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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 1,006,472 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.

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Apr 08, 2024 07:58 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 07:58 PM
119 Posts
Quote :
Quote from CrazyGoat :
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.
CrazyGoatEhhhh. 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.
Another wild card is energy costs when you're calculating the ten year cost to own. Like I didn't feel it because I went solar the same time I bought my Volt, but PG&E raised the EV rate in California from 14 cents to 42 cents the past decade. Gas went from bouncing between $3.50 and $4 to more like $4-$5 now. So depending on where you live, you're totally guessing at how greedy your energy company will be as more people adopt EVs vs. if you think oil prices will (artificially in my opinion) continue to stay under the inflation rate. I feel it's almost a certainty that the EV will be cheaper even without solar if you have any kind of decent commute, but your total savings come 2034 might not be as massive as they appeared when you plugged your numbers into Excel using 2024 rates.

Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
Apr 08, 2024 08:06 PM
90 Posts
Joined Nov 2017
Simplicity1Apr 08, 2024 08:06 PM
90 Posts
any chance this goes lower towards the end of the year when Elon releases the new model Y?
1
Apr 08, 2024 08:12 PM
519 Posts
Joined Nov 2010
hocaspocasApr 08, 2024 08:12 PM
519 Posts
Quote from mattun :
Another wild card is energy costs when you're calculating the ten year cost to own. Like I didn't feel it because I went solar the same time I bought my Volt, but PG&E raised the EV rate in California from 14 cents to 42 cents the past decade. Gas went from bouncing between $3.50 and $4 to more like $4-$5 now. So depending on where you live, you're totally guessing at how greedy your energy company will be as more people adopt EVs vs. if you think oil prices will (artificially in my opinion) continue to stay under the inflation rate. I feel it's almost a certainty that the EV will be cheaper even without solar if you have any kind of decent commute, but your total savings come 2034 might not be as massive as they appeared when you plugged your numbers into Excel using 2024 rates.

Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
I had a 2013 Volt. for 10 years. Great car until it was totaled - The best of both worlds. Battery for 35 miles - good for my daily commute - 35 mpg when I needed to run the gas.
Chevy might bring it back as EV is loosing traction and PHV might be the best transition technology until batteries cars are more reliable.

With this said, I own a Tesla MYLR. and I am very happy with it. It has its limitations - I would have bought a Volt if it was still in the market. I looked at the Prius Plug in- but cost vs technology. Tesla wins.
Apr 08, 2024 08:15 PM
334 Posts
Joined Jun 2015
ChlamberApr 08, 2024 08:15 PM
334 Posts
Quote from Simplicity1 :
any chance this goes lower towards the end of the year when Elon releases the new model Y?
I'm inclined to say no. I expect interest rates to drop and demand to increase towards the end of the year. Combine that with the fact that oil is now at $85/bbl and our strategic petroleum reserve is at a near record low and you have a lot of risk for oil price there. If there were an oil spike I expect demand for EVs would also go up accordingly as the economics tip in their favor. It's cheap enough I would just bite if you want this current generation Model Y. The price is already $1500 higher than it was just over a month ago.
Apr 08, 2024 08:18 PM
1,202 Posts
Joined Oct 2013
TochiTApr 08, 2024 08:18 PM
1,202 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?
As long as you don't earn too much to be disqualified, you get full $7,500 POS tax credit. IRS won't go after you if your tax liability is less than $7,500.
Apr 08, 2024 08:20 PM
2,233 Posts
Joined Nov 2014
TurtlePerson2Apr 08, 2024 08:20 PM
2,233 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?
I googled "is the ev tax credit refundable" and it answered your question. It's a nonrefundable credit, so if you owe $0 of federal income taxes, then you can't claim it. That having been said, if you actually owe $0 of federal income taxes, then you're savvy enough to already know that, so perhaps you meant to ask a different question?
Apr 08, 2024 08:24 PM
90 Posts
Joined Nov 2017
Simplicity1Apr 08, 2024 08:24 PM
90 Posts
Quote from Chlamber :
I'm inclined to say no. I expect interest rates to drop and demand to increase towards the end of the year. Combine that with the fact that oil is now at $85/bbl and our strategic petroleum reserve is at a near record low and you have a lot of risk for oil price there. If there were an oil spike I expect demand for EVs would also go up accordingly as the economics tip in their favor. It's cheap enough I would just bite if you want this current generation Model Y. The price is already $1500 higher than it was just over a month ago.
Is it higher than a month ago? I thought they just dropped 5k, and they only increased 1k a month ago.

