NEW: Tesla getting screwed & EV Tax Credit Update! (MORE Savings?!)
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We appreciate all the comments on our last EV Tax credit video. We're happy to announce the latest news/update for the Electric Vehicle tax credit. Democrats have proposed an updated electric car incentive program at the federal level, which would go through their $3.5 trillion social spending bill.
It would remove the limit on the number of vehicles and replace it with a timeline, introduce a higher payout up to $12,500 and make it point-of-sale, but there are also new restrictions that would put Tesla at a $4,500 disadvantage.
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Can you explain a little bit about the amendment that passed on this bill regarding credits only applying if you make less than 100k a year AND EV car has to be less than $40k. It's non binding. What does this mean?
Great video! Thank you for explaining. Subscribed. Quick question: If I order a Tesla today but don’t receive delivery until February (which is currently being estimated for my area) would I qualify for the new tax credits (assuming they get voted in and kick in starting 1/1/22)?
Yes, it goes by the date you purchase the vehicle.
Thanks Bill! Appreciate the subscription, yes you would get the discount in February (based on how it's worded for the new year), you don't pay for your vehicle until you pick it up.
Great video my man!
Really appreciate it, thanks Martin for watching!
I'm 5 months behind... I placed my order today for a M3 estimated delivery May and was wondering If some new EV credit would be implemented..we are 3 months into 2022 and I only saw phase 3 applying to charger installation rebates...I should've ordered sooner :(
Nevermind I see it is still a stand still. Question is if it goes through eventually will it take effect next year?
Subscribed. This was the exact information I was looking for today and found it here. Bummed about my Rivian R1S preorder though - it starts at $70k and the limit for SUVs is $69k. Really? Just 1 measly thousand dollars away from the credit.
Thanks for subscribing Marvin! OMG really, 1K difference? Do they have like Autopilot that you can say I don't want that feature and then pay for it after you own the vehicle the way Tesla does it?
@@talkingmods I don't think that option is possible, but you can bet that I won't let that slip away so easily without doing a little digging to see what can be done.
Interesting video, but I'm hearing that the Senate bill regarding EV's is a lot less generous. At this point I would be really surprised if $7500 passes. It'll probably get watered down to something like $3000.
Hi I just came across you. Very informative I must say. Did that bill pass? Thanks you
Hi Paul, thanks for watching. So I just answered this on our latest Q&A Video which will be released sometime soon, but looks like it's generally passed (just had to get through budgeting committee's now, but at this point it's gone through it's hard stage) some changes which I highlighted are on the video that should be released soon.
Any guidance from Tesla on if I order now but take delivery in 2022 will the car be eligible for the credit? Some models are already seeing delivery dates in 2022.
If it passes, (being hotly debated in house right now) and delivery date is in 2022 you would qualify :)
I have been wanting a Chevy electric vehicle, but can only afford used. This credit is only for new cars? I like that it's a discount instead of a tax credit, which helps us get the full discount. But maybe the discount will make a new Chevy within an affordable range for me. Just concerned about charging cost.
Order 3LR but would really like that 8k point of sale deduction but I'm afraid if I wait the price will keep going up and up for the LR. Any suggestions
Buy now, and put order on hold. That’s what I did
Smart Brus805!
Could do as Brus805 did, or wait just another 10 days or so to see if the bill passes, to make up your mind. I do think there is a likelihood of them bumping up prices, tesla just did it with the Model X (a $10K price bump, on exact same configuration nothing different, because of current market demands).
Will it be retroactive? I'm scheduled to get my model Y delivered in October.
Hi Alexander, unfortunately doesn't look like it would be retroactive, that's such a rare thing very doubtful. Regardless enjoy the model y! and congrats :)
Very good detailed video. Basically all the information I needed to know, but do you know if Tesla will qualify for the $2500 incentive from EV cars made in the US and not union?
It would qualify for total of $8K.
Would it make sense to place my model 3 order this month or just keep waiting?
Estimated delivery date is December for my area
Hi Eric, if that's the case if you can wait, in case this passes, I'd honestly wait an extra month or so to put in your order. It's a pretty big discount, seems like the risk is worth the wait of a month. But entirely up to you.
New sub here. Very informative and very clear. I’ll be waiting for the update. Waiting for the Lexus NX 450h+. Maybe you want to review this car. Thanks for this video.
