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Are You Thinking About Cashing in on an EV

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carmigo

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The EV Tax Credit is Real (We got a plugin hybrid minivan last year). If you've been thinking about making the switch to and EV and cashing in on that tax credit, here is how it works.

There are three broad qualifications for the EV Tax Credit:
1. You must make less than $150,000 per year if you file taxes individually or less than $300,000 married and filing jointly.
2. Your EV car must cost less than $55,000.
3. Your EV truck, van, or SUV must cost less than $80,000.

However, because of some additional requirements written into the law, not all EVs within the price requirements qualify. Luckily, you can find the details on the IRS’s EV Tax Credit webpage (Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).

What's new this year is a tax credit for used EV purchases. This credit can equal up to 30% of the vehicle purchase price with a max of $4,000.

For the used credit the income requirements are a little different:
  • $150,000 if married and filing jointly.
  • $112,500 for heads of households.
  • $75,000 for all others.

Here is a list of all qualifying used EVs
(Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
And remember, if you're buying a new car, Carmigo is the best way to sell your old one.
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Scott Asheville

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I've suggested a Chevy Bolt to several friends. It's a no brainer right now if you're OK with an economy hatchback. That thing is around $18,000 or LESS in many states with state and federal rebates. If you have the tax load to get the rebates, it's a no-brainer commuter. Makes the Maverick Hybrid look like a real overpriced porker.
 

Pwoodward

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I am wondering the same with the Federal and California Rebate this would make the Bolt EV a very reasonable new car along with also free home wiring. However there is an issue on finding one. Also I think the Maverick will still be much better for my needs the Bolt really has small cargo space and I not a huge fan of the look. However would be a good fallback if the Maverick HB does not work out the problem is that we only have till March to get the full benefit. I debated the last few weeks but I still holding out for the Maverick.
 

commadorebob

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It is a nonrefundable tax credit. That means if your total tax is less than the EV credit, you lose the remaining EV credit. If you owe no taxes, you get $0 in EV credits.
 

Dude84

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I've suggested a Chevy Bolt to several friends. It's a no brainer right now if you're OK with an economy hatchback. That thing is around $18,000 or LESS in many states with state and federal rebates. If you have the tax load to get the rebates, it's a no-brainer commuter. Makes the Maverick Hybrid look like a real overpriced porker.
I actually went and drove a Bolt last week just for this reason. I actually liked it but finding one is difficult. The one I drove was already sold. The salesman said it was a 4-6 month wait to order. The Bolt starts at like 28, so after the tax credit it's really reasonable.
 

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carmigo

carmigo

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I've suggested a Chevy Bolt to several friends. It's a no brainer right now if you're OK with an economy hatchback. That thing is around $18,000 or LESS in many states with state and federal rebates. If you have the tax load to get the rebates, it's a no-brainer commuter. Makes the Maverick Hybrid look like a real overpriced porker.
Interesting insight! Thanks for contributing :)
 
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carmigo

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I actually went and drove a Bolt last week just for this reason. I actually liked it but finding one is difficult. The one I drove was already sold. The salesman said it was a 4-6 month wait to order. The Bolt starts at like 28, so after the tax credit it's really reasonable.
4-6 months is a long time!
 

LSchicago

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Zero desire for an EV yet.
 

Dude84

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4-6 months is a long time!
That's an interesting take on a Ford Maverick forum. 4-6 months (if that time is actually accurate, I'm not interested enough to actually confirm their delivery times are accurate) still beats 3 months - never for the delivery of a vehicle. Also the fact that you can still walk into a dealer and actually order one, as opposed to the 6 day window Maverick orders had this year...

But my Maverick will eventually get here, and more than that I won't be limited to recharge stations for the occasional road trip, I won't give up the utility of having a truck bed, and I won't have to wait a year to claim the $7500 credit on my taxes.
 

LSchicago

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Except someone is going to see you driving a Bolt, so there is that...I guess if you are married and don't really care about having sex again, the Bolt is a good option.
And many dealers are wanting $40K for those little junks.
 
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notorious beebs

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We could afford one, but it just doesn't make sense. I live in a high rise apartment with my wife, and there are no charging stations on site. There are chargers a few miles down the road, but they're always super busy. I don't want to deal with one until we buy a house and can just charge at home.
 

2seater

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Prior to considering the Maverick, I was strongly in the market for an EV. Availability was an issue and this was two + years ago, but the Bolt appeared to be relatively plentiful at the time. Of course the fire issues occured and the sales were curtailed. The big issue I had with many of the cars I looked at, including a used Tesla model 3, was the terrible blind spots on the majority of them. Out the rear quarters is bad but the worst was the view past the "A" pillars. The view was akin to looking out of a culvert or tunnel. Perhaps it is a particular issue with me as I am blind in one eye, making obstructions larger than average?? While not a huge Doug Dumuro fan, at least he generally does a real review of items I just mentioned, instead of only being focused on the technology available. See the review of the Cadillac ELR for example., a $75k Chevy Volt under the skin.
 

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Are You Thinking About Cashing in on an EV
I love my new EV and am definitely going to cash in on the the tax credits offered!

Ford Maverick Are You Thinking About Cashing in on an EV IMG_20221231_111945552_HDR
 
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