total purchase cost

[srram]

Could someone who has already purchased the S help me understand the total cost? Everytime I think I have it and am ready to hit the finalize button, I realize that I forgot to factor in something.

My config: 85Kwh, tan leather, metallic blue, tech package, sound studio, active air, pano, 19" wheels

85kwh $77400
leather: 1500
pano: 1500
tech: 3750
sound: 950
suspension:1500
total: 87350

tax @8.25%: 7206
title/delivery: 2000 (approx)
(interesting, I was told that delivery fee is the same irrespective of whether I pick up in the factory or have it delivered cross country. Sucks for me, I am in menlo park)

Total: 96556 (OUCH!!)

What I'm missing:
maintenance: 1900 (prepay for 4 years, or $600)
240v addition: 500 (?)
Armor all: after market (how much?)
Anything else? Solar panels will have to wait

Money that comes back later

Tax credit: 7500
CA rebate: 2500

total: 86556

 

[shokunin]

You forgot metallic paint $750. Other items though, not necessarily due at the time of delivery:

Additional 4 years warranty $2500, additional 4 years prepaid maintenance $1900, extra battery replacement $12,000.

Obviously those prices above would only apply if you're planning on keeping the car longer than 4 years and if you actually want them.

Paint armor will vary based on product, installer, and how much coverage you want. Could be as cheap as $1000 for tesla like package all the way up to several thousand dollars if you want the whole car wrapped.

Add a few hundred for tint, if you want it tinted.

 

[kevincwelch]

title/delivery: 2000 (approx)
(interesting, I was told that delivery fee is the same irrespective of whether I pick up in the factory or have it delivered cross country. Sucks for me, I am in menlo park)

I'm trying to understand your title and delivery fee.

I have Tesla personal delivery as $990 and Tesla final inspection/prep as $180. == $1170. This is what I have from my spreadsheet

Option	Price	Total
Base Model	57,400.00	57,400.00
60 kWh battery	10,000.00	67,400.00
85 kWh battery (10,000)	10,000.00	77,400.00
21 inch wheels (3500)		77,400.00
Pacific Blue Paint	750.00	78,150.00
Panoramic Roof		78,150.00
Nappa Leather	1,500.00	79,650.00
Tech Package	3,750.00	83,400.00
Sound Package	950.00	84,350.00
Air suspension	1,500.00	85,850.00
Parcel shelf	250.00	86,100.00
Paint armor (950)		86,100.00
HPWC (1200)		86,100.00
Twin chargers (1500)		86,100.00
Tesla Personal Delivery	990.00	87,090.00
Tesla Final inspection/prep	180.00	87,270.00
Prepaid Service (y1-4; without Ranger)		87,270.00
Prepaid Service (y5-8; without Ranger,1900)		87,270.00
Extended warranty (y5-8, $2500)		87,270.00
Prepaid Service (with Ranger 2400)		87,270.00
Supercharging (2000)		87,270.00
Cook County sales tax (7.25%)	6,327.08	93,597.08
Use Tax (1%)	935.97	94,533.05
New Car Tax	15.00	94,548.05
		94,548.05
Deposit	5,000.00	89,548.05

 

[kendallpb]

Thanks for this, y'all. I finally revised my own spreadsheet to include the delivery fee and inspection/prep--which I kept forgetting about--as well as my state's taxes, fees, plates, and the various tax credits, which I finally looked into. Besides the federal tax credit, Maryland has a tax credit against its vehicle tax and an EVSE tax credit, which should be applicable to the HPWC, methinks. Plus I tracked down the information on getting the HOV exemption (though I'm not sure MD has any HOV stuff near me). Also the info on how I'm exempt from emissions inspection. ;-) I won't get my car till March/April, in theory, but I guess now I'm better prepared and know what I'm really paying!

$87,850 + delivery/taxes/fees = $94,571 - tax credits = $84,831 + service/warranty (including extended plans) = $91,131

Effectively, the tax credits offset the real (Maryland) taxes as well as roughly half the service/warranty stuff. (I'm doing a little rounding.)

- - - Updated - - -

P.S. Of course, I won't realize the tax credits till I do my 2013 taxes in 2014. I guess it would be crazy to put less towards taxes next year, banking on a refund? (I get a refund every year anyway--the joys of mortgage and other home ownership deductions.)

 

[srram]

I'm trying to understand your title and delivery fee.

I have Tesla personal delivery as $990 and Tesla final inspection/prep as $180. == $1170. This is what I have from my spreadsheet

You're right, I was guesstimating. I'm sure there are other lurking expenses (e.g. 240 v install) that will add to this, so I was rounding up on things I was not sure on

 

[Robert.Boston]

P.S. Of course, I won't realize the tax credits till I do my 2013 taxes in 2014. I guess it would be crazy to put less towards taxes next year, banking on a refund? (I get a refund every year anyway--the joys of mortgage and other home ownership deductions.)

If you know that you're going to get credits off your 2013 taxes, you can adjust your payroll withholding (or reduce your quarterly estimated payments), rather than waiting to get a fat refund check in 2014. If you regularly get a large refund, you are overwithholding, providing the U.S. Treasury with an interest-free loan. Why?

