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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://slickdeals.net/f/16691801-2023-tesla-model-3-7500-federal-tax-credit-from-37830-for-qualifying-buyers?v=1&p=16
You're in desperate need of new material.
https://www.insurance.c
Tesla car insurance costs more than many other cars. A full coverage policy on a 2021 Model 3 Tesla costs $2,503 a year on average, well above the national average of $1,682 for full coverage. So, why is Tesla insurance so high?
https://www.teslarati.c
Insurance companies usually consider a vehicle a total loss when the cost of repairing it is deemed too high. Interestingly enough, out of the 15 Giga Texas-made Model Y Long Range vehicles that were part of the publication's analysis and declared as total losses from June to November, 14 had fewer than 10,000 miles on their odometers.
These include a Giga Texas-made 2022 Model Y Long Range, which was listed by IAA with front collision damage in early January. The vehicle had a retail price of $61,388 and an estimated repair cost of $50,388. Another Model Y, which was listed with side collision damage, had a retail price of $72,667 and an estimated repair cost of $43,814.
https://www.insurancebu
Of the 15 Tesla Model Y long range vehicles built in the company's Austin, Texas plant from June through November 2022 before being totaled in crashes and auctioned off, all but one had fewer than 10,000 miles on the odometer, Reuters said.
Model y base is slightly more expensive NCA battery and more energy dense, charges sliiightly faster, but doesnt like to be charged to 100% like model 3 LFP
So it makes no difference for the insurance cost, since everybody needs to carry it.
BTW there are 18 states using no fault insurance
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You understand comparing insuring a $50,000 car to "national average of all cars including 10+ year old ones" is an incredibly dishonest comparison right?
So why are you presenting a dishonest argument?
Is it because you know an honest one would prove you wrong... .again?
This was with Geico in CA.
Tesla drivers are statistically safer than other drivers because theyre typically more educated/older, so in MA if a 16 year old driver t-bones you, your insurance makes YOU pay for the repair to your tesla. Its asinine because it means bad drivers will continue to be bad drivers because they dont have ANY reason to drive safer. These states are almost literally the wild west in more ways than one..
Can't do worst then you, again, no fault doesn't apply for the repair
There is a screen from The Hartford website
not sure where you got this from, must be written by yourself
If Tesla drivers are educated, how you got Tesla?
TIA
Are you saying Tesla insurance is more because a state is no fault?
You understand comparing insuring a $50,000 car to "national average of all cars including 10+ year old ones" is an incredibly dishonest comparison right?
So why are you presenting a dishonest argument?
Again, as you have been told before, you need to take it up with insurance.com I did not write the article, nor did I publish it, so if you think it is dishonest, by all means contact them and tell them rather than arguing a losing argument on Slick Deals.
I have provided source after source of CURRENT articles, and they all say the same thing. Teslas cost more to insure. Period. Full Stop.
You seem to be the ONLY person arguing otherwise, except for maybe one of your wannbes
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You understand comparing insuring a $50,000 car to "national average of all cars including 10+ year old ones" is an incredibly dishonest comparison right?
So why are you presenting a dishonest argument?
Is it because you know an honest one would prove you wrong... .again?
Why would you, or anybody have a "Full Coverage" policy on a 10+ year old car? That sounds like a you problem.
A full coverage policy on a 2021 Model 3 Tesla costs $2,503 a year on average, well above the national average of $1,682 for full coverage. So, why is Tesla insurance so high?
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