Incorrect. You have to owe in the sense that you have taxable income that isn't eliminated by deductions and it is limited by your liability. It has nothing to do with your withholding. When I bought my Tesla instead of getting $8k back on my federal, I got $15.5k back (or something like that, I don't remember the exact numbers.Carpet_pissr wrote: ↑Sat Apr 23, 2022 1:48 pm 2. You have to actually OWE at least the amount of the credit to get it. So if you typically get back money from the govt after paying taxes, and continued on like that, your federal tax credit for buying an EV would be: zero. If the credit for your vehicle is $7500, and you owe $2500 that year, your credit would be $5K, not $7500. You would have to adjust your witholdings I guess (not a HUGE deal), to accomodate.
Ford Mustang Mach-E
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- coopasonic
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Re: Ford Mustang Mach-E
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Re: Ford Mustang Mach-E
Your take on the tax credit is wrong. It's your tax liability, not what you owe. So if you should pay the government 7500 or more, regardless of what you actually already paid, you can claim the tax credit. It comes right off the bill.
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Re: Ford Mustang Mach-E
To clarify, if ACTUAL TAX DUE is more than $7500, no matter what you did or didn't withold, you still get the full credit?gbasden wrote: ↑Sat Apr 23, 2022 2:04 pmNot completely true. If you get money back from the government because your withholding is high, that won't matter. You will just get more back from the government. If your total tax bill for the year is less than $7500, then you can't take full use of the credit. But if your tax bill is that low, I'd be surprised if you could afford a car like this. I still say you reach out to the dealers nearby and let them know you are interested if they get one that someone backs out on. An acquaintance of mine lucked into one a few weeks back that way.Carpet_pissr wrote: ↑Sat Apr 23, 2022 1:48 pm As I am considering PHEV's as well, I just found out that the federal tax credit is not as straightforward as I was thinking (course it's not!).
1. It's not $7500 for all vehicles...UP TO $7,500 (and the Sorento PHEV I got a quote for was actually $6850)
2. You have to actually OWE at least the amount of the credit to get it. So if you typically get back money from the govt after paying taxes, and continued on like that, your federal tax credit for buying an EV would be: zero. If the credit for your vehicle is $7500, and you owe $2500 that year, your credit would be $5K, not $7500. You would have to adjust your witholdings I guess (not a HUGE deal), to accomodate.
Just way too much work and guesswork and timing that could go wrong to buy one of these IMO (for me, obviously, I am jealous of youse who already bought, or in the process). I would be supremely pissed if I ordered an EV, and something happened (seems very easy) that precluded me from getting $6-$7K that I was expecting.
Thanks! The article I read about it made it sound like your witholding amount actually affected the credit (which does not make sense).
Edit: thanks for all the answers, but all you guys AFTER gbasden got BAMmed.
huge relief about the credit though!
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Re: Ford Mustang Mach-E
Correct! As long as you owe the government $7500 in taxes whether paid through withholding or not, you can deduct the full $7500 credit. It's only if you somehow owe less than $7500 total that you will lose out on some part of that.Carpet_pissr wrote: ↑Sat Apr 23, 2022 2:45 pm
To clarify, if ACTUAL TAX DUE is more than $7500, no matter what you did or didn't withold, you still get the full credit?
Thanks! The article I read about it made it sound like your witholding amount actually affected the credit (which does not make sense).
Edit: thanks for all the answers, but all you guys AFTER gbasden got BAMmed.
huge relief about the credit though!
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Re: Ford Mustang Mach-E
It appears my Mach E has made it to Kansas City. My original targeted arrival window was 4/25-5/1...so maybe still possible?
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Re: Ford Mustang Mach-E
I use ordertrack.app and palsapp.com. The first one seems to give the same info as the second, although other people have seen differences. My supposed ship date was 3/24 and the tracking only showed "Pending" and "ASN" until yesterday when it showed "Delivered" and "Kansas City".
Also, I just got the mail that my new delivery window is 5/25-5/31. I really hope it doesn't slip further than that - we are supposed to be using it for a vacation starting 6/25 and don't have another vehicle we could use for the trip.
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- Carpet_pissr
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Re: Ford Mustang Mach-E
Excited for you! Also jealous as hell.
This whole car totaling/car buying/current car market debacle has reminded me again just how lucky, entitled, pampered…etc I am (and people like me I guess) to be so chagrined that as much as I want one, I can’t buy and possess one of these immediately (a new one at least).
To be fair to myself I’m not that upset, it’s just more a feeling of “THAT is exactly what I want, I am able to buy it, but cannot. Wah.” That feeling is heightened considering I also cannot seem to buy even my top 5-6 picks these days.
Hell, I can’t even buy a freaking hybrid CR-V (which is relatively unpopular now compared to Kia and Hyundai hybrids). It wasn’t even in my top 10 originally but due to inventory and crazy market conditions, I’m even struggling to buy one of those (without paying $2K dealer markup).
It’s a crazy, crazy market.
When Honda CR-V’s are selling for $45K, you know the world has gone mad.
This whole car totaling/car buying/current car market debacle has reminded me again just how lucky, entitled, pampered…etc I am (and people like me I guess) to be so chagrined that as much as I want one, I can’t buy and possess one of these immediately (a new one at least).
To be fair to myself I’m not that upset, it’s just more a feeling of “THAT is exactly what I want, I am able to buy it, but cannot. Wah.” That feeling is heightened considering I also cannot seem to buy even my top 5-6 picks these days.
