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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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https://www.reuters.com/business/...023-03-20/
https://www.businessins
https://www.thedrive.co
Again misunderstanding the question, then answering it wrong anyway
0 of those links compare insurance pricing on a specific Tesla to a comparable gas car as the link I provided did which disproved your claim.
They DO contain gems like this one though!
Way to disprove your own claim my dude!
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But I found for 100/250/500 and 500 ded, late 40s, married, renter, 7.5-10K, no commute, clean records
Mustang MachE - 930 (annual)
VW ID.4 - 950
Hyundai Ionic - 960
BMW Series 3 - 1200
BMW Series 3(hybrid) - 1330
Prius - 1100
Corolla (hybrid) - 826
Corolla (Cross) - 930
Tesla Model 3 - 2400 (2040 if collision ded changed to 1000)
Tesla Model Y - 1900 (1740 if collision ded changed to 1000)
Tried Geico, Progressive, Amica. Other insurers were similar for Tesla, except Liberty Mutual which was $4667...? Something is just odd with Tesla Model 3 insurance, and I assume it is the battery. Collision is about 55% of the Tesla cost, about 33% for the other vehicles. Reuters hints that Tesla will not give other insurers access to battery data, so insurers will total a car for even minor battery damage rather than face a lawsuit later for one they should have totaled. And the MA insurance marketplace is a bit odd, so Tesla may not wish to enter to provide competition. Ugh.
With 5K in taxes and delivery, but 11K in EV credits and no dealer markup, we were very interested in this deal. This insurance cost is such a huge wrench.
But I found for 100/250/500 and 500 ded, late 40s, married, renter, 7.5-10K, no commute, clean records
Mustang MachE - 930 (annual)
VW ID.4 - 950
Hyundai Ionic - 960
BMW Series 3 - 1200
BMW Series 3(hybrid) - 1330
Prius - 1100
Corolla (hybrid) - 826
Corolla (Cross) - 930
Tesla Model 3 - 2400 (2040 if collision ded changed to 1000)
Tesla Model Y - 1900 (1740 if collision ded changed to 1000)
Tried Geico, Progressive, Amica. Other insurers were similar for Tesla, except Liberty Mutual which was $4667...? Something is just odd with Tesla Model 3 insurance, and I assume it is the battery. Collision is about 55% of the Tesla cost, about 33% for the other vehicles. Reuters hints that Tesla will not give other insurers access to battery data, so insurers will total a car for even minor battery damage rather than face a lawsuit later for one they should have totaled. And the MA insurance marketplace is a bit odd, so Tesla may not wish to enter to provide competition. Ugh.
With 5K in taxes and delivery, but 11K in EV credits and no dealer markup, we were very interested in this deal. This insurance cost is such a huge wrench.
But I found for 100/250/500 and 500 ded, late 40s, married, renter, 7.5-10K, no commute, clean records
Mustang MachE - 930 (annual)
VW ID.4 - 950
Hyundai Ionic - 960
BMW Series 3 - 1200
BMW Series 3(hybrid) - 1330
Prius - 1100
Corolla (hybrid) - 826
Corolla (Cross) - 930
Tesla Model 3 - 2400 (2040 if collision ded changed to 1000)
Tesla Model Y - 1900 (1740 if collision ded changed to 1000)
Tried Geico, Progressive, Amica. Other insurers were similar for Tesla, except Liberty Mutual which was $4667...? Something is just odd with Tesla Model 3 insurance, and I assume it is the battery. Collision is about 55% of the Tesla cost, about 33% for the other vehicles. Reuters hints that Tesla will not give other insurers access to battery data, so insurers will total a car for even minor battery damage rather than face a lawsuit later for one they should have totaled. And the MA insurance marketplace is a bit odd, so Tesla may not wish to enter to provide competition. Ugh.
With 5K in taxes and delivery, but 11K in EV credits and no dealer markup, we were very interested in this deal. This insurance cost is such a huge wrench.