P.S. tax planning for 2013 is going to be a challenge until we see what deal Congress makes. An overall cap on deductions will affect many people living in regions with high home prices, but it won't affect the value of the EV tax credit. Curiously, it would make the Maryland incentives more valuable, because it reduces the tax you pay to the state (which you would normally claim as a deduction). It's also possible that the EV tax credit will be mauled in some unfortunate way, which would raise the cost of the Model S.

 

[kevincwelch]

You're right, I was guesstimating. I'm sure there are other lurking expenses (e.g. 240 v install) that will add to this, so I was rounding up on things I was not sure on

Yes...

Add $2800 to my list for electrical. (I had two subpanels installed, 40 feet of underground EMT installed and some other Tesla-unrelated electrical work done.)

- - - Updated - - -

It's also possible that the EV tax credit will be mauled in some unfortunate way, which would raise the cost of the Model S.

Valuable advice.

I've assumed that I won't be getting the $7500 federal credit and the $4000 Illinois credit so I can really understand my liability after deposit, trade-in and down payment. This will help me estimate the amount I need to finance. Of course, if we all get the federal credit and state rebates, then that's just gravy!

 

[kendallpb]

If you know that you're going to get credits off your 2013 taxes, you can adjust your payroll withholding (or reduce your quarterly estimated payments), rather than waiting to get a fat refund check in 2014. If you regularly get a large refund, you are overwithholding, providing the U.S. Treasury with an interest-free loan. Why?

This was the argument I made to someone else, some years ago, who withheld extra just in case (not a homeowner, but seemed silly to me...he liked getting a refund...). I may be misremembering, though. I used to get a very hefty refund but several years ago it dropped; I think I changed some withholding stuff then. And it's dropped some each year, so I might be at the point where it's better to leave it alone after all.

(The state one's varied over the years but not much lately.)

Anyway, thanks for pointing that out!

 

[vfx]

... Besides the federal tax credit, Maryland has a tax credit against its vehicle tax and an EVSE tax credit, which should be applicable to the HPWC, methinks. Plus I tracked down the information on getting the HOV exemption (though I'm not sure MD has any HOV stuff near me). Also the info on how I'm exempt from emissions inspection. ..... I'm better prepared and know what I'm really paying!....

Don't forget extra tire costs.

How about a similar itemized list of what an owner won't be paying?

gasoline, smog checks, oil changes, (yearly saved time in HOV lanes) ...

 

[kendallpb]

Don't forget extra tire costs.

From driving like a maniac? I do that already! ;-)

 

[GDH]

I know nothing about tax credits. I'm assuming the the fed us not cutting a refund Of $7500. If my taxes at the end of 2013 are $6000 and I have credit of $7500 will I get back $1500?

 

[bonnie]

I know nothing about tax credits. I'm assuming the the fed us not cutting a refund Of $7500. If my taxes at the end of 2013 are $6000 and I have credit of $7500 will I get back $1500?

No, it's only a credit. You wouldn't get $1500 back in your scenario.

 

[yobigd20]

I know nothing about tax credits. I'm assuming the the fed us not cutting a refund Of $7500. If my taxes at the end of 2013 are $6000 and I have credit of $7500 will I get back $1500?

The $7500 is a tax CREDIT - not a tax DEDUCTION. Big difference. A tax deduction, such as contributions to a Traditional IRA or 401(k), reduces your adjusted gross income. If you are in the 25% tax bracket, a $1000 tax deduction means you will pay $250 less tax that year. A tax credit is a dollar for dollar reduction in your income taxes. If you have a $1000 tax credit, you will pay $1000 less tax that year regardless of your tax bracket.

The question that you are asking is whether or not the EV tax credit is a refundable tax credit vs a non-refundable tax credit. The short answer is the EV tax credit is NON-REFFUNDABLE. This means that it is based on what you owe. If you owe nothing at tax time you get nothing! Lets say that at tax time you owe Uncle Sam $3000. If you are getting an EV tax credit of $7500 it means that the $3000 you owe is negated and you owe nothing. The other $4500 is lost for good. Only refundable tax credits will give you money back.

However, lets assume say you would normally owe $18,000 a year in taxes. At the end of the year, if you already paid $18,000 to the man through normal payroll deductions, when you go to file your income taxes and you apply the $7500 tax credit, then technically you owe $10,500 and you overpaid by $7500. So in that case then you will get a fat check from the government for $7500.

I hope that makes it clearer for everyone

Just one personal thing I do and a tip for others - I usually always setup my payroll deduction with 0 deductions and actually withhold an addition $50 per paycheck just for the hell of it. I have a mortgage, NJ property taxes (HIGH!) and kids, so normally every year I get a big fat paycheck every April and use that for vacation with my family. Next year I will just get a bigger fatter paycheck back from the man Heh - but thats how I manage my money. Some people would say that's stupid and it's just basically loaning the government money at 0% interest (which is technically correct and I agree with) but the way I look at it is it's always going to guarantee we have a fun family vacation paid for every year and I don't have to worry about socking away money to a different account which is then always tempting to withdrawl from and buy gadgets for myself.

