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Highland may cause the price of the 2023 M3 go down assuming Highland is priced the same, but Europe and China suggest that Highland will have a price premium so I guess it depends on how much the premium is.It's not a tax tax credit it's a point of sale discount. Big differences. Do you know how instant rebate works? That's how the EV credit is going to be next year.
It may or may not cause the RWD bought today to tank 10k in 6 months but you can bet it'll tank. No one in their right mind will buy a 2023 Model 3 vs 2024 Highland without a significant discount. The new price for the highland will be cheaper than the already discounted Model 3. Anything else you want to add is just coping.
Edit: op already bought a model 3. This convo is irrelevant now.
Hopefully we have a concrete answer on 1/1/24I think we won't get any concrete answers until 1/1/24 sadly.
It’s still a tax credit with the same eligibility requirements, but it’s just applied upfront at point of sale. When you file your taxes for the year they will claw that back if you don’t qualify.It's not a tax tax credit it's a point of sale discount. Big differences. Do you know how instant rebate works? That's how the EV credit is going to be next year.
It may or may not cause the RWD bought today to tank 10k in 6 months but you can bet it'll tank. No one in their right mind will buy a 2023 Model 3 vs 2024 Highland without a significant discount. The new price for the highland will be cheaper than the already discounted Model 3. Anything else you want to add is just coping.
Edit: op already bought a model 3. This convo is irrelevant now.
Alex,It’s still a tax credit with the same eligibility requirements, but it’s just applied upfront at point of sale. When you file your taxes for the year they will claw that back if you don’t qualify.
I’m not a tax expert, but, that 7500 tax credit is a result of inflation reduction act, so this treasury department is not going to change income requirements anytime soonAlex,
Are you in the tax field?
Are you confident the $7,500 credit/rebate will remain earning dependent?
I’m asking because we also have a $2,000 PA state rebate that may exhaust and thus require purchase sooner than later.
If federal program will remain income dependent, we may not wait for the POS change for our purchase.
Thank you Alex.
Yes, that’s what I expected as well but I read an automotive article suggesting that in 2024 the dealers can take the $7500 tax credit at the point-of-sale making income eligibility a non-issue.I’m not a tax expert, but, that 7500 tax credit is a result of inflation reduction act, so this treasury department is not going to change income requirements anytime soon
Leases are totally different. They come under a totally different IRA provision.Yes, that’s what I expected as well but I read an automotive article suggesting that in 2024 the dealers can take the $7500 tax credit at the point-of-sale making income eligibility a non-issue.
I suspect that article was incorrect, but I do believe that’s the way it’s done on leases.
So, I am wondering if there is an answer within the tax code, or the inflation reduction act.
Right now, it seems the only people who qualify for the full credit of $7500 are people who earn between $75,000 in $150,000 per year.
Plenty of people earn less than $75,000 a year who could benefit from the tax credit, and help reduce reliance on fossil fuels in larger numbers.
In addition, your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
"It is a riddle, wrapped in a mystery, inside an enigma."Just remember, it's a slight gamble. Tesla could raise the price and knock it out of IRA contention (i doubt they'd do that, but it IS possible). They've spent a lot of time reducing components to make the car cheaper to make, newer =/= better.
On the other side, it's quite possible it gets cheaper AND better.
Tesla could raise the price and knock it out of IRA contention (i doubt they'd do that, but it IS possible).
Yes, that’s what I expected as well but I read an automotive article suggesting that in 2024 the dealers can take the $7500 tax credit at the point-of-sale making income eligibility a non-issue.
Right now, it seems the only people who qualify for the full credit of $7500 are people who earn between $75,000 in $150,000 per year.
Plenty of people earn less than $75,000 a year who could benefit from the tax credit, and help reduce reliance on fossil fuels in larger numbers.
First, it ain’t a “50k new car.”If you're much under those #s in gross income should you really be buying a 50k new car right now anyway?
It’s tax credit, so you only be credited in full if you pay more than 7500 in taxes.First, it ain’t a “50k new car.”
Inventory RWD came down to $36,220.
Second, why should someone earning $67k enjoy the tax credit but not someone who earns less than $57k?
How does that $10k discrepancy advance the state’s interest in lowering carbon footprints by putting more people into carbon neutral vehicles?
I read and understood it is defined as a credit. It’s surprising how many people think they are smarter than everyone else because they keep repeating the same thing. Pat yourself on the back for that 1972.It’s tax credit, so you only be credited in full if you pay more than 7500 in taxes.
It’s surprising how many people don’t understand that
People earning less can still claim the credit, but only up to their tax liability amount if it’s less than $7500. That’s a question for the government as to why it’s not a non-refundable credit for people with less tax burden.First, it ain’t a “50k new car.”
Inventory RWD came down to $36,220.
Second, why should someone earning $67k enjoy the tax credit but not someone who earns less than $57k?
How does that $10k discrepancy advance the state’s interest in lowering carbon footprints by putting more people into carbon neutral vehicles?
By “state”, I mean federal government.
And if it matters, I don’t qualify for the rebate because I earn too much.
And I have no problem with the ceiling.
It’s the floor (must earn at least $67k to secure $7,500 credit) I find problematic.