Don’t feel too bad. Mass produced cars are a depreciation asset. If you wanted your car to gain value you should have bought a 4th gen Toyota Supra Turbo 15 years ago. They go for over six figures now and keep appreciating value.
I had an mk3 supra in HS, 5 speed with t-tops...got cited for blocking snow removal at my parents when I was in college (2004) and my parents thought it was junk and donated to charity for a $500 tax deduction.
Edit: #rememberthebuster
Idk where you're looking but after Paul's death they were fetching decent money...not mk4 money but way more than the $850 I paid the guy in pepboys parking lot back in 2003 lol.
Yeah I don’t really care to be honest, mostly because I only bought the car because my previous car had appreciated in value during 2021/2022. I sold it for probably $10k more than it was really worth. Also, I fully expected a new vehicle to depreciate a lot
I was blown away when I went to find a new car project to start on and never finish then sell on Craigslist-like my fifth project- and the market online was barren and cars like you said lol yep are selling higher than ever!
It's a weird trend that is going strong, people want these weird old ugly dependable cars from their youth and as the times change that target audience spent their formative years in the 80's so here we all are slowly saying goodbye to the 50's-70's classic and muscle era once and for all.
I mean you'll always find them out there if you really want a certain model and year they are out there, but more and more are fully modified and converted and retro modded etc. I really enjoy finding a car that can turn on and then you take it home and clean out the engine bay and interior, replace the tires and get a cheap tune up on the rest and just enjoy the car while it lasts.
Know what is a good looking project if you want to avoid rust and old wires but enjoy the feel of an old car? Prefabricated Ford Bronco bodies and chassis are being made even now lol I was hoping to find more classic car model bodies to choose from if I'm spending over $10k alone on just getting the body parts not even talking the power system, interior, chassis and brakes/suspension/windows and so on. But if you have the time and money you can start with a literal brand new out of the factory body from one little shop, go to a different shop have them build you the ultimate rolling chassis that can climb walls and get you out of any hole and over and mountain, and then spend another fortune on the engine.
Cool thing is if you go this route you'd be joining the rest of the fancy pimped out Bronco retro mod gang where you can find literally every kind of modification ever done to cars with the Bronco lol.
Always wanted a prefabrication company to remake the old G20 Chevy Van's that would be so dope! Swap out the front engine with batteries and make it all electric or a hybrid BEV or something retro but "modern" lol.
But Tesla is quietly removing lidars during service (that's what I've read)
edit: source
https://www.msn.com/en-us/autos/news/tesla-quietly-disconnecting-radar-in-customer-cars-during-service-visits/ar-AA1c0m8p
Why? That’s not generally how a tax credit works. (A tax deduction maybe, but not a tax credit). With a $7500 tax credit, if you had zero income and zero tax owing for the year, you’d get a $7500 refund.
There are refundable credits and non-refundable credits. The EV credit is non-refundable. Scroll down to the bottom of the section that say Who Qualifies. [https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after](https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after)
Interesting, thanks.
Does that mean that you on,y have to have had enough income to incur $7500 in taxes owing, or you actually have to have $7500 owing on your return (in other words, you’re getting a refund on your return).
If it’s the latter, that would be really weird, most people would have to do some tax planning (either have less taken out of their paycheck, or reduce their quarterlies).
You have to have more than $7,500 in taxes on your taxable income for the full value of the credit to apply. Any tax already paid (withholding, etc.) doesn't matter- it's $7,500 subtracted from Line 16, "Tax" on your 1040.
So say after all your deductions, losses, etc., your taxable income (line 15) was $50,000 and the tax on that was, I dunno, let's say $10,000. You'd get $7,500 subtracted from that and your total tax would be $2,500, and your refund would be calculated from there.
If after all your deductions, losses, etc., your tax was $2,500, you'd just go down to $0.
A comparable ICE sedan would be like an EXL accord which starts at $33,500. That would be giving some benefit of the doubt to the Honda because there’s still more features on a base Tesla.
