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Rebate advice needed

Discussion in 'Canada' started by apples23, Mar 26, 2018.

  1. apples23

    apples23 Member

    Joined:
    Dec 13, 2016
    Messages:
    58
    Location:
    Toronto, Canada
    Hey Everyone

    Sorry for another rebate thread, but I had a very specific and kind of strange question, and I was hoping to get some opinions. I purchased a MS75D last September, and recently received the $14k Ontario rebate.

    I'm considering trading it in for the Model 3 (also Im assuming its addition to the EVIP is inevitable)). The question is, if I ordered the M3 in the next week, I would likely take delivery on the car in June, which would mean that I'd have only owned the Model S for 10 months. From what I understand, the rebate program requires me to own the car for minimum 12 months.

    Is this something that I should be concerned about? How likely is it that I would be asked to return the original rebate for my MS?

    Thanks in advance
     
  2. Doctor X

    Doctor X Member

    Joined:
    Sep 7, 2017
    Messages:
    207
    Location:
    Toronto
    You will be asked to return the rebate, the legislation is very clear about this
     
    • Like x 1
  3. wayner

    wayner Active Member

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    Oct 29, 2014
    Messages:
    3,703
    Location:
    Toronto
    Maybe you could order the car and delay delivery until Aug when you will have owned the Model S for 12 months.
     
    • Like x 1
  4. harry

    harry Member

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    Location:
    Prince Edward Island & Wisconsin
    Wouldn't you be eligible for a rebate on the 3? That way you would essentially "roll over" the $14K.
     
  5. apples23

    apples23 Member

    Joined:
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    Messages:
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    Location:
    Toronto, Canada
    I would…but it defeats the purpose. I was going to move to the 3 to cut costs a bit, and the rebate is a big part of it. It would probably make more sense to wait a few extra months. I’m just worried the rebate will be done by Fall

    Just out of curiosity, has anyone on this forum sold their S within the 12 months and been asked to return the rebate?
     
  6. hingisfan

    hingisfan hingisfan_Mark_V

    Joined:
    Oct 19, 2013
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    Location:
    Kingston, Ontario
    Wait till your 12 months is up to take delivery of the 3. Then you will probably enjoy 2 rebates.
     
  7. TrevTremaine

    TrevTremaine Member

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    Messages:
    879
    Location:
    Toronto, Ontario, Canada
    The other solution would be to hold onto the S until 12 months are up and then sell it - regardless if the 3 comes before that time. It requires that you can manage paying for both vehicles at the same time, but otherwise you'll be out of pocket. It would be most prudent to hold off on delivery until the 12 months are up though, in my opinion. That said, is there any impact to the value of your S? I don't know on that.
     
  8. Bushcaddy

    Bushcaddy Member

    Joined:
    Mar 22, 2018
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    Location:
    Wasaga Beach, Ontario
    If he does that he will lose the tax savings on the trade in, effectively costing him 13% more on whatever the trade-in value of the S is. Depending on the trade-in value and what he can sell it for privately it might not be worth it.
     
    • Like x 1
  9. apples23

    apples23 Member

    Joined:
    Dec 13, 2016
    Messages:
    58
    Location:
    Toronto, Canada
    Thats exactly the issue, trading the car saves almost $10,000 in taxes. The add the $14k rebate, and Im almost $400 a month ahead of my S....but having to return the $14k off the old purchase would be a heavy expense
     

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