Are You Thinking About Cashing in on an EV

[carmigo]

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.

That does sound like a drawback. In that case, finding a car with minimal blind spots would be ideal.

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[STARCOMMTREY1]

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.

Have you updated your site to allow 2023 mavericks yet?

 

[mtd14]

I commented elsewhere but I am planning to take advantage. The Maverick’s brother, the PHEV Escape is only getting an extra $600 or so in the rebate vs 2022, but has 0% financing and ‘22s are available well under MSRP. I’m grabbing a ‘22 next week at under MSRP after taxes & fees, though I have seen better deals than the one I’m getting.

 

[bbhaag]

YAY! congratulations on the EV. Hope tax season goes smoothly for you!

Thanks! I hope it goes smoothly to.

 

[carmigo]

I commented elsewhere but I am planning to take advantage. The Maverick’s brother, the PHEV Escape is only getting an extra $600 or so in the rebate vs 2022, but has 0% financing and ‘22s are available well under MSRP. I’m grabbing a ‘22 next week at under MSRP after taxes & fees, though I have seen better deals than the one I’m getting.

Awesome! Nothing wrong with a '22. We wish you the best of luck!

 

[RobCannaday]

i dont like EVs and i think paying that much for a car is not smart

 

[Scott Asheville]

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.

Actually, most of my female friends snicker when they see male virgins driving by in sports cars and/or giant trucks. They make the teeny weeny sign with their fingers. And no, I'm not making that up. They know compensation behavior when they see it.

Which kind of makes me sheepish, considering all the years in my youth when I drove hot red sports cars. Who knew I should have bought a Civic and gotten more action...

 

[OleFordGuy]

not no, but Hell No

 

[BuddyS]

I love my new EV and am definitely going to cash in on the the tax credits offered!

Every time I see one of those I nudge my wife and say "one of those could very well be our next car". Subtly laying the groundwork...

 

[BuddyS]

I love my new EV and am definitely going to cash in on the the tax credits offered!

Are those R/C sailboats on your porch?

 

[bbhaag]

Are those R/C sailboats on your porch?

@BuddyS

No, they are Christmas decorations that my wife found at a craft show called Spoon River Drive. They are reclaimed doors from old houses that are being torn down. The guy cuts them in the shape of Christmas trees and puts stands on them and then resells them.

 

[carmigo]

i dont like EVs and i think paying that much for a car is not smart

No problem with that, all opinions are welcome.

 

[Old Man]

I talked with several dealers (VW and Ford) today about the tax rebate and was told by all that they aren't doing anything about the government rebate because of the uncertainty waiting for the rules to be written and the complaint by European and Asain makes that excluding their vehicles violate free trade agreements. They say they have been told by the manufacturers not to give any information other than a certificate number will be created for the sale that may or may not be usuable once the rules are established (and since the federal goverment doesn't do anything quickly so it might be December when the rules are approved). They say to consult a tax expert.

Both do have a current $7,500 manufacturer incentive on leasing an EV that is not connected to the government rebate. No date was given when that will end. In theory if you pick the right car and it meets the new rules and you already leased with that $7,500 incentive you may come out $15,000 ahead on an EV purchase with the fed rebate.

 

[carmigo]

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.

A Chevy Bolt! Very good suggestion

 

[carmigo]

I talked with several dealers (VW and Ford) today about the tax rebate and was told by all that they aren't doing anything about the government rebate because of the uncertainty waiting for the rules to be written and the complaint by European and Asain makes that excluding their vehicles violate free trade agreements. They say they have been told by the manufacturers not to give any information other than a certificate number will be created for the sale that may or may not be usuable once the rules are established (and since the federal goverment doesn't do anything quickly so it might be December when the rules are approved). They say to consult a tax expert.

Both do have a current $7,500 manufacturer incentive on leasing an EV that is not connected to the government rebate. No date was given when that will end. In theory if you pick the right car and it meets the new rules and you already leased with that $7,500 incentive you may come out $15,000 ahead on an EV purchase with the fed rebate.

Very interesting insight! Thank you so much for contributing.

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