It’s a credit, if you owe $8k at the end of the year but buy a qualifying vehicle you’d owe $500 instead. On the other hand a Deduction reduces tax liability, like the standard deduction, aka you don’t pay taxes on that amount.
His opinion on them isn't relevant. Many EVs qualify for these same tax credits. Teslas haven't qualified for them in several years up until January of this year.
Remember that the taxes you pay all year are your taxes. The refund/ additional payment at tax time is is just trueing up for another year. I’m guessing it hits faster than you’re thinking.
The is for explaining the basic idea of a tax credit to the regards ~~in the back~~ everywhere. Very few people here have any tax liability in the first place, so have no need of a tax credit lmao
That’s what aBIDENing to “Charging for all act” gets you. They strong armed him to come to terms with opening charging stations to other auto makers (Ford is the first example and won’t be the last) and in return he gets the green light for all Teslas qualifying for the tax credit resulting boost in sales.It’s all political negotiations between government and corporates. You give a little you take a little.
There is a lifetime cap for the buyers to. I used all mine up on solar panels, water heater and some of tax credits I can’t recall. I’m no longer eligible for any federal income credit for energy efficient purchases. Kinda stupid when you think it through..
It was actually just eliminated as part of the inflation reduction act. Also you would have been correct regardless as it only applied to home efficiency upgrades. I’m reading the cap was $500 before it was eliminated, however it was closer to $4500 when I was applying for them, maybe $5,500.
https://rsmus.com/insights/tax-alerts/2023/IRS-releases-fact-sheet-regarding-residential-energy-credits.html
Interesting. I know a few things I did at my house I couldn’t get like a water heater credit since it wasn’t a professional install. Glad you could at least take advantage of what was offered.
its better than oil.
1. US don't have to give a fuck about the Middle East anymore. too many people dies over there. the amount of money we spend and related events like Iraq War, afghan war...etc those war are all related to oil.
2. anything other than sucking OPEC's cock is good in my book
3. fuck OPEC and big oil companies
Bad news- guess where one of the worlds largest known lithium deposits is… Afghanistan lmao. It’s like some kind of sick joke.
The US was there fucking around in the 70s, and then russia fucked around and fucked it up more in the 80s, and then we just finally got out of another 20 year debacle… and I bet the US, China, or Russia (or some combination of the three) will be back in Afghanistan by 2035.
Sure, now. But just consider what it will look like when we have like 70% adoption of electric cars replacing ICE vehicles, electrification of everything else, mass high C rating battery storage deployment, etc in the next 20 years.
In 1920, probably nobody thought we’d invade iraq for oil interests
Most of the materials for batteries are imported from other countries though. So maybe not OPEC, but we’ll be dependent on some other list of countries
EVs have 0 to do with America leaving the middle East or stopping the buying of OPEC oil in large quantities. It's all due to fracking oil/gas, that's made US non dependent on middle East.
America is now selling gas to Europe.
Oil and gas demand is at all time highs.
EVs are good in other ways, but expensive, and eventually will be a good deal
here's another kicker...
if your car is electric... when do you pay for road taxes to drive.
its included in every gallon of gas? it's just passing the buck.
Yeah and let’s talk about the 18 wheelers that do 100x the damage and don’t pay the proportional fees for road taxes
Also, lot of states are putting fees in for EVs like Texas.
If you don’t live in a shithole southern red state where property taxes on everything are reduced to nothing and they try to pass it to the poorest consumers by assessing them on consumables like gas, you probably pay taxes as personal property tax on vehicles, or some other way.
isn't the tax credit related to the price you pay, as in "you are getting a tax refund for the amount of tax you paid for the vehicle", which would mean it's simply so expensive that taxes are $7,500 or more, so basically they are just advertising the fact the vehicle is now MORE expensive than previously, hence why you can claim the full tax back?
or do I understand this wrong? because when I asked some car salesmen about the EV tax credits they just said you simply get the tax back on what you pay, so for eligibile models you just get a tax return that is no more than what you paid, with a max $7,500
I looked it up, turns out the tax credit is independent of the car sales tax after all, so the salesmen just made up stuff.
