2024 EV Tax Credit Changes - The Good, The Bad, And Huh
video description
This does promote domestic production and producing EVs at lower price points where profit margins are tighter.
Date: 2024-02-08
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Comments and reviews: 18
jimmykhokhar9092
In my opinion; Leasing an EV is the way to go cuz of the loop and you get the full 7, 500 right off the price and the depreciation is so high on them to begin with, it doesn't make sense to buy, file for tax rebate and then may not get it and also the depreciation being so high that you are under water in 2yrs time. A PHEV may not be a bad way to go Purchase/Lease as those don't depreciate as much as full EV's and still get either half if not all of the Tax Credit.
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In my opinion; Leasing an EV is the way to go cuz of the loop and you get the full 7, 500 right off the price and the depreciation is so high on them to begin with, it doesn't make sense to buy, file for tax rebate and then may not get it and also the depreciation being so high that you are under water in 2yrs time. A PHEV may not be a bad way to go Purchase/Lease as those don't depreciate as much as full EV's and still get either half if not all of the Tax Credit.
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1997nick
I noticed Hertz has the EV Credit label on certain used EVs for sale by them, like the Model 3. I haven't been able to find specifically what the label denotes: is it guaranteed to get it Is it saying that the vehicle fits the requirements in order to get it I'm assuming they've done the work to find out and thus have it labeled to help a buyer decide, but the rep I spoke to didn't know much.
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I noticed Hertz has the EV Credit label on certain used EVs for sale by them, like the Model 3. I haven't been able to find specifically what the label denotes: is it guaranteed to get it Is it saying that the vehicle fits the requirements in order to get it I'm assuming they've done the work to find out and thus have it labeled to help a buyer decide, but the rep I spoke to didn't know much.
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ayushmalpeddi2793
Someone PLEASE enlighten me, but can’t Tesla and other manufactures lower the MSRP to be super lower and then increase the destination charge to make up for the MSRP
For example, couldn’t Tesla price the Model S at $54990 MSRP and then have the destination fee as $20000! From my understanding their are no restrictions for that.
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Someone PLEASE enlighten me, but can’t Tesla and other manufactures lower the MSRP to be super lower and then increase the destination charge to make up for the MSRP
For example, couldn’t Tesla price the Model S at $54990 MSRP and then have the destination fee as $20000! From my understanding their are no restrictions for that.
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rtm808
Just did the lease early buyout. You lose a bit due to the lease fees and in my case, I learned that my state double dips on taxing a leased vehicle (first on the full vehicle price, then again on the buyout. But better than nothing, considering that’s what I would have qualified for with my RAV4 Prime.
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Just did the lease early buyout. You lose a bit due to the lease fees and in my case, I learned that my state double dips on taxing a leased vehicle (first on the full vehicle price, then again on the buyout. But better than nothing, considering that’s what I would have qualified for with my RAV4 Prime.
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alex_on_autos
Hi Alex, I have been shopping for a used 2020 Bolt and from what I am seeing is that the dealers are viewing the 4K as additional profit and not selling the vehicle at a reasonable amount over current wholesale price. I am patient and see quite a bit of 90 day inventory out there.
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Hi Alex, I have been shopping for a used 2020 Bolt and from what I am seeing is that the dealers are viewing the 4K as additional profit and not selling the vehicle at a reasonable amount over current wholesale price. I am patient and see quite a bit of 90 day inventory out there.
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Zhenocnra
I'm glad I only buy new and will only buy new going forward but that used EV tax credit sounds like a nightmare.
One more reason why we need direct sales from manufacturers. Let's hope Ford paves the way for this because I absolutely hate having to go to dealerships for service.
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I'm glad I only buy new and will only buy new going forward but that used EV tax credit sounds like a nightmare.
One more reason why we need direct sales from manufacturers. Let's hope Ford paves the way for this because I absolutely hate having to go to dealerships for service.
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JohnFromArlingtron
I've already seen used EV price listings on the web with an advertised price that includes the POS credit; whether you personally qualify or not. I guess when you get to the lot they say Oh sorry bruh, you don't qualify so this is your price.
