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expiredxTorquEx posted Apr 05, 2024 05:46 PM
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expiredxTorquEx posted Apr 05, 2024 05:46 PM

2024 Tesla Model Y + $7,500 Federal Tax Credit

(For Qualified Buyers)

$40,490

$44,990

10% off
1,480 Comments 1,006,501 Views
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Deal Details
Tesla has dropped the base price of the Tesla Model Y from $44,990 down to $40,490. All Model Y vehicles also qualify for the $7,500 Federal Tax Credit (details here).

Thanks to Community Member xTorquEx for finding this deal.

Available models:
  • Tesla Model Y (Standard Range) from $40,490
  • Tesla Model Y (Long Range) from $44,990
  • Tesla Model Y (Performance Dual Motor All-Wheel Drive) from $48,140

Editor's Notes

Written by megakimcheelove | Staff
  • 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
  • The 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.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by xTorquEx
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Tesla has dropped the base price of the Tesla Model Y from $44,990 down to $40,490. All Model Y vehicles also qualify for the $7,500 Federal Tax Credit (details here).

Thanks to Community Member xTorquEx for finding this deal.

Available models:
  • Tesla Model Y (Standard Range) from $40,490
  • Tesla Model Y (Long Range) from $44,990
  • Tesla Model Y (Performance Dual Motor All-Wheel Drive) from $48,140

Editor's Notes

Written by megakimcheelove | Staff
  • 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
  • The 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.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by xTorquEx

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Top Comments

Autumn
49505 Posts
5094 Reputation
Ok look...

There's a pattern with Tesla threads here. I don't care if you all wanna discuss the deal or the cars but it always turns into paaaages and paaaages of bickering back and forth and nobody ,except for the few involved, enjoy that or wanna wade through that. So cut that stuff out, please and thank you.
AhmadH1772
8 Posts
10 Reputation
This is not as good as the March deal. They are all $1000 more expensive. The other discounts were available most of q1.
BrettL5675
494 Posts
57 Reputation
FYI just because it says "New" doesn't mean it qualifies for the 7500 tax credit. Demo models are new but do not qualify for 7500. If the specific inventory item qualifies it will directly say it on the site.

1,479 Comments

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Apr 08, 2024 03:21 PM
21 Posts
Joined Aug 2011
dribzApr 08, 2024 03:21 PM
21 Posts
Quote from RumbleTheBison :
Wild how something that may have 2500 miles on it is filtered as "new"
A Chevy dealer listed a car as "new". It had 35k on it cause it was a dealer car and never titled.
Apr 08, 2024 03:25 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 03:25 PM
119 Posts
Quote from aifan :
You shouldn't need a crazy amount of infrastructure if most people are charging at home with a full charge when they wake up. Remember EV adoption is still pretty low at 7.6% of sales in 2023.

As more people buy EVs you want extra infrastructure along highways to cover traveling. Places with high utility where charging networks can make money.
It's bliss waking up each morning with a full tank. If you're public charging as your primary method, you're not doing it right.
Apr 08, 2024 03:37 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 03:37 PM
119 Posts
Quote from SlickJimee :
So can someone explain something about this tax credit? My understanding is that this $7500 is only useful if you actually have to pay $7500 or more in taxes, correct or no? If correct, and a person has less than $7500 taxes due typically, can/should that person withhold partial/whole salary amounts in the same year of purchase, so causing the person to have tax liability at the end of the year which would be closer to $7500 or more, where then this Tesla credit would apply to it?
So you need to generate $7500 in taxes to get all of it back. It's not you "owe" $7500 at the end of the year after you do your taxes, it's your total taxes for the year. So like if you made 50K and were in the 22% tax bracket owing about $11K and you were seeing a little under 1K coming out of your paycheck each month, you'd get a $7500 rebate check in the mail. If you're retired and cashing out your minimum 401K, you're only going to get whatever you're paying taxes on that (in that situation, you should take out more than your minimum and stuff it in a 5% CD or whatever so your taxes hit about $7500 since it's free money).
Apr 08, 2024 03:44 PM
15,359 Posts
Joined Sep 2009
KnightshadeApr 08, 2024 03:44 PM
15,359 Posts
Quote from mattun :
So you need to generate $7500 in taxes to get all of it back.
No, you do not.

The ONLY restriction on the buyers side is the max income cap.

If you're below it you can take the full $7500 at point of sale. Tax liability does not matter.


