Tesla Model Y

It is interesting to see becoming Tesla owners is to save money , i thought they meant to save the earth //@anonymous: you are the only one who said that. Most of the owners complain about the tire life, and you can go online to see how long the tire can last. //@Anonymous: now about 32k miles, the tires looks still good; I think it's similar to other cars. //@Anonymous: how about the tires? the set of tires can only last about 30K, which means you change a set of tires every year? This will cost about $1300 for 4 tires. //@Anonymous: right. it also depends how many miles you drive each year. For me, I drive about 30K miles a year and with gas with my old suv(replaced with model y) the cost per mile is about $0.3, model y is about $0.1; so for me each year I could save about $5000~6000. //@Anonymous: It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

you are the only one who said that. Most of the owners complain about the tire life, and you can go online to see how long the tire can last. //@Anonymous: now about 32k miles, the tires looks still good; I think it's similar to other cars. //@Anonymous: how about the tires? the set of tires can only last about 30K, which means you change a set of tires every year? This will cost about $1300 for 4 tires. //@Anonymous: right. it also depends how many miles you drive each year. For me, I drive about 30K miles a year and with gas with my old suv(replaced with model y) the cost per mile is about $0.3, model y is about $0.1; so for me each year I could save about $5000~6000. //@Anonymous: It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

They ALWAYS feel like they are smarter, or simply around better than anyone else, not knowing that they just won the lottery of being born in a better env and/or with better genetics.
Caring for the less fortunate never crosses their little minds. //@Anonymous: Making 300k when hard working people barely get by filling important roles in society is not fair. //@anonymous: Of course. This is not fair. //@anonymous: Is there any reason why someone making over $300k a year bitchin about $7500 tax credit? //@anonymous: Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

good point! credit is non-refundable, need to do something or plan ahead. //@storm22: The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

Making 300k when hard working people barely get by filling important roles in society is not fair. //@anonymous: Of course. This is not fair. //@anonymous: Is there any reason why someone making over $300k a year bitchin about $7500 tax credit? //@anonymous: Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

Of course. This is not fair. //@anonymous: Is there any reason why someone making over $300k a year bitchin about $7500 tax credit? //@anonymous: Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

Is there any reason why someone making over $300k a year bitchin about $7500 tax credit? //@anonymous: Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

Dealsea writes “to qualify the $7500 Tax Credit”.. so I’m a bit confused //@anonymous: Maybe they want to sell more cars? //@anonymous: hmmm why did Tesla have to drop the price from $52,990 to $46,990 to qualify the $7500 Tax Credit? The IRS page says MSRP has to be below $55K to qualify. Am I missing something?

It is an interesting policy. It essentially wiped out a huge chunk of potential EV buyers (hint: EVs are pseudo luxury cars). And technically, folks made $300k+ wouldn't be as sensitive about gas price to begin with, so they are likely the ones on the border line on EVs. //@Anonymous: Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

After that horrendous earnings call yesterday, we will likely see more cuts and incentives to future buyers as the year goes on. Someone, who's name is not Musk, needs to take over and run the company.

Personally I do not want my car to be remotely connected to the company all the time. Even if you don't pay for the monthly $10 LTE charge, the car can still be controlled by the company remotely. That's why I don't like Tesla cars. They drop the price to sell more cars. Not because it does not meet the 7500 requirement.

Maybe they want to sell more cars? //@anonymous: hmmm why did Tesla have to drop the price from $52,990 to $46,990 to qualify the $7500 Tax Credit? The IRS page says MSRP has to be below $55K to qualify. Am I missing something?

hmmm why did Tesla have to drop the price from $52,990 to $46,990 to qualify the $7500 Tax Credit? The IRS page says MSRP has to be below $55K to qualify. Am I missing something?

to repair a bumper, it is $7000. YMMV //@storm22: The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

Not true, I own Tesla and I don’t see insurance going up, to be exact it’s only 20% more than my Toyota //@anonymous: Tesla drop price. While Insurance went up double compared to last year. Expect to pay 3K+ per year. Repair cost also doubled!!

now about 32k miles, the tires looks still good; I think it's similar to other cars. //@Anonymous: how about the tires? the set of tires can only last about 30K, which means you change a set of tires every year? This will cost about $1300 for 4 tires. //@Anonymous: right. it also depends how many miles you drive each year. For me, I drive about 30K miles a year and with gas with my old suv(replaced with model y) the cost per mile is about $0.3, model y is about $0.1; so for me each year I could save about $5000~6000. //@Anonymous: It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

Tesla drop price. While Insurance went up double compared to last year. Expect to pay 3K+ per year. Repair cost also doubled!!

