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If you really don't need a car now, I think it makes sense to wait given then potential saves from the proposed tax bill.
Legislation that would raise consumer tax credits for electric vehicles up to $12,500 passed a Senate committee May 26. Eliminate 200,000 tax credit cap on EV's, Continue the $7,500 credit in place + Add an additional $2,500 for EV's made in USA + Add an additional $2,500 for EV's make with union labor
Question is that when can we expect this to be passed and be in effect? No one can say anything for sure but what is everyone's opinion on the best guess on when this will be effective?
If you really don't need a car now, I think it makes sense to wait given then potential saves from the proposed tax bill.
Legislation that would raise consumer tax credits for electric vehicles up to $12,500 passed a Senate committee May 26. Eliminate 200,000 tax credit cap on EV's, Continue the $7,500 credit in place + Add an additional $2,500 for EV's made in USA + Add an additional $2,500 for EV's make with union labor
Question is that when can we expect this to be passed and be in effect? No one can say anything for sure but what is everyone's opinion on the best guess on when this will be effective?
Anybody know if PHEV's will be included in the program? I'm thinking about getting the Sorento PHEV (or any other 6-7-seater) that can run 30-ish miles on battery for everyday use, but still has the ability for long-distance road trips without stopping for hours and killing the battery life at fast charging stations.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by mojo101
yOU ARE practically getting a free car
I wouldn't say that, if you get $12,500 off of a Tesla Model S it's still going to cost you $56,920, even a Nissan Leaf will still end up costing $19,170.
Regardless of how good a sale is or in this case a tax credit, it makes no sense unless you needed to buy that item anyway. Should this come to pass, it will help nudge the potential EV buyer that's hesitant due to the cost, but people are not going to run out and buy one if they are already happy with their ICE cars.
The bill text indicates that it would be for purchases made on or after January 1, 2021. So even if it passes in August, you're still not getting the benefit until next year. And you can bet the price of the EVs in question will go up to reflect the credit. Maybe not dollar for dollar, but the benefit won't be as big as it looks on paper.
I wouldn't say that, if you get $12,500 off of a Tesla Model S it's still going to cost you $56,920, even a Nissan Leaf will still end up costing $19,170.
Regardless of how good a sale is or in this case a tax credit, it makes no sense unless you needed to buy that item anyway. Should this come to pass, it will help nudge the potential EV buyer that's hesitant due to the cost, but people are not going to run out and buy one if they are already happy with their ICE cars.
One small caveat- the incentives make it possibly to have a nearly free car if you lease. I was shopping for a Leaf once, and given the MSRP around $35k, residual of $18k, minus $7.5k federal credit, $5k state credit (NY state was offering a credit on Leaf for a while, which stacked with a utility credit totalling $5k), plus a couple thousand dealer discount, it was possible to lease for under $80/mo. There are stories of some people in some states getting a Chevy Bolt for under $30/mo.
Credits can cause interesting impacts on the cheaper cars.
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