***Thread is OBE***—MMEs now qualify for tax credit—Who is still going through with their 2023 MME purchase despite the new IRS tax credit rules?

[theriddler]

I have a '23 Prem EAWD ordered that I still plan on taking. I did not order based on the tax credit so if it ends up qualifying before 2023 taxes are filed in 2024 and i am eligible that will just be extra. I ordered because I prefer the MME over the Tesla MY and the rest of the competition either did not suit my tastes or has very limited availability here in KY.

I understand anyone who walks away I just happen to have a different decision matrix myself.

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[Anthropod]

I ordered a select AWD STD with comfort on 3/11/22. I changed it to a premium as the comfort stuff was as strong want. I'm over $55K. I'm still pulling the trigger and not looking back. It was a gamble on 3/11/22 because it was possible for ford to hit its limit. Oh well.

 

[LinkRS]

This is an interesting conundrum. If the IRS Tax Credit is a make or break decision on if a person can afford the car, perhaps they should consider something else? Even if the IRS changes it to SUV, the credit still will not apply until 2023 taxes are filed, 2024, which means that there would be a whole year of having to finance the higher amount anyway.

If canceling is based around principle , I respect that but well what else are you going to get? When I was shopping I very (and I do mean very) briefly considered a Tesla Model Y (I had no idea about the Kia EV6 or Hyundai options at the time), but decided to go for the Mach-E. I have been a Ford fan for the majority of my adult life (grew up in a Chevy family LOL), and still cannot fathom having a car (or SUV) without an instrument cluster. I also try to buy American branded vehicles, which would have excluded Kia and Hyundai anyway. This means that for me, I don't really have any other options.

I fully expect to see the costs of EVs go up, over the next few years. If Tesla can actually release and sell their announced "$25K" model, that could force the costs to go down. The reality of the matter is that the world is on the brink of a recession, and costs are trending up, not down. Demand is also not decreasing and with Europe and China making big pushes to go all electric, the supply is probably going to continue to be restricted. Which in all likelihood means the longer you wait, the more you will probably end up paying :-(.

 

[axelheimer24]

I had a 2023 ordered that I did cancel because of the combination of the tax credit and price increases. That said, I only cancelled because I got my hands on a 2022 the last week of December with almost no ADM. I love the car more than I expected and am now certain I would have gone through with the 2023 order if that had been my only option. The price hurts, but you will love the car - I say pull the trigger and don’t look back.

 

[tdmeng]

I have a converted GT order with a 8.5k private offer that I’m going to pass on if no tax credit.

That makes two of us. Converted a March 2022 Select C/T to GT with 8.5k private offer.

 

[tdmeng]

I started out life with a job in a brokerage firm right out of school. I was lucky enough to work with a very experience broker, who had nuggets of wisdom to pass on the more I worked with her. One that stuck with me was something she'd say to clients who wanted to buy Stock X at say $50, but had now gone up to $51. She'd say "If you liked it at $50, you like it at $51" assuming you're in it for the long haul.

So I have the same advice - the car is fantastic, and I look for opportunities every day to take it out and drive it. I absolutely love it.

So, with what I've read about the actual "in your pocket" benefit of the $7500 tax credit being roughly half that I'd say the same thing - if you liked at $63k (or whatever it is...), you'll still like it effectively $66k, or whatever it happens to be.

I would absolutely not give up driving this car for essentially $3500. I have a '22, but if I was in your position, I'd keep it. It's an amazing car.

Hope it helps, just another data point for you ultimately to decide for yourself.

You are comparing an appreciating asset to a depreciating asset?

 

[RickMachE]

You are comparing an appreciating asset to a depreciating asset?

Well, given that it's stock, and not a market index fund, who knows... ?

