From Bearded Tesla Guy.

Tesla Model Y, Model 3 and Cybertruck buyers have a lot to consider right now. September is approaching and, we are steaming ahead towards the end of the $7,500 tax credit, and with it, likely effective prices we have right now.

The IRS has just issued an updated guidance regarding the expiration of the EV tax Credits for new EV’s like the Model 3 and Model Y. This new guidance gives us some clarity on how the deadline of September 30th will work for those buying a new EV right now.

Although the EV tax credit is ending on September 30th, the IRS has made clear that you will still be able to receive the tax credit of up to $7,500 after that date, assuming 2 very specific conditions are met. 1st, you must have a binding contract and 2nd, you must have made a nominal down payment.

When you purchase a new Tesla Model Y or Model 3, you actually get a qualified binding contract. In addition, the $250 order fee does qualify as a nominal down payment. These 2 things combined mean that you could actually get the tax credit after the September 30th deadline, as long as you place your order on or before September 30th.

This is important because as Tesla is loading orders for the ever popular Model Y, they are starting to run out of delivery time for this quarter. Spilling over into October now means that you can still get that tax credit even though it will be expired.

This updated guidance helps consumers better understand their qualification for the tax credit as delivery times continue to push closer to October. If you do end up having to wait until October, or even November, as long as you placed your order in September, you are good to still get this tax credit.

The only potential problem would be if Tesla decides to no longer process the tax credits in the IRS portal. If that happens, you would then need to claim the credit at time of filing your taxes. The reason that is a problem is that if you transfer the credit, your tax liability doesn’t matter, only your income. If you wait until filing your taxes, you must have at least $7,500 in tax liability to claim the full amount.

So as we continue to push towards the end of the quarter, and the end of the generous EV tax credits, we are likely to see limited inventory available as people rush to take advantage before the credits expire.

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