That is part of the IRA legislation and has been active since January. However, it goes to the lessor, not the consumer and so it's up to the company how/ if they pass it along.
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Tax credit 2023 [The tax credit discussion thread]
- Thread starter CrazyRabbit
- Start date
Correct, but Tesla was keeping this for themselves until that recent (apparent) change
E90alex
Active Member
Tesla should be more transparent as to how they actually calculate the least payment. Cap cost, residual, money factor. They just show a monthly payment number and that’s it.
They could just be saying they include the $7500 rebate just so people stop asking about it and then manipulate the numbers elsewhere to make up for it.
They could just be saying they include the $7500 rebate just so people stop asking about it and then manipulate the numbers elsewhere to make up for it.
Why? What impact does Tesla's side have?
Acquisition, monthly, and termination amounts (total cost over 3 years) is all that is relevant to the leasee since they can't buy the car at the end.
E90alex
Active Member
More information helps people make more informed financial decisions instead of simply “can I afford this monthly payment”. Without seeing the numbers we don’t really know if and how Tesla is passing along said tax credit on leases other than “trust me bro”.
What's the informed decision though? If a lease is $4,500 down and $400 a month, what difference does it make what the dealer side profit is? Would you choose a more expensive lease because the brand makes less money on the car?
The Commercial Clean Vehicle credit for a lease doesn't itself transfer to the consumer, it only shows up as a change in those numbers.
Or is the issue not the numbers themselves, but the potential that the brand is misleading the consumer? In which case you would buy a different one?
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Tesla site says tax credit may not be available for 2024 MY’s. I assume this is because the country of origins percentages might change for 2024’s?
I’m interested in buying a new MY. Kinda hoping to wait until closer to the end of the year to increase the odds of a quarter/year end discount price but I’m also worried I’ll wait too long and lose the tax credit.
Anyone have thoughts on that?
Thanks.
I’m interested in buying a new MY. Kinda hoping to wait until closer to the end of the year to increase the odds of a quarter/year end discount price but I’m also worried I’ll wait too long and lose the tax credit.
Anyone have thoughts on that?
Thanks.
Do you have $7,500 in federal tax liability this year? If so, I'd lean toward getting it now.
Percentages on minerals and components go up 10% and Chinese content may make cars ineligible.
If the tax credit changes, it won't be for model year 2024 MYs (though Tesla doesn't really use model years as other car manufacturers), but for a sale happening after January 1, 2024. (Or any other date that the law changes the requirements.)
Can someone clarify for me whether I qualify for the $7500 tax credit?
I have a 2022 Model Y and took delivery in May of 2022.
The Tesla website as well as news sites say it should qualify but I found a IRS article that says that it's over the 200k production limit so it's not eligible but I'm not sure if the Inflation Reduction Act changed that requirement? Thank you.
I have a 2022 Model Y and took delivery in May of 2022.
The Tesla website as well as news sites say it should qualify but I found a IRS article that says that it's over the 200k production limit so it's not eligible but I'm not sure if the Inflation Reduction Act changed that requirement? Thank you.
Farslasher
Member
You do not qualify, the credit is for cars received in the calendar year 2023, meaning the tax credit would be received when you file taxes in march-April of 2024
E90alex
Active Member
No. 2022 purchase does not count. It was reinstated for Tesla starting with 2023 purchases.
Does sale mean delivery?
Planning on ordering at the end of Dec 2023
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Yes, placed in service (delivery) date is the metric, not order.
I’m trying to decide between new and used… and to make things more complicated the Highland update sounds very interesting!!
The Tesla website mentions that the $7,500 incentive on the 3 (and I assume Y) MAY be reduced to $3,750 after Jan 1, 2024.
Now I do not wish to “cast aspersions,” but that certainly Sounds like a typical sales pitch just to move product at the end of the year.
So does anyone happen to know if the batteries in the 3 and the Y… meet the 50% requirement for 2024??
The Tesla website mentions that the $7,500 incentive on the 3 (and I assume Y) MAY be reduced to $3,750 after Jan 1, 2024.
Now I do not wish to “cast aspersions,” but that certainly Sounds like a typical sales pitch just to move product at the end of the year.
So does anyone happen to know if the batteries in the 3 and the Y… meet the 50% requirement for 2024??
From what I have heard, the Y battery is manufactured at Giga Nevada. Anticipation is that the MYLR should keep the full rebate. The RWD model I don't believe will.
That said, any of this could change. The government could just up and decide to end the credit. We will know when we get there.
E90alex
Active Member
That’s just one part of the requirements. The other part is where the minerals are sourced from and what %.
And the components and what percent.
And how Treasury interprets the excluded entity clause...
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