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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1. Most modern homes have more than enough excess capacity to add a 240V circuit for an EV. My house came with a 240V 50A circuit in the garage when I bought the home. When GM's offer to install a plug came my way, I used the opportunity to have a 60A circuit added so my EUV could charge at 48A (full 247 mile charge in less than 6 hours). Electrician took one look at my panel (even with the existing 50A breaker going into the garage) and said the house had plenty of capacity. If one is looking to future proof and wants to get this deal, you may want to consider buying a hardwired charger that supports 48A and get a quote from the Qmerit installer for a hardwired 60A setup. Mine was quoted under 1k, meaning fully covered under a non-standard install.
2. Even though the SAE measurement of trunk space in the EUV is smaller than the Bolt EV, the EUV trunk will hold more cargo. https://www.caranddrive
3. The cars have been trouble free to me.
4. I drive a bit more than 1000 miles per month. The car uses aboout $30 of electricity. At 10.5 cents/kWh it costs me about 3 cents/mile to drive. A 30 mph gas car would cost 10 cents/mile at $3/gallon.
5. If you are like an average American, most days you will drive 25-50 miles. You also will have more than one vehicle. I have had one ICE and one EV since 2015. I put 90% of my miles on the EV, and do most of my charging at home. For most people, charging isn't going to be an issue.
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1. The bolt is a great vehicle for commute and city driving but not good for road trips.
2. If you live in a house w garage, charging an EV actually takes LESS of YOUR time than going to gas station - it takes you 10 seconds to plug the thing in every couple of days depending on your commute vs 15 mins at gas station.
3. Not great option for road trip or if you don't have a garage w a plug to charge it because it only charges up to 50kw so you need to be at the public charging 40-45 mins each time you want to charge.
4. The MSRP is great value but to get this, we had to order it "custom" and had it in writing w the dealer - despite of this the dealer still tried to add on stuff on delivery day so it's good that we had something in writing.
5. For federal tax credit, you claim it when you do your taxes next year if you meet the requirements.
6. Ignore the negative comments from people who never owned an EV. Studies have shown that most people who own EVs don't go back to ICE - the exception is really a portion of those who do not have access to home charging.
1. The bolt is a great vehicle for commute and city driving but not good for road trips.
2. If you live in a house w garage, charging an EV actually takes LESS of YOUR time than going to gas station - it takes you 10 seconds to plug the thing in every couple of days depending on your commute vs 15 mins at gas station.
3. Not great option for road trip or if you don't have a garage w a plug to charge it because it only charges up to 50kw so you need to be at the public charging 40-45 mins each time you want to charge.
4. The MSRP is great value but to get this, we had to order it "custom" and had it in writing w the dealer - despite of this the dealer still tried to add on stuff on delivery day so it's good that we had something in writing.
5. For federal tax credit, you claim it when you do your taxes next year if you meet the requirements.
6. Ignore the negative comments from people who never owned an EV. Studies have shown that most people who own EVs don't go back to ICE - the exception is really a portion of those who do not have access to home charging.
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.
2. If you can't get MSRP, Tesla would be a better deal. If you get the cheapest Tesla, it's equivalent to the higher Bolt trim. Which if you compare by price, Tesla would win.
3. As others have noted, EV is a commuter car; way better than ICE. ICE is much better for road trips; but, if you want to use an EV for roadtrips, Tesla is your best bet. When you plug in the navigation, it'll calculate which charging station you need in order to get to your destination; and it's a simple plug and charge (no need for card info).
That being said, if you live in a major city, good luck finding a Bolt that isn't over MSRP
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$22k for a new car + Higher insurance cost.
Is this still slick?
It might slick for someone who drives a lot - then again, $23k/100k miles = 0.23/mile
When it reaches 100k, its residual value will be almost nothing.
Did I miss something?
Anybody with a costco membership for one
Still, even for "regular' stations people are bad at time estimates... like folks claiming it takes them 2 minutes, when they're ignoring the time to leave your normal road/route, pull into the station and up to the pump, get out and run their card (or go inside to pay in some places), then actually pump the gas and put the handle away, then get back out into traffic back to the place/speed they began at.
Nobody does that in 2 minutes. Or even 5.
https://www.quora.com/How-long-do...-you-leave
This cites a gas station trade association that it's 4.5 minutes JUST for the pay and pump part- ignoring the time getting into and out of the station, or any amount of "off your normal route" time the station adds.
Meanwhile it's legit 10 seconds to plug the EV in when you get out of it in your garage and then it's as full as you want it to be each morning.
Meanwhile I cited the actual law that you never read pointing out that the buyer can only transfer whatever credit they would already be entitled to if they didn't transfer it to a dealer
The form will tell us the mechanics of HOW they do that-- but it won't change the actual limiting them to the same amount they'd get otherwise
Which debunks your own claim about "how it works"
Keep digging man, you'll reach china soon!
Meanwhile I cited the actual law that you never read pointing out that the buyer can only transfer whatever credit they would already be entitled to if they didn't transfer it to a dealer
Which debunks your own claim about "how it works"
Keep digging man, you'll reach china soon!
$26 is about halfway to $35k from $18k, so instead of 126k to 250k, I'd have to drive 63k to 125k before the gas + Versa is more expensive than a Bolt at $26k.
For my particular driving averages, I'll be hitting the ten year battery replacement additional cost by the time the Versa reaches the cost of a new Bolt.
So roi makes no sense still.
2. $7500 tax credit doesn't apply to my semi-retired situation.
(Something more reading SD should be at if they read more Finance section and personal finance books like Fatwallet members used to - esp the nice threads on how members retired early or got a million+ before they turned 40.)
Yes and it literally says the credit is limited by what the buyer qualifies for.
So your original claim about this remains 1000% wrong.
To which you said:
"No, the dealership takes the tax credit. You have it wrong."
Except, of course, they had it exactly right. You still need the liability when you file or you owe the IRS the money back.
Because the law says you can only transfer to the dealer a credit you would OTHERWISE be entitled to without the transfer.
Which requires tax liability (and requires all the other things the credit restricts on like income too)
Just like the original post you incorrectly said was wrong.
And I cited the law pointing out you were wrong, and you're STILL trying to argue about it.
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