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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OK, looks like mine won't be here until end of May.....lol
Car is loud and boring af. Electric go kart.
Hybrid is the way to go if the goal is to be "slick". Once ev has a 300 range at 25k price and cost per kw stays low, then ev is the future. Plus the world has to have enough places to charge. Hopefully the power grid can handle it all.
To find any good deal is to calculate the cost and find the break even point. How fast and soon you can recoup the cost of something. It's funny to see people talk about 0-60 and not paying for gas but drop 50-70k on a car. "Hey I'm saving money" meme
Double the amount of systems to fail, and FAR more likely to catch on fire than either a gas only car or a battery only car too. Like by a crazy amount.
Most people doing that are comparing them to cars of roughly similar costs.
For example I replaced my Lexus IS350 sport sedan with a Model 3.
A NEW IS350 (mine was 11 years old when I got rid of it) would've cost more than the Tesla, and had inferior performance and features. PLUS cost a bunch more in fuel and maintenance over its lifetime.
The Tesla was a no brainer money saver in comparison to the Lexus (or anything else in that class of car-- BMW 3 series, Infiniti Q50, etc). And now 4.5 years into ownership has required significantly less service than the Lexus did, and continues to be an overall superior vehicle.
Sure if you're comparing it to a Nissan Versa it's not saving you money.
Car is loud and boring af. Electric go kart.
Hybrid is the way to go if the goal is to be "slick". Once ev has a 300 range at 25k price and cost per kw stays low, then ev is the future. Plus the world has to have enough places to charge. Hopefully the power grid can handle it all.
To find any good deal is to calculate the cost and find the break even point. How fast and soon you can recoup the cost of something. It's funny to see people talk about 0-60 and not paying for gas but drop 50-70k on a car. "Hey I'm saving money" meme
Yes, the Corolla Cross, HRV, or Rouge is cheaper, but it doesn't have any of the above except maybe "Family Friendly." The meaning of slick deals is not to get the most affordable stuff; it is to get the best things at cheaper costs. Once EV has a 300 miles range at a $25k price, someone will say the price should be under $20k or it should have 400 miles range.
In addition, why would you compare a new car with a used car? It is like comparing an apple & orange. I used to buy used cars (ranging from $20k to $30k) and replace them every 3~4 years. I calculated my cost after ten years with three vehicles was about $32k. It includes all the taxes and depreciation after I sold them. My cousin paid $40k + taxes for a new 2012 Audi Q5 and sold it to Carvana for $15k last year. His cost was roughly $30k. There isn't much value difference in getting new or used. The only difference is the higer upfront cost of a new car.
I'm Pennsylvania resident, according state rebate, all otd price must be under 50k in order to qualify 2k rebate, if I trade in one use car value around 16k - 18k and bring down total otd price for MYSR/MYLR, will it still qualify for the PA rebate?
Sports cars are NOT about 0-60. They are about performance across the spectrum. Suspension being a big part of that, something that the 3 and Y lack.
Sorry, the model 3 and Y and nor sports cars, full stop.
Sure if you're comparing it to a Nissan Versa it's not saving you money.
I mean how many people in these threads have to tell you that the 3 and Y are NOT luxury class cars? They are comparable to a corolla or a RAV4
https://www.mrmoneymust
The author is a moderately well known blogger dude (150k twitter followers, 100k youtube ones) who retired in his 30s by living super frugally and writes/does videos for years now about how others can too by living cheaply, including perpetually recommending buying cheaper used cars, or find ways to do without a car at all.
He just bought a brand new Model Y, and explains why at the link....including citing it's net cheaper than a comparable hybrid SUV, while being faster, better handling, quieter, and cheaper to operate and maintain while still being able to tow his trailer, that it's the only EV you can reliably roadtrip in, that it's actually, for real, better environmentally even if you live someplace with coal for electricity, and that the battery is very likely to outlast the entire rest of the car. He goes on to address a bunch of common questions in the article, and a bunch more in the comments.
This is slick deals for a reason.
A 25k ev would be the sweet spot. Give it a few more years.
As for me it's more like $2500-2800 a year in gas. Gas is $4.50 a gal where I live. I'm done with waiting in lines at a Costco gas station so I can pay $80 to fill up every time.
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They even have a webpage for this:
https://www.tesla.com/support/trade-ins
I think his point is that if you buy a new car and keep it 10 years, it is not a bad purchase, partly because you enjoy the car being new and you can ensure that it wasn't mistreated. As for the price paid, people buy the cars they like. Some can afford luxury makes such as Audi and Mercedes, and some stick with Toyota.
it won't be as good as private party price of course, but that's always the case (otherwise they'd lose $ on them) and the difference might be close enough to be worth it between sales tax savings and avoiding the hassle of private sale, YMMV there.
also, what is your current battery capacity?
I'm Pennsylvania resident, according state rebate, all otd price must be under 50k in order to qualify 2k rebate, if I trade in one use car value around 16k - 18k and bring down total otd price for MYSR/MYLR, will it still qualify for the PA rebate?
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