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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you can get decent brand new and real SUV for less than $40K after all taxes fees.
I take a example for Toyota RAV4 Hybrid starting MSRP $31,225
I got $7500 off my 2018 Model 3.
if you mean the $35,000 base trim specifically, the $3750 credit was still available when those began being delivered to customers so again your claim is not accurate.
He actually leased out most of the cars and pocketed the EV rebates.
For example for Q2 2019, the first that would reflect $35,000 Model 3 deliveries, they list Model 3 deliveries at 77,634, of which only 4322 were leases, or barely more than 5% of deliveries. The % in the next 2 quarters are roughly similar.
You can confirm these facts in any of Teslas financial statements filed with the SEC.
About 1500 is how many Model 3s with full tax credits available Tesla delivered in 2017
In 2018 they delivered another 145,846 Model 3s which would've ALL been eligible for the full tax credit (leasing wasn't even an option in 2018)
In 2019 they delivered another 300,600 Model 3s which all qualified for partial tax credits (minus the 5% or so that were leased)
Yes, that's the Model 3 SR. The $35,000 car. It's a software restricted version of the 38k one that has 10% less range and a few other software features turned off compared to the SR+
One nice thing is you always have the option to pay to upgrade to the SR+ later if you decided you wanted the extras.
That was available for sale from early 2019 until late 2020, at which point it was discontinued and only the SR+ was sold... so you have roughly a year and a half... half of which you DID have tax credits available to you....to buy the thing.
Except, again, your facts are... non factual. ASP includes destination, it does NOT include taxes. (how could it- since those are different in each state, and often different even within a state- some states have NO sales tax on cars, some are quite low- some are quite high).
$48,630 would be the current price on the cheapest Model Y including destination charge but excluding taxes, title, and fees.
Cheaper than the ASP of the average new car. (though slightly less cheap compared to when the thread began before the latest small price increase)
Just like you've been told 3 times now.
I don't know how they come up with that ATP or if they factor in any rebate. The Model Y SR has the $7.5k tax credit and the true cost for those quality for the full tax credit would be $45,xxx after taxes and S&H.
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.
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$48,630 would be the current price on the cheapest Model Y including destination charge but excluding taxes, title, and fees.
Cheaper than the ASP of the average new car. (though slightly less cheap compared to when the thread began before the latest small price increase)
Just like you've been told 3 times now.
I was an owner of a 2018 awd model 3 and received the full $7500. And I wasn't one of the first 1500.
http://www.depgreenpor
That's the PA rebate rules. Final purchase price must 50k or less but DOES NOT include taxes or other fees like destination.
Which means both the Model Y standard range AND long range qualify so long as you're not adding any paid options. With the standard range you'd have $3000 you COULD spend on paid options and still qualify (though 7 seat isn't offered on that model).
Thanks for your help.
I tested the MY and M3, and it was kind of terrible to drive. It was rough, very simplified, and cheaply designed, everything from the interior to the exterior, at a luxury price.
The Y at this point is not "luxury priced." Pricey, sure. But $50K is average these days, and again, that is before the tax credit, so effective price is in the mid-40s after sales tax. That's where the majority of new car buyers are these days like it or not.
Thanks for your help.
I mean, the link you quoted is the actual state rules- which include
Final purchase price is calculated prior to consideration of trade-in value.
This price does not include taxes or other fees such as destination charge.
Not sure why you keep listening to the randos at the sales desk who have no idea what the rules are and have nothing to do with eligibly for em either.
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