Mikee thanks for the sub, and for watching. I will do my best to update as soon as I know. I know they are at a stand still right now in the house. As to the Lexsus, I'll keep my eye on doing it :)
I am confused as I just got in EV this past year I understand tax credit. how does the point of sale work? 🤔 will the what use to be called tax credit let's say it comes out to 4500 dollars. will they be used as a discount off the vehical
If you already got the EV, it wouldn't be a part of this, if this passes it starts for vehicles purchased in 2022, and it will be instant discount (not a tax credit)
Does it only apply for a brand new ev or can it be a used vehicle? What if it's a used vehicle like model S sold at 67k, will this rebate apply?
has to be new
Are there any updates on this? My wife and I are waiting to order the model Y. We want to make sure we can still get this tax credit after we place an order. Not sure the lead time but I’m sure it would be delivered in 2022.
Pretty sure on most Model Y configs on Tesla's site it's into 2022, so if this passes when you get delivery then would qualify. Again if it passes, right now pretty heated over there in congress.
Does anyone know if this can be combined with a state electric car rebate?
Jake yes, can be combined, even current programs can be combined/stacked. Federal is one and state is another the two don't interfere with one another.
Do we get the tax credit right when we order the tesla on their website? And if we are leasing a tesla, is it still valid?
Just answered it in latest video - czcams.com/video/rbRfvTDJnNM/video.html law still says 2022 January 1st on the bill, but it's at a standstill.
Just wondering : Could use this benefit twice ? Ie buying two cars in the same year
Now that one I can't answer if anyone knows, chime in :)
I just took ownership of my Tesla in mid September... when the bill is finalized would it be worth it for me to sell my car to carvanna or something then rebuy my exact car in order to get the EV credit? Just feels wrong that the lifting of the 200,000 limit wouldn't be retroactive, but trying to see if there is anyway I could get the benefit. Some people have said the credit will be retroactive, but I can't find the actual iteration of the bill anywhere to read it myself... Just really bummed if I can't take advantage of such a large amount of money
thanks for the response in advance!
Hi Bob,
If this passes and you have the vehicle in between to do it, I would if I was in your position, the market is overpaying right now like never before. so you could take advantage of it.
I would order the next tesla right away though as they will likely keep raising the prices when they know that people have a federal discount. (They are known to raise prices in accordance to the discounts available)
If you order right away that should lock in the price (Tesla will not change the price of your original order as long as you don't make any changes to your order, that means don't add a color change or add in an accessory, once you lock it in, leave it alone) because then they can change your price of vehicle after. Keep on eye on if all of this passes, and again thanks for watching!
So the Mach-E would qualify for $12,000 even though it’s built in Mexico? Also this means you could buy a Ford Lighting for $28k. If that’s the case how do I get my hands on one?
Adam, yes if this passes you are correct, the price just became super enticing. Well considering that the dealers like to do mark-ups over msrp and that most are already pre-ordered, I would suggest doing a pre-order still, so that you can lock in a price and get one as soon as possible. Can wait extra week or 2 to see if the bill passes if that's going to make the difference for you. Appreciate you watching!
What are the chance for this incentive change back to a Tax Credit, instead of a PoS discount. The reason is because I was planning to sell some of my shares to buy the car, but if this is not a Tax Credit, then it means I can sell my stocks anytime rather than waiting for the bill passes first.
Well this is the furthest it's gone, and I am watching it and I think it will pass as a discount. Few more days and we should know where it stands.
Is there an update on this? I haven't heard anything about this as of Sept. 27th.
Waiting and looking lol need answers I want to reserve my Tesla
I've been following it myself, they are still in standstill on it (just google 'Social Spending bill' or 'infrastructure bill' you'll find a ton of articles about how congress is still in heavy discussion.
Do u know if it got passed on the 27th I haven’t been able to find anything online about it
It's pretty heated right now, remember it's inside the social spending bill (some are calling it infrastructure bill all lumped in together) it's all over the news right now - apnews.com/article/joe-biden-business-financial-markets-nancy-pelosi-3b591443b048d2fbfb7a9f9b6f646f7a
Would the new 2022 Jeep Grand Cherokee 4xe qualify for the 12500?
Hi Audrey, I am not sure how the bill will look at plug-in hybrids, but I'd venture to say it would qualify. Correct me if I am wrong guys, but I believe Chrysler still can give out the 7500 rebate which currently exists so that would be good on the Grand Cherokee.
Subscribed too. I currently have an order placed on my model 3. If I take delivery of it in 2022 (which is when it will be delivered) do I get the credit even though I ordered it in August?
Yes
First off Nelon thanks for subscribing :) So if this passes, which we find out on the 27th hopefully , then yes taking delivery in 2022 (which is when they will charge you) you will get the discount. So even if you ordered now in August (I know Tesla is on a long back order now)
:)
@@talkingmods perfect thanks so much for the information!! Let’s hope it gets passed (even tho I won’t here the exhaust when I floor it :( )
What about a polestar 2?
Hi Cortez, by the way it's been defined it would qualify
@@talkingmods yess! Thank you for reply back !!
