In the state of Colorado, the state income tax credit for qualifying electric cars increases from $2K to $5k if one takes delivery after July 1, 2023. I have a Tesla Model Y on order and I have postponed it already once and so I have used up that "grace period". I have been assigned a new VIN and its estimated arrival date is June 29 or 30. I will probably get an email soon with options for dates to take delivery. I obviously want to take delivery after June 30, but what if none of the options provided by Tesla include a date after June 30. Given this situation, what would happen if I paid Tesla the balance owed but don't show up on the delivery date (assuming it is before July 1). In other words, I delay picking up the car until after June 30 even though that was not an option provided by Tesla. Do you think they would actually cancel the order and refund my money or let me take delivery after June 30th?
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Delaying Delivery after paying for Model Y in Colorado?
- Thread starter SanfordRich
- Start date
Watts_Up
Well-Known Member
I would try to visit or contact the delivery center and ask for pick up on July 1rst or later, mentioning that you are travelling.
I think some people were able to have their car keept on hold for that reason if it's just for a day or two, but not warantty
Otherwise I wonder, to avoid losing your deposit, if it would be better to visit the delivery center
to make a new order before the current order was cancelled.
I think some people were able to have their car keept on hold for that reason if it's just for a day or two, but not warantty
Otherwise I wonder, to avoid losing your deposit, if it would be better to visit the delivery center
to make a new order before the current order was cancelled.
My initial plan (and probably still is) is to wait for the proposed Tesla delivery dates and see how flexible they would be. You would hope they would be flexible enought to work with me but from talking to their representative I don't get the impression they are (except for maybe a day or two). That being said, my post suggests the alternative of paying the whole balance off before delivery and forcing the issue by not showing up until after June 30. Would they really reject a later pickup date when they have been paid the total amount for the car or would they cancel the order and refund what I paid for the car (less the sign-up fee)? I can't believe they would do that, but I don't know. Another alternative is similar to what you suggest. I should simply order a new car (thus locking in the current price) and cancel my current order if they are not flexible related to delivery date. Optionally, I could wait to see when the car will arrive and take the chance there is no price increase if I need to cancel the order and order a new one. Both of these last two options mean I am paying an additional sign-up fee to order a new car to replace the order I cancelled. However, it makes sense to pay an additional $250 to get a $3,000 additional tax credit. If I knew they were flexible, none of this would be an issue.
I just reread your post. How does a visit to the delivery center to make a new order avoid losing my deposit (sign-up fee in this case)? If I did that, I would lose the sign-up fee for at least one of the two orders since I don't want two vehicles. Maybe you are suggesting the delivery center can put in a new order and cancel the current one without an additional sign-up fee? If that's true, that would be important for me to know because I would possibly do that.
I am also in CO and can't take delivery until July 1. I had EDD of June 29-30 so getting delivery 1 day later seemed likely. However, on the 22nd I was assigned a new VIN and within 30 minutes i got the message to schedule delivery. Tesla would not allow me to schedule delivery for July 1st. They required delivery on June 24 or 26 only. I requested July 1 delivery via txt message and instead they offered to put my order on hold until July 1st and put it back into the queue on that date. I accepted and within 10 minutes the VIN was gone from the app.
As for the payment/refund I have no idea. I will pay for the vehicle at the time of delivery, not before.
As for the payment/refund I have no idea. I will pay for the vehicle at the time of delivery, not before.
I’m in a similar boat. Got the VIN on Tuesday June 20th. Expecting them to reach out soon to schedule DD. I don’t think I’ll have a problem pushing out to July 1st though for the new 5k CO incentive. Does anyone know if they will knock 5k off the final purchase price when I pay them in full at pickup?
Assuming you are buying and not leasing the car. I believe the 5k will essentially be a credit for your 2023 state taxes. So you need to have owed more than $5k in state income tax to qualify for the $5k credits. i.e. you won't see the benefit until early 2024 when you file your state income taxes.
That’s how I thought it would work, but I’ve seen a couple posts on this board where the buyers saw a credit against the total purchase price when they made the full payment on DD in Colorado.
In 2024 it will become a discount at time of sale (still have to qualify by paying enough tax AFAIK). For 2023 its a tax credit when you file in 2024.
EV tax credits reduce the amount of income tax you owe to the federal and state government. They are applied when you do your taxes the year following an EV purchase.
It’s important to understand that in most cases, EV tax credits do not reduce the purchase price of an EV at the dealership. The incentive comes in the form of a reduced tax bill and possibly a tax refund depending on your personal tax situation. In 2024, EV shoppers will have the option to apply their federal tax credit as a rebate instead, providing immediate savings off the purchase price of an EV.
fholbert
Active Member
Make your appointment for Saturday July 1st. "I'm working, can't get there until Saturday."