This was just explained- with a direct link to the IRS telling you this, 7 posts before yours in this thread.

https://slickdeals.net/forums/showpost.php?p=170236125&postcount=674
Apr 08, 2024 03:44 PM
44 Posts
Joined Sep 2011
javabizvinceApr 08, 2024 03:44 PM
44 Posts
Almost half of million views in this thread. A lot of high rollers here...
Apr 08, 2024 03:46 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 03:46 PM
119 Posts
Quote from Knightshade :
No, you do not.

The ONLY restriction on the buyers side is the max income cap.

If you're below it you can take the full $7500 at point of sale. Tax liability does not matter.


This was just explained- with a direct link to the IRS telling you this, 7 posts before yours in this thread.

https://slickdeals.net/forums/showpost.php?p=170236125&postcount=674
My bad, I was thinking last year before the point of sale kicked in.
Apr 08, 2024 03:52 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 03:52 PM
119 Posts
Quote from javabizvince :
Almost half of million views in this thread. A lot of high rollers here...
You sure? Honda Pilots can be 53K. Teslas are arguably the cheap minimalist vehicle option now.

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Pro
Apr 08, 2024 03:56 PM
39,319 Posts
Joined Nov 2005
Dr. J
Pro
Apr 08, 2024 03:56 PM
39,319 Posts
Quote from mattun :
You sure? Honda Pilots can be 53K. Teslas are arguably the cheap minimalist vehicle option now.
And you can spend hundreds of $k on a Ferrari. A Model Y is nowhere near the size of a Pilot. It's barely the size of a Rav4. You should really be comparing it to hatchback sedans, not SUV's.
Apr 08, 2024 04:01 PM
7,921 Posts
Joined Mar 2005
flangomangoApr 08, 2024 04:01 PM
7,921 Posts
Quote from Andrew025 :
You can get the credit if you have a "business" as well
What is the AGI limit for the $7500?
1
Apr 08, 2024 04:02 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 04:02 PM
119 Posts
Quote from Dr. J :
And you can spend hundreds of $k on a Ferrari. A Model Y is nowhere near the size of a Pilot. It's barely the size of a Rav4. You should really be comparing it to hatchback sedans, not SUV's.
Even Rav4s can go over 40K MSRP before "market adjustments" as well. Teslas are absolutely NOT high roller mobiles. Bolts and Leafs are the only EVs generally cheaper than them. Like most of the people buying other EVs are shying away from Tesla because they want something nicer.
Apr 08, 2024 04:03 PM
7,921 Posts
Joined Mar 2005
flangomangoApr 08, 2024 04:03 PM
7,921 Posts
Quote from Knightshade :
No, you do not.

The ONLY restriction on the buyers side is the max income cap.

If you're below it you can take the full $7500 at point of sale. Tax liability does not matter.


This was just explained- with a direct link to the IRS telling you this, 7 posts before yours in this thread.

https://slickdeals.net/forums/showpost.php?p=170236125&postcount=674
What's the max income cap?
1
Apr 08, 2024 04:03 PM
44 Posts
Joined Sep 2012
ernestrylesApr 08, 2024 04:03 PM
44 Posts
Quote from SonofZeus :
"New" means: never titled/full factory warranty.
It's always been this way in car world.
PSA: if you want this brand, lease it with no money down.
That's bad advice seeing as you can't buy out Tesla leases.
Apr 08, 2024 04:07 PM
15,359 Posts
Joined Sep 2009
KnightshadeApr 08, 2024 04:07 PM
15,359 Posts
Quote from flangomango :
What's the max income cap?


150k single, 225k head of household, 300k married filing jointly.

All #s are MAGI (modified adjusted gross income)
1
Apr 08, 2024 04:23 PM
7,921 Posts
Joined Mar 2005
flangomangoApr 08, 2024 04:23 PM
7,921 Posts
How expensive is the insurance on these things?

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Apr 08, 2024 04:32 PM
58 Posts
Joined Dec 2018
BrightCrayon176Apr 08, 2024 04:32 PM
58 Posts
Quote from flangomango :
How expensive is the insurance on these things?
I went from approximately $1800 for two cars annually to approximately $2800 in CA using the gecko company. I got MYLR in March with 10k free supercharging with my trade in. My 13 Sienna was getting 18.5 mpg. Wanted a hybrid Toyota or Honda but those were just as pricey with dealerships adding useless add-ons and markups. Thanks to these dealers, I decided to get Tesla.
Last edited by BrightCrayon176 April 8, 2024 at 10:36 AM.
1

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