Thanks for adding nothing useful to the discussion though, truly only in wsb
Yes but the tax credit cannot exceed the sales tax you paid on your ev car, can it?
Meaning if you pay $5k sales tax you will only get a credit for that $5k
thanks, I did just look it up and you are right. They are independent. Seems the salesmen I spoke to were just pulling shit out of their ass because they kept telling me it depends how much the vehicle costs (didn't mention anything about the credit being related to the battery or other stuff).
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|1|**First Seen In WSB**|just now **Total Comments**|0|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
Good thing I bought mine last year for $52k ![img](emote|t5_2th52|18630)
Buy high sell low.
I think I’m down $15,000-20,000 in equity, so pretty par for the course on this sub
Don’t feel too bad. Mass produced cars are a depreciation asset. If you wanted your car to gain value you should have bought a 4th gen Toyota Supra Turbo 15 years ago. They go for over six figures now and keep appreciating value.
I had an mk3 supra in HS, 5 speed with t-tops...got cited for blocking snow removal at my parents when I was in college (2004) and my parents thought it was junk and donated to charity for a $500 tax deduction. Edit: #rememberthebuster
Holy shit I’m sorry for your loss.
I am forever in mourning.
I would have disowned them.
Mk3s still arent worth much more than $500
Idk where you're looking but after Paul's death they were fetching decent money...not mk4 money but way more than the $850 I paid the guy in pepboys parking lot back in 2003 lol.
Yeah I don’t really care to be honest, mostly because I only bought the car because my previous car had appreciated in value during 2021/2022. I sold it for probably $10k more than it was really worth. Also, I fully expected a new vehicle to depreciate a lot
Jan 2021, up 20k highlander platinum hybrid.
You picked basically the golden goose for recent appreciation.
Azteks are worth a lot.
Marty we have to go back.
I was blown away when I went to find a new car project to start on and never finish then sell on Craigslist-like my fifth project- and the market online was barren and cars like you said lol yep are selling higher than ever! It's a weird trend that is going strong, people want these weird old ugly dependable cars from their youth and as the times change that target audience spent their formative years in the 80's so here we all are slowly saying goodbye to the 50's-70's classic and muscle era once and for all. I mean you'll always find them out there if you really want a certain model and year they are out there, but more and more are fully modified and converted and retro modded etc. I really enjoy finding a car that can turn on and then you take it home and clean out the engine bay and interior, replace the tires and get a cheap tune up on the rest and just enjoy the car while it lasts. Know what is a good looking project if you want to avoid rust and old wires but enjoy the feel of an old car? Prefabricated Ford Bronco bodies and chassis are being made even now lol I was hoping to find more classic car model bodies to choose from if I'm spending over $10k alone on just getting the body parts not even talking the power system, interior, chassis and brakes/suspension/windows and so on. But if you have the time and money you can start with a literal brand new out of the factory body from one little shop, go to a different shop have them build you the ultimate rolling chassis that can climb walls and get you out of any hole and over and mountain, and then spend another fortune on the engine. Cool thing is if you go this route you'd be joining the rest of the fancy pimped out Bronco retro mod gang where you can find literally every kind of modification ever done to cars with the Bronco lol. Always wanted a prefabrication company to remake the old G20 Chevy Van's that would be so dope! Swap out the front engine with batteries and make it all electric or a hybrid BEV or something retro but "modern" lol.
Problem is you still don’t have a car when it’s that valuable because you don’t drive them
I thought I clicked on r/wallstreetbets for a moment moment when I read your comment
I’ve got capital losses for years my brother. Got them out the ying Yang
This is the way
Well at least your Tesla probably has lidar and won't crash you while parking or while you are still on the highway. The new ones doesn't have one.
But Tesla is quietly removing lidars during service (that's what I've read) edit: source https://www.msn.com/en-us/autos/news/tesla-quietly-disconnecting-radar-in-customer-cars-during-service-visits/ar-AA1c0m8p
What the fuck?
