2016 vs 2017/18 SEL purchase

[ewheels]

So... It appears there are some good deals to be had on leftover 2016 SE and SELs. What are your thoughts on picking up a 2016 vs waiting for the 2017? Understand the increased range, etc.. My local dealer in bay area came back offering a new 2016 SEL for $28K, before rebates. So essentially $18K in California, right? Good deal? Anyone's input on this deal would be greatly appreciated. Thx

 

[JoulesThief]

So... It appears there are some good deals to be had on leftover 2016 SE and SELs. What are your thoughts on picking up a 2016 vs waiting for the 2017? Understand the increased range, etc.. My local dealer in bay area came back offering a new 2016 SEL for $28K, before rebates. So essentially $18K in California, right? Good deal? Anyone's input on this deal would be greatly appreciated. Thx

What do you qualify for for rebates. I'd say that's getting pretty good if you get another 1000 to 2000 off of that, maybe even outstanding.

At the height of VW dieselgate, I picked up a 2015 SEL for 25.2k. So 26k with inflation and better systems on the 2016, would be a smoking deal on a buy, in my books. Assuming you qualify for the 7.5k income tax credit in CA, with enough income tax to get the full credit.

 

[ewheels]

Thanks for the reply... I agree to get another $1-2K off.. With the tax credit in Ca., I believe its $7,500 Fed, $2,500 state refund but could be off a bit since I've not researched too much. This would be my first EV so still a bit Green on the details.

I figure when the 2017/18 comes out it will be approx $36K with not much negotiating room. This makes the 2016 SEL quite appealing but needed a sanity check. Gracias.

 

[johnnylingo]

I believe its $7,500 Fed, $2,500 state refund but could be off a bit since I've not researched too much.

Correct, altough note it's a federal tax credit; you can find your total tax liability on line 63 of your most recent return of verify you qualify for the full $7500.

The State rebate is $2500, but does now have $150k/year income cap. They look at line 1 (AGI) for the most recent tax return at time rebate was submitted.

There's also a $500 rebate for PG&E customers.

$28k sale price on a 2016 SEL is definitely a great deal. I'd just verify there was no funny business, for example it being already registered as a demo.

 

[RStrauss]

...
The State rebate is $2500, but does now have $150k/year income cap. They look at line 1 (AGI) for the most recent tax return at time rebate was submitted.

Note the limit is for gross income, not AGI. Could be a factor if you are close and/or have significant adjustments.

From https://cleanvehiclerebate.org/eng:

For the purposes of CVRP, gross annual income is determined by the amount reported on the applicant’s federal tax return:

On IRS Form 1040: Sum of lines 7-21
Note: Net operating losses carried over from previous years are not included in this calculation. If line 21 is negative, the corresponding "Statement" filed with your 1040 must be provided.
On IRS Form 1040A: Sum of lines 7-14
On IRS Form 1040EZ: Line 4

For the 1040, sum of lines 7-21 is total income before adjustments. So if you have any adjustments in lines 23-35 (such as deductible HSA or IRA contributions) or other expenses, they would not reduce your income for the verification process.

 

[johnnylingo]

Note the limit is for gross income, not AGI. Could be a factor if you are close and/or have significant adjustments.

Interesting and thanks for clearing that up. The person I talked to on the phone used the term "Gross Income" and since it was in the context of a tax return, I assumed they meant AGI