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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 07:32 PM
2,357 Posts
Joined Feb 2005
nolifeApr 08, 2024 07:32 PM
2,357 Posts
Quote from mattun :
So seriously, you get an EV to save time and money. IMHO, you should buy with the mindset of driving it until the wheels fall off. The tech is improving so quickly that depreciation is going to get it regardless, but you'll get that back in five years in gas savings/repairs assuming you have a long commute and in ten years you won't care if it turns to dust. I literally saved 4K a year in gas and bridge toll on a 82 mile commute the past decade by getting a Volt and solar. EVs are the lone case that typical leases are almost justifiable. Like if you just want one but are concerned it'll be a PITA to use the Tesla network with an adapter in a couple years or think 300 miles range isn't enough (personally, I don't, but that's another thread), then doing a lease kicks the can down the road a couple years and you can get what you really want later without the full pain of the rapid depreciation EVs are having now when you buy.
I drive a 22 year old car I paid $2K for 10 years ago and still have my 1991 car I bought brand new. I'm well aware of overall cost savings and ROI. The tread mill of 3-5 or 8 years that is becoming new cars is not economically in anyone's best interest. Some people will have a perpetual lease and/or car payment for the next 30 years and fork well over 450K in that time frame doing it.
Last edited by nolife April 9, 2024 at 06:08 AM.
Apr 08, 2024 07:34 PM
182 Posts
Joined Jul 2021
BrightGorilla113Apr 08, 2024 07:34 PM
182 Posts
Quote from nolife :
I drive a 22 year car I paid $2K for 10 years ago and still have my 1991 car I bought brand new. I'm well aware of overall cost savings and ROI. The tread mill of 3-5 or 8 years that is becoming new cars is not economically in anyone's best interest. Some people will have a perpetual lease and/or car payment for the next 30 years and fork well over 400K in that time frame.
This is the true way of saving the environment and not what new ev buyers think it is
Apr 08, 2024 07:34 PM
15,359 Posts
Joined Sep 2009
KnightshadeApr 08, 2024 07:34 PM
15,359 Posts
Quote from mattun :
Probably because that's how it was before this year. There's defiantly no chance of clawback if you qualify in 2023, retire or make more than 300K in 2024, and then buy an EV, right?

There's no chance of clawback unless you're over the max income limit for both 23 and 24.

Quote from vtec26 :
Genuine question about the point of sale $7500. What if one doesn't qualify (income is too high) but takes the $7500 point of sale discount anyway?

I've read that come tax time, they'll have to pay back the $7500.
Correct.


Quote from vtec26 :
Question is, how would the IRS know that a high earner in that scenario actually bought an EV and took the credit at point of sale?

AFAIK, dealers do not take SSN if no loan is being originated,
Incorrect

Quote from IRS FAQ :
Q6. What information do I need to provide to the registered dealer and when? (added Oct. 6, 2023)
A6. Not later than the time of sale, you must provide the registered dealer with the following:

Date of the transfer election.
Your taxpayer identification number.
A photocopy of your valid, government-issued photo identification document.
An attestation, that either:
Your prior year modified AGI did not exceed the modified AGI limitation, or, if not known, to the best of your knowledge and belief, your prior year modified AGI did not exceed such limitation, or
To the best of your knowledge and belief, your current year modified AGI will not exceed the modified AGI limitation. See Topic B, FAQ 1 and Topic E, FAQ 1.
For new clean vehicles, an attestation that the vehicle will be used predominantly for personal use.
.
Apr 08, 2024 07:35 PM
530 Posts
Joined Mar 2007
kipper99Apr 08, 2024 07:35 PM
530 Posts
Quote from vtec26 :
Genuine question about the point of sale $7500. What if one doesn't qualify (income is too high) but takes the $7500 point of sale discount anyway?

I've read that come tax time, they'll have to pay back the $7500. Question is, how would the IRS know that a high earner in that scenario actually bought an EV and took the credit at point of sale?

AFAIK, dealers do not take SSN if no loan is being originated, so even if the dealer files paperwork to the IRS, how would the IRS match up the point of sale discount when the high earner files their tax?
There is a point of sale report, also, you have to sign an affidavit that you are eligible.
Apr 08, 2024 07:35 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 07:35 PM
119 Posts
Quote from nolife :
I drive a 22 year car I paid $2K for 10 years ago and still have my 1991 car I bought brand new. I'm well aware of overall cost savings and ROI.
It was the 3K in gas and 1K in bridge toll a year that made me dump my relatively economical 31mpg 2004 Eclipse on an 82 mile commute rather than crossing my fingers she had another 100K in her. But if you don't drive much and like what you're driving, then absolutely keep what you have.
Last edited by mattun April 8, 2024 at 01:38 PM.
Apr 08, 2024 07:35 PM
2,368 Posts
Joined Feb 2014
elefante72Apr 08, 2024 07:35 PM
2,368 Posts
Quote from cappuccinoman :
You're kidding right? The model 3 is 1000 times nicer than a Corolla !! Accept the fact. Also, model Y out sold Corolla and Rav4 in 2023. HUM, why is that?
I have a M3 but I also have no illusion it will outlast a Corolla.
Apr 08, 2024 07:36 PM
257 Posts
Joined May 2011
vtec26Apr 08, 2024 07:36 PM
257 Posts
Quote from Knightshade :
There's no chance of clawback unless you're over the max income limit for both 23 and 24.



