Beginning in 2024, everyone under the income limit qualifies for the full $7,500 rebate. It does not matter if you owe less than that in taxes, and you can get it at the time of purchase instead of waiting for next year's taxes.
https://www.npr.org/2023/12/28/12...ford-vw-gm
frontpageDC13 posted Jun 03, 2023 09:12 PM
Item 1 of 13
Item 1 of 13
frontpageDC13 posted Jun 03, 2023 09:12 PM
2023 Chevrolet Bolt EV 1LT + $7500 Tax Credit + In-Home Charger Install
(For Qualifying Buyers)from $26500
$26,500
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edit: For clarification from the wiki: "The tax credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due."
So lower income people will not get a $7500 refund, it depends on your liability. i.e. A SDer responded about a student being angry in a previous thread that they only got $500 back and not $7500.
Virtually all of the ICE vehicle can be recycled. Generally the only items not recyclable per se will be interior trim - it's mixed plastic and rubber. Engine? steel or aluminum. Gearcases? Steel or aluminum. Body, frame, etc, steel or aluminum. In fact, about 86% of a car can be recycled [recyclenation.com].
Meanwhile your EV will still have a fully and readily recyclable frame and body, just like the ICE. The motor will generally be recyclable. The battery? Not really. Generally batteries and battery packs are not really designed for recycling. Most are just thousands of individual cylindrical cells, that themselves are spiral wound multilayer structures. There's no easy way to separate the materials here. An ICE, you literally rip out the engine with heavy equipment and include it in with any other steel or aluminum - the process is astonishingly easy and quick [youtube.com] with heavy equipment.
Meanwhile, the batteries are generally just shredded [ucsusa.org]. The resulting material is called "black mass" and is placed into a bath of caustic chemicals to leech out the *important* elements. In certain cases, that black mass is first incinerated to burn off plastic and epoxies. Yeah that sounds super efficient and environmental to me.
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To clarify, these were battery fires caused by crashes, these were caused by faulty packs.
Tesla didn't have the same issues because they didn't use LG batteries.
Again, all that said, the current Bolt is a great EV and with GM sunsetting it, the prices will probably jump.
LG is a phenomenal battery supplier, it's the legacy US carmakers that are unwilling to put the required effort into producing quality EVs.
Bolts are pretty good vehicles...too bad GM didn't have a maniac CEO to promote them.
It will need to renew for July but i am kinda sure it will be renewed or increased because NJ
My brother has a Tesla Model 3 and Model Y. He swore off Tesla after his model 3 due to the ride quality, but after he drove the Model Y, he felt they made significant improvements, and bought one. I've driven both his cars, and there are a few reasons I have not gone with Tesla. The first is the sparse interior and inability to use Android Auto (which now is actually wireless in my EUV). I was also surprised to learn there is no option for ventilated seats. Tesla also does not give you the option to reduce the amount of regeneration, basically forcing you to have 1 pedal driving. They do this to increase their EPA numbers, which is smart on their end, and fine for those who like 1 pedal driving. I personally do not. The other smart thing that Tesla does is allow you to utilize 100% of the battery, but warns you to charge only up to 80% to prolong its life. Other manufacturers like GM don't trust you to do that, so when you charge to 100% on a GM, it's not truly 100%. There is a reserve in there that you cannot access. So for an equivalent battery size and drag, the Tesla will have a higher EPA rating. I wish GM would allow us to access the battery fully.
Finally, insurance costs for Teslas is quite expensive. I insure both my Bolt EUVs for $1k per year through Costco. My brother pays $8k for his 2 Teslas. I think this is just due to the fact that all repairs have to go through Tesla, so they can charge whatever they want, which forces insurance companies to often just total the entire car for minor accidents. It also appears to be the case for the newer EV companies like Rivian and Lucid.
I have Supercruise on one of my EUVs, and love that I don't have to keep my hand on the wheel. I don't think it works in as many areas as a Tesla, but when it does, it's great. However, GM is moving towards the subscription model, so they will now charge to be able to use supercruise after the first 3 years. The basic Tesla Autopilot does not require additional costs. I wish GM had a Sentry mode, like Tesla, and the ability to download footage, but it does not, so I'm forced to use a dashcam.
Anyway, if you can find a Bolt at a decent price, I'm sure you'll be happy with it, especially if you're new to EVs. In my opinion, there is no better value at this time, so get them before GM stops making them later this year.
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"The tax credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due."
I'm not sure how many of us retired folks end up otherwise have a tax liability of anywhere close to $7,500 to be able to claim the full credit. I'm close to being able to claim $0 credit.
Why is Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) fully refundable but not the EV tax credit?
Luckily I made a wise choice 24 years ago to buy to buy a quality build Volvo that it still gets me around until I can buy an EV w/out paying $7k more than my neighbors for the same car....
LDs had higher quality, multiple language tracks, frame by frame seek ability, 5.1 surround in the mid 90s, ability to be used for old school games and educational activities, and we're actually CHEAPER to produce than VHS. Similar myriad perks come with EVs.
However, like with LDs demise, it was the marketing and convenience factors that presented issues (yes, changing out every 25 mins sux..kinda like range I guess?)
However, unlike with LD, which had the most support in Japan, it's completely reversed for EVs 🤣
LG is a phenomenal battery supplier, it's the legacy US carmakers that are unwilling to put the required effort into producing quality EVs.
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