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Apr 08, 2024 08:26 PM
2,233 Posts
Joined Nov 2014
TurtlePerson2Apr 08, 2024 08:26 PM
2,233 Posts
Quote from hocaspocas :
I had a 2013 Volt. for 10 years. Great car until it was totaled - The best of both worlds. Battery for 35 miles - good for my daily commute - 35 mpg when I needed to run the gas.
Chevy might bring it back as EV is loosing traction and PHV might be the best transition technology until batteries cars are more reliable.

With this said, I own a Tesla MYLR. and I am very happy with it. It has its limitations - I would have bought a Volt if it was still in the market. I looked at the Prius Plug in- but cost vs technology. Tesla wins.
PHV makes a lot of sense right now while batteries are expensive. The battery is between 25-50% of an EV's cost, so an EV can potentially be way cheaper if consumers settle for shorter range or if batteries become cheaper.

PHV recognizes that most people only drive short distances and that paying for a huge battery for the rare 100+ mile journeys isn't logical right now. I'm sure there are some people who regularly take advantage of the range, but for most people, it's like a family of 3 owning a 6 bedroom house so they can host people at Christmastime.
Apr 08, 2024 08:26 PM
47 Posts
Joined Nov 2014
AdamS4085Apr 08, 2024 08:26 PM
47 Posts
Quote from mattun :
Another wild card is energy costs when you're calculating the ten year cost to own. Like I didn't feel it because I went solar the same time I bought my Volt, but PG&E raised the EV rate in California from 14 cents to 42 cents the past decade. Gas went from bouncing between $3.50 and $4 to more like $4-$5 now. So depending on where you live, you're totally guessing at how greedy your energy company will be as more people adopt EVs vs. if you think oil prices will (artificially in my opinion) continue to stay under the inflation rate. I feel it's almost a certainty that the EV will be cheaper even without solar if you have any kind of decent commute, but your total savings come 2034 might not be as massive as they appeared when you plugged your numbers into Excel using 2024 rates.

Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
I like both your comments but I would point out I suspect the battery will outlast 150k miles (200 mile real world range and battery should be good for 1000 cycles at least =200k miles, especially if most of the time you charge to 80%)

Also I've always had to replace suspension components on most of my high mileage ICE cars.
Apr 08, 2024 08:31 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 08:31 PM
119 Posts
Quote from hocaspocas :
I had a 2013 Volt. for 10 years. Great car until it was totaled - The best of both worlds. Battery for 35 miles - good for my daily commute - 35 mpg when I needed to run the gas.
Chevy might bring it back as EV is loosing traction and PHV might be the best transition technology until batteries cars are more reliable.

With this said, I own a Tesla MYLR. and I am very happy with it. It has its limitations - I would have bought a Volt if it was still in the market. I looked at the Prius Plug in- but cost vs technology. Tesla wins.
Yeah, it seemed ridiculous to me that the Prius Prime was almost the same specs as the Volt for $20K more. I went EV6 (I've noticed a weird common Volt > EV6 progression on the EV6 board) and couldn't be happier, but I honestly did spend a couple days searching for low mile Volts when my son started driving mine. I can't even tell if GM is failing or not. It's seriously an INCOMPLETE right now. Like when the Equinox comes out, if isn't a Dorkmobile like the Bolt, really sells for 35K, and receives the fed rebate... that theoretically is a going to be a big winner and fill the cheap small electric SUV niche everybody claims they're waiting for. But it's basically a year and half late at this point, the Blazer was hella buggy, and GM is talking PHEVs again so who knows?
Apr 08, 2024 08:39 PM
15,359 Posts
Joined Sep 2009
KnightshadeApr 08, 2024 08:39 PM
15,359 Posts
Quote from TurtlePerson2 :
I googled "is the ev tax credit refundable" and it answered your question. It's a nonrefundable credit, so if you owe $0 of federal income taxes, then you can't claim it.

This is not correct- and multiple posts in the last several pages have linked directly to the IRS debunking it.

The fact is since Jan 1 2024 your tax liability is totally irrelevant to qualifying for the full $7500 point of sale credit.