So what was the decision made on sep 27 ?
Hi Vidur, if you google social spending bill, infrastracture bill, etc you'll see house is at a major standstill pretty much all the news outlets are on it as it's a heated debate. Just waiting to hear on what they decide.
So how much would a tri motor cyber truck cost, with the tax credit
Jameson thx for watching, so right now Tri motor Cyber truck is $69,900 (no self driving) - which one shouldn't add it and do it after fact, since hardware will be there, after the discount (not tax credit) - $61,900
@@talkingmods thanks!
Thanks for the great video! Q: Does this discount ($8k) also apply under a business title like a C corp?
Thanks Zong, would apply the same (business currently qualify for the electric rebates, in this one it would be an instant sale, I saw nothing that would take that away).
Incorrect regarding united states union workers, it can be non-US union workers
Effective date ? We can expect this bill will be passed by November ?’
Can we can an answer on a timeline? I need a car now and am waiting!
It's said to go into voting September 27th, fingers crossed they don't keep delaying what will happen and we have a clear answer. If it passes it's effective 1/1/2022
Might not be within your timeline unfortunately
@@talkingmods Any updates on the voting ? Any sign of EV credit getting passed ?
I have one question. What if I order tesla SR+ now which shows delivery in feb 2022. So if this bill passed in this year will I be eligible for tax credit rebate?
Yes
Yup, you will be eligible. But you may or not may want to wait till 27th to hear if it passes.
@@talkingmods thanks for reply. I am wondering if I order now and if VIN number gets generated before 2022 starts then I will not able to get benefit. How shall I proceed here ?
It's stating currently thats it's time of purchase, so I don't think you need to worry about the vin
@@talkingmods thanks for your reply. I see ev bill says they will give discount in price rather tax credit while buying vehicle. So what if I order now will I be getting that discount?
So did the bill ever pass??? -1 month later
First off thanks for watching, been super debated, they are now trying to take down the amount to 2 trillion instead of 3.5 trillion and are trying to get it done in a weeks time (if you google social spending bill, infrastructure bill, pretty much ever news outlet is covering this topic at the moment), word is with all the cuts the ev credit will still be there however
This didn’t pass right?
It did not pass, was a vote away. Biden Administration is trying to package it again under a new name to try and pass it through.
Schoolhouse Rock? Wow...
Haha yeah I took it way back lol!
Tesla doesn't need Ev tax credit to survive
Would u rather get a car for 50k or get the same car for 40k, they don’t need it, but it would definitely make them sell more cars
Neither do Ford or gm
Did it pass????
I've been keeping tabs on it, still watching (last was they were in a standstill but looking likely to pass, hotly debated)
Thought the 3.5 trillion dollar spending bill was dead in the water?
Right wasn't passing, then they somehow bundled it all together and got this united nations report. All of a sudden now, it looks like it's moving right along, why Elon got so ticked off.
Ok, it’s 2022, did the law pass?
Not just yet, unfortunately... due to ONE person. Just made a video on it, check it out if you'd like to know more! Thanks for commenting and Happy New Year's :)
#NowYouKnow sent me to tell you to contact your congressman today and beg them pass the electric vehicle $7500-$12000 discount renewal bill in it's *current form* (not reduced model eligibility). Cheers!🤞
Tesla is the company that made EVs a practical alternative to fossil fuels and is driving force behind saving the planet through electrification but the very companies who laughed at him are the ones who benefit the most. That’s messed up. He should be incentivized to keep going as far as he can. The tax credit was a little lame anyway because you can’t get a $7500 credit unless you owe $7500 in taxes. If you only owe $2,000, then you only get a $2,000 credit. A point of sale rebate is better because you get the entire amount. But I do think this will encourage dealers to run wild with markups as they try to eat up the customer’s discount to put in their pockets.
This is a very valid point, could very much happen where they raise prices. So securing a pre-order would be a good idea, say on an f150 lightening for example or something else where you have a contract on the price to be.
But in the distant future I agree this could happen (then again Tesla acknowledged that they charged more for their vehicles when they knew people could qualify for the rebate).
@@talkingmods I’m not sure a deposit will insulate customers from a price increase, especially with Tesla. Tesla is selling its cars at a loss right now and making money by selling the credits it accumulates in making EVs that nobody else made. Congress is trying to jam Tesla by capping their rebate at $7500. Meanwhile, Tesla has pushed off deliveries until March and April but leaves us to guess why. Tesla’s stock is high but volatile and just had a 5 for 1 split. I think it’s highly likely that Tesla is going raise prices as soon as this rebate takes effect. They may honor the deposit or say that they’ll refund it if you don’t want to pay the new price.
55K for sedans is soooo low. Only the most basic ev sedans will qualify. Booooo!!