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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Because it is.
You can see the charts yourself here.
https://tesladata.mattj
Model 3 in December peaked just shy of 800 vehicles. As of yesterday it's... just over 800 vehicles.
Here's todays data:
https://tesladata.mattj
817 Model 3s in inventory.
So- as I said, it's BARELY higher today than it was 6 months ago.
Tesla sold roughly 211,000 Model 3s in the US in 2022, so 817 cars is... 1.5 days of sales.
Hardly "piling up" now is it?
Many legacy automakers will soon fail because they can't or won't embrace a hassle-free Tesla sales and delivery model.
I for one will never step foot in a dealership again.
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Many legacy automakers will soon fail because they can't or won't embrace a hassle-free Tesla sales and delivery model.
I for one will never step foot in a dealership again.
Uh... what?
tax credit cutoff is 55k for sedans.
Model 3 Performance has been under that since January 12th, and remained there. See pricing history here:
https://docs.google.com/spreadshe...=77
Model Y performance has never been cheaper, let alone 2k cheaper, than the 3. Y pricing history here:
https://docs.google.com/spreadshe...=23
Today, the Model 3 Performance dropped $3,000 and is now $1,000 less than the Model Y Performance. I feel like if you're in the market you need to check everyday as if it's a stock.
The 3P price has not moved recently. Certainly not "today"
The last time the price on the 3P changed was May 1, and it was a $250 increase
It's cheaper than the YP, but always has been
How often do legacy car prices fluctuate?
You can't answer that- because nobody knows.
Dealers get whatever they can for the car. Often charging 3 different prices the same day on the same car because different people negotiate differently.
At least with Tesla you have clear, transparent, pricing on any given day.
and, more importantly, often do not appear to follow rhyme or reason (as in my example above).
Second- it follows pretty clear reasoning in most cases--- The Jan cuts for example were clearly in order to max the # of vehicles that qualify for the tax credit.
Changes since they have been much smaller adjustments based on daily order flow.... again this is a towering advantage Tesla has.... rather than the legacy model where sales are not to customers, but to dealerships, who often have months of supply sitting on lots waiting for buyers...so typically a legacy company just sets an MSRP for the year, and dealers are free to charge whatever they want above or below that based on how dumb each customer walking in the door is...
Teslas direct sales model means they have real-time data on order flow and can adjust pricing based on that for everyone and openly and do it on a much more responsive time frame. This has been mentioned on earnings and shareholder calls a number of times.
Why should a car be any different.
tax credit cutoff is 55k for sedans.
Model 3 Performance has been under that since January 12th, and remained there. See pricing history here:
https://docs.google.com/spreadshe...=779648749 [google.com]
Model Y performance has never been cheaper, let alone 2k cheaper, than the 3. Y pricing history here:
https://docs.google.com/spreadshe...=231426599 [google.com]
Again... what?
The 3P price has not moved recently. Certainly not "today"
The last time the price on the 3P changed was May 1, and it was a $250 increase
It's cheaper than the YP, but always has been
How often do legacy car prices fluctuate?
You can't answer that- because nobody knows.
Dealers get whatever they can for the car. Often charging 3 different prices the same day on the same car because different people negotiate differently.
At least with Tesla you have clear, transparent, pricing on any given day.
Well first- your example above isn't actually true.
Second- it follows pretty clear reasoning in most cases--- The Jan cuts for example were clearly in order to max the # of vehicles that qualify for the tax credit.
Changes since they have been much smaller adjustments based on daily order flow.... again this is a towering advantage Tesla has.... rather than the legacy model where sales are not to customers, but to dealerships, who often have months of supply sitting on lots waiting for buyers...so typically a legacy company just sets an MSRP for the year, and dealers are free to charge whatever they want above or below that based on how dumb each customer walking in the door is...
Teslas direct sales model means they have real-time data on order flow and can adjust pricing based on that for everyone and openly and do it on a much more responsive time frame. This has been mentioned on earnings and shareholder calls a number of times.
The day before I posted above, the Model 3 Performance was over $46k and more than the Model Y Performance, which is the only reason I posted--otherwise, it would not have been interesting or significant. It may well have been a mistake, and was revised/corrected the following day.
This was an interesting (I thought) anecdote from someone looking to buy a Tesla. I see now what other SD'ers mean by "Tesla fanboys"--I thought I was one, too, until I read all this. I'm still going to buy one, but I don't think I will be talking about it any more.
Ordered model Y on Apr. 10, initial deliver window is May 22 to June 26, got VIN assigned on May 16, 2 hours later on same day, was asked to schedule delivery.
The delivery window is 3 days later when I was out of town. I called them to delay delivery for a week later which is latest they could offer.
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Tesla price changes are widely reported in the media.... If any existed not on that chart it'd be trivially easy for you to prove that.
You can't- because no such changes exist.
First, it's never been anywhere near 46k.
Second, it's never been more expensive than the performance Y.
Even if we assume you meant 56k, the base price of the Performance 3 hasn't been over 56k since early January....and has never been higher than the Performance Y on the same date.
The only thing that fits your claims (again assuming your 46k was a typo and you mean 56k) is this:
You accidentally looked at the price of a Performance 3 with added-cost options (say red paint and a white interior-- which would add $3000 to the car) and compared it to a Performance Y WITHOUT any of those options.
if you do THAT you get:
A P3 that is $56,240...instead of the actual base price of $53,240.
A Y is that $54,490 since that's the base price.
But if you compare them like for like, the PY remains $1250 more expensive than the P3.
Because again, like for like, on the same day, the P3 has never, ever, been more expensive than the PY
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