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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 922,967 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 5, 2023
900 Posts
Joined Sep 2010
Jun 5, 2023
SavePeons
Jun 5, 2023
900 Posts
Quote from MrStealYourHamster :
What's the interest rate now if I down 15000? On 700 - 750 credit
2.5% for majority loan, maybe a point higher
1
Jun 5, 2023
1,863 Posts
Joined Aug 2010
Jun 5, 2023
RickRupps
Jun 5, 2023
1,863 Posts
Quote from MrStealYourHamster :
What's the interest rate now if I down 15000? On 700 - 750 credit
if you loan from Tesla its 5.69 percent

right now most banks are close or more than 6 percent
Jun 5, 2023
2,195 Posts
Joined Oct 2008
Jun 5, 2023
flightxxx
Jun 5, 2023
2,195 Posts
Quote from geoffkin :
CA DID. We got $2,500 from CA and $7,500 back from FED in 2019..
then why did CA take away the $2500?
Jun 5, 2023
60 Posts
Joined Mar 2017
Jun 5, 2023
Rockstar2020
Jun 5, 2023
60 Posts
This may be a dumb question.
does the tax credit benefit apply for cars in the existing inventory?
or do I have to order a new one ?
Jun 5, 2023
2,188 Posts
Joined Sep 2005
Jun 5, 2023
spam
Jun 5, 2023
2,188 Posts
Quote from Chi1983 :
This is probably the lowest the current Model 3 will go. The Model 3 is being refreshed, and the resell value of the older ones are going to drop. In California, people with lower income can get one for about $24k after all the incentives
Can you tell me how. Would love to buy one this month..
Jun 5, 2023
9,906 Posts
Joined Jun 2008
Jun 5, 2023
runtohell121
Jun 5, 2023
9,906 Posts
Quote from Rockstar2020 :
This may be a dumb question.
does the tax credit benefit apply for cars in the existing inventory?
or do I have to order a new one ?
Existing and new qualifies for tax credit as long as the vehicle is consider new.
Jun 5, 2023
2,188 Posts
Joined Sep 2005
Jun 5, 2023
spam
Jun 5, 2023
2,188 Posts
I am in CA and 2023 income will be lower than 300k filing jointly.

When I check online, the cheapest option is for $40,000. If I order today/tomorrow, What are the discounts that I am eligible for? TIA

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Jun 5, 2023
2,224 Posts
Joined Nov 2018
Jun 5, 2023
dealUnlocked
Jun 5, 2023
2,224 Posts
Anyone know which Line number to look in 1040 to know if we qualify for full $7500 or not.

Some says, Line 24, some says Line 37.

What if line 37 is empty because most/all of the tax was paid upfront as part of paycheck (total paid taxes in advance, Line 33)
Jun 5, 2023
559 Posts
Joined Oct 2008
Jun 5, 2023
ithrowpoop
Jun 5, 2023
559 Posts
Always had ICE vehicles in my family. Wife's car been acting up and we were looking to replace. We were neither pro nor anti EV. The only thing that mattered was us getting a slickdeal. I have to say the purchasing process was the best, doing everything through the app and not having to deal with traditional dealerships is worth it. Ordered Saturday afternoon and picked up Sunday afternoon. All fees and loan numbers were very clearly stated, no gimmicks and you have time at home to slowly review every number line by line.
1
Jun 5, 2023
47 Posts
Joined Oct 2014
Jun 5, 2023
adamsmith7773
Jun 5, 2023
47 Posts
Do I need to buy this at full price, or does the finance option from tesla or any other bank qualify for $7500 credit?
1
Jun 5, 2023
1,657 Posts
Joined Apr 2014
Jun 5, 2023
gen2
Jun 5, 2023
1,657 Posts
Quote from dealUnlocked :
Anyone know which Line number to look in 1040 to know if we qualify for full $7500 or not.

Some says, Line 24, some says Line 37.

What if line 37 is empty because most/all of the tax was paid upfront as part of paycheck (total paid taxes in advance, Line 33)
It's line 24.

If your line 24 is lower than $7500 like say $5,000, then the credit will just make it 0 instead (-$2,500) which means the government won't refund you that $2,500.
Last edited by gen2 June 5, 2023 at 05:24 AM.
Jun 5, 2023
2,095 Posts
Joined Dec 2008
Jun 5, 2023
redcashmere
Jun 5, 2023
2,095 Posts
Quote from sqa4life :
how reliable are they?
just like there are so many Electrify America that works 50% of the time :-)

Tesla pushes out OTA software updates every few weeks and keeps improving the car. It's the same as Apple.
No idea, and I could nto find info on it. Looks like a growing market with competition. As with apple and any other billion dollar company I would not personally identify with them and shill for them.

Edit: apparently electtirfy america has a 97% uptime not 50%.

https://www.eenews.net/articles/w...-breaking/
Jun 5, 2023
2,095 Posts
Joined Dec 2008
Jun 5, 2023
redcashmere
Jun 5, 2023
2,095 Posts
Quote from TamelCoe :
Man, I've read some of your posts and most are bad, but this one is the worst. Just stop talking about EV's, as it's clear you don't know what you're talking about. I've been driving EV's for 10 years and they are very efficient compared to ICE. The batteries degrade very little, (around 1% per year) and the longer range vehicles will have usable range well past their useful life.

After that, the packs can be recycled or used for home storage. They usually get their stated range as long as you don't drive 75+ on the highway and most get more than stated in city driving. The only real climate related hits you see is VERY cold winter temps can decrease range by about 20% max.
Cold temps alone apparently decrease battery use by about 12% max, however with heat it is around 35-40, and charging times increase:
https://www.recurrentauto.com/res...20in%20EVs.

Battery degredation is around 2-3% per year (still not bad imho).

https://www.caranddriver.com/rese...tery-life/
1
Pro
Jun 5, 2023
1,814 Posts
Joined Feb 2004
Jun 5, 2023
Kachur
Pro
Jun 5, 2023
1,814 Posts
Quote from NiceGuyFinishLast :
Is this for basic min req 15k/30k or 100k/300k? Insurance can differ state to state too.
Can not call NJ cheap state for insurance. This is for max protection they could offer plus umbrella. Deductible is high though, 1K. Perhaps difference in driving record matters, IDK

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Jun 5, 2023
2,095 Posts
Joined Dec 2008
Jun 5, 2023
redcashmere
Jun 5, 2023
2,095 Posts
Quote from Putin :
"From 2024 onward, you'll also have the option of transferring your federal EV tax credit to a qualified selling dealer and receiving the amount of the credit as a discount on the car, as opposed to having to wait for tax season."
Yep. Looks like a lot of toehr changes are coming for 2024 Tesla 3.

https://www.drive.com.au/news/202...ch-update/

A lot of increased competition too.
1

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