Tesla Model 3 now a bargain in Minnesota*

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avahifi

Tesla Model 3 now a bargain in Minnesota*
« on: 1 Jun 2023, 09:17 pm »
Base price down to $39700.  Fed rebate $7500. Minnesota rebate $2500.

That’s $29700 for a new Tesla.

Not a bad deal.

Frank

Rocket

Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #1 on: 4 Jun 2023, 04:32 am »
Hey Frank,

That equates to a huge discount on the price of a new Tesla. Here in Australia the EV rebate is 3.5k Australian dollars from Western Australia and 2k from the Federal government. I guess this is the reason for a slow up take in Australia for EV's. I'm super interested in a Tesla 3 though.... :)

Cheers Rod
« Last Edit: 4 Jun 2023, 06:31 am by Rocket »

danielgk

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #2 on: 4 Jun 2023, 02:55 pm »
Minnesota rebate of $2500 might seem like a good deal, but don't forget that Minnesota collects sales tax.  This would be $2116 if calculated on a $29700 purchase price, but is more probably $2828 calculated on a price of $39700.  So, at best, Minnesota just gives back the sales tax you pay.


Dan

ceylon

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #3 on: 4 Jun 2023, 04:14 pm »
ive ridden in a tesla a few times and drive one once or twice. remarkable machine. really something.

dlparker

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #4 on: 4 Jun 2023, 06:38 pm »
And the model Y was the best selling car in the world for Q1 2023:

https://www.businessinsider.com/tesla-worlds-top-selling-car-first-time-q1-2023-5?op=1

jpm

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #5 on: 4 Jun 2023, 06:42 pm »
Norway has the most advanced EV market (other markets will catch up much faster than most folks realize) and Tesla has it all to lose there:

https://electrek.co/2023/06/01/tesla-model-y-outsells-2nd-place-id-4-by-4x-in-norway-97-electrified-in-may/

Rocket

Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #6 on: 5 Jun 2023, 10:44 am »
Hi,

I'm seeing a lot of Tesla 3's on the road here in Perth, Western Australia, everyday.

Cheers Rod

zybar

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #7 on: 5 Jun 2023, 01:11 pm »
Base price down to $39700.  Fed rebate $7500. Minnesota rebate $2500.

That’s $29700 for a new Tesla.

Not a bad deal.

Frank

A little more info on the $7500 Fed rebate...

Only six battery-electric models will initially qualify for the full $7,500 credit starting: Cadillac Lyriq, Chevy Bolt EV and EUV, certain versions of the Tesla Model 3 and Model Y, Ford E-Transit and F-150 Lightning.

Other EVs, like the Ford Mustang Mach-E and Tesla Model 3 Standard Range RWD, will qualify for half the credit because their batteries don’t meet the sourcing requirements. Several plug-in hybrid vehicles also qualify for the full credit, and a handful of EVs that go on sale later this year will qualify.


Check out this article for more info:

https://www.theverge.com/2023/4/17/23686516/ev-tax-credit-list-qualify-eligible-tesla-chevy-ford

George

avahifi

Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #8 on: 5 Jun 2023, 04:10 pm »
Tesla says the full $7500 tax credit applies to all versions of the Model 3  and Y now.

Frank

rif

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #9 on: 5 Jun 2023, 11:43 pm »
How do the rebates work?  When filing taxes (in the US), is it like a deduction you take up top, or truly a credit to apply to the taxes owed on the bottom?

Saturn94

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #10 on: 5 Jun 2023, 11:53 pm »
How do the rebates work?  When filing taxes (in the US), is it like a deduction you take up top, or truly a credit to apply to the taxes owed on the bottom?

If I read/understand correctly, it’s a tax credit deducted from your tax liability.  Btw, you only get credit for your tax liability up to $7500.  In other words, if your tax liability is less than $7500, then you get the lesser amount, not $7500.

RonN5

Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #11 on: 5 Jun 2023, 11:59 pm »
Many states, like Minnesota, have rebates in addition to the Federal rebates...and some also have rebates for home chargers.  Unfortunately, this does not seem to be the case in Florida.

rif

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #12 on: 6 Jun 2023, 12:33 am »
If I read/understand correctly, it’s a tax credit deducted from your tax liability.  Btw, you only get credit for your tax liability up to $7500.  In other words, if your tax liability is less than $7500, then you get the lesser amount, not $7500.

I guess what I'm asking is it a reduction in your taxable income (simiar to a deduction for a dependent child) or is it applied in a fashion to the taxes already paid (ie if I had $10k deducted from my paychecks for the year, do I now say it's $17.5k)

Sounds like it's the latter, with caveats as you wrote.




Saturn94

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Re: Tesla Model 3 now a bargain in Minnesota*
« Reply #13 on: 6 Jun 2023, 01:51 am »
I guess what I'm asking is it a reduction in your taxable income (simiar to a deduction for a dependent child) or is it applied in a fashion to the taxes already paid (ie if I had $10k deducted from my paychecks for the year, do I now say it's $17.5k)

Sounds like it's the latter, with caveats as you wrote.

The latter.  It’s not a reduction of your taxable income, it’s a credit to your tax liability.

Out of curiosity, I checked out the rebate program here in VA.  It sounds like it’s an actual rebate applied at the time if purchase rather than a tax credit.