And yet you're somehow getting quoted half that price for the BMW but not the Tesla.
Something definitely weird in your case though too many factors going into insurance costs to say what.
https://wallethub.com/edu/ci/tota...ate/104642
This suggest the "total the car" threshold is repairs costing 75% or more of the vehicles value in most states.
That said it does list MA has using some special formula for totaling- so maybe they've got something weird where they're much more likely to total a car for a much smaller % of its value in repairs than most states?
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Right. They're RIGHT BACK to March 2022 with 9 month backlogs.
PLUS they need to put a ton of debt on the books they don't want as well to carry the leased vehicles.
And in return they gain... literally nothing. Because they can already easily sell all the cars they're making in a timely fashion.
A lot has happened in 12 months so easy to forget how mar 2022 was totally different world.
Even without that knowledge though a simple supply/demand lever is price. Theyve been pulling the pricing lever for months now on m3 rwd. For tesla to be knocking off another ~$2500 off the price of a model 3 is them pulling a pricing lever at rock bottom. By definition. To keep up with their car delivery milestones they are pulling the lever way too much. As a shareholder i do not understand why they would need to pull that lever that much when theres so many people over the income limit who would be glad to buyout a lease on a model 3 at $42,500. (their net would be $35,000, huge win win). Uncle sam is willing to pay for the lever pull. Let them do it. Admittedly most blog posts only report out quarterly deliveries, it is understandable that for tesla that is their northstar and they are not concerned at their profit margin because the average blog reader is too stupid to grok simple earning report stats like net revenue and not realize that no other mass car companies come close to tesla.
Model Y is a totally different story though. The model Y is the best selling car in the world as we know. Tesla has only pulled that pricing lever a bit. Thats why they only took a whopping 1% off of the new inventory price compared to the ridiculous 6% off model 3.
if i understand it correctly the no-fault means your clean driving record is irrelevant, theyre forced to price you as if you had the max amount of accidents in other states.
Tesla, which has vastly more information about customers and order flow and production information than we do, knows something you do not and therefore finds the price adjustments a better way to match demand to supply at this time (see near the end for one possible reason why beyond the "they don't want to sink a ton of debt onto their books which expanding leasing would require" as an already good reason)
or
The only profitable new car company in the US in a century is run by idiots missing something incredibly obvious and there's no good reason they're not doing that thing.
I tend to think it's that first one-- you seem to be convinced it's the second.
Or... since they're just about the refresh the Model 3, they want to insure they can clear out the inventory of the old model without much delay... and the last thing in the world they would want would be a ton of people dropping orders they can not fulfil until AFTER the refresh.
Because the refresh pricing will almost certainly be higher, but they'd be obligated to fill those orders at the lowest today prices.
So there's 2 possibilities here:
Tesla, which has vastly more information about customers and order flow and production information than we do, knows something you do not and therefore finds the price adjustments a better way to match demand to supply at this time (see near the end for one possible reason why beyond the "they don't want to sink a ton of debt onto their books which expanding leasing would require" as an already good reason)
or
The only profitable new car company in the US in a century is run by idiots missing something incredibly obvious and there's no good reason they're not doing that thing.
I tend to think it's that first one-- you seem to be convinced it's the second.
Or... since they're just about the refresh the Model 3, they want to insure they can clear out the inventory of the old model without much delay... and the last thing in the world they would want would be a ton of people dropping orders they can not fulfil until AFTER the refresh.
Because the refresh pricing will almost certainly be higher, but they'd be obligated to fill those orders at the lowest today prices.
So yeah like I said, they are pulling the model 3 price lever because they DO NOT have the demand they want for model 3, and thus needed to create immense demand BUT the lease buyout would be a mess if they only enabled it for model 3 and not model y, so they're not doing it altogether.
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This car can only be registered in CA
Why can't they just motioned this before everything.
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