Thursday, April 28, 2016

My savings with a 2015 Tesla Model S now top $11,000 in state and federal taxes

My 2015 Model S 60 backing out of my garage on its own after I hit the "Summon" function on my smart phone's Tesla app.


By VICTOR E. SASSON
EDITOR

Let's clear the air on why just over a year ago I used $30,000 from my retirement fund to put down a deposit on the purchase of a Tesla Model S 60.

I didn't do it to save money on gas, for crying out loud; I owned Toyota Prius gas-electric hybrids for 11 years, and hardly noticed my spending on gas.

Yet, the media continue to report that sales of EVs and hybrids have been negatively affected by low gas prices.

That's because they refuse to recognize there are consumers like me who want to slow climate change by driving hybrids, having solar panels installed on their homes and putting an all-electric car in their garages.

Of course, the media aren't in the least bit interested in making the world a better place.

They're beholden to the oil companies, GM and other traditional automakers, and greedy auto dealers, who keep their publications or Web sites afloat by buying advertising -- lots of advertising to deceive consumers on just how harmful their products are.

In unveiling the Model 3, Tesla CEO Elon Musk said auto emissions kill 53,000 people a year, but any reporter who dared quote him risked being sacked. 


My Tesla Model S says good night, buenas noches and bonne nuit.
Plugged in for the night.

Tax savings

My purchase of a Tesla did take advantage of government green-car incentives, saving me more than $11,000 in state and federal taxes in the first year.

My Model S 60, the base model at the time, cost about $81,000 with such options as a tech package that enabled software downloads of autonomous-driving functions.

Immediately, I saved $5,670, because I didn't have to pay the 7% New Jersey sales tax when I took delivery in mid-April 2015.

And this month, an accountant filed my federal tax return, and took more than $5,700 of the $7,500 federal tax credit that came with the car.

Although I'm retired, the $30,000 I put down on the Tesla and other withdrawals from my IRA were taxable, but the Tesla tax credit helped reduce my federal taxes to zero.


Why wait for Tesla's Model 3? If you buy my Tesla Model S 60, you will save $4,550 in New Jersey sales tax. I plan to lease my next Model S.