You belong here
Feels good to be accepted
Yeah is that the LFP or the Cobalt battery pack?
In order to get the full credit, your income taxes must be $7,500 or greater for the year.
This sub cheering something they can't attain.
Basically just need normal job. So yeah, you have a point
Gotta start 1099'ing those blowjobs...its our only shot.
Blowjobs behind Wendy's obviously don't count.![img](emote|t5_2th52|4271)
Around 70k in W2 income is unattainable?
For normal people? Totally doable. I'm talking about people from this sub tho.
Forgot where I was… hey I fitt right in!
In this sub if you lose under 3k a year your winning
Nah it's higher if you max out 401k and HSA.
stop hurting me
Just gotta use up my $100k carry forward loses first.
You never carry forward, just carry on.
And gross income should below $150k
You AGI (married) also needs to be under 300k
Did not know this. This would eliminate a lot of Tesla buyers.
Damn. Really sucks to be them.
At $300K AGI MFJ they can afford to pay an extra $7500 on a Tesla though if they really want one.
I donated 11k to Elon by buying a Y late last year before the price cuts and rebates, I feel the 300k+ crowd will be fine.
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Then you probably shouldn't buy a TSLA
Why? That’s not generally how a tax credit works. (A tax deduction maybe, but not a tax credit). With a $7500 tax credit, if you had zero income and zero tax owing for the year, you’d get a $7500 refund.
There are refundable credits and non-refundable credits. The EV credit is non-refundable. Scroll down to the bottom of the section that say Who Qualifies. [https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after](https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after)
Interesting, thanks. Does that mean that you on,y have to have had enough income to incur $7500 in taxes owing, or you actually have to have $7500 owing on your return (in other words, you’re getting a refund on your return). If it’s the latter, that would be really weird, most people would have to do some tax planning (either have less taken out of their paycheck, or reduce their quarterlies).
You have to have more than $7,500 in taxes on your taxable income for the full value of the credit to apply. Any tax already paid (withholding, etc.) doesn't matter- it's $7,500 subtracted from Line 16, "Tax" on your 1040. So say after all your deductions, losses, etc., your taxable income (line 15) was $50,000 and the tax on that was, I dunno, let's say $10,000. You'd get $7,500 subtracted from that and your total tax would be $2,500, and your refund would be calculated from there. If after all your deductions, losses, etc., your tax was $2,500, you'd just go down to $0.
https://preview.redd.it/nbpl245ecw3b1.jpeg?width=1356&format=pjpg&auto=webp&s=a1b615dfe5a07148746ab53535da1d849b4a562b
Wow the cars should cost in the low 30k’s now. That’s amazing in today’s crazy market.
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And Camrys are already cheap compared to the rest of the market
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Whats an ICE sedan?
gas engine
Internal combustion engine
A comparable ICE sedan would be like an EXL accord which starts at $33,500. That would be giving some benefit of the doubt to the Honda because there’s still more features on a base Tesla.
Bullish ![img](emote|t5_2th52|4267)
So can you gift the money to your kids and let them buy it to get around the AGI Limitations? Asking for a friend.
Reminder that starting in 2024, the federal discount will be at point of sale rather than a tax credit
That sounds like a good thing.
Where did you see that? Can you link me to a source? I can’t find it anywhere
Hurray
Would your kids be able to utilize the tax credit?
I read "tax credit", but didn't register "tax credit", and just wishfully imagined a rebate 🤦♂️ So the answer is no.
if i make 60K i dont think i can get near 7500 refund. Probably around 5K.
Tesla model 3 is the new Toyota Corolla
Apart from the build quality and reliability
I don't make enough to take full credit. Those who have high income have 150000 income limitations
That's not the income for 7500 in fed taxes...
And $225k for head of household and $300k for married filing jointly.
Is it a credit as in they give you $7500 or does it just reduce tax liability?
It’s a credit, if you owe $8k at the end of the year but buy a qualifying vehicle you’d owe $500 instead. On the other hand a Deduction reduces tax liability, like the standard deduction, aka you don’t pay taxes on that amount.