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I've already seen used EV price listings on the web with an advertised price that includes the POS credit; whether you personally qualify or not. I guess when you get to the lot they say Oh sorry bruh, you don't qualify so this is your price.
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wpelfeta
So uh. Anyone want to marry me.
I'm curious why they made the AGI cap for used vehicles so much lower than new vehicles. Seems like they'd want to encourage buying used over new if possible for ecological purposes.
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So uh. Anyone want to marry me.
I'm curious why they made the AGI cap for used vehicles so much lower than new vehicles. Seems like they'd want to encourage buying used over new if possible for ecological purposes.
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DM72513
12: 40 This is why the Mazda CX-90 PHEV has been such a great lease. Below invoice pricing, $7, 500 EV credit and a high residual. You left Mazda off your list but Mazda Financial Services passed along the tax credit.
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12: 40 This is why the Mazda CX-90 PHEV has been such a great lease. Below invoice pricing, $7, 500 EV credit and a high residual. You left Mazda off your list but Mazda Financial Services passed along the tax credit.
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robertr2637
Would my pre-IRA Bolt EUV for which the 3yr lease is up this August qualify for the used credit when I buy it out GM was out of new credits at time of delivery in 2021 so none have ever been used on this car.
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Would my pre-IRA Bolt EUV for which the 3yr lease is up this August qualify for the used credit when I buy it out GM was out of new credits at time of delivery in 2021 so none have ever been used on this car.
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timdsd
This year's change to turn the tax credit into what is effectively a point of sale rebate is a godsend for retirees like myself, who can afford to buy a new EV but have a tax liability much less than $7, 500.
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This year's change to turn the tax credit into what is effectively a point of sale rebate is a godsend for retirees like myself, who can afford to buy a new EV but have a tax liability much less than $7, 500.
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bigmacdaddy1234
Electricity comes from fossil fuels, hence the EV is green is a scam. Next, the dealer will botch up the EV credit paperwork and you will get stuck in the IRS nightmare forever. No thanks.
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Electricity comes from fossil fuels, hence the EV is green is a scam. Next, the dealer will botch up the EV credit paperwork and you will get stuck in the IRS nightmare forever. No thanks.
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stuartjohnson5173
I bought a used EV in 2023 and claimed the tax credit on my 2023 tax return. I filed jointly with my wife. Does she qualify for a tax credit if she buys a used EV in 2024
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I bought a used EV in 2023 and claimed the tax credit on my 2023 tax return. I filed jointly with my wife. Does she qualify for a tax credit if she buys a used EV in 2024
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g00glechr0me8
Ridiculous how complicated this is. The democrats pushed for an ev tax credit then made so many Confusing restrictions on it, removing many vehicles from qualifying.
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Ridiculous how complicated this is. The democrats pushed for an ev tax credit then made so many Confusing restrictions on it, removing many vehicles from qualifying.
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1Springloaded
Imagine someone with the cash to buy out the lease on day two has a magic loop hole. I'm SURE that was just an oversight. Another straw on the back Biden.
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Imagine someone with the cash to buy out the lease on day two has a magic loop hole. I'm SURE that was just an oversight. Another straw on the back Biden.
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miraphycs7377
Qualifying Tesla
Model 3 Performance
Model X Dual Motor
Model Y Rear-Wheel Drive
Model Y Long Range
Model Y Performance
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Qualifying Tesla
Model 3 Performance
Model X Dual Motor
Model Y Rear-Wheel Drive
Model Y Long Range
Model Y Performance
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rightlanehog3151
Alex, We were overdue for another episode of Alex on Accounting! In the next installment we await, 'The Chicken Tax Explained'.
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Alex, We were overdue for another episode of Alex on Accounting! In the next installment we await, 'The Chicken Tax Explained'.
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davidgiles9751
I'd like to congratulate the Government for really screwing up how the EV tax credit works, and who/what it applies to.
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I'd like to congratulate the Government for really screwing up how the EV tax credit works, and who/what it applies to.
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