Do you want to buy something that depreciate so quick? The price could drop again as more competition comes this year.

what's the final price in LA

how about the tires? the set of tires can only last about 30K, which means you change a set of tires every year? This will cost about $1300 for 4 tires. //@Anonymous: right. it also depends how many miles you drive each year. For me, I drive about 30K miles a year and with gas with my old suv(replaced with model y) the cost per mile is about $0.3, model y is about $0.1; so for me each year I could save about $5000~6000. //@Anonymous: It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

you don't need a $7500 tax refund. You need $7500 in total federal income tax liability for the year. For a single person, $70000 in annual income puts you up there. //@Anonymous: Please link to strategies to get ~ $7500 refunds. Currently getting just over $500.

Please link to strategies to get ~ $7500 refunds. Currently getting just over $500.

MODEL Y is a SUV. Everyone calls it a SUV. //@Anonymous: I don't understand why people don't call MY a SUV -- Look at the interior space, it's almost as big as MB GLE.
Yes it has a relative low ground clearance, not as high as a Wrangler, but hey, most of the other "SUV"s have the same ground clearance.
Check the numbers, don't let your eyes fool you.

right. it also depends how many miles you drive each year. For me, I drive about 30K miles a year and with gas with my old suv(replaced with model y) the cost per mile is about $0.3, model y is about $0.1; so for me each year I could save about $5000~6000. //@Anonymous: It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

Is there a reason to punish someone who make more than $300K. Should they feel guilty by working hard and working smart?

EV are completely different way to build the car. There are a lot less moving parts that need from different supplier. It doesn't need most of the fluids as traditional cars. Tesla also has its own battery plant, which is the most single item important to EV. As long as Tesla can pump all the cars they make to the market before they arrive
to dealer lot, they are in good shape. In the meantime, with the dominant power, they can squeeze any non-cash rich competitor out.

In my opinion, Tesla craftsmanship is very poor, like 20K cars

We call this capitalism ...
//@Anonymous: I am wondering why other car dealers still charge a lot more than before citing supplier issues but Tesla could reduce price now. It seems supplier issue is only a issue for those making it an issue.

It's very difficult to get an accurate calculation. Gas/Elec price fluctuates so much nowadays. What's certain is that you pay the big bucks up front for now. //@Anonymous: 42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

Calling yourself middle class while making $300k is not modest, but pretentious. You are basically implying that your standard of 'being rich' is much higher than others.
Google the median household income in your area. I don't care where you live in CA, it will not be >$300k.
Also, max out your 401k or get a rental property to lower your taxes. Geez.

42cents/KW. Electric vehicle is not cost effective any more. //@Anonymous: On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

Put less money on 401K and spend more for your car. //@Anonymous: The $300K is AGI. Most of the middle class can't make AGI over $300K. For the high income group, they don't care about this shitting credit, or they must have tons of ways to write off their income. So their AGI won't be over $300K either. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

I don't understand why people don't call MY a SUV -- Look at the interior space, it's almost as big as MB GLE.
Yes it has a relative low ground clearance, not as high as a Wrangler, but hey, most of the other "SUV"s have the same ground clearance.
Check the numbers, don't let your eyes fool you.

Sorry but I am sticking to public transit. Viable for my pocket and sustainable for environment. Not worth the pretty penny.

