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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 922,868 Views
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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 4, 2023
520 Posts
Joined Sep 2011
Jun 4, 2023
jcbose
Jun 4, 2023
520 Posts
Can someone help me understand if 7500 tax credit can be read as 37,830-7,500=30,330?

I thought tax credit would reduce your overall net income by 7500 and then you will probably get 2000 back based on tax situations.
Jun 4, 2023
2,580 Posts
Joined Feb 2007
Jun 4, 2023
OneSlickDeal
Jun 4, 2023
2,580 Posts
There are really income limits to the tax credit? Thanks for screwing us California middle class like always...
1
Jun 4, 2023
18,989 Posts
Joined Feb 2010
Jun 4, 2023
Binar
Jun 4, 2023
18,989 Posts
Quote from low_ball_88 :
Elon with a very good business strategy by getting people to pay a premium price in the beginning and fanboys now will accept all the features being removed let alone not improving build quality. Now lower the prices and continue to take features away as well as slapping the cars together because now all the cult followers don't care. Brilliant
i man this is at least a 30k + item not a 1k phone. No fanboy can afford buying one each year because they are brand loyal. It just happens he was a steve jobs of EV market and the way the Apple founder realized the importance of app store, Elon realized the importance of charging system. He priced out competition, he has the most reliable charging network and he has plenty of cash put aside to fight the price war with other manufacturers. EV's are not for me and I dont see myself driving one anytime soon but from a business point he did a lot because he is savy, visionary ...and had tax payers money to play with. I doubt anyone is a TESLA fanboy.
Jun 4, 2023
1,179 Posts
Joined Nov 2017
Jun 4, 2023
HonzaB
Jun 4, 2023
1,179 Posts
Quote from MurraytheDemonSkull :
New Model 3 will be released soon, I suggest waiting few months if you are not in a rush.
I just returned my first model3 rwd rental after 10 days. It was made in 2022. It was great experience, but build quality is not there yet. Looking forward for next one.
2
Jun 4, 2023
61 Posts
Joined Oct 2009
Jun 4, 2023
ravick4u
Jun 4, 2023
61 Posts
I live in Virginia and will be paying Property Tax for car. If I buy this agains what value I will be paying tax the actual value or the value after deducting the incentives?

Also it would be helpful if someone can help me how much it would be
Jun 4, 2023
1,587 Posts
Joined Feb 2009
Jun 4, 2023
CrazyGoat
Jun 4, 2023
1,587 Posts
Quote from jcbose :
Can someone help me understand if 7500 tax credit can be read as 37,830-7,500=30,330?

I thought tax credit would reduce your overall net income by 7500 and then you will probably get 2000 back based on tax situations.
It's not a deduction on taxable income, it's a credit on your tax liability.

If you had $7,500 withheld, you will receive $7,500 back in your tax return
1
Jun 4, 2023
2,580 Posts
Joined Feb 2007
Jun 4, 2023
OneSlickDeal
Jun 4, 2023
2,580 Posts
Quote from jcbose :
Can someone help me understand if 7500 tax credit can be read as 37,830-7,500=30,330?

I thought tax credit would reduce your overall net income by 7500 and then you will probably get 2000 back based on tax situations.
Tax credit is different from a tax deduction

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Jun 4, 2023
18,989 Posts
Joined Feb 2010
Jun 4, 2023
Binar
Jun 4, 2023
18,989 Posts
Quote from HonzaB :
I just returned my first model3 rwd rental after 10 days. It was made in 2022. It was great experience, but build quality is not there yet. Looking forward for next one.
Just imagine how much you helped mother Earth for driving one. Fighting for justice sometimes takes sacrifice. Thank you for doing your part.
2
Jun 4, 2023
418 Posts
Joined Dec 2009
Jun 4, 2023
theschuntz
Jun 4, 2023
418 Posts
Waiting for Rolls Royce to come out with electric car til then I will buy 2 of these with coupons.
1
1
Jun 4, 2023
1,260 Posts
Joined Jan 2008
Jun 4, 2023
manku
Jun 4, 2023
1,260 Posts
Quote from BraveBoundary369 :
Do not buy! Tesla is cutting corners and you will be left with a lemon! Tesla are one of the worst cars around. Not to mention insurance will be crazy. Get yourself A camry!
It's such a bad car that the Tesla Y was the single best selling car model in the world last quarter!

And Tesla has among the highest loyalty/repeat buyers in the car industry, if not the highest depending on whose survey you trust.


1
4
Jun 4, 2023
307 Posts
Joined Aug 2011
Jun 4, 2023
kemiset
Jun 4, 2023
307 Posts

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

Beware of the range. Though the given range is 270 miles or so (RWD), you hardly get even 200 miles (long drive)on a full charge and even less if you drive in the city. This is no matter how well you drive. Using options like sentry mode and climate control will further drain the battery. This is for people who are buying their first electric car. The actual range will be a shocker for first time buyers.
2
3
Jun 4, 2023
56 Posts
Joined Nov 2015
Jun 4, 2023
czytm
Jun 4, 2023
56 Posts
Quote from the_redwood :
Washington State has no sales tax = about $4000 in savings.
Since when does WA state have no sales tax? (WA has like 10% sales tax depending on the county/city, IIRC 6.5 base?)

WA has a sales tax rebate for alt energy cars, is that what you're trying to say?
Last edited by czytm June 4, 2023 at 08:14 AM.
Jun 4, 2023
56 Posts
Joined Nov 2015
Jun 4, 2023
czytm
Jun 4, 2023
56 Posts
Quote from sdoberma :
Are there any WA residents here? Help me out if we can get this full credit...
I think you can, separately there is a sales tax credit: https://dor.wa.gov/taxes-rates/ta...ograms#922

EDIT to add, this also applies to used purchases
Last edited by czytm June 4, 2023 at 08:15 AM.
Jun 4, 2023
18,989 Posts
Joined Feb 2010
Jun 4, 2023
Binar
Jun 4, 2023
18,989 Posts
Quote from kemiset :
Beware of the range. Though the given range is 270 miles or so (RWD), you hardly get even 200 miles (long drive)on a full charge and even less if you drive in the city. This is no matter how well you drive. Using options like sentry mode and climate control will further drain the battery. This is for people who are buying their first electric car. The actual range will be a shocker for first time buyers.
This has been the truth since the inception of EV vechicles. While they can output the stated range the driving has to be done in the perfect climate and the measurements to be taken at the beginning to the life cucle. Battery efficiency degrades in heat or cold, and degrades in time . The truth is finally coming out now when buyers with no agenda are finally becoming owners. Before we had activists from both side that made any organic discussion look ridiculous. While fossil is not the future I dont think EV is either. Could be solar, could be hydrogen , could be other form of renewable but EV is as bad as fuel both in producing it and efficiency

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Jun 4, 2023
1,907 Posts
Joined Aug 2014
Jun 4, 2023
yujie
Jun 4, 2023
1,907 Posts
Quote from jcbose :
Can someone help me understand if 7500 tax credit can be read as 37,830-7,500=30,330?

I thought tax credit would reduce your overall net income by 7500 and then you will probably get 2000 back based on tax situations.
That's not called tax credit but called deduction. Deductions can reduce the amount of your income before you calculate the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund.
1

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