The Benefits of the Federal Tax Credit for Tesla Model Y in 2024

TLDRIn 2024, the federal tax credit for Tesla Model Y allows you to potentially pay $42,000 instead of $65,000 for a long range model. The income requirements remain the same, and certain Tesla models qualify for the credit. State incentives may also be available. Wait for the point of sale rebates to kick in!

Key insights

🤑In 2024, the federal tax credit for Tesla Model Y can save you $23,000 on your purchase!

💸Certain Tesla models, including the Tesla Model 3 Performance and Tesla Model Y, qualify for the federal tax credit in 2024.

💡Income requirements for the federal tax credit remain the same in 2024: $300,000 for married couples filing jointly, $225,000 for head of households, and $150,000 for all other filers.

🏷️The price caps for the federal tax credit also remain the same in 2024: $55,000 for the Tesla Model 3 and $80,000 for all Tesla Model Y and Model X.

🔋The federal tax credit for Tesla models is in addition to any state incentives that may be available, such as the California clean vehicle rebate.

Q&A

What is the federal tax credit for Tesla Model Y in 2024?

—The federal tax credit for Tesla Model Y in 2024 allows you to potentially pay $42,000 for a long range model instead of $65,000.

Which Tesla models qualify for the federal tax credit in 2024?

—In 2024, the Tesla Model 3 Performance and all Tesla Model Y models qualify for the federal tax credit.

What are the income requirements for the federal tax credit in 2024?

—The income requirements for the federal tax credit in 2024 are: $300,000 for married couples filing jointly, $225,000 for head of households, and $150,000 for all other filers.

Are there any price caps for the federal tax credit in 2024?

—Yes, the price caps for the federal tax credit in 2024 are: $55,000 for the Tesla Model 3, and $80,000 for all Tesla Model Y and Model X.

Are there any state incentives available for Tesla models in 2024?

—Yes, state incentives may be available in addition to the federal tax credit. For example, California has the clean vehicle rebate program.

Timestamped Summary

00:00In 2021, the long range Tesla Model Y cost $65,000.

00:09In 2024, with the new federal tax credits, you could potentially pay $42,000 for a long range Tesla Model Y.

00:23Previously, Teslas qualified for a $7,500 tax credit, but now certain models qualify for $7,700 off the purchase price.

00:48The Tesla Model 3 Performance and all Tesla Model Y models qualify for the federal tax credit in 2024.

02:49The price caps for the federal tax credit remain the same in 2024: $55,000 for the Tesla Model 3, and $80,000 for all Tesla Model Y and Model X.

03:27State incentives may also be available, such as the California clean vehicle rebate.

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