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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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Every new car sold in the US is charged a destination fee to the buyer as required by federal law.
I already cited part of the law that might explain it back on like page 2 or 3 of the thread... there's a couple of possible ways, but that's one of them (essentially the law allows you to average sourcing across all cars of a specific model made in the same factory-- and since the required % is only 40-50% this year it's possible for them to qualify for the full credit this way for a chunk of the year.)
Grossly false.
ICE cars catch on fire far more often than EVs.
And Hybrids, as always, are the worst of both worlds, catching on fire even more often than ICE.
The updated info from Tesla about them qualifying was published on 6/2.
The IRS gets their info from the car makers who all have to certify to the IRS what qualifies and how much-- so IRS has not updated the website yet to reflect the new info from Tesla
This, too, is wrong. A sedan over 55k gets nothing - it's a hard price cap.
There is no set of options that can put the RWD Model 3 above that cap (software options do not count toward the price for tax credit purposes federally)
The last price change on the base Model 3 was actually a $250 increase
Tesla adjusts prices multiple times a year to reflect various things- but sales continue to increase every quarter-- for years and years now.
From the bolt thread currently going on it appears it is....very challenging...to find a base model Bolt that doesn't have 10k or more of dealer markup.... If you ARE able to find one (and you're ok with the base model) then the price difference is worth considering.
If you're only able to find heavily optioned or marked up ones, perhaps not so much.
Outright false-- debunked not just by EPA testing but owners right here in the thread (and tons of other places)
Your refund is not informative. Look at line 16 of your 1040. Whatever that number is, the $7500 EV credit reduces it dollar for dollar until you run out of credit or you hit 0. If you have any OTHER non-refundable credits those would do the same.... and if you hit 0 and still have non-refundable credit left over then you lose the remainder.
Your withholdings, and refund, aren't even considered until later on the tax form.
Pricing is an art and very much science. Any product that gets price reduction is good for consumers. Whether they create disgruntled customers who bought much higher, is also irrelevant.
Do you need this?
Do you want this?
Is it good value?
Is it cheap for YOU?
Is it a good product?
That's what SD/ buying is about. Since "want" is extremely subjective and only you can quantify and reason.
Beyond that, personal opinion aside of Tesla, this is a good deal. If I was in market for EV, would definitely consider and weigh against other options. In the end it's weighing the alternative once you've established need or want.
One of which is their warranties are typically shorter, and cover far fewer things.
The other is outside of BYD, most have barely sold any cars, and most in 2021 were only months old- that's the disclaimer you cite.
BYD has been making cars a good while though, and their quality is quite high (Toyota was so impressed by it they partnered with them for EVs in China--- so their rate is probably pretty accurate with the fact Chinese warranties cover less factored in)
But comparing automakers outside of China that've been making cars for many years, and all offer much more robust warranties than they do in China, is pretty apples to apples.
Tesla didn't just start making EVs last year.... mass production began in 2012.... REALLY mass production (Model 3) began in 2017 so they're years past the full bumper to bumper warranty period on the first couple years of those (and many years past it, plus past powertrain by years, on early S/X too)....so their low warranty claims rates are directly comparable.
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You can not negotiate it away.
See:
https://www.autotrader.
https://www.jdpower.com/cars/shop...negotiab
As I suggest, the article then goes on to point out you can negotiate an offsetting reduction in OTHER parts of the price that AREN'T required by federal law. But the full destination fee will appear on your final invoice.
But of course since Tesla does direct sales, and doesn't have dealers adding nonsense things like undercoating and market adjustments in the first place for you to try and "negotiate" down, there's no negotiating to be done with Tesla. The price is the price.
By a tiny fraction of CR subscribers replying to surveys, who include factors having nothing to do with what most would define as reliability.
Meanwhile if you look at real world warranty claim data they're actually the MOST reliable brand on the market (roughly tied with Toyota).
Data on this:
https://www.warrantywee
2020 warranty claim rate as a percentage of sales for Tesla was 1.1%, 2021 also 1.1%
2020 warranty claim rate as percentage of sales for Toyota was 1.4% (worse) and 2021 was 1.0% (better).
Averarging the 2 years Tesla was the most reliable brand in the world among those sold in the west.
Tesla artificially lowers their warranty claim % by fixing a lot of things "out of goodwill". That way they can cook their books with low claim #s. They also reject a number of issues like squeaking stating it's within spec.
This is also outright false, and has been repeatedly debunked.
If you'd like a deeper accounting dive doing so, see here:
https://cleantechnica.c
(Note- you need to have some decent understanding of accounting, but it's written pretty cleanly if you do making it clear the "goodwill to hide warranty" thing makes 0 actual sense financially, does not show up at all in any of their numbers (and it's not like goodwill does not show up in financial statements, it just shows up in a different section- and there's 0 basis in fact they've ever shifting things there, and doing so does not actually "cook" the books because it STILL shows up just under another heading)
or to sum that last bit up from the link
I grant you- a LOT of the anti-tesla FUD is by people who don't understand accounting (or basic math) but this one is especially bad.
The problem is the msrp increased so much that even at 10% bellow you are still above 2019 prices
The inflation turned into normal prices. It's not only cars ..EX pool chlorine from $60 a bucket is $190 4 years later and pandemic is gone/factory that burned was rebuilt/ supply chain is fine yet the pool chlorine prices are still 4 times over 2019
Highland is right around the corner and pretty soon you'll have an outdated looking frog car.
But I guess there are some people who buy iphone 13's when the 14 is available.
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Highland is right around the corner and pretty soon you'll have an outdated looking frog car.
But I guess there are some people who buy iphone 13's when the 14 is available.
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Go lease a (non-Tesla) EV. Leasing doesn' t have the income cap requirement, and you must ask to make sure the dealer is passing that saving onto you.
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