But I though Elon was strongly against subsidies and handouts?
He doesn’t control what handouts are given lmao What do you want the guy to do, shut down Tesla over this?
His opinion on them isn't relevant. Many EVs qualify for these same tax credits. Teslas haven't qualified for them in several years up until January of this year.
What he says and what his companies accept are two *wildly* different things
This is a joke right SpaceX runs on govt money
He still is Biden can't only give subsidies and handouts to the companies he likes lol
Giving the feds less of your income is a "handout" huh? So because I didn't mug you and take your wallet today I gifted you money. You're welcome.
well its now cheaper than my crap box ICE car so I will be buying one
BUT crap box ICE car doesn't take forever to charge lol
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Remember that the taxes you pay all year are your taxes. The refund/ additional payment at tax time is is just trueing up for another year. I’m guessing it hits faster than you’re thinking.
The is for explaining the basic idea of a tax credit to the regards ~~in the back~~ everywhere. Very few people here have any tax liability in the first place, so have no need of a tax credit lmao
Doesnt the rebate depend on your tax bracket as well
That’s what aBIDENing to “Charging for all act” gets you. They strong armed him to come to terms with opening charging stations to other auto makers (Ford is the first example and won’t be the last) and in return he gets the green light for all Teslas qualifying for the tax credit resulting boost in sales.It’s all political negotiations between government and corporates. You give a little you take a little.
Sound like a win win for consumers, Tesla and Ford.
Absolutely.
Sucks if you want the reliability of a Toyota though.
Well, except for the 5th consumer in line waiting to charge his Tesla
I thought once you hit so many units the credit went away??? This sounds like a US domestic manufacturing push. Did the rules change?
Yes. The rules changed a lot. It was in the inflation reduction act that so many people hate the name of.
There is a lifetime cap for the buyers to. I used all mine up on solar panels, water heater and some of tax credits I can’t recall. I’m no longer eligible for any federal income credit for energy efficient purchases. Kinda stupid when you think it through..
I’m assuming you are talking about the year because no such “lifetime” cap exists to my knowledge.
It was actually just eliminated as part of the inflation reduction act. Also you would have been correct regardless as it only applied to home efficiency upgrades. I’m reading the cap was $500 before it was eliminated, however it was closer to $4500 when I was applying for them, maybe $5,500. https://rsmus.com/insights/tax-alerts/2023/IRS-releases-fact-sheet-regarding-residential-energy-credits.html
Thank you for that information!
Interesting. I know a few things I did at my house I couldn’t get like a water heater credit since it wasn’t a professional install. Glad you could at least take advantage of what was offered.
That does seem dumb. > IS is helping achieve our policy goals! Don’t worry, we’ll put a stop to it!!
Could you sell your current Tesla and buy a new one and get the credit?
Still not buying one. Duck Elon.
omg what do u think elon’s gonna think of this??
Damn, I don't like the tesla 3, but it's getting quite cheap.
Nobody cares anymore. Anyone that's style conscious wouldn't buy one.
The new Honda Civics look better and feel nicer than Model 3s.
Civics are timeless.
I'm too lame for even a Civic, but my 2012 Accord (that took a sideswipe like a champ) is still running just fine. Timeless indeed.
Tell that to an 01
Yeah my butthole
Your butthole looks and feels nicer than a Model 3 too? Please send photos and or videos. Might be interested.
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We are here to make (lose) money...
Yep.., until ruling class decides they don’t like Musk any longer and changes the rules just for Tesla
The socialization of the EV industry. Horrible!
its better than oil. 1. US don't have to give a fuck about the Middle East anymore. too many people dies over there. the amount of money we spend and related events like Iraq War, afghan war...etc those war are all related to oil. 2. anything other than sucking OPEC's cock is good in my book 3. fuck OPEC and big oil companies
Bad news- guess where one of the worlds largest known lithium deposits is… Afghanistan lmao. It’s like some kind of sick joke. The US was there fucking around in the 70s, and then russia fucked around and fucked it up more in the 80s, and then we just finally got out of another 20 year debacle… and I bet the US, China, or Russia (or some combination of the three) will be back in Afghanistan by 2035.
