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
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Item 1 of 13
expiredDC13 posted Jun 3, 2023 9:12 PM
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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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Here is a comprehensive guide for EV Credit
https://evlife.co/blog/ev-tax-cre...ive-guide/
That guide has one significant flaw.
It tells you to look at line 24.
Which is a number you arrive at after you've taken other, potentially refundable, credits.
Better would be to look at line 18. This will be your total tax owed before you apply any credits (refundable or otherwise).
If you have no other NONrefundable credits, then the amount on line 18 is the max amount of the EV credit you get to use.
If you DO have other non-refundable credits then you need to add those to the $7500 you'd get with this credit, and compare that to line 18. If line 18 is bigger you get 100% of the benefit of all said credits. If it's smaller you lose the difference.
That being said, if you live in a major city, good luck finding a Bolt that isn't over MSRP
You need more taxable income to get more tax liability. Like get a raise, get a second job, convert an IRA to a a Roth IRA. Lower your 401k contribution or change it to a Roth 401k if an option.
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Bolt is getting discontinued later this year, though.
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If you want a vehicle that has a better driving experience, constantly is updated via OTA software, looks way better, has better resale value, performs better, and has better technology, go for the Model 3.
One thing that alarms me with the Bolt is GM has constantly had recalls for battery fires. Is this going to continue 2-3 years down the line? Another issue is GM is discontinuing the Bolt later this year. It's never good news when a company decides to stop manufacturing a particular model when it's by far their only and best selling EV on a mass scale.
If you can afford it, definitely go for the Model 3. If money is tight and you really want an EV just to drive as a daily commute vehicle, Bolt is a solid option at this price.
(1) IN GENERAL.—Subject to such regulations or other guidance as the Secretary determines necessary, if the taxpayer who acquires a new clean vehicle elects the application of this subsection with respect to such vehicle, the credit which would (but for this subsection) be allowed to such taxpayer with respect to such vehicle shall be allowed to the eligible entity specified in such election (and not to such taxpayer).
The credit you can transfer to the dealer is the same as the buyer would otherwise qualify for if they do not transfer to the dealer
In other words if you did not qualify for the full (or any due to income) credit if the dealer wasn't involved, you don't magically qualify for it now by transferring to the dealer.
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