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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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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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$250/mo with $4500 down. 10k mile limit.
You can't buy the car when the lease is up. This is only for the 2 year lease term and only good till Dec 31st, 2023 as the tax credit for leases get cut in half and is in limbo in 2024.
https://www.autoevoluti
This is flat out wrong. Leases ignore all the restrictions that otherwise limit the credit-- buyer income limit, tax liability, and battery sourcing requirements do not apply to leases at all
But leasing company isn't obligated to pass any of that credit on to the person leasing.
Nothing there is expected to change in 2024.
It's only BUYING a car where the credit might be cut in half for some models.
$250/mo with $4500 down. 10k mile limit.
You can't buy the car when the lease is up. This is only for the 2 year lease term and only good till Dec 31st, 2023 as the tax credit for leases get cut in half and is in limbo in 2024.
https://www.autoevoluti
Never put money down for cap cost reduction on a lease.
Also, that is not including tax and tags, so depending on your state, that could be a few hundred or a few thousand more.
Keep in mind the biggest danger in leasing a Tesla is that you can NOT purchase it at the end of the lease. If for some reason you go over the 20K miles, it is $0.25 a mile overage, and if you go over Tesla can also charge additional fees for additional wear and tear, and you have to pay as you cannot buy it out or sell to a third party like Carvana
So this lease is effective ~$450 a month PLUS tax and tags, but I do agree that if you are on the fence and can keep it under the miles, it is a great way to test the EV waters and insulate yourself from the unknown depreciation from all of the upcoming price drops as well as when the highlander refresh hits the market.
Still waiting for you to honor your word from Mar 23, 2023.
Tesla service centers = absolute effing nightmare staffed by a bunch of idiots, gave multiple centers a try in the SF Bay Area and every single one effed things up. One time waited 3 hours, they said they forgot to work on the car AND later said that they ordered the wrong part, and then sent me home.
Conclusion = will never effing buy another Tesla....and I actually have a model 3 that is less than 11,000 miles (plaqued with quality issues)
Also, shop around your insurance, people. I can't believe some of the insane prices I've heard. I'm paying $607/year for 250/500/100 plus collision coverage and all the goodies through an independent agent.
Tesla service centers = absolute effing nightmare staffed by a bunch of idiots, gave multiple centers a try in the SF Bay Area and every single one effed things up. One time waited 3 hours, they said they forgot to work on the car AND later said that they ordered the wrong part, and then sent me home.
Conclusion = will never effing buy another Tesla....and I actually have a model 3 that is less than 11,000 miles (plaqued with quality issues)
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Should the DMV win its case, its legal motion says, Tesla's California manufacturer's license could be revoked, and the company could be required to pay restitution to "persons or institutions who have suffered financial loss or damage."
https://www.msn.com/en-us/autos/n...3b18&ei=17
https://www.msn.com/en-us/autos/n...r-AA1lrwhg
https://www.msn.com/en-us/autos/n...r-AA1lrwhg
Given the "recall" is "a software update, over the air" and that the "defect" is "drivers were not paying enough attention" and the fix is "the car may nag the driver more if they're not paying attention" I'm not sure the % of cars sold actually matters at all.
Why do you imagine it would?
Why do you imagine it would?
AFAIK that's the case with all such investigations--- they remain open until at least the recall is completed (and sometimes for a while after since, as suggested, they want to monitor how effective the remedy was).
In this case that's a bit weird to judge as the "problem" wasn't anything actually wrong with the vehicle or its operation, it was "Humans don't pay enough attention"
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Tesla service centers = absolute effing nightmare staffed by a bunch of idiots, gave multiple centers a try in the SF Bay Area and every single one effed things up. One time waited 3 hours, they said they forgot to work on the car AND later said that they ordered the wrong part, and then sent me home.
Conclusion = will never effing buy another Tesla....and I actually have a model 3 that is less than 11,000 miles (plaqued with quality issues)
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