 

[mh_mach_e]

When I knew it would be impossible for my order to arrive in 2022, I tried to convince some ADM dealers to lose the ADM in order to make a sale to me in the last 2 days of the year. That failed (greed is difficult to overcome I suppose) but I got lucky: my dealer (who doesn't charge ADM ever) had some cancellations so I took one of those rather than waiting for my order. Had that not happened and had I not been able to strike an ADM deal that would at least not forfeit the full tax credit, I'd have taken my order (which would not give me any tax credit at all if purchased in 2023).

 

[Darauk]

Admittedly, this question doesn't apply to me since I received my 2022 MME in November 2022, but...

Does the tax credit apply regardless of income level? Someone at work asked me this and I wasn't sure on the answer. I assumed that any tax credit would only apply for people making below a certain income level, like other deductions such as property tax or charitable donations.

Again, it doesn't apply to my situation. But, for what it's worth, I would still take the MME even if I didn't get a tax incentive. It's pretty much become my dream car.

 

[jay1122]

Current configuration of the MME CA RT1 on Ford website is $64.8K. If I am buying a car right now and have $64.8K to blow. I will get a Macan or the fully loaded new Bronco. Or a C8 corvette if I don't need backseats.

If some how dead set on EV, likely due to so many miles done per year to save gas and maintenance $$. I would probably pick a base model 3 now. Government assist is the only reason EV can compete with similar gas cars. NJ currently has 2K state rebate, EV Tax free, combine with federal 7.5K, the total discount is $11-12K off the base model 3 price. But I hate model 3 interior design though. at least the tesla charge network is way better than CCS for long trips.

 

[spicy_taco]

Yes, I'm going through with the purchase based on two factors:
1) After congress made the tax credit income limited, I wouldn't qualify for the tax credit anyways
2) I have driven my existing car to the ground, and have deferred major maintenance on it, with the assumption I will have a new car in the next few weeks...sooo I need the new car

 

[axelheimer24]

Yes, I'm going through with the purchase based on two factors:
1) After congress made the tax credit income limited, I wouldn't qualify for the tax credit anyways
2) I have driven my existing car to the ground, and have deferred major maintenance on it, with the assumption I will have a new car in the next few weeks...sooo I need the new car

Your first point is why so many of us were rushing to purchase by 12/31. The income caps didn’t take effect until 1/1/2023.

 

[spicy_taco]

Your first point is why so many of us were rushing to purchase by 12/31. The income caps didn’t take effect until 1/1/2023.

Yeah, that's very true. My (not very well made ) point was that when I was ordering the car, I had already assumed I wouldn't be able to claim the credit if the car arrived in 2022. When I was ordering it there was already ambiguity whether 2023 purchases delivered in 2022 would qualify.

 

[d^2x/dt^2]

It seems a lot of people who say they are passing don't need a car. For people who need a car and say they are passing, what are they planning on buying (or leasing)? For example, Acceleration (i.e., d^2x/dt^2--love the handle) said he plans to test drive an ID4. How about others who are passing and need a car? Is it some other EV or back to ICE?

Thanks!

I'm definitely going with an EV, most likely the MME CR1. I installed solar panels last year (and a heat pump to replace a NG furnace) so this is a continuation of my overall move towards electrification. I'll get some tax rebate this year anyway, so another would be great but it isn't a must have.

I plan to trade in my ICE mustang convertible for the MME. But if I go with the ID4 it will replace my ICE pickup truck. The ID4 is trailer rated so I would go without a pickup for the first time in 30 years. (This is why I don't really argue the idea that the MME is a car and not an SUV.) But I think I'm more likely to wait until the Lightning (or another EV pickup) becomes more available.

 

[phil]

So, with what I've read about the actual "in your pocket" benefit of the $7500 tax credit being roughly half that...

What have you read?

The tax benefit is a 100% direct credit, not a deduction. So long as you can use the full amount of the credit, the benefit is worth the full $7,500, not half.

$7,500 cash back on a $60,000 or $70,000 car is a big deal to many customers. I can understand why some would cancel, unfortunate though it may be. But I would suggest checking out available lease options before giving up - if you can capture the tax benefit thru a lease, that could work for some people.

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