expiredxTorquEx posted Apr 05, 2024 05:46 PM
Item 1 of 2
Item 1 of 2
expiredxTorquEx posted Apr 05, 2024 05:46 PM
2024 Tesla Model Y + $7,500 Federal Tax Credit
(For Qualified Buyers)$40,490
$44,990
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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:
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.
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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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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.
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.
Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
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.
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?
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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 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.
Side note : Total repairs in 9 years on the Volt. $80 12V battery replacement.
Also I've always had to replace suspension components on most of my high mileage ICE cars.
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.
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.
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).
Also I've always had to replace suspension components on most of my high mileage ICE cars.
It's always been this way in car world.
PSA: if you want this brand, lease it with no money down.
The sale qualifies only if:
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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The sale qualifies only if:
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.
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?
If you have an actual reliable source that explains that the tax is refundable in certain cases, by all means post it,
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.
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