2023 Toyota Prius - WOW!

[redpoint5]

Originally Posted by Hersbird

ncome rebate is $50,000. If you had kids that could go up, but then you have so many federal deductions you won't hit a $7500 liability there.

Oregon is $2,500 for a new EV, or if you're medium to low income, $2,500 for a used EV, unless it's changed recently.

[Hersbird]

Originally Posted by redpoint5

Oregon is $2,500 for a new EV, or if you're medium to low income, $2,500 for a used EV, unless it's changed recently.

This article
https://insideevs.com/news/651923/te...on-incentives/

[redpoint5]

Originally Posted by Hersbird

This article
https://insideevs.com/news/651923/te...on-incentives/

Guess they changed it, and both can be combined.

There's only 1 way I can think of to get both Oregon rebates and have $7,500 in tax liability, and that's to be "moderate income" and convert an IRA into a Roth to artificially increase your tax liability, then apply the tax credit against that increased tax liability.

I'd be just about be convinced to get a new Model 3 if I could get it for $30k out the door.

I really need the 7 seat Model Y though.

[Hersbird]

The awd Y with 7 seats would be 42.5 with the same math they used on the 3

[redpoint5]

Man, $4,000 for 2 more seats. That's two grand a seat.

Still about 3x more than I've ever spent on a vehicle, and more than I've spent on all vehicles combined.

I kinda just want the PacHy you had. What did you end up getting for it?

[Hersbird]

Originally Posted by redpoint5

Man, $4,000 for 2 more seats. That's two grand a seat.

Still about 3x more than I've ever spent on a vehicle, and more than I've spent on all vehicles combined.

I kinda just want the PacHy you had. What did you end up getting for it?

The model Y basic without the 7 seat option (I think that 3 row is pretty terrible) is my standard I will hold whatever EV I buy to. If a Lightning or Ram Rev, or Equinox, or Mach E is more than $55k then it better have longer range, better features, more power, OR it should be at least $5k to $10k LESS. The 20% off the Model Y that happened recently is kind of a game changer.

I got $41k for the used Pacifica with 6000 miles on it and about 6 months old, exactly what I paid but I paid MSRP minus a $1500 rebate they had at the time. So it was about $43k. But they dropped that model, a non leather touring. Now you have to get leather so the least expensive one is now $51k.

[redpoint5]

Originally Posted by Hersbird

The model Y basic without the 7 seat option (I think that 3 row is pretty terrible) is my standard I will hold whatever EV I buy to. If a Lightning or Ram Rev, or Equinox, or Mach E is more than $55k then it better have longer range, better features, more power, OR it should be at least $5k to $10k LESS. The 20% off the Model Y that happened recently is kind of a game changer.

I got $41k for the used Pacifica with 6000 miles on it and about 6 months old, exactly what I paid but I paid MSRP minus a $1500 rebate they had at the time. So it was about $43k. But they dropped that model, a non leather touring. Now you have to get leather so the least expensive one is now $51k.

What don't you like about the 3-row Y? I've watched a few Youtube videos, and it seems like it could solve the problem of having zero seats for anyone but immediate family.

Maybe I'll get lucky and low fuel prices and abundance of new cars will drive used prices down. Would love to find a cosmetically beat up PacHy in good mechanical condition for relatively cheap. For some reason I'm more inclined to spend $40k on a Model Y than a minivan, even though the van has way more utility.

I'm going to wait and see how the Cybertruck does once those start selling like hotcakes.

[JSH]

Originally Posted by Hersbird

But then if it's based on the dealership income or company income either lease or this point of sale, don't those places make over the income cap and therefore make them ineligible?

Corporate incentives have different rules. There isn't an income cap

Originally Posted by Hersbird

It will be a wait and see how the IRS interprets it because that's what will matter. Right now, don't have $7500 in tax liability, you don't get $7500. Make over $150,000 which would give you thar much in liability and you don't qualify for $7500. There is this narrow range of incomes that actually maximize the credit. Probably a single person making from $80,000 to $150,000 or a married couple making from $120,000 to 300,000.

I saw an article talking about getting both the maximum Oregon $7500 rebate and the max federal $7500 credit but I pointed out I didn't think this would be possible as the max income for the Oregon $5000 low to medium income rebate is $50,000. If you had kids that could go up, but then you have so many federal deductions you won't hit a $7500 liability there.

You can combine both the Federal and Oregon incentives.

Everyone in Oregon gets $2500 towards a new EV. The extra $5,000 is for low to moderate income households. Those rules changed for 2023. The cap used to be 120% of the medium income based on zip code. For 2023 the program has the same incentive for the whole state. The max for an individual is $58,320. For a family of 4 it is $120,000. Rules here: https://www.deq.state.or.us/ocvrp

It is unlike someone that meets the rules for the extra $5000 from Oregon will pay enough federal income taxes to claim the full federal credit. They would need to transfer the credit to the dealer or lease the vehicle to get $7500 from the feds.

$7,500 + $2,500 + $5,000 = $15,000 discount. Easy if you know how to do it.

[JSH]

Originally Posted by Isaac Zachary

Of course to jump through the hoops to just get a tax credit via leasing means learning a whole new way of obtaining a vehicle. In other words, it opens up a can of questions (they might be wormy questions) that I'd need answered. Do I get to purchase the vehicle after I lease it? How would that compare to someone buying a new one and getting a full tax credit? What if I go over the mileage limit during the lease? I did over 30,000 miles the first year I had the Avalon, for an example. Does having a lease mean I get free oil changes at a dealer hundreds of miles away (or at least 70 miles to the nearest dealer)?

Sometimes you need to learn new things.

Yes, you can purchase a leased vehicle at the end of the lease. The purchase price is set when the lease contract is calculated before you sign the lease documents so you know the purchase price upfront.

Leasing is slightly more expensive than buying. When I leased my 2016 Spark EV it was about $500 more expensive to lease instead of buying up front. There are a few fees involved with a lease. A lease then buy is very similar to a balloon loan.

If you go over the allowed mileage you pay BIG mileage fees if you turn the car back in. If you buy the car it doesn't matter. (I leased my 2003 Jetta TDI Wagon with 10,000 miles allowed a year even though I knew my wife was going to be driving 25,000 miles a year just to commute to the university. I leased instead of purchased to lower my payment an give me some wiggle room in a VERY tight budget)

Whether maintenance is included in the lease price depends on the vehicle brand. Generally it is only luxury brands that include maintenance.

[Isaac Zachary]

Originally Posted by JSH

Sometimes you need to learn new things.

Yes, you can purchase a leased vehicle at the end of the lease. The purchase price is set when the lease contract is calculated before you sign the lease documents so you know the purchase price upfront.

Leasing is slightly more expensive than buying. When I leased my 2016 Spark EV it was about $500 more expensive to lease instead of buying up front. There are a few fees involved with a lease. A lease then buy is very similar to a balloon loan.

If you go over the allowed mileage you pay BIG mileage fees if you turn the car back in. If you buy the car it doesn't matter. (I leased my 2003 Jetta TDI Wagon with 10,000 miles allowed a year even though I knew my wife was going to be driving 25,000 miles a year just to commute to the university. I leased instead of purchased to lower my payment an give me some wiggle room in a VERY tight budget)

Whether maintenance is included in the lease price depends on the vehicle brand. Generally it is only luxury brands that include maintenance.

I haven't even figured out how to buy a brand new car with a loan, so getting any sort of new car is something new to me.

I'll keep the Avalon until it dies. Then I'll have to decide on whether I want a new or used Bolt or a Prius, or maybe a used Tesla.

Or a Honda Civic with a stick shift...