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frontpage Posted by krispytreat007 • Jun 2, 2023
frontpage Posted by krispytreat007 • Jun 2, 2023

2023 Tesla Model 3 w/ 3 Months Supercharging + $7500 Federal Tax Credit

(For Qualifying Buyers)

from $37830

$40,240

1,793 Comments 922,881 Views
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Deal Details
Tesla is offering its 2023 Tesla Model 3 starting from $37830. This model now qualifies for the $7500 Federal Tax Credit (more information here and here).

Thanks to community member krispytreat007 for sharing this deal.

Note, price and availability will vary by location and may be limited. Additional fees may apply.

Additionally, this includes 3 months free unlimited Supercharging if ordered and delivered between June 14 and June 30, 2023.

Editor's Notes

Written by qwikwit | Staff
  • To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
    • $300000 for married couples filing jointly
    • $225000 for heads of households
    • $150000 for all other filers
  • The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
  • See the forum thread for deal discussion.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by krispytreat007
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Tesla is offering its 2023 Tesla Model 3 starting from $37830. This model now qualifies for the $7500 Federal Tax Credit (more information here and here).

Thanks to community member krispytreat007 for sharing this deal.

Note, price and availability will vary by location and may be limited. Additional fees may apply.

Additionally, this includes 3 months free unlimited Supercharging if ordered and delivered between June 14 and June 30, 2023.

Editor's Notes

Written by qwikwit | Staff
  • To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
    • $300000 for married couples filing jointly
    • $225000 for heads of households
    • $150000 for all other filers
  • The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
  • See the forum thread for deal discussion.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by krispytreat007

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Top Comments

Eagles89
5963 Posts
786 Reputation
You forgot to mention the $1390 destination fee, $425 for wall connector, $230 for mobile charger, $250 non-refundable order fee.
scn312
168 Posts
65 Reputation
Tesla Model 3 RWD starts at $40,240 but is now eligible for the full $7,500 federal tax credit (income limits apply). Previously, it was only eligible for $3,750. This makes the starting price $32,740 after tax credit.

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
Knightshade
15329 Posts
4338 Reputation
NO IT DOES NOT.

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.com/articl...tax-credit

1,792 Comments

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Jun 3, 2023
278 Posts
Joined Apr 2010
Jun 3, 2023
flaggrad00
Jun 3, 2023
278 Posts
Quote from Knightshade :
NO IT DOES NOT.

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.com/articl...tax-credit
Nice that I can count on slickdeals for sound non-contradictory tax advice.
1
Jun 3, 2023
1,420 Posts
Joined Nov 2005

This comment has been rated as unhelpful by Slickdeals users.

Jun 3, 2023
327 Posts
Joined Dec 2007
Jun 3, 2023
radia
Jun 3, 2023
327 Posts
No everyone qualifies for the $7500.
1
2
Jun 3, 2023
526 Posts
Joined Mar 2019
Jun 3, 2023
ggapropros
Jun 3, 2023
526 Posts
Quote from radia :
No everyone qualifies for the $7500.
doesnt matter, if you bought in january for $44000~ then the $37800 is almost the same as getting the tax credit now. Tesla will single handedly fix the ret***ed fed rate hikes every month because dealers are scalping customers with high car prices and for some reason the fed claims theres "inflation" when its just extremely greedy dealers knowing they will die soon
1
Jun 3, 2023
1,247 Posts
Joined Feb 2017
Jun 3, 2023
sdoberma
Jun 3, 2023
1,247 Posts
Are there any WA residents here? Help me out if we can get this full credit...
1
Jun 3, 2023
10 Posts
Joined Jan 2022
Jun 3, 2023
PurpleMeerkat3190
Jun 3, 2023
10 Posts
Sorry if this a dumb question, but if you qualify for the tax credit, does it just go towards your taxes you file at the end of the year? So it really doesn't go towards let's say the "loan" ? Or am I getting it mixed up
Jun 3, 2023
4,748 Posts
Joined Dec 2005
Jun 3, 2023
mrmochi
Jun 3, 2023
4,748 Posts
Quote from Eagles89 :
You forgot to mention the $1390 destination fee, $425 for wall connector, $230 for mobile charger, $250 non-refundable order fee.
Not to mention insanely expensive insurance and
4

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Jun 3, 2023
433 Posts
Joined Nov 2011
Jun 3, 2023
spookymulder
Jun 3, 2023
433 Posts
Quote from MurraytheDemonSkull :
you have to owe at least $7500 tax to get the full benefit
people. THIS ^^^^^^
2
Jun 3, 2023
1,815 Posts
Joined Dec 2016
Jun 3, 2023
OceanTwelve
Jun 3, 2023
1,815 Posts
Quote from spookymulder :
people. THIS ^^^^^^
Not if you wait till next year where they will take $7.5k off the sticker price
1
Jun 3, 2023
1,438 Posts
Joined Jul 2007
Jun 3, 2023
euuser230056
Jun 3, 2023
1,438 Posts
Quote from scn312 :
Tesla Model 3 RWD starts at $40,240 but is now eligible for the full $7,500 federal tax credit (income limits apply). Previously, it was only eligible for $3,750. This makes the starting price $32,740 after tax credit.

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
Washington State has no sales tax = about $4000 in savings.
2
Jun 3, 2023
1,438 Posts
Joined Jul 2007
Jun 3, 2023
euuser230056
Jun 3, 2023
1,438 Posts
Quote from OceanTwelve :
Not if you wait till next year where they will take $7.5k off the sticker price
Do you have a source - I've heard conflicting info.
1
Jun 3, 2023
1,815 Posts
Joined Dec 2016
Jun 3, 2023
OceanTwelve
Jun 3, 2023
1,815 Posts

Our community has rated this post as helpful. If you agree, why not thank OceanTwelve

Quote from mrmochi :
Not to mention insanely expensive insurance and
Depends on where you're from.

Tesla tracks your insurance cost based on your driving statistics. It's much lower for me than Geico and other insurance providers in my area.
1
3
Jun 3, 2023
337 Posts
Joined Mar 2020
Jun 3, 2023
easybeart
Jun 3, 2023
337 Posts
How do I owe taxes to get the full $7,500 off? I always get money back when I file my taxes.
3
Jun 3, 2023
1,815 Posts
Joined Dec 2016
Jun 3, 2023
OceanTwelve
Jun 3, 2023
1,815 Posts
Quote from the_redwood :
Do you have a source - I've heard conflicting info.
https://www.npr.org/2023/01/07/11...20a%20year.
1

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Jun 3, 2023
865 Posts
Joined Jan 2014
Jun 3, 2023
flunder
Jun 3, 2023
865 Posts
Quote from gen2 :
Cheaper than a Camry or Accord
Can you help to break down the math? I have been thinking about an electric, but still can't wrap around the math for the claim of electric being cheaper...

Here is my profile:

2013 with 19k miles and averages about 22 mpg. Just replaced engine air filter, spark plugs, anti-freeze for about $80 to take care of the 10 yrs maintenance. Tires are changed as well due to age, but that will be the same for EV, so are brake fluid change every 3 years ($25) and every year for cabin air filter ($8). Each year, oil change is about $30.

My fears are the super expensive tire prices for the EV, phantom drain over time which may cost 1/2 of my current gas money and of course, the long term durability of the batteries before recouping the initial cost premium (~$3000)...
Last edited by flunder June 3, 2023 at 02:46 PM.
3

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