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To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
Federal EV Tax Credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due.
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Here's how cheap you can get a new Model 3 RWD right now (including fed & local EV incentives):
• VT: $26,320
• MA: $26,830
• PA: $27,330
• MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
• RI: $27,820
• DE: $27,820
• NY: $28,320
• CA: $28,330
• CO: $28,330
• CT: $29,030
• ME: $29,320
on top of above info federal, state and local incentive info that i posted , some employers are also providing ev incentive like exaple bank of america employees gets $5k incentive , in this case the best case scenario is like below
example scenario
• VT: $26,320 - $5000 bank of america employee ev incentive = $21,320
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CA CLEAN VEHICLE REBATE PROGRAM
$2K is available if your household makes <$200k.
There is an increased rebate of $7500 ($5500 on top of the $2k) available if you fall below income caps based on your household size.
Family of 4 max is $111k, Family of 6 is $149k.
This comes in the form of a check in 2-3 months. https://cleanvehiclereb
This is separate from the CARB Clean Vehicle Grants described below the dashes. It is possible to qualify for both, but the timing is different.
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And California residents that live in a disadvantage community (DAC) https://cleanvehiclegra
Disadvantaged communities are determined using CalEnviroScreen (https://oehha.ca.gov/calenviroscr...
here's the DAC map: https://oehha.ca.gov/calenviroscreen/sb535
And receive an Approval Letter through email.
You must receive an Approval Letter BEFORE you purchase a vehicle. We do not offer rebates and you cannot redeem a grant if you have purchased a vehicle before being approved.
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https://www.tesla.com/model3/design
Deal is even sweeter if you live in a state with additional credits:
VT: $26,320
MA: $26,830
PA: $27,330
RI: $27,820
DE: $27,820
NY: $28,320
CA: $28,330
CO: $28,330
CT: $29,030
ME: $29,320
Full tax credit details below, but the following income limits apply:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
https://www.irs.gov/credits-deduc...3-or-after
Withholding is totally irrelevant to qualifying for the credit.
If you're unclear on this go read a 1040.
The part where you compute tax liability is lines 16 through 24.
THAT is where the $7500 EV credit comes off.
Your withholdings aren't even looked at until after that on line 25+
This is also not correct.
The Child Tax Credit is worth a maximum of $2,000 per qualifying child. Up to $1,600 is refundable for the 2023 tax year.
Refundable credits are computed AFTER non-refundable ones-- so the CTC is only "worth" $400 off your tax burden for these purposes- the $1600 left is refundable.
Thus if you had say $7900 in tax burden and one CTC and one EV credit, your tax burden would go to $0 and you'd get a full refund of the $1600 refundable part of the CTC
Source:
https://www.nerdwallet.
1,792 Comments
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...not really?
Going by new order price you've got:
Model 3 $40,240, $47,240, and $53,230 for RWD, LR, and P.
Model Y $47,490, $50.490, and $54,490 for regular, LR, and P.
All versions of both qualify for the same $7500 fed tax credit.
So nowhere near a 10k price gap on any of them...only the base trim has a big gap, $7250... but you also are comparing a RWD 3 with a 5.8 0-60 and no rated towing capacity to an AWD Y with a 5.0 0-60, and a 3500 lb rated towing capacity plus available-from-factory hitch.
So the RWD 3 and AWD Y aren't really apples to apples for that ~7k price gap....most OEMs charge you 3-5k JUST to go RWD to AWD...plus the gap in performance and towing between the two.
For the LR and P models the difference is only a bit over 3k LR to LR and a bit over 1k P to P, which is pretty consistent to how it has always been.
No.
Income cap for married filing jointly is $300,000 income.
You MIGHT be able to benefit from the rebate if you can find a 3rd party leasing company that will pass through the credit though (leasing avoids the income cap entirely- but it's up to the leasing company if they pass the credit to the lease customer or not)
See above for potential workaround.
I know back in the days of the old EV tax credit there were S/X customers who did this via 3rd party leasing companies so it's possible to do if you can find a company that leases in your state and passes the credit through to customer.
