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.
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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
How is Iphone involved in a car safety and what is outdated here? Anything that affects vehicle safety is a recall.
One example of a "recall" Tesla had was that there was a feature that let you select your own sound for the pedestrian warning noise that EVs are required to make at low speeds.
NHTSA decided to ask for a "recall" because the way the rules are written the sound CAN be anything-- you CAN even let the owner pick what sound they want--- but ONLY from sounds provided by the car maker-- not provided by the owner.
This wasn't a "safety" issue at all---nobody was in danger if someone used the Jetsons car sound instead of a cowbell or something for this noise (heck, at the time most EVs on the road didn't have ANY noise it was a new feature only in newer EVs).
And it was "fixed" with an over the air software update immediately on the whole fleet.
Putting that in the same "recall" bucket as, say, when Toyota had to stop selling and physically recall the only EV it even made because the wheels would literally fall off- and they couldn't sell them for months, is the outdated part.
In fact typically physical recalls like that take months (or longer- some folks waited YEARS for the takeda airbag recall to be fixed on their vehicles)....in contrast to SW updates that are often fixed via OTA before the letter there IS a recall even reaches the owner in the US mail.
Those are clearly vastly different levels of problem and vastly different levels of "safety" and vastly different fixes.
None of which is to suggest Tesla never has physical "real" recalls of course- but they have VASTLY fewer of them compared to say Toyota (even adjusting for the # of vehicles they sell annually... which for Tesla keeps growing an average of 50% a year for a decade now and for Toyota peaked in 2019.
One example of a "recall" Tesla had was that there was a feature that let you select your own sound for the pedestrian warning noise that EVs are required to make at low speeds.
NHTSA decided to ask for a "recall" because the way the rules are written the sound CAN be anything-- you CAN even let the owner pick what sound they want--- but ONLY from sounds provided by the car maker-- not provided by the owner.
This wasn't a "safety" issue at all---nobody was in danger if someone used the Jetsons car sound instead of a cowbell or something for this noise (heck, at the time most EVs on the road didn't have ANY noise it was a new feature only in newer EVs).
And it was "fixed" with an over the air software update immediately on the whole fleet.
Putting that in the same "recall" bucket as, say, when Toyota had to stop selling and physically recall the only EV it even made because the wheels would literally fall off- and they couldn't sell them for months, is the outdated part.
In fact typically physical recalls like that take months (or longer- some folks waited YEARS for the takeda airbag recall to be fixed on their vehicles)....in contrast to SW updates that are often fixed via OTA before the letter there IS a recall even reaches the owner in the US mail.
Those are clearly vastly different levels of problem and vastly different levels of "safety" and vastly different fixes.
None of which is to suggest Tesla never has physical "real" recalls of course- but they have VASTLY fewer of them compared to say Toyota (even adjusting for the # of vehicles they sell annually... which for Tesla keeps growing an average of 50% a year for a decade now and for Toyota peaked in 2019.
The National Highway Traffic Safety Administration (NHTSA) states that a safety recall is issued if either the manufacturer or the NHTSA determines that a vehicle or its equipment pose a safety risk or do not meet motor vehicle safety standards.
Nothing here about physical, it's about safety as determined by NHTSA or manufacturer, you may agree or disagree but it's the law.
Also, you cannot sell a new car until recall is remediated.
You just picked one, how about the others?
The National Highway Traffic Safety Administration (NHTSA) states that a safety recall is issued if either the manufacturer or the NHTSA determines that a vehicle or its equipment pose a safety risk or do not meet motor vehicle safety standards.
You're the one who insisted it was always about a SAFETY issue.
And then just quoted the definition proving otherwise
The example I gave in fact was exactly the bit after the OR in your listing of the definition.
It wasn't a safety issue at all
It was that the rules technically say you can only select pedestrian sounds provided by the car maker- and Tesla was allowing owners to select their own sounds instead.
A technical violation of MVSS- not an actual safety problem.
That's the point
it's an out of date definition- because it was written when physical was the only possible way to address an issue.
Hence since that's no longer true they need to update the terms.
Usually factory recalls are about PREVIOUSLY built cars where they discover there was some weirdness in the factory or with a part supplier so already-sold cars between dates X and Y need to get recalled.
Toyotas forced stop-sale of any new vehicles of that type was the exception, not the rule.
In contrast these Tesla software recalls did NOT force a stop-sale of new vehicles....so again they really need to modernize the definitions of this stuff.
The vast majority of ALL Tesla recalls are the software kind I mention- where the update is usually on the cars before the "recall letter" even has time to reach the owner.
In contrast AFAIK 100% of the much higher number of Toyota recalls...as in all of them- ever- required physically bringing the car to Toyota to be fixed and would in some cases take months or even years to be repaired.
And this isn't just about Toyota either-
A few numbers to give some perspective from a recent Forbes story from early this year- since January 2022 Tesla had 21 recalls...Fiat-Chrysler had 33...Kia had 26...Hyundai had 24...VW had 47...BMW had 26.
Of those, 99% of the cars Tesla recalled were fixed with an over the air SW update the owner didn't need to do anything but click "install" for.
0% of the ones by Fiat-Chrysler, Kia, Hyundai, VW, or BMW were fixed that way.
I did cite the source- Forbes.
You can of course also directly confirm the #s cited with the NHTSA recall database if you think they are mistaken.
I eagerly await your results.
Oh, since you mention owners being happy with their Tesla though- guess what?
https://electrek.co/2022/06/15/te...-industry/
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How do I know if it has hardware 3 or 4?
Is Tesla insurance really cheaper? I have livery mutual and my insurance will increase by $600
I am planning to get Tesla wall connector for $450
The current lowest rate is 4.49% for 36 months. I have been approved for it. I plan on getting the new Model Y long-range in inventory for $45,440 -$500(Referral) + all other fees as applicable.
https://twitter.com/colorado_deal..
A friend had 3 cars and teenage son added which shoot up his insurance.
He sold one car, so now have 2 cars between husband/wife/son and insurance came down a lot.
Does anyone can confirm if this is true?
https://twitter.com/colorado_deal..
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