Car buyers can get their EV tax credits up front at the dealership starting in January | CNN Business
Car buyers can get their EV tax credits up front at the dealership starting in January | CNN Business
People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns.
Not much to add. Other than the IRS PDF is written is legalese…
Sweet. EVs are the future. I want my next car to be an EV.
Does anyone own an EV and lives in an apartment that doesn't have chargers? How do you get by?
I kinda did this (but not really). The building had a few parking spots with 120v outlets nearby and they let me run a cord to one.
Its quite possible there's something like that available if its outside parking and can't hurt to ask. Less likely if it's underground.
Can come to a side agreement for electricity cost showing cost on app or via some other tracking.
Generally you’re fucked. Also if you have an underground parking lot, in most places in Belgium, fire marshals won’t allow you placing a charger. Several colleagues of mine got shafted with the move to EVs on that basis.
You can also try to charge on public chargers but that’s a lifestyle in itself. Several of us had to before the home chargers rollout reached us and it wasn’t trivial due to the lack of fast chargers around.
Still I wouldn’t go back to an ICE ever.
A buddy of mine has an EV at a condo where there is no way to charge, nor is there where he works. He just goes to a supercharger once a week or so.
Granted, then you’re not saving time or money over gasoline cars, but it is doable
Time no, money probably. It costs $10-$20 to fully charge at a supercharger.
Typically in those cases, you plug in at work, assuming they offer it.
Alternatively, you might be able to get away with a simple level 1 charger if your apartment has a standard outlet available.
You can talk to your landlord about making changes, but failing that, you probably want a hybrid instead of an EV. Electricity at ‘the pump’, so to speak, can be more expensive than gas and certainly takes longer.
It’s worth noting that the CNN article doesn’t say what happens if your taxes for the year are lower than the incentive.
I assume you get the full incentive at the dealership, and then are responsible for the difference come tax day.
So if your taxes are… say $4,000 and you buy a new car with the $7,500 rebate. That’s a difference of $3,500 and your taxes become 4K + 3.5K = $7,500 for that year… or so I’m assuming.
I believe with these sorts of things, you're signing it over to the dealership so it goes against THEIR tax burden, not yours.
Currently, if your taxes are under the rebate, your tax incentive is only as good as your taxes are. So if you owe $3k in taxes, you're only getting a $3K tax incentive, regardless of if it's new ($7.5k) or used ($4k).
I'm seeing the government giving us easier access to that $3K… not granting the full 4k or 7.5k. For simplicity's sake, the full rebate is applied at the dealership, but the difference is still due for that year's taxes.
Sick, shame it still only applies to new vehicles.
$7,500 is for new vehicles. $4,000 is for used. (Must also be 2 manufacturing years old or greater)
Cars aren't sold based off what it costs, they're priced off what people will pay.
All these credits do is let manufacturers raise the price by the same amount.
Like, we need to move to EVs, but all this does is funnel more money to the wealthy
I'm more a fan of sticks than carrots when it comes to stuff like this, but voters need coddling and this will still move the needle. Even assuming automakers capture the full $7500, that's pure profit and they're going to try very hard to sell more EVs. And thanks to the IRA, that manufacturing will happen in NA. You're absolutely right that it's a corporate subsidy disguised as a consumer tax break, but it will still have a real effect. I'd rather just have proper emissions requirements drive the change and have a carbon fee and dividend of course, but I think this scheme is still better than nothing.
It doesn't have a real effect tho...
If they decide consumers will buy at X price, they'll sell them for X and the people willing to spend X will buy it
If there's a 7k tax credit, they'll sell it for X+7k, and the same amount of consumers will pay X and buy the same amount of cars...
The only difference is everyone is paying their share of those 7k bonuses to manufacturers.
That tax money would be much better spent on infrastructure or public transport.
You’re not wrong. You can basically blame why college is so bloody expensive because of student loans. You can be certain the professors aren’t getting all that money.