From Andy Slye.
Tesla tax credit gets big update from IRS affecting all Model Y buyers
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Just when we thought the Tesla price changes couldn’t get any more complicated, the IRS just flipped and changed their policy for the EV tax credit as it pertains to electric vehicle crossovers. Specifically today we’re talking about the Tesla Model Y so if you are looking to buy a Tesla Model Y or if you’ve already bought one since January 1 2023, this will change how the EV tax credit works and might save you some money. There may also be some price hikes happening soon because of this. The IRS went back and changed the price limit for electric SUVs, including the Tesla Model Y, Ford Mustang Mach-E, Volkswagen ID.4 and Cadillac Lyric. Back in August when the IRS released their plans for the vehicles, they weirdly priced the Model Y 5 seater at the $55,000 price limit, which meant if your Model Y cost more than $55,000 then it would not be eligible for the full tax credit. This caused Tesla to reduce their prices on the Model Y. Now IRS has raised that price limit for all Model Ys so as long as it costs less than $80,000 during your order, it should be eligible for that full $7,500 tax credit if you’ve taken delivery or plan to take delivery anytime after January 1 2023. You should contact your CPA and run the numbers to make sure that you’re eligible for that because there are other rules. But basically, this should allow all Model Y configurations to be eligible for the full $7,500 tax credit. So if you’re interested in any any type of electric SUV, this is great news for you. The bad news is that this might make Tesla increase the prices again for the Model Y. We all know that Tesla changes their prices accordingly based on what’s happening with the EV tax credit. So now that the Model Y is at that $80,000 price limit, they could raise the prices of the Model Y as long as it is under that $80,000 limit. I wouldn’t be surprised if they have another price increase to go back up to the prices before they reduced the prices drastically not too long ago.
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