Tesla Tax Credit

[Anonymous]

We are considering buying a Tesla and would like to take advantage of the EV tax credit. It looks like Tesla's are booked out until June, but we can still put a deposit down now in the hopes of getting one sooner. If we put the deposit down now, can we still take advantage of the credit? or would that preclude us? I wasn't sure how this works or if anyone has been through this before. Thanks!

[Anonymous]

Teslas don't qualify for the current tax credit (they've sold enough cars that they've used up all their allocation). I don't know if the infrastructure bill that just passed will make them eligible again, but if so, you'll probably be better off waiting anyway!

[Anonymous]

OP here--correct. I think we're banking on the credit being in the build back better act (it wasn't in the infrastructure bill that just passed), but we're waiting to see if that materializes. I chatted with Teslae and it sounds like it's dependent on the date of delivery not the date of purchase if the credit does go into effect for CY22. Too early to tell though. Guess we'll just have to wait.

[Anonymous]

If passed, it’ll go by car purchase date which will be date you take delivery, not date you order and put down a deposit.

[Anonymous]

I probably shouldn’t say this since it’s not on the political forum, but I really hope that we can stop (and not reinstate) with these EV tax credits. Tesla has a trillion dollar market cap.

[Anonymous]

Anonymous wrote:I probably shouldn’t say this since it’s not on the political forum, but I really hope that we can stop (and not reinstate) with these EV tax credits. Tesla has a trillion dollar market cap.

The tax credit is more about the consumer than the manufacturer, although it obviously benefits both. And the new credit is for any EV manufacturer - helps to offset the higher initial costs of purchasing an EV.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I probably shouldn’t say this since it’s not on the political forum, but I really hope that we can stop (and not reinstate) with these EV tax credits. Tesla has a trillion dollar market cap.

The tax credit is more about the consumer than the manufacturer, although it obviously benefits both. And the new credit is for any EV manufacturer - helps to offset the higher initial costs of purchasing an EV.

I would disagree. Tax credits were originally intended to help differ the R&D costs and encourage purchases, but Tesla sells as many cars as it can make now so the tax credit will just be a big flow of cash from tax payers. Tesla will raise prices to reflect the tax credits, so little benefit runs to consumers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I probably shouldn’t say this since it’s not on the political forum, but I really hope that we can stop (and not reinstate) with these EV tax credits. Tesla has a trillion dollar market cap.

The tax credit is more about the consumer than the manufacturer, although it obviously benefits both. And the new credit is for any EV manufacturer - helps to offset the higher initial costs of purchasing an EV.

I would disagree. Tax credits were originally intended to help differ the R&D costs and encourage purchases, but Tesla sells as many cars as it can make now so the tax credit will just be a big flow of cash from tax payers. Tesla will raise prices to reflect the tax credits, so little benefit runs to consumers.

I’ve always thought this was true for any credits.

[Anonymous]

Anonymous wrote:If passed, it’ll go by car purchase date which will be date you take delivery, not date you order and put down a deposit.

apparently Tesla purchases do not qualify for the federal tax credit and even under the new bill

https://electrek.co/2021/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

[Anonymous]

Anonymous wrote:

Anonymous wrote:If passed, it’ll go by car purchase date which will be date you take delivery, not date you order and put down a deposit.

apparently Tesla purchases do not qualify for the federal tax credit and even under the new bill

https://electrek.co/2021/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

Nope, they just lose the $4500 union-built additional credit (as long as you select models under the applicable price points per category)

[Anonymous]

Anonymous wrote:

Anonymous wrote:If passed, it’ll go by car purchase date which will be date you take delivery, not date you order and put down a deposit.

apparently Tesla purchases do not qualify for the federal tax credit and even under the new bill

https://electrek.co/2021/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

I don’t think it should. The credits should be used to encourage other manufacturers or for existing manufacturers to continue developing new technology, which could then be open for a credit. Like the rav-4 prime.

[Anonymous]

NP...so the new eV bill has a 500k HHI. Would we not get anything if we make 500,001? or will this be phased out.

[Anonymous]

You’re really taking into account what may or may not be included in a bill that has yet to be passed…? Please just live within your means and go get an Accord (or a Prius if hybrid is a must). I promise your neighbors will think no more or less of you.

[Anonymous]

Anonymous wrote:You’re really taking into account what may or may not be included in a bill that has yet to be passed…? Please just live within your means and go get an Accord (or a Prius if hybrid is a must). I promise your neighbors will think no more or less of you.

The credit is a lot of money and some people want to buy the future of automobiles, not the past. With us so close to the end of the year, worth waiting to see what happens. I have an electric car and couldn’t give two shakes at what my neighbors think of me - I buy a car for me and my family.

[Anonymous]

Anonymous wrote:You’re really taking into account what may or may not be included in a bill that has yet to be passed…? Please just live within your means and go get an Accord (or a Prius if hybrid is a must). I promise your neighbors will think no more or less of you.

This is not helpful. Go start a thread in political or finance forum. Some of us want applicable information.