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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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Top Comments
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.
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1.8K Comments
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Insurance costs are wildly variable not just across state lines, but down to the level of ZIP+4 location wise--- also modified by typical miles driven, your personal driving record, your personal credit score, and many other factors.
My Model 3 insurance is about the same as it was for my gasoline Lexus IS350 before it, through USAA--- but that's in not super useful to anyone else unless they live in my neighborhood and a similar credit score and driving history.
I can tell you to shop around- and that when others have done so they've found reports of CRAZY INSURANCE COSTS greatly, greatly, exaggerated- for example when Motortrend compared insurance costs of Tesla vs BMW they found the 3 was actually the same or cheaper to insure (depending on trim) to the most comparable BMW 3 series trims.
Your understanding is not correct- the battery is entirely swappable fairly easily.
Now if your car has depreciated a bunch it might still not be worth doing as a % of the vehicles value, but there's nothing physically making it difficult.... Indeed there's videos out there of folks who've swapped in larger packs (in things like the S where larger packs exist) or swapping the same-sized pack into a 3 to support switching it from single motor to dual motor (the packs are slightly different since they need another connector for the second motor)
I checked Model Y, Bolt, Mustang Mach-E, ID.4, Ioniq, along with BMW Series 3 and a few other ICE sedan models. Oddly, the Model 3 was even 15-20% more than the Model Y, which is so similar.
As I understand, the Tesla batteries are not really repairable, so any tiny damage from a collision requires that the car be totaled and taken as a loss. I wondered if a high or low deductible was better in that case, or even a limited collision (which in MA means coverage for less than 50% at fault), not sure of the best strategy. But is does change my thoughts on this deal if it is an extra 1K per year of owning it.
I would want a lower deductible since the chance of being totaled for minor damage is so high. I wouldn't want to be responsible for $1-$2K
https://www.thedrive.co
https://www.businessins
https://www.reuters.com/business/...023-03-20/
Your understanding is not correct- the battery is entirely swappable fairly easily.
Now if your car has depreciated a bunch it might still not be worth doing as a % of the vehicles value, but there's nothing physically making it difficult.... Indeed there's videos out there of folks who've swapped in larger packs (in things like the S where larger packs exist) or swapping the same-sized pack into a 3 to support switching it from single motor to dual motor (the packs are slightly different since they need another connector for the second motor)
https://www.businessins
I can tell you to shop around- and that when others have done so they've found reports of CRAZY INSURANCE COSTS greatly, greatly, exaggerated- for example when Motortrend compared insurance costs of Tesla vs BMW they found the 3 was actually the same or cheaper to insure (depending on trim) to the most comparable BMW 3 series trims.
$13K https://www.findmyelect
$16K https://www.currentauto
https://www.businessins
I see you replied without reading, or understanding, what you were actually replying to.
Again.
The various ways in which your reply was nonsensical- first-
The original post was asking about the Model 3.
Your link is about structural battery packs- which are not used on the Model 3.
So you replied with an utterly irrelevant story.
Second, even in the irrelevant story, he's not saying THE CAR can't be repaired- he's saying the PACK can't. Instead it would be swapped with a new pack.
Guess what the post YOU QUOTED said with you trying to say it was wrong?
So you gave an irrelevant answer about a thing nobody actually asked about- and even THEN it was a wrong answer.
Classic you I must say.
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Because you're naming generic series of vehicles, while costs will be wildly different with trim..... the Motortrend thing noted the same.... so I have to wonder if you somehow picked the Performance 3 vs the base BMW and Y or something there?
And you're asking for a source the battery is swappable... while also providing 2 links specifically about the cost to swap the battery... so your question does not make much sense..... not only did YOU just provide sauces confirming what I said, it quoted prices... (prices that would not total a car unless it was already quite depreciated)
Except, of course, it's not.
https://www.motortrend.
So the standard and LR 3 series was the same as the comparable BMW for insurance.
The performance 3 was actually cheaper than the equivalent BMW.
The S was a little more expensive, but also comes with a significantly cheaper upfront cost and better performance so that's mostly a wash if you keep the car a while (or a net win for Tesla if you keep it a shorter time)
The Y was a similar story, in part because performance on the BMWs is garbage in comparison until you get to the most expensive trims- at which point insurance costs are within 10% of each other.
Only the X kinda sucked insurance wise- which is not surprising it's easily the most complex and overdesigned thing Tesla sells, maybe that anybody sells.... Also the one Tesla I don't generally recommend to people.
https://www.businessins
Nothing in what Sandy Munroe says in the article indicates that a minor accident would total a Model Y. Sandy's only quote here is about the repairability of the battery pack. The author cherry picked a bunch of quotes to cobble them together and create a story out of nothing. Where is the proof that Model Y packs are easy to damage?
It cost Engineering Explained a whopping $11 to fix damage on his Tesla when something contacted the battery pack... https://www.youtube.com/watch?v=x...Plo
Again.
The various ways in which your reply was nonsensical- first-
The original post was asking about the Model 3.
Your link is about structural battery packs- which are not used on the Model 3.
So you replied with an utterly irrelevant story.
Second, even in the irrelevant story, he's not saying THE CAR can't be repaired- he's saying the PACK can't. Instead it would be swapped with a new pack.
Guess what the post YOU QUOTED said with you trying to say it was wrong?
Which....remains true. You can swap a new pack into the car the guy actually was asking about and you can swap a new pack into the one specific trim of Y that uses the structural pack too (though it requires more labor the non-structural one obviously). The tesla service manual includes procedures for swapping the entire pack in both situations though. Just like you were told in the first place.
I just posted what he said and you go off on a tirade defending your beloved Tesla
It cost Engineering Explained a whopping $11 to fix damage on his Tesla when something contacted the battery pack... https://www.youtube.com/watch?v=x...Plo
What are yours again?
I think you need to write to him with your engineering prowess
https://www.kiplinger.com/taxes/605081/ev-tax-credit-inflation-reduction-act-2022-changes?utm_term=3... [kiplinger.com]
Except, of course, it's not.
https://www.motortrend.
https://www.reuters.com/business/...023-03-20/
https://www.businessins
https://www.thedrive.co
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He's not the one who doesn't even know what the question was.
A guy was asking about the ability to swap out the battery in a Model 3.
You replied with a video about REPAIRING an entirely different kind of battery in an entirely different model of car
So you not only didn't answer the actual question, the answer you DID give still didn't say anything at all about swapping in a new battery.
Which- just like was originally posted- can easily be done on the Model 3.
It can even be done on the Model Y with the battery in the Munro video.
Without understanding either the question, or what he actually said.
Like I said- classic you--- answering a question nobody actually asked, and still getting the answer wrong.
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