I did the same because I couldn't get a ride for a couple days. They seemed a little bent out of shape, but it's my $50k.
Appointments for delivery are date and time options provided by the online system. I was originally offered my choice of delivery dates: June 28 or June 29. Later the system reduced that down to June 28. I contacted Tesla and told them I wasn't able to pick it up until Saturday, July 1. We actually live about 100 miles away, but we planned on driving to Denver on July 1 (for another reason) and that it would make sense to pick it up on July 1 or July 3. They said the system could not be changed. I was left with the option of giving up that vehicle so they could sale it to someone else and I could take delivery sometime after June 30. They would extend my "hold" until July 1 which meant if the vehicle was still available, I could purchase it but otherwise I would have to wait for one from their inventory that met my specs or wait to have it built. I told them that is what I would do because I am not throwing away the $3K additional tax credit or making an extra trip to Denver. I pointed out that I was very disappointed with Tesla but apparently the folks I am dealing with are at the mercy of the Tesla system. At least that's what they say. What can you do if you really want the car? Furthermore, I have already installed a Tesla wall connector. Luckily, I don't NEED the car right now so I guess I can wait. Bottom line: They aren't very customer focused.
Post in thread 'Colorado EV credit will increase from $ 2500 to $5000 starting July!'In 2024 it will become a discount at time of sale (still have to qualify by paying enough tax AFAIK). For 2023 its a tax credit when you file in 2024.
EV tax credits reduce the amount of income tax you owe to the federal and state government. They are applied when you do your taxes the year following an EV purchase.
It’s important to understand that in most cases, EV tax credits do not reduce the purchase price of an EV at the dealership. The incentive comes in the form of a reduced tax bill and possibly a tax refund depending on your personal tax situation. In 2024, EV shoppers will have the option to apply their federal tax credit as a rebate instead, providing immediate savings off the purchase price of an EV.
Colorado EV credit will increase from $ 2500 to $5000 starting July!
One guy in this thread said he has seen it in the past appear as a credit during the sale. Not saying it’s 100%, but at least I’ll see soon, probably next week. Have had a VIN for a week but haven’t gotten the message to schedule DD yet, currently showing July 3-10.
The current tax credit in Colorado is $2K, not $2.5K. It goes up to $5K on deliveries beginning July 1. The tax credits (both state and federal) are not provided at time of sale in 2023 (not sure how it was done in previous years). You have to file your 2023 taxes in 2024 to get the credits (assuming you have enough tax to use the credits). Beginning for the 2024 tax year, I believe it changes but not sure if it is at time of sale for the Federal or Colorado or both.
The CO site clearly states that if your credits are more than the state taxes due then you will get a refund, or you can use the excess credit toward subsequent years.
By CO site I infer you are talking about the ".gov" state of Colorado site. I went to the CO ".gov" site and did read where you can use the excess credit toward subsequent years for "nonrefundable" tax credits. Is the electric vehicle credit considered a "nonrefundable" credit? I think it is. Unfortunately, it doesn't appear the state has updated their website for the specific rules associated with the 2023 electric vehicle tax credit (at least I couldn't find it- I did find the rules for the old law). I think you are right, but I would caveat that with my desire to read the actual rules for the 2023 electric vehicle tax credit published on the website.
You can read the signed bill here:
Pretty sure the car I had built but was released by the Tesla online system is now in inventory and discounted $530 less than what I was going to pay for it. I almost signed up to buy it out of inventory but finally found someone at Tesla who said the system will force me to take delivery before July 1 (thus losing the additional $3K tax credit) or I will lose that car too. At least that's the situation if purchasing a car in Colorado. Tesla really wants to close sales before the second quarter ends, even if it makes for unhappy customers. It looks like I will have to wait until July 1 when the system takes my hold off and either finds the car I want, or they build me a new one.
Thanks, good to know. Have you read it? Maybe you can save me some time. I am curious about whether one can "carry over" any unused CO state tax credit to the next tax year for the purchase of an electric vehicle in 2023 but after June 30. For example, let's say my CO tax for 2023 was $3500 before the electric vehicle tax credit. The $5K tax credit would use up the full $3.5K of taxes for 2023. Would I be able to carry over the $1,500 I couldn't use in 2023 to the 2024 tax year? Obviously, if you don't know or care, I understand.You can read the signed bill here:
I only read it as a layperson, so I can't address your questions, sorry. My tax burden exceeds the credit for 2023 tax year so I am not concerned with carryovers.
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