2024 EV Tax Credit

[Ready]

Is anyone waiting for New Year’s to roll around so they can take advantage of the EV tax credit?

I currently have a Tesla Model 3 but I’ve been wanting to swap it for the Model Y. I’m retired so I have zero income which means not much tax liability so I couldn’t really take advantage of the $7,500 credit this year. I could have done Roth conversions but I just didn’t want to mess with that.

Starting next year it looks like I can get the $7,500 discount off the purchase price. I meet the income cap since I have no income and I’m no longer required to have any tax liability, if I’m reading the tax code correctly.

Model Y pricing has been very aggressive lately, possibly because they are close to rolling out an updated model next year. So I’m keeping an eye on things to see what makes sense as a next move.

 

[Midpack]

I will use the EV tax credit this year.

As you've read, if the Model Y you buy is eligible, you should be to take advantage of a tax incentive at time of purchase, instead of waiting for your tax return like 2023 buyers. Which cars will be eligible in 2024 is still in flux, but most indications are there will be fewer makes/models than 2023. At the moment, there isn't a consensus list, just lots of speculation.

All my sources say the updated Model Y (Juniper) won't roll out until Oct 2024, and frankly I think it's unlikely that soon. It may roll out in China before the US for all we know. In the US, they are scaling up Cybertruck Austin production now, and have yet to retool Fremont CA for Model 3 (Highland) update for US sales. They have their hands full for the moment, and the Model 2 development continues. The Shanghai Model Y is receiving a minor strictly cosmetic update, black Gemini wheel covers, RGB interior lights, and wood trim delete - but nowhere near as extensive as Project Juniper. And the US may not see that minor refresh, who knows.

 

[explanade]

Should merge this thread with the EV models thread.

Tesla has indicated that some versions of the Model 3 and Y may lose part or all of the tax credit in the 2024 model year because the domestic content requirements go up.

So you'd think they'd have been able to publish a list of which models get how much of the credit by now.

Or maybe they were vague about it so that people would buy before the end of the year.

 

[Ready]

Should merge this thread with the EV models thread.

Tesla has indicated that some versions of the Model 3 and Y may lose part or all of the tax credit in the 2024 model year because the domestic content requirements go up.

So you'd think they'd have been able to publish a list of which models get how much of the credit by now.

Or maybe they were vague about it so that people would buy before the end of the year.

From what I’ve read the tax code is a bit vague so there are a number of manufacturers who are not sure if their models will qualify next year. It should get firmed up soon, hopefully within the first few weeks of 2024.

 

[Ready]

I will use the EV tax credit this year.

As you've read, if the Model Y you buy is eligible, you should be to take advantage of a tax incentive at time of purchase, instead of waiting for your tax return like 2023 buyers. Which cars will be eligible in 2024 is still in flux, but most indications are there will be fewer makes/models than 2023. At the moment, there isn't a consensus list, just lots of speculation.

All my sources say the updated Model Y (Juniper) won't roll out until Oct 2024, and frankly I think it's unlikely that soon. It may roll out in China before the US for all we know. In the US, they are scaling up Cybertruck Austin production now, and have yet to retool Fremont CA for Model 3 (Highland) update for US sales. They have their hands full for the moment, and the Model 2 development continues. The Shanghai Model Y is receiving a minor strictly cosmetic update, black Gemini wheel covers, RGB interior lights, and wood trim delete - but nowhere near as extensive as Project Juniper. And the US may not see that minor refresh, who knows.

As much as I’d like a Model Y, my Model 3 is perfectly fine for right now. We should see what the new Model Y looks like soon as they are apparently close to producing them in Shanghai. So while they may not be available in the US for another year or so, at least we can see what’s coming and then make a decision whether it’s worth the wait.

 

[Montecfo]

Was considering it for 2024 but the stats on EV reliability have taken away a good bit of luster. Will have to see if reliability continues to be an issue. That was a big part of value proposition of EVs.

https://www.consumerreports.org/car...-reliable-than-conventional-cars-a1047214174/

 

[Midpack]

As much as I’d like a Model Y, my Model 3 is perfectly fine for right now. We should see what the new Model Y looks like soon as they are apparently close to producing them in Shanghai. So while they may not be available in the US for another year or so, at least we can see what’s coming and then make a decision whether it’s worth the wait.

True enough, though I would expect the changes will be along the same lines as the many Model 3 Highland. It’s no secret Tesla is trying to reduce costs, and standardizing between the M3 and MY is an obvious way to do so. So I think we know what the Juniper will be like already.

Shanghai is close to making the Model Y minor refresh described above, not the more substantial Juniper update IIRC. Before the Highland came out, they were spotted daily on the roads here for many months before production began. There hasn’t been a single Juniper spotted that I’ve heard about.