Item 1 of 2
Item 1 of 2
expiredxTorquEx posted Apr 5, 2024 5:46 PM
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(For Qualified Buyers)
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:
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.
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:
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.
Community Voting
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Top Comments
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.
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1.5K Comments
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There's no chance of clawback unless you're over the max income limit for both 23 and 24.
I've read that come tax time, they'll have to pay back the $7500.
AFAIK, dealers do not take SSN if no loan is being originated,
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.
.
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?
Correct.
Incorrect
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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?
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?
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.
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?
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What is a good price for used model x then? 50k can I get a good one?
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