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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.
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
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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 $7500 PLUS the $8k drop in MSRP PLUS the $2600 off for inventory makes this the absolute best car to purchase in the world hands-down not even close. I pay eight dollars to go 300 miles using electricity. At 30 miles a gallon that's $35 in fuel. Insane. Absolutely insane.
So, for all intents and purposes, your REAL range when compared to an ICE is perhaps 60-70%. This site [autocraftbodywerks.com] says charging limits are 20%-90%. So, if the stated range is 350 miles, well no, it's really more like 250 unless you want your battery to lose capacity faster.
And the whole road trip and stopping? Please just own the fact that an EV takes long to "refuel" (just to use a term analogous to ICE) and stop making excuses. Yes everyone needs to stop and stretch, but not every hour or every 2 hours.
Let's say we're taking a drive from NYC to Orlando. Tesla says that will take 20 hours in a M3 LR. 210 minutes of that, 3.5 hours, is simply charging, 6 stops. That 20 hour number also includes spending time driving to a charger and assumes it's working and readily available, which basically isn't a concern with gas stations regardless of time of night, especially around highways.
Google Maps basically agrees with the ~ 16.5 hour drive time for that ~ 1100 miles. If you were in an ICE that had a 400 mile range (my SUV is more like 450 and it gets 29mpg, a newer sedan could probably get 40mpg+ and have a comparable range), that means you'd only have to stop twice the entire route. Gas stations are far more plentiful and far more likely to not be out of your way. To fill up? Probably less than 10 minutes each time.
1100 mile trip - drive 260 miles from garage = 840 miles
(+)10 min idle/100mile charge -> drive 100 miles = 740 miles
lunch/200 mile charge -> drive 200 miles = 540 miles
(+)10min idle/100miile charge -> drive 100 miles = 440 miles
0 mins dinner/200 mile -> drive 200 miles = 240 miles
(+)10min idle/100miile charge -> drive 100 miles = 140 miles
(+)15 min idle/150 mile charge -> drive 140 miles = get to hotel and charge there
10 + 10 + 10 + 15 = 45 min - you say 10 mins to fill up at a gas station twice (2x10min) = 25 mins more to drive a tesla 1100 miles
save about $100-$150 in gas. Even if i had to spend an extra hour driving the tesla i would make $150 profit doing so, and my long drives with autopilot to LA have been amazing. I would pay extra for that feature alone.
basic middle school math here. Tesla does this math for you in the ipad on the dash, they even thought of the math illiterate folks
Who drives 272 Miles daily? What are you a trucker?
You might as well just say No HDMI, I'm out
This is a car, I've many ICE cars and like most jokers out there, as soon as the dial gets slightly below 50% I'm in the gas station as if tomorrow is the zombie apocalypse.
I've been doing this for a decade and zombie apocalypse still isn't here.
Almost every driver out there does less than 100Miles a day, with many buyers here barely commuting 50Miles a day. Unlike my ICE car that needs a gas station, you can charge an EV at home so this outrage about range is just PHONY.
Same thing even goes for the LR versions. How often do you drive that range? If you plan to drive that range daily, please consider a PJ. Otherwise do what every other reasonable person does and plan your trip with stops because people have been doing that with ICE forever.
Who drives 270 miles non-stop? That's at least 5 hours non-stop? I've been doing long trips for over a decade. It is so uncommon to drive 5hrs non-stop that if that is the issue to not buy an EV then please don't buy a ICE car either.
Its like the guys who buy a $40,000 car to drive uber and they use up their tires/fuel/warranty on rides that wont even cover their apartment+car payment. Slickdeals has a strong overlap with that crowd. A ton of non-viable side hustles
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I guess I'm older than you, only took me 4 hours to UCLA in a 5 speed!
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.
I earlier bought Model 3 in 2019 and current version seems a bit nicer and in center console and trunk. LFP batteries are also good deal but sucks they got rid of sensors.
Overall, it is a good value for the price. Folks on this thread are polarizing and tallks about all the crazy stuff. Yes, Elon is an ass but for the price, base SR at 30k is a good value. No need to nitpick on a bunch of things.
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