Not sure why people keep repeating misinformation saying otherwise.



Quote from Simplicity1 :
Is it higher than a month ago? I thought they just dropped 5k, and they only increased 1k a month ago.
The MSRP on a new custom order is $1000 higher than last month.

But there are discounts on cars already in inventory that may be larger (depending on specific location, options, if it has miles as a demo car, etc).
Apr 08, 2024 08:39 PM
119 Posts
Joined Jan 2014
mattunApr 08, 2024 08:39 PM
119 Posts
Quote from AdamS4085 :
I like both your comments but I would point out I suspect the battery will outlast 150k miles (200 mile real world range and battery should be good for 1000 cycles at least =200k miles, especially if most of the time you charge to 80%)

Also I've always had to replace suspension components on most of my high mileage ICE cars.
Thanks, it was at 135K miles when I returned my Volt to its home dealership (to hopefully serve somebody else well). Got a deal on an EV6 that I couldn't refuse. I had to do the typical 45/90/135K services (all fluids, filters, and inspections), the backup generator required oil changes, and there were tire rotations (the EV tires were slightly more expensive than normal tires at Costco too) but that was the only maintenance. That's a good question about the suspension, I don't see it marked on any of the services. I have no idea why it wouldn't be as prone to repairs there as any other vehicle.
Apr 08, 2024 08:54 PM
8 Posts
Joined May 2011
nate-atlApr 08, 2024 08:54 PM
8 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.
If I'm reading this correctly, leased cars won't qualify for the federal tax credit.

The sale qualifies only if:
  • You buy the vehicle new
  • The seller reports required information to you at the time of sale and to the IRS.
  • Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
Apr 08, 2024 08:56 PM
2,233 Posts
Joined Nov 2014
TurtlePerson2Apr 08, 2024 08:56 PM
2,233 Posts
Quote from Knightshade :
This is not correct- and multiple posts in the last several pages have linked directly to the IRS debunking it.

The fact is since Jan 1 2024 your tax liability is totally irrelevant to qualifying for the full $7500 point of sale credit.


Not sure why people keep repeating misinformation saying otherwise.

I'm not going to spend more than a minute or two on something not relevant to me, but I did find multiple respectable sources such as this one [nerdwallet.com], all of which specify it as nonrefundable in 2024. The fact that you're able to use it at the dealership doesn't mean that you won't end up having to give the IRS the money back (with penalties) if you don't actually qualify. If you have an actual reliable source that explains that the tax is refundable in certain cases, by all means post it, otherwise don't confidently advise someone to make what might be a huge ($7500 + penalties) financial mistake.

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Apr 08, 2024 08:56 PM
15,359 Posts
Joined Sep 2009
KnightshadeApr 08, 2024 08:56 PM
15,359 Posts
Quote from nate-atl :
If I'm reading this correctly, leased cars won't qualify for the federal tax credit.

The sale qualifies only if:
  • You buy the vehicle new
  • The seller reports required information to you at the time of sale and to the IRS.
  • Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.

The credit goes to the owner of the car.

When you lease a new vehicle the owner is the leasing company.

THEY get the credit.

In some cases (Tesla included) they may pass some or all of that $7500 through to you via the terms of the lease.



Quote from TurtlePerson2 :
I'm not going to spend more than a minute or two on something not relevant to me, but I did find multiple respectable sources such as this one [nerdwallet.com], all of which specify it as nonrefundable in 2024. The fact that you're able to use it at the dealership doesn't mean that you won't end up having to give the IRS the money back
Yes. It does.

Because the IRS says so

Why do you keep ignoring the many times the IRS has been directly cited proving you get to keep the $7500 credit regardless of tax liability and instead cite to 3rd party links?



Quote from TurtlePerson2 :
I'
If you have an actual reliable source that explains that the tax is refundable in certain cases, by all means post it,
I did.

Like 5 times already, As recently as 11:44 AM this morning. And THAT post was pointing out the same info had ALSO been posted an hour or two earlier than that.

Maybe stop giving wrong answers to questions already answered correctly if you can't be bothered to read back a few pages on the same day to find it?


The IRS explicitly says if you take the POS credit they will not clawback any difference if your actual liability is less than the value of the credit.
Last edited by Knightshade April 8, 2024 at 03:04 PM.

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