The $300K is AGI. Most of the middle class can't make AGI over $300K. For the high income group, they don't care about this shitting credit, or they must have tons of ways to write off their income. So their AGI won't be over $300K either. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

My wife and I combined are about 325K, and we are definitely middle class. We just got rid of our 2010 Prius and got a 2023 Bolt. We won't even consider a Tesla b/c of the price. We are comfortable but not rich at all. //@Anonymous: It depends on where you live. Salary high in the bay area, but so is housing! //@Anonymous: if you make >$300k, you are not middle class. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

The model Y looks more like a van than a SUV

mask wants his team to cut cost everyday. traditional auto makers, GM, FORD, Toyota are old school, bureaucratic. keep in mind , Toyota was forced to get into EV market. //@Anonymous: I am wondering why other car dealers still charge a lot more than before citing supplier issues but Tesla could reduce price now. It seems supplier issue is only a issue for those making it an issue.

I prefer my vehicles powered by good old fashion 93 octane.

I am wondering why other car dealers still charge a lot more than before citing supplier issues but Tesla could reduce price now. It seems supplier issue is only a issue for those making it an issue.

I need suv not a sedan.

Won't happen. From what I heard, this is the last cut for a while //@Anonymous: i expect many rounds of price cut by memorial day, july 4th, labor day and christmas. by end of 2023, predicted model y, below 34999. Tesla giga factories will boost production, goal 5 million by 2023, 10 million by 2025. traditional auto makers will feel pain.

i expect many rounds of price cut by memorial day, july 4th, labor day and christmas. by end of 2023, predicted model y, below 34999. Tesla giga factories will boost production, goal 5 million by 2023, 10 million by 2025. traditional auto makers will feel pain.

On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

have you seen the gas prices? //@Anonymous: with the increasing price of electricity, Tesla is less attractive than before.

It will be $25,000 by the end of this year.

Tesla still has room for profit
//@storm22: The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

After credit //@Anonymous: qualify, not quality.

Also, is it 40000 after credit, or before credit?

It depends on where you live. Salary high in the bay area, but so is housing! //@Anonymous: if you make >$300k, you are not middle class. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

with the increasing price of electricity, Tesla is less attractive than before.

I don't qualify for the credit, so sad.
I wish the income threshold could be removed

Wow, out of touch much? //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

300k is plenty. It is sigficantly above average house hold income. That credit is basically paid by tax payers. If you have above 300k annual income,you can afford tesla w/o credit //@anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

if you make >$300k, you are not middle class. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

The tax deduction is not fair for lots of middle class customers. 300k is just too low.

Buy it separately //@anonymous: Is the Tesla wall connector EV charger come with the car or I need to buy it separately?

To clarify, you can't get back any money if your credit is more than your total tax liability i.e. not just what you owe at the end of the year in addition to your withholdings but your total federal tax liability which should not be difficult to beat 7500.

Is the Tesla wall connector EV charger come with the car or I need to buy it separately?

but they just lowered the price on RWD by 2k this week to make up for it. they also lowered prices on several other 3 & Y trims. i'd still get the dual motor. you will loooove the acceleration. once you own one you wont go back! //@storm22: Model Y has no such a trim now. Only Model 3 has rear-wheel drive which qualifies $3750 credit. //@Anonymous: $7500 deduction not available for base rear wheel drive trim

Convert some pre-tax 401k money to Roth IRA and owe the taxes this year, then the credit can offset that.

Insurance kill the deal, just quote auto insurance with model y from 3 different company, all give 3 times my current auto insurance price.

I've always purchased a model Y earlier this year under my name. Will I be allowed to claim a second $7500 credit if I register it under my wife's name, if we file jointly?

After.

I got a Bolt EUV last month, 32K out the door, 7,500 tax credit, so it will be about 25K. Fun to drive, big enough for a family of 3, and chevy installed a free outlet for a level 2 charger in my garage. //@anonymous: qualify, not quality.

Also, is it 40000 after credit, or before credit?

qualify, not quality.

Also, is it 40000 after credit, or before credit?

Model Y has no such a trim now. Only Model 3 has rear-wheel drive which qualifies $3750 credit. //@Anonymous: $7500 deduction not available for base rear wheel drive trim

See here for all qualified makers and models:
https://fueleconomy.gov/feg/tax2023.shtml

Wow, great deal. It's hard to resist not spending money on a new car!

$7500 deduction not available for base rear wheel drive trim

The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.