Not sure I follow. Car loan of 850 for 52k? For how long?
Leasing vs buying dependa heavily on individual circumstance and preferences. There is no blanket right or wrong, IMO.
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Tax credit 2023 [The tax credit discussion thread]
- Thread starter CrazyRabbit
- Start date
Leasing vs buying dependa heavily on individual circumstance and preferences. There is no blanket right or wrong, IMO.
fholbert
Active Member
No, because the Cybertruck is just a dream.
Pretty sure I did read you can claim the tax credit on more than one car.
W/o complicating by adding other cars to the mix … and staying on Y. 725$ pm for 3 yrs is close to 8.7k*3 ~ 26k. Add initial ~1450 at signing to make it ~28k.
That seems steep (also 12k miles limit which may not be for big commuters!)
Now on the other side - 42.5k (note - paying cash). Then in 3yrs you can trade in for ~18k less off initial 50k price to make it 32k. May be make it worse case - take another 2k for 3yr old car. So, 30k trade in value.
Add in the sales tax saved (~2150 @7.15% on ~30k for eg in CT). So still about 6-7k difference between leasing and purchase+trade in
If I am thinking of 20k loan.. to cover the new car purchase price (~50k) - 30k trade in value… I’ll may be add another 1200$ per yr of interest (@6% rate? … no idea on current car loan rates).. so 3.6k for 3yr turnover. This still would be better deal than leasing?? Where it stood around ~26-27k for 3yr lease.
Lots of assumption on used Y cost... I see price coming down significantly from where they are as other brands will enter the market in this time. Heck the Y and all current Tesla models are more likely to reduce in new price over time then increase...
Also the business benefit for me to lease is greater than the purchase price and resale value...
Where is this? When I was running the numbers on a MYP lease, it was over $6,000 due at signing and $690/mo for a 24 month lease, 10,000 miles/yr. I just now did a base MY, 36 month, 12,000 miles/yr, and it's $5,790 at signing and $595/mo, and that's before all of the taxes and such, which for me (admittedly in Texas, a lease-hostile state from a tax perspective), would mean a net payment of about $730/mo.
Brad
Just realized I'm either an idiot, or I succumbed to questionable UI design 
I totally did not realize that one could change the down payment number; it didn't look editable to me and I just never tried. Of course, lowering it means higher payments, and the fact that no tax credit was available kept the math from working for me personally, regardless of down payment.
Brad
I totally did not realize that one could change the down payment number; it didn't look editable to me and I just never tried. Of course, lowering it means higher payments, and the fact that no tax credit was available kept the math from working for me personally, regardless of down payment. Brad
Same boat! Not having the credit makes it not appealing. Whether you put the money down or not you are making the payment. My experience has been to put as little down on leases as possible if your car gets totaled you could be out that money and no car.Just realized I'm either an idiot, or I succumbed to questionable UI design
Brad
Milehighblue
Member
Does anyone know if the tax credit is based on the agreement date from Tesla's MVPA or based on the date we take the delivery? Is there a separate document that Tesla provides us after we take delivery?
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I was wondering the same. Strange that you won't get a traditional purchase agreement.
When I bought my Tesla Model Y in March of 2023 they did not ask for my SSN so they can submit to IRS for tax credit. I am curious because I just bought a model 3 and Tesla asked for the info. I’m wondering if my first purchase was submitted. I know when doing taxes you need to enter the vin for the vehicles. Anyone have any thoughts.
It does not matter if tesla submits or not. You have to claim it on your 2023 return. Talk to your CPA.
You need to complete the forms online. Do it as soon as possible you have to submit I think within 3 months I think.
It’s a little different. The federal one is based on tax liabilities and the California one has an income restriction. The lower your income the more you’re gonna get. Low income can get up to $7500. Otherwise ca standard rebate I believe is $2000.
Per Tesla it is. I was told the same thing. This is why I will be switching to another brand.
Just confirmed the same...pretty outrageous considering every other OEM is passing along the savings direct to consumers.
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