I will say that Ford's recent shenanigans (they raised the annual subscription for their handsfree L2 FSD competitor from $200/yr to $800/yr
https://www.tesla.com/model3/design
Deal is even sweeter if you live in a state with additional credits:
VT: $26,320
MA: $26,830
PA: $27,330
RI: $27,820
DE: $27,820
NY: $28,320
CA: $28,330
CO: $28,330
CT: $29,030
ME: $29,320
Full tax credit details below, but the following income limits apply:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
https://www.irs.gov/credits-deduc...3-or-after [irs.gov]
Do you get a tax credit or not?
Going by new order price you've got:
Model 3 $40,240, $47,240, and $53,230 for RWD, LR, and P.
Model Y $47,490, $50.490, and $54,490 for regular, LR, and P.
All versions of both qualify for the same $7500 fed tax credit.
So nowhere near a 10k price gap on any of them...only the base trim has a big gap, $7250... but you also are comparing a RWD 3 with a 5.8 0-60 and no rated towing capacity to an AWD Y with a 5.0 0-60, and a 3500 lb rated towing capacity plus available-from-factory hitch.
So the RWD 3 and AWD Y aren't really apples to apples for that ~7k price gap....most OEMs charge you 3-5k JUST to go RWD to AWD...plus the gap in performance and towing between the two.
You'll note in the post you quote I wrote "Going by new order price"
Inventory discounts exist because RWD 3 sales were slower than any other version....largely due to the EV credit being only half- which is now fixed so those will be gone quickly.
I suspect they won't continue those markdowns on "new" inventory in the future- but more importantly here they're not relevant with the Y because the Y is still selling in record numbers.... in fact inventory on the Y remains exceedingly low (under 200 cars in the whole country).
Further- you've still got the fact you are comparing a RWD sedan with 0 towing capacity and a 5.8 0-60 to an AWD SUV with a 5.0 0-60 and 3500 lb rated towing capacity
And when you compare pricing for all OTHER trims besides the base between 3/Y (so you eliminate the AWD and performance differences and only have the towing and 3rd row differences) the price gap remains quite small between 3 and Y.
So to sum up, no, nothing we know about 3 pricing today suggests any cuts are coming to Y pricing. In fact the last 2 changes to Y pricing have been small increases as ordering continues to increase.
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https://insideevs.com/news/623888...r-reports/
https://insideevs.com/news/623888...r-reports/
For those who prefer hard industry data rather than random surveys of a handful of CR subscribers, we also have the actual warranty claims rates of the two brands.
https://www.warrantywee
As a company Fords warranty claims rate (as a percentage of sales) was 3.6% in 2020 and 2.9% in 2021.
As a company Teslas warranty claims rate (as a percentage of sales) was 1.1% in 2020 and 1.1% in 2021.
Nobody else selling cars in the US was as good as Tesla in 2020 (second place was Toyota at 1.4%) and Tesla was 2nd place in 2021 (1.1% versus Toyota at 1.0%)
As evidenced by the actual warranty claims rates- most folks mentioning "quality" issues on Tesla are people who saw a video about some exterior panel gap in 2018 or something.... not people having actual car-broke-down issues in 2023. Not to say either NEVER happens anymore- but we know from data it does not happen roughly 99% of the time.
DISCLAIMER- This is the entire brand... so obviously for Ford it will skew almost entirely based on warranty claims on gas and hybrid vehicles, rather than pure EVs- especially since the most recent data is from 2021 when the Mach E had barely been on sale. But given their current EVS re-use a lot of ICE parts and technology (see Munros teardowns of the cooling systems of a Mach E vs a Tesla for an eye opener there) it'd be somewhat surprising if their warranty rates improve dramatically in the near future. Possibly in several more years as they start rolling out purpose-built EVs with all new designs that may improve.
The SR uses LFP batteries- which traditionally last even longer than the already great nickel-based ones in the LR cars (the downsides are lower capacity per size of cell, and heavier weight- hence they're only in the SR cars)
Published data on this shows even the very oldest (not even used in any of the newer 3/Y vehicles) 18650 nickel batteries remained above 85% original capacity after 150,000-200,000 miles. Newer nickel packs are expected to be similarly good at 400,000-500,000 miles, and LFP packs are likely good for 1 million.
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Same as any other new car- whatever tax your state/city/etc charges for tax/title/registration, and a federally-required destination charge- which you should already see the same place you see the $250 order fee.
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