The IRS have approved our tax filing for 2018 and we have $6,160 coming back thanks to the $7,500 EV tax credit on the Model 3 we bought last year.
The Tax credit was halved as on January 1st 2019. In response Tesla reduced prices. So did I pay more or less than I would today if I purchased the exact same car today?
I paid $55,000, subtracting the $7,500 that comes down to $47,500.
For the same configuration today it would cost me $50,500, subtract $3,750 makes the final price $46,750.
So the difference is $750 more than waiting. I’ve done over 10,000 miles since October 2018. I feel comfortable that it was worth the extra $750 for the opportunity to drive this awesome car for the 6 months I’ve had it.
When we purchased our 2011 LEAF we benefited from the $7,500 federal tax credit back then as well as a $2,500 Tennessee incentive. We’ve benefited to the tune of $17,500 over the last 8 years from EV incentives.
Many feel this is wrong for someone to benefit on the back someone else’s taxes. To get these credits you have to have adequate tax liability in the first place, in other words we’ve paid plenty of taxes anyway. It’s some of our tax money coming back to us. If we had not been due to pay the tax in the first place we would not have been eligible for the full tax credit.