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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):
ā¢ VT: $26,320
ā¢ MA: $26,830
ā¢ PA: $27,330
ā¢ MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
ā¢ RI: $27,820
ā¢ DE: $27,820
ā¢ NY: $28,320
ā¢ CA: $28,330
ā¢ CO: $28,330
ā¢ CT: $29,030
ā¢ 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
ā¢ 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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Look at line 18 of your 1040. Is that more than $7500? Then you have enough tax liability to take the full credit.
Inventory 3 is under 30k after federal tax credit-- even cheaper if you have a state credit.
As to bolt- the range is less (259 vs 272), there's no useful fast charging (50kw vs 250kw and massively fewer bolt chargers exist), performance is significantly worse.... and good luck finding a dealer to actually sell you a base model at MSRP in the first place.
if you CAN find a base model bolt, and it meets all your needs, it's indeed a great deal on a city/local only EV.... but quite a few folks in the bolt thread reporting no dealer for hundreds of miles is willing to do that--- shrinking the price difference between the bolt and the 3 to just a couple grand, and for most that's not worth taking the demonstrably inferior spec car that sucks for non-local driving.
Likewise every previous time Tesla refreshed a car they raised the price on the new one. If the changes are worth it to you or not will be a YMMV thing.
I mean, it's the best selling mid-sized sedan in the world (and second best selling of ANY size) so you might want to consider there's something you are missing that many others have understood?
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https://www.warrantywee
As a company Fords warranty claims rate (as a percentage of sales) was 3.6% in 2020 and 2.9% in 2021.
As a company Teslas warranty claims rate (as a percentage of sales) was 1.1% in 2020 and 1.1% in 2021.
Nobody else selling cars in the US was as good as Tesla in 2020 (second place was Toyota at 1.4%) and Tesla was 2nd place in 2021 (1.1% versus Toyota at 1.0%)
As evidenced by the actual warranty claims rates- most folks mentioning "quality" issues on Tesla are people who saw a video about some exterior panel gap in 2018 or something.... not people having actual car-broke-down issues in 2023. Not to say either NEVER happens anymore- but we know from data it does not happen roughly 99% of the time.
DISCLAIMER- This is the entire brand... so obviously for Ford it will skew almost entirely based on warranty claims on gas and hybrid vehicles, rather than pure EVs- especially since the most recent data is from 2021 when the Mach E had barely been on sale. But given their current EVS re-use a lot of ICE parts and technology (see Munros teardowns of the cooling systems of a Mach E vs a Tesla for an eye opener there) it'd be somewhat surprising if their warranty rates improve dramatically in the near future. Possibly in several more years as they start rolling out purpose-built EVs with all new designs that may improve.
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