Correct.




Incorrect
Helpful, thanks! Too bad there's no lease buy out option anymore to still get the $7500K. I guess the govt did something right and is truly trying to help those who need help the most.

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Apr 08, 2024 07:40 PM
9,400 Posts
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tunabreathApr 08, 2024 07:40 PM
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9,400 Posts
If one ends up owing no federal tax at tax year end or they get a tax refund, then you will not get any of this $7500 tax credit?

Example:

I owe $1000 federal tax. I'm only eligible for the amount to reduce my federal tax payment to $0 meaning I would only get $1,000.

OR

If I owe $0 to IRS, then I get $0 from this tax credit, correct?
2
Apr 08, 2024 07:42 PM
934 Posts
Joined Jan 2011
vajratlrApr 08, 2024 07:42 PM
934 Posts
Quote from daweyo :
For those who want to know, I would wait for this version to have an LFP battery if you have been on the fence. The major difference is this technology allows you to recharge to the full 100%, oftentimes only needing to charge once a week.Once you get a Tesla, most people will say you should not charge it past 80% to prolong the battery, but that is for the NMC batteries. I found it strange all the talk on charging the battery when I first bought my Tesla, and that majority users were only charging 80% since you now have reduced range and will have to charge more frequently. Charging more frequently leads to more charge cycles, and it was all exhausting reading everything. This being said, once the LFP batteries come to the Model Y in the US, they will probably not be eligible for the tax credit because the batteries are made in China, and brings the percent of the car made in America less than the required threshold. Either way, in my opinion, I would rather have the LFP battery than is recommended to charge to 100% versus one that recommends 80%, severely limiting the advertised distance of the EV for weekly use.
charging frequently does not equate to more cycles.
Apr 08, 2024 07:45 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 07:45 PM
119 Posts
Quote from vajratlr :
charging frequently does not equate to more cycles.
For what it's worth, I spend most of the past decade charging my Volt twice a day to 100% and had maybe a 10% loss of range. All occurred during the pandemic when I was working at home. That said, I'm doing to the 20-80% and 100% once a month thing with the newer EVs just because they told me too.
Apr 08, 2024 07:45 PM
850 Posts
Joined Oct 2007
tmoney468Apr 08, 2024 07:45 PM
850 Posts
Quote from tunabreath :
If one ends up owing no federal tax at tax year end or they get a tax refund, then you will not get any of this $7500 tax credit?

Example:

I owe $1000 federal tax. I'm only eligible for the amount to reduce my federal tax payment to $0 meaning I would only get $1,000.

OR

If I owe $0 to IRS, then I get $0 from this tax credit, correct?
No, you're thinking about the taxes you paid vs what is owed. If you had a high enough tax liability, this would reduce it by $7500 if you qualified
Pro
Apr 08, 2024 07:46 PM
1,682 Posts
Joined Feb 2009
CrazyGoat
Pro
Apr 08, 2024 07:46 PM
1,682 Posts
Quote from elefante72 :
I have a M3 but I also have no illusion it will outlast a Corolla.
Ehhhh. I'm inclined to agree, with a caveat that the Corolla is death by a thousand cuts which is why it's "economical" to keep it going.

I'd need to probably spend around 100% (or more) of the Corolla's value over that "maximum" ownership period. If you perform all the necessary maintenance - it could indeed last hundreds of thousands of miles.

The difference is that while the Toyota has predictable (and honestly, expensive) maintenance schedules - the Tesla (generally speaking) does not. Thus the cost of ownership looks very different over the same ownership period/mileage.

At 150,000 miles, both cars may run into issues. The probability is that the Tesla's could be expensive (high voltage battery, drive motor, suspension linkages, etc) - while the Toyota's would likely be less-so (alternator, belts, etc). The difference is that you will have probably already spent $10K in maintenance on the Corolla by that point.

In such a hypothetical - the Tesla might not be economical to repair (relative to it's value at that point) - whereas the Corolla fits into a sunk cost fallacy where throwing another $600-$1200 at it makes more sense than buying a new car.
Apr 08, 2024 07:48 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 07:48 PM
119 Posts
Quote from tunabreath :
If one ends up owing no federal tax at tax year end or they get a tax refund, then you will not get any of this $7500 tax credit?

Example:

I owe $1000 federal tax. I'm only eligible for the amount to reduce my federal tax payment to $0 meaning I would only get $1,000.

OR

If I owe $0 to IRS, then I get $0 from this tax credit, correct?
Neither, it's taken off at the point of sale now. You just need to prove you didn't go over the max income the previous year. Last year, you needed to generate at least 7500 taxes for the year to receive the full rebate. It wasn't how much you owed, it was your total taxes (so it wasn't like you needed to claim -5 dependents or sell a bunch of stock to ensure you owed 7500 at the end of the year or anything).
Last edited by mattun April 8, 2024 at 02:02 PM.
Apr 08, 2024 07:51 PM
309 Posts
Joined Oct 2014
chhatcApr 08, 2024 07:51 PM
309 Posts
Its funny how two different deal sites (SD included) pasted the same exact incorrect 3rd option as "Standard Range $48,190." I mean, come on!

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Apr 08, 2024 07:57 PM
1,195 Posts
Joined Oct 2013
MasaikeApr 08, 2024 07:57 PM
1,195 Posts
Thanks for the reply. I will not then be qualified for the 7500 off.
What is a good price for used model x then? 50k can I get a good one?

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