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2022 delivery or wait til 2023 and loose $250 vs $7500 gain?
- Thread starter KevinDuffyReal
- Start date
You need to do the math yourself. Assuming this is the first VIN you've gotten, you likely cannot delay your order until 2023. Tesla only provides a 1 week hold after your first VIN and they make you take delivery of your 2nd VIN.
First, do you qualify for the 2023 tax credit? Do you make under $150k single/$300k filing jointly? Also do you have at least $7500 in federal tax liability?
Let's assume you qualify and you are able to get the entire $7500. Then you need to do some simple math. Find out how much you would pay now with current prices vs how much you would save when you ordered. If you ordered before March 15th for example, you would save $6k if you ordered a MYLR.
In the above case, it may be worth it for you to cancel and reorder in 2023 to save $1k (remember about the 2x $250 order fees you paid). If you have local/state initiatives your old order are grandfathered into (like CA's Clean Air Credit), it may be worth sticking to your original order and taking delivery this year.
Otherwise, there is likely no difference with the vehicle if you picked it up this year vs early next year. It's hard to predict the future, but we know for sure that newer models will have undocumented and documented improvements much like buying a new phone. Of course, if you keep waiting for feature X and feature Y, you will never get the vehicle.
First, do you qualify for the 2023 tax credit? Do you make under $150k single/$300k filing jointly? Also do you have at least $7500 in federal tax liability?
Let's assume you qualify and you are able to get the entire $7500. Then you need to do some simple math. Find out how much you would pay now with current prices vs how much you would save when you ordered. If you ordered before March 15th for example, you would save $6k if you ordered a MYLR.
In the above case, it may be worth it for you to cancel and reorder in 2023 to save $1k (remember about the 2x $250 order fees you paid). If you have local/state initiatives your old order are grandfathered into (like CA's Clean Air Credit), it may be worth sticking to your original order and taking delivery this year.
Otherwise, there is likely no difference with the vehicle if you picked it up this year vs early next year. It's hard to predict the future, but we know for sure that newer models will have undocumented and documented improvements much like buying a new phone. Of course, if you keep waiting for feature X and feature Y, you will never get the vehicle.
I am at a $3000 savings currently 62,990 vs current price 65,990. Price has gone up $3000 since order was made.
I seriously doubt MYLR will qualify for the full amount
According to this article... the Model Y will get the $7500 tax credit beginning in 2023.
www.kiplinger.com
How the EV Tax Credit Works
The $7,500 EV federal tax credit can be complicated for buyers and manufacturers. Here's what you should know.
www.kiplinger.com
From what I understand... if your original delivery date was for January 2023 or later, you can get Tesla to postpone delivery until January. If your EDD was December of 2022 or earlier, and you get your VIN, you can only turn it down once. You have to take the second VIN or else they'll cancel your order and keep your deposit.
The current Model Y has gone up in price about 7k since March of 2022. So if you got that better price, like I did, you'll lose that savings and the tax credit will be a wash.
The tax credit is only good if you make less than 150k a year (300k filing jointly) and if you have any tax liability at the end of the year (IE... owe the feds any $$$).
Me being a small business owner, I think it's a wash either way. If I cancel, we'll be paying more and may not even get the $7500 if our tax liability is 0... which it usually is.
"It is what it is" is really the best answer here.
I'm hopeful congress will change the tax law so anyone who purchased a vehicle after the Inflation Reduction Act was passed (Aug 2022) will also qualify for the tax credit. Not just folks beginning in 2023.
I think the tax credit will work best in 2024 when the $7500 comes off the top at the dealership.
The current Model Y has gone up in price about 7k since March of 2022. So if you got that better price, like I did, you'll lose that savings and the tax credit will be a wash.
The tax credit is only good if you make less than 150k a year (300k filing jointly) and if you have any tax liability at the end of the year (IE... owe the feds any $$$).
Me being a small business owner, I think it's a wash either way. If I cancel, we'll be paying more and may not even get the $7500 if our tax liability is 0... which it usually is.
"It is what it is" is really the best answer here.
I'm hopeful congress will change the tax law so anyone who purchased a vehicle after the Inflation Reduction Act was passed (Aug 2022) will also qualify for the tax credit. Not just folks beginning in 2023.
I think the tax credit will work best in 2024 when the $7500 comes off the top at the dealership.
Yes, I was banking on the tax credit when I placed the order, as it is an expensive car! May be if the Fed credit is only half, then it is not so bad considering if I will get state credit..
Tesla now making it better deal by meeting half way with 3700 price discount for December deliveries..!
I am in luck bc my pick up date is 12/3 and they already updated the purchase agreement to reflect the new credit adjustment / discount. I am very happy.
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