and all you can come back with is the recalls were not really serious?
Well people can be their own judge.
So now you know more than the NHTSA?
And the model Y hasn't been in production for the last 10 years so comparing to Toyota is a red herring. Nice try though.
I should have figured you would say something like that in your never ending defense and excuses for Tesla shortcomings.
I cited sources and all you can come back with is the recalls were not really serious?
Well people can be their own judge.
Q1 production was 440k vehicles.
On the same call you cite they said they're targeting 1.8 million total production for all of 2023.
440k times 4 quarters= 1.76 million already. SBerlin already hit its original volume production target in Q1...Austin is nearly there (4k/week currently, target is 5k/week). So there's very little increase in production for the rest of this year to need to adjust anything to.
There will be small scale production of the Cybertruck later this year, with the major ramping being NEXT year (and on a different model than the ones being discussed anyway)- so that's where the bulk of next years production growth will be- not 3/Y.
AFAIK there are no announced plans for major, further, expansion of 3 or Y production capacity beyond the roughly 1.8 million vehicles they're already on target for.... the next factory in Mexico was announced as being built to produce the smaller/cheaper/next-gen vehicle, not 3 or Y...and that won't see even limited production before end of 2024, with volume production sometime in 2025.
So if your hope is future price cuts for 3 or Y will be coming from some significant increase in production- that just ain't so because there isn't any such increase on the board... that already happened, and we've already seen the cuts to accommodate the higher volume. That doesn't mean they won't adjust pricing, either up or down, for market conditions as they have multiple times a year every year-- but the "We have to lower prices because we increased supply by 50%" thing was Elon explaining the past- not the future.
Also 3/Y built outside the US are not sold in the US- all US vehicle sales are built in California or Texas.
Austin is already 80% of the way there (4k a week out of intended 5k)
So like I said, very little increase left in either place.
https://www.tesmanian.c
China sales in March 2023 were higher than any month in 2022-- that's the opposite of "slowing production"
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My previous 3 Tesla vehicles have been issue free and the software experience is just far beyond anything the legacy automakers can do even with Apple CarPlay and Android Auto.
My Infiniti made in Japan and Mercedes (one built in Germany and the other in the US) both had far more issues and interior rattles than any of the Teslas I've owned. The customer service experience from start to finish is my totally different too.
With Tesla, I just ordered online all 3 times, wait for a text that the car is ready to pick up then I go pick it up. Any questions or issues then I just submit a request on the Tesla app and they send a mobile tech out to address any questions/concerns I have.
With my Infiniti and Mercedes, I had to deal with the whole dealership negotiation and salesman tactics which is draining. Then if I had any service issues or maintenance, I had to schedule an appointment 2-4 weeks out, drive in, wait around (because the dealers sold all of their loaner cars during the crazy used prices of 2021-2022). My Infiniti that was built in Japan had rattles and drivetrain issues. Getting Infiniti corporate to even acknowledge the car was a dud, and getting a buyback was just horrible.
Toyota's are the most boring and technologically unadvanced cars for poor people. If you are poor and just need a running car it is perfectly fine. After a certain income amount, I never would consider a Toyota.
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I been driving V8/V6 all these time and the model Y test drive just blow me away from its performance. The only let down is the fit & finish and the material is not as good as my Lexus, but it didn't stop me from placing an order for the MYP. Looking forward for it.
My previous 3 Tesla vehicles have been issue free and the software experience is just far beyond anything the legacy automakers can do even with Apple CarPlay and Android Auto.
My Infiniti made in Japan and Mercedes (one built in Germany and the other in the US) both had far more issues and interior rattles than any of the Teslas I've owned. The customer service experience from start to finish is my totally different too.
With Tesla, I just ordered online all 3 times, wait for a text that the car is ready to pick up then I go pick it up. Any questions or issues then I just submit a request on the Tesla app and they send a mobile tech out to address any questions/concerns I have.
With my Infiniti and Mercedes, I had to deal with the whole dealership negotiation and salesman tactics which is draining. Then if I had any service issues or maintenance, I had to schedule an appointment 2-4 weeks out, drive in, wait around (because the dealers sold all of their loaner cars during the crazy used prices of 2021-2022). My Infiniti that was built in Japan had rattles and drivetrain issues. Getting Infiniti corporate to even acknowledge the car was a dud, and getting a buyback was just horrible.
Toyota's are the most boring and technologically unadvanced cars for poor people. If you are poor and just need a running car it is perfectly fine. After a certain income amount, I never would consider a Toyota.
I mean, they are on pace to sell as many vehicles this year as Tesla does roughly every two weeks- what ELSE do their employees have to do but drive to your house?
Still it explains a lot that you own a vehicle where the average age of the owner is...dead.
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I mean they are as much of a random stranger as the person working for the Lincoln dealership.
BTW Mercedes does the same thing, pick up, service, drop off, and I don't have to babysit someone in my garage.
And who cares if he did McDonald's run, is that gonna break my car? As far a crumbs, they usually detail it anyway too, so who cares.
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