Hell, I can’t even buy a freaking hybrid CR-V (which is relatively unpopular now compared to Kia and Hyundai hybrids). It wasn’t even in my top 10 originally but due to inventory and crazy market conditions, I’m even struggling to buy one of those (without paying $2K dealer markup).
It’s a crazy, crazy market.
When Honda CR-V’s are selling for $45K, you know the world has gone mad.
- coopasonic
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Re: Ford Mustang Mach-E
If you want to spend all the dollars, a guy in my neighborhood is selling his brand new Mach E Performance Edition. Best Offer. 200 miles on the odo. Silver, sadly.
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Re: Ford Mustang Mach-E
Well, it looks like my car made it to Kansas City! There's progress!
The dealer still says my May 11-17 window looks accurate, so we'll see.
The dealer still says my May 11-17 window looks accurate, so we'll see.
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Re: Ford Mustang Mach-E
Excited for you guys. Hopefully the waits are nearly over.
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Re: Ford Mustang Mach-E
Good luck!
Selfishly, if your car makes it from KC to CA before my car makes it from KC to SC, I'm going to be a bit miffed.
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Re: Ford Mustang Mach-E
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Re: Ford Mustang Mach-E
The truck has to go all the way from KC to CA to SC, so it just makes sense.
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Re: Ford Mustang Mach-E
I laughed.
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Re: Ford Mustang Mach-E
I reached out yesterday through Ford Chat and learned the car was in Birmingham, AL on May 2, but that they have no trace of it after that. They also didn't have a railcar or shipping company, but were projecting a May 16th delivery date. I've been checking Order Track a few times a day (because I'm extremely impatient) and just this morning it changed from In Transit to Delivered...although it's still showing KC as the destination.
So I still don't know where it is, but at least things are changing after 3 weeks without any changes at all.
Any updates on your side gbasden?
So I still don't know where it is, but at least things are changing after 3 weeks without any changes at all.
Any updates on your side gbasden?
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Re: Ford Mustang Mach-E
I saw a parked red one of these in the wild yesterday, one bad ass ride.
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Re: Ford Mustang Mach-E
My little sister just got hers yesterday. I'm she could afford one nor has the home infrastructure for it. Good for her, assuming she can maintain it.
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Re: Ford Mustang Mach-E
I really dislike the look of the Mach-E in pictures, but whenever I see one in person I have a completely different view of it and really like it. No idea why it looks so much cooler in 3-D than in 2-D.
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Re: Ford Mustang Mach-E
Just got the call from the dealer - I should be able to pick mine up tonight!
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Re: Ford Mustang Mach-E
It's almost as if people are the problem.
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Re: Ford Mustang Mach-E
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Re: Ford Mustang Mach-E
The Ford tracker is now saying it's in Final Preparation and the dealer should be reaching out soon...but I stand by my GIF.
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Re: Ford Mustang Mach-E
I was (well via text)!!! Slow pokes were probably busy with another customer. The car is on the truck and will be delivered by 6pm and he'll send me some pictures. Will be able to take it home Saturday!!!
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Re: Ford Mustang Mach-E
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Re: Ford Mustang Mach-E
Fair. You can also put this on your dash for those days.
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Re: Ford Mustang Mach-E
I look forward to the stories from you both on how much you love your cars. Did either of you test drive one or will driving it off the lot be the first time?
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Re: Ford Mustang Mach-E
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Re: Ford Mustang Mach-E
I was able to test drive a used Select, so pretty much the bottom trim of the Mach-E line. I look forward to having many more horsepowers.
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Re: Ford Mustang Mach-E
In all seriousness, Saturday? Mine came off the truck last night and I could have picked it up at 10am if I didn't have pesky work responsibilities.Zaxxon wrote: ↑Thu May 12, 2022 3:25 pmYou misspelled '6:05 PM tonight'.
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Re: Ford Mustang Mach-E
A Mach-E parked next to me and I really liked how it looked. I was surprised at how big it was… the tires, the profile, I felt so small in my Model 3. I guess I expected more of a sports car sedan.
Enjoy the experience and plugging in at home and filling your battery each day before work. I still field a lot of questions from people on the street trying to understand how an electric vehicle would benefit them. Now it’s a little easier with the gas prices and I see a change in what people are asking and are more interested in getting a BEV than just curiosity.
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Re: Ford Mustang Mach-E
My thoughts too... One day in 2004 the Ford dealer called and told me they were just unloading a Yellow 2005 Mustang GT with a manual transmission from the truck and it was mine for MSRP. Less than a minute later I was telling my boss something personal came up and I had to take off for a couple hours.
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Re: Ford Mustang Mach-E
I know - I really should have called in sick, but I had 4 customer meetings scheduled for today. It would have made future me rather pissed as he had to pick up all the extra work tomorrow.
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Re: Ford Mustang Mach-E
Yeah, I think it's going to feel a bit odd at first coming from my ICE Mustang GT but the 3.5 second 0-60 will console me. I'd rather it was a sports sedan but my wife is much happier with the larger profile.
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Re: Ford Mustang Mach-E
3.5 seconds. Man, if you talked to my teenage self back in the late seventies I wouldn’t be able to contain myself. Recently, I had an older TDI Passat that took what seemed like forever to power up and deliver the torque. Now, it’s instant and so long tire rubber… I’ll see a new set of tires at 20k if I kept having launch fun.
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Re: Ford Mustang Mach-E
My 3 is 3.9 0-60, and it's awesome. I think you'll be consoled just fine.