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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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I did notice that the price went up by $200... so wondering if that's the difference.
Also cause elon's a knob.
PATH A: Keep the Subaru. For the next 3 years, you're driving a Subaru and paying about $800 in gas and car payments. In 3 years, you will have no car payment, and you'll be paying $280/mo. for gas. Your car will be worth somewhere between $12k and $20k.
PATH B: Sell the Subaru, buy the model 3. It sounds like you owe a little less than $20k on the Subaru, and it's probably worth a little less than $30k.
For the next 3 years, you're driving a model 3 and paying about $800 in electricity and car payments. In 3 years, you will still have that $900/mo. combined payment and will owe $20k on a car that's probably worth $25k. You will also have more expensive car insurance to factor in.
However, over the next year, you will have $0, $7500, $9500, $15k, or maybe some higher amount coming back to you in the form of tax incentives, credits, etc. Plus something in the $10k ballpark net from the Subaru sale.
I would look at it this way- some percentage of a car purchase is always pure "consumption". There's always a cheaper option- you could buy a 10 year old mechanically sound but hail-damaged Civic with a ski rack and have similar cargo capacity, slightly better mileage, and much lower payments.
The real question is if you'd rather drive a Model 3 or an Outback. Reasonable people will disagree there. Tesla is faster, has virtually no maintenance, etc. The Outback is better for long road trips and people are less likely to assume you're a farking asshole as soon as you roll up.
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It's 60:1.
....
Tesla has done a ton to advance the adoption of electric cars. You can't swing a dead cat without hitting a Model Y in most urban areas. You can push a button on your phone and make the cars fart. The cars accelerate fast and have little to no maintenance. Elon Musk has achieved a vision that seemed extremely unlikely a decade ago.
On the other hand, people who drive Teslas are disproportionately likely to have a stupid farking vanity plate. They call their cars "Teslas" way more often than Honda owners call their cars "Hondas". The fit and finish is not on par with luxury cars, insurance is relatively expensive, and it can't be overlooked that Elon has more than a few social blind spots and also isn't exactly self-made. Also, for a variety of reasons, ranging from derpy styling, limitations of battery technology, and probably stubbornness verging into jealousy, Teslas are not seen as "cool" by conventional car fans.
My advice is this:
You do not appear to be considering new information at all. You seem to see a criticism, push back hard, and cling to whatever evidence you have. That's grating to people. It's grating to me, and I own a Model Y and am probably going to own a Model 3 as well by the end of July.
I think that accepting that Tesla is not just "better at everything every time" puts you in a more tenable position.
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Maybe next year don't make advance payments and buy it next year ?
A lot of these programs are "low income" which means a family of 4 making under 100k in Boulder county still qualifies. Crazy to think 100k is now low income!
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