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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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The cheapest M3 on Tesla.com shows up as $40,240 (RWD)
Tesla discount - $2410
Fed rebate - $7500
CA rebate - $2000
So, my effective price will be = $30,740, correct?
I understand that are other taxes and fees which I have to pay anyway for new car..
TIA
The cheapest M3 on Tesla.com shows up as $40,240 (RWD)
Tesla discount - $2410
Fed rebate - $7500
CA rebate - $2000
So, my effective price will be = $30,740, correct?
I understand that are other taxes and fees which I have to pay anyway for new car..
TIA
That "tesla discount" is not on new orders.... it's on inventory cars (which will be drying up since the expanded credit was announced a few days ago but there's still a decent # out there right now)
Go here:
https://www.tesla.com/inventory/n...&range=200
Change to your zip code to see what's available at what price and if it matches what you want options-wise.
If so you get that discount, plus the federal and state rebates (assuming you otherwise qualify for them with things like income limits, having sufficient tax burden, etc).
Cheapest right now is $37,830 (RWD Model 3, no options whatsoever)
With $9500 in tax credits you'd be looking at $28,330 plus tax/title/destination/etc
Go here:
https://www.tesla.com/inventory/n...&range=200
Change to your zip code to see what's available at what price and if it matches what you want options-wise.
If so you get that discount, plus the federal and state rebates (assuming you otherwise qualify for them with things like income limits, having sufficient tax burden, etc).
Cheapest right now is $37,830 (RWD Model 3, no options whatsoever)
With $9500 in tax credits you'd be looking at $28,330 plus tax/title/destination/etc
Placed my M3 order a few hours ago, have my VIN - financing and insurance all ready.
I bet Highland will come in $6-7k higher than these prices. As someone who likes the wood interior, and thinks the highland headlights are hideous - win/win!
Placed my M3 order a few hours ago, have my VIN - financing and insurance all ready.
I bet Highland will come in $6-7k higher than these prices. As someone who likes the wood interior, and thinks the highland headlights are hideous - win/win!
TIA
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TIA
Go here:
https://www.tesla.com/inventory/n...&range=200
Change to your zip code to see what's available at what price and if it matches what you want options-wise.
If so you get that discount, plus the federal and state rebates (assuming you otherwise qualify for them with things like income limits, having sufficient tax burden, etc).
Cheapest right now is $37,830 (RWD Model 3, no options whatsoever)
With $9500 in tax credits you'd be looking at $28,330 plus tax/title/destination/etc
TIA
Got 5.69% on a 72 month I plan on paying off within the year, underwritten by TD BANK, N.A.
$800 every 6 months for 2 cars (tesla and acura) through Geico in norcal. And these are with high coverages because people in CA are crazy drivers.
Also im in year 5 of my Model 3. I have yet taken it to my first service so spent $0 on maintenance. While my 10 year old Acura is still about $500/year on services.
I ended up using Tesla insurance for both my cars (Acura MDX + Tesla Y) which came to around the same amount it used to be on AAA.
So yes, insurance can be A LOT more if you stay with your current insurance provider. He isn't wrong. But that depends on your insurance provider and your current rates.
Many people tend to overexaggerate the maintenance savings with the Tesla because it's low the first few years. You should be getting the 5 year or so maintenance with your Tesla soon which will basically be as much as you paid for your Acura over the years. Tesla model 3 averages around $4000 for maintenance and repair costs during their first 10 years of service. For the Acura Integra, I think the average around $5000. You just don't see those costs with the Tesla until later on in ownership of the vehicle.
Adding the 2023 Model 3 raised that monthly premium $58
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