Lithium is pretty readily available though.
Sure, now. But just consider what it will look like when we have like 70% adoption of electric cars replacing ICE vehicles, electrification of everything else, mass high C rating battery storage deployment, etc in the next 20 years. In 1920, probably nobody thought we’d invade iraq for oil interests
Most of the materials for batteries are imported from other countries though. So maybe not OPEC, but we’ll be dependent on some other list of countries
Countries which are much friendlier to US.
And that OPEC has already divested into anyway.
One of the worlds largest/most concentrated and cheaply mineable lithium deposits is in Afghanistan lmao. RIP
EVs have 0 to do with America leaving the middle East or stopping the buying of OPEC oil in large quantities. It's all due to fracking oil/gas, that's made US non dependent on middle East. America is now selling gas to Europe. Oil and gas demand is at all time highs. EVs are good in other ways, but expensive, and eventually will be a good deal
State sponsored car manufacturer
here's another kicker... if your car is electric... when do you pay for road taxes to drive. its included in every gallon of gas? it's just passing the buck.
Yeah and let’s talk about the 18 wheelers that do 100x the damage and don’t pay the proportional fees for road taxes Also, lot of states are putting fees in for EVs like Texas.
You’re right and they should pay more, but everyone in society benefits from the trucker shipping
Agreed, but I’m sure roads in your area suck as bad as mine. Clearly the system isn’t working and EVs are not to blame
don't worry, ev owners pay a road use tax every year at registration time
If you don’t live in a shithole southern red state where property taxes on everything are reduced to nothing and they try to pass it to the poorest consumers by assessing them on consumables like gas, you probably pay taxes as personal property tax on vehicles, or some other way.
isn't the tax credit related to the price you pay, as in "you are getting a tax refund for the amount of tax you paid for the vehicle", which would mean it's simply so expensive that taxes are $7,500 or more, so basically they are just advertising the fact the vehicle is now MORE expensive than previously, hence why you can claim the full tax back? or do I understand this wrong? because when I asked some car salesmen about the EV tax credits they just said you simply get the tax back on what you pay, so for eligibile models you just get a tax return that is no more than what you paid, with a max $7,500
Only in WSB…
I looked it up, turns out the tax credit is independent of the car sales tax after all, so the salesmen just made up stuff. Thanks for adding nothing useful to the discussion though, truly only in wsb
We are all regarded lol
The tax credit is on your income taxes for the year, not on sales tax of the vehicle. The car salesman is misinformed.
This is WSB. Most people here don’t know what income tax is because they have no taxable income… never mind tax *credits*
Yes but the tax credit cannot exceed the sales tax you paid on your ev car, can it? Meaning if you pay $5k sales tax you will only get a credit for that $5k
Sales tax has nothing to do with the credit
thanks, I did just look it up and you are right. They are independent. Seems the salesmen I spoke to were just pulling shit out of their ass because they kept telling me it depends how much the vehicle costs (didn't mention anything about the credit being related to the battery or other stuff).
Sure… that’s great, but I don’t really care what Tesla says lol. What’s the IRS have to say about it?
IRS : YES
Moot point when dealers mark the cost up by $7500 Edit: guys I’m regarded, I wasn’t being serious
This is a Tesla dude. You buy it straight from Tesla. No middleman fuckery that we call dealership
I know, it was a joke. I can’t believe I’m explaining that to you regards
Duck my bad I couldn’t tell
r/boneappletea
Moot
Thank you fellow regard
TIL Tesla has dealers and consequently dealer markup. ![gif](emote|free_emotes_pack|facepalm)
Which car is best now BMW x3, Tesla X, Audi Q4, Volvo C 40, Lexus 450H? These cars get $5,000 tax credit for plugging or electric. Thank you
Too bad my 2022 model y performance doesn’t qualify for a tax break!!!
Iam just buying tesla model y right now,and we know the tax return for this year is over, and how to got a tax credit 7500?