 

[Robert.Boston]

To be clear: the $7500 is a reduction against your total federal income tax. This is line 46 on your IRS Form 1044. If line 46 isn't at least $7500, then you can't use the full credit.

Too often people think that they have to be cutting the IRS a check (accompanying their 1040) of at least $7500 in order to benefit. That's not so; as long as your total tax payments, from withholdings, quarterly estimated payments, or whatever, are at least $7500, then you get the full benefit (i.e., the amount on Form 1040 line 76 is irrelevant).

 

[Babylonfive]

To be clear: the $7500 is a reduction against your total federal income tax. This is line 46 on your IRS Form 1044. If line 46 isn't at least $7500, then you can't use the full credit.

Too often people think that they have to be cutting the IRS a check (accompanying their 1040) of at least $7500 in order to benefit. That's not so; as long as your total tax payments, from withholdings, quarterly estimated payments, or whatever, are at least $7500, then you get the full benefit (i.e., the amount on Form 1040 line 76 is irrelevant).

Great point: it's the TOTAL federal tax... the IRS rules drive us to overpay our payroll/quarterly tax payments, so it's NOT how much you owe or get at the end of the year, it's the total tax. Remember that the payroll taxes are YOUR money. If you don't have enough income to pay more than $7500 in taxes, you really can't afford this car!

 

[Robert.Boston]

If you don't have enough income to pay more than $7500 in taxes, you really can't afford this car!

Well, that's an entirely separate matter. There are people with lots of assets and very low taxable income. Consider, as a hypothetical, a billionaire invested solely in triple-tax-free municipal bonds.

 

[ElSupreme]

Great point: it's the TOTAL federal tax... the IRS rules drive us to overpay our payroll/quarterly tax payments, so it's NOT how much you owe or get at the end of the year, it's the total tax. Remember that the payroll taxes are YOUR money. If you don't have enough income to pay more than $7500 in taxes, you really can't afford this car!

Payroll taxes generally refer to the 6.2% (this year 4.2%) Social Security and Medicare taxes you pay. They are paid exactly as they are earned and you can not get your $7,500 out of this money. Employers match this 6.2% (and they pay 6.2% this year also). This has an upper cap.

Federal income tax (also a payroll tax, but not as commonly referred to as such) is where you have withholding, and generally pay more than you owe. This is due to the insane complexity of our tax system. Every April 15th you have to settle up with the IRS and get some money back, or pay some more. Your W-4 form dictates how much money is withheld every month.

As others have said other places it does not matter whether you still owe in April or not. As long as you have to pay (regardless if it has already been withheld) $7,500 in tax liability (after all your other deductions, and tax reduction magic) you get another $7,500 tax break. I am fully expecting a 5 digit return from the Feds in April assuming my car is really 'delivered' in December.


I too have 0 withholding on my Federal and State income taxes. After buying a house 3 years ago I should have changed it. Now that I am married, and my wife does't earn near what I do, I think I may actually change my withholding. Overpaying taxes by about $800 a month isn't really the best way to handle things. I should be dumping that into a couple (mine and my wife's) of Roth IRAs.

 

[jerry33]

Just one personal thing I do and a tip for others - I usually always setup my payroll deduction with 0 deductions and actually withhold an addition $50 per paycheck just for the hell of it.

I do that too, but I still always have to pay.

 

[Velo1]

To be clear: the $7500 is a reduction against your total federal income tax. This is line 46 on your IRS Form 1044. If line 46 isn't at least $7500, then you can't use the full credit.

Too often people think that they have to be cutting the IRS a check (accompanying their 1040) of at least $7500 in order to benefit. That's not so; as long as your total tax payments, from withholdings, quarterly estimated payments, or whatever, are at least $7500, then you get the full benefit (i.e., the amount on Form 1040 line 76 is irrelevant).

Guilty! I elected not to take delivery in 2012 because I had this misunderstanding. I talked to TM today about electing to take delivery now in 2012, and they said with a week I should have my answer, but likely a yes. Only caveats is no personal delivery specialist, but that can be scheduled in January or February at my convenience. Seems okay, sine I can call on a few S owners to give me a quick tour of the controls.

 

[archibaldcrane]

Here was my calculations, including how I'm planning on financing.

60 kWh Black Tesla Model S with Air Suspension
$68,900
+990 Delivery
+180 Final Prep and Inspection
$70,070
+6667 License, Registration, and Sales tax
$76737 total
-5000 deposit
$71737 due

$25000 down payment?
$46737 loan
@1.49% interest (PenFed auto loan)
$809/mo for 60 months (5 years)

Get $2500 back from state of CA, $7500 from Federal Govt by Q1 2014 - essentially pays for 1 of the 5 years of the loan ($9708).

There would be an additional $1900 for the first 4 years of maintenance to also pay, but I don't think that's due when you receive the car. I figure the gas savings will take care of the maintenance and increased insurance costs.