$42,000 Tax Break for Tesla Buyers
10-23-2009, 10:36 AM
#21
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[QUOTE=i_heart_my_DB8,Oct 23 2009, 08:13 AM] [insert joke about Raj's decisions, particularly regarding footwear]... (it seems to be popping up a lot 
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Eh, I guess I just see the Tesla as a novelty, and $68k is too much for my blood for a novelty.
)Eh, I guess I just see the Tesla as a novelty, and $68k is too much for my blood for a novelty.
10-23-2009, 10:39 AM
#22
Originally Posted by jasonw,Oct 23 2009, 11:14 AM
I make substantially less than $907,127 but would still prefer a credit than a deduction.
If you could deduct $42k from your income and you have a 4.63% tax rate, you would only save: $1,944.60(as long as you make more than $42k).
Anyone who makes less than $907,127, would have to pay 0 income taxes in the year they buy the car if they get a $42k tax credit. That's a savings of $4,200 @ $100k income, $2,100 @ 50k income.
But since your state income taxes are lower, you will not be able to deduct as much from your federal income taxes. So this stat income tax break needs to be taken at about 70% of face value.
If you could deduct $42k from your income and you have a 4.63% tax rate, you would only save: $1,944.60(as long as you make more than $42k).
Anyone who makes less than $907,127, would have to pay 0 income taxes in the year they buy the car if they get a $42k tax credit. That's a savings of $4,200 @ $100k income, $2,100 @ 50k income.
But since your state income taxes are lower, you will not be able to deduct as much from your federal income taxes. So this stat income tax break needs to be taken at about 70% of face value.
10-23-2009, 12:57 PM
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Originally Posted by s2000raj,Oct 23 2009, 11:36 AM
I guess it depends. At 67k I could use it as a DD. Charge it up and drive to work our around town. The cost of electricity keeping it running would be 1-2 bucks/day. It would be virtually silent so my neighbors wouldn't complain when I came and left at the wee hours of the night.
It is much more interesting to drive than an elise. The elise was fun, but felt gutless (torqueless) whereas this car is all torque. At 67k you are talking about the neighborhood of a new Elise S. So for an apple/apple comparison Tesla in that case wins IMO.
It is much more interesting to drive than an elise. The elise was fun, but felt gutless (torqueless) whereas this car is all torque. At 67k you are talking about the neighborhood of a new Elise S. So for an apple/apple comparison Tesla in that case wins IMO.
Which I guess is my sticking point w/the Tesla: What the heck is it meant for? It's a sports car, so to DD it seems like a gross waste of a vehicle. But it's limited range make it less than ideal for the track. I guess it could be a fun/weekend car for cruising...
Granted I've never driven one, but I can't imagine all its benefits (torque) would outweigh potential liabilities (limited range, weight, still unproven technology/reliability). I know the new car (Tesla) v. used car (Elise) is generally regarded as a stupid argument in this forum, but if we can agree that either car (Tesla or used Elise) most likely won't be the buyer's only car, then I would rather spend $37k and find a used Elise for my fun/track/attention whore indulgence.
Or am I missing the greatness of the Tesla? (I very well may be, I'm not being sarcastic.)
10-24-2009, 06:38 PM
#25
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This does seem like a loop hole of some sort, but cool nonetheless.
Even with a $50K tax break, I wouldn't buy one. The car is just not for me.
I saw a white one a couple weekends ago and it caught my attention long enough to identify it, which was about it. Cool to see one since they are so rare, but in my opinion it reminds me of a watered down elise/exige in terms of styling. I believe 10 years from now, we'll be wondering why we made such a fuss over this car and we'll think how expensive and compromised it was.
My $.02.
Even with a $50K tax break, I wouldn't buy one. The car is just not for me.
I saw a white one a couple weekends ago and it caught my attention long enough to identify it, which was about it. Cool to see one since they are so rare, but in my opinion it reminds me of a watered down elise/exige in terms of styling. I believe 10 years from now, we'll be wondering why we made such a fuss over this car and we'll think how expensive and compromised it was.
My $.02.
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