2024 EV Tax Credit Changes - The Good, The Bad, And “Huh?”

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  • Опубліковано 22 гру 2024

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  • @AAutoBuyersGuide
    @AAutoBuyersGuide  10 місяців тому +4

    If you are trying to do a private party sale of an EV, you can use a service like KeySavvy (not an endorsement, I have no idea how well it works) because they are a car dealer. They charge a fee for the transaction but all the paperwork is done by a qualified dealer so the used tax credit can apply.

    • @nc3826
      @nc3826 10 місяців тому +2

      Correction PHEV's are also eligible for the Used Federal EV tax credit. As per the appropriate government websites.
      I would have the links, but UA-cam usually deletes comments that include links.

  • @rightlanehog3151
    @rightlanehog3151 10 місяців тому +38

    Alex, We were overdue for another episode of Alex on Accounting! In the next installment we await, 'The Chicken Tax Explained' . 😁😁

  • @ZReviews
    @ZReviews 10 місяців тому +28

    Jesus this is madness

    • @ZReviews
      @ZReviews 10 місяців тому +8

      Also Marantz MTM-3000 microphone is Goated.

  • @DM72513
    @DM72513 10 місяців тому +16

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +4

      Good to know, when I reached out to Mazda for this story, they were not doing it at the time

    • @DM72513
      @DM72513 10 місяців тому +5

      @@AAutoBuyersGuide I believe it's been since August. That's when the rush to get the CX-90 PHEV inventory started. One large dealer (Ramsey) in NJ had over 70 and they were all gone in a week thanks to a lease broker deal.

    • @susansammy5448
      @susansammy5448 10 місяців тому +1

      In Boston area dealers, they're only offering $5200 lease cash, instead of $7500 back in November

  • @timdsd
    @timdsd 10 місяців тому +15

    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.

    • @terraGaliciaXXIV
      @terraGaliciaXXIV 8 місяців тому +2

      If a buyer is on social security and does not file taxes due to being low income, is he/she eligible for this tax credit at purchase?

    • @kj5905
      @kj5905 8 місяців тому +2

      @@terraGaliciaXXIV Of course you would be eligible. Just meet the income requirements for your situation(Single, married filing joint, head of household). If you are below income limits or don’t even file at the end of the year you still qualify as long as you can secure a loan just make sure it’s an EV credit at the point of sale. It really needs to be your first question when talking to a dealer because so many want your business but so few dealers have signed up with the IRS(it’s free for them). I just don’t get why more dealers aren’t signed up with the IRS…it’s been my toughest hurdle.

  • @kj5905
    @kj5905 8 місяців тому +2

    This is awesome news for military families who don’t make much and almost never have a tax liability. If I was a dealer, I would get my IRS POS login and push this to military families.

  • @bahamatodd
    @bahamatodd 10 місяців тому +3

    GM already announced that they already resourced the necessary materials and all new Ultium production from now gets the credit. The small amount of production that didn't qualify gets a $7500 rebate from GM.

  • @Evan_Land
    @Evan_Land 10 місяців тому +2

    This is extremely helpful for those looking. Knew about some of this and just bought an Bolt EUV after watching all your Bolt reviews (great car, especially since I only charge level 1 at home!). I ended up purchasing a new Bolt EUV for $15K in CO with the additional Colorado Vehicle Exchange Program. In total, my up-front discount was $21,350. (And UNFORTUNATELY, the dealer did mark it up nearly $6,000).

  • @Jetter638
    @Jetter638 8 місяців тому +1

    Fantastic and informative video. Keep up the great work...much appreciated. Maybe a mid-year update would be appropriate as a number of cars have either come to market since this video was released or will soon be available (e.g., Chevy Blazer, Chevy Equinox, Honda Prologue, etc.) and their was still a question mark surrounding whether they would qualify.

  • @Herlongian
    @Herlongian 9 місяців тому +7

    The tax credit has become a big joke. Even if you find one that qualifies, the dealers have already calculated how to steal the credit. It’s $7500 for the dealers. The whole thing needs to be tossed and reworked.

  • @CoordinatedCarry
    @CoordinatedCarry 10 місяців тому +3

    I’ve been told at multiple dealers that the IRS portal isn’t open yet for POS rebates.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +3

      It is open for you to EVS for sure, and our local dealer claimed they could already do it on a Bolt…

    • @ballzzinyourmouth8
      @ballzzinyourmouth8 8 місяців тому

      @@AAutoBuyersGuideI live in LA and I was really expecting most dealers to be registered with the IRS portal and compliant with the 2024 update. So far 90% of them I've called say I'm wrong and they don't have to do anything and it's all on my end to get the $4000 rebate. One of them even admitted it's too much work for them and they don't feel like doing it

    • @normt430
      @normt430 8 місяців тому

      The first month or so the dealership had to fax info in. Today they can register online with a bank account for funds transfer.

  • @arteitle
    @arteitle 10 місяців тому +1

    Could you do a video explaining the changes to the EV charging installation credit? My understanding is that the Inflation Reduction Act added new limitations on what census tracts can get the credit, even for home installation.

  • @paulmarc-aurele5508
    @paulmarc-aurele5508 10 місяців тому +1

    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.

    • @nc3826
      @nc3826 10 місяців тому

      Prices are based on supply and demand. GM ending production has increased demand for used Bolts. Which is why personally I'm looking at alternative EVs

    • @normt430
      @normt430 8 місяців тому

      ​@@nc3826Actually the 2019 and earlier with some 2020 Bolt's with the new battery are the hot ticket at lowest price under $14k and most tax credit of $4k.

  • @gregkramer5588
    @gregkramer5588 10 місяців тому +3

    Well done Alex!

  • @dreamcoyote
    @dreamcoyote 10 місяців тому +3

    I get the complex intent of the various limitations, but in terms of implementation (assuming it's not illegal in some way) they probably should have split the price/component part into a certification stamp. Like, if your income is below a threshold, then you can get $7,500 off of USEV Gold stickered cars. Cars that could only get half would be USEV Silver stickered (certified) cars. That would make it a two step process (income check + car certification) for buyers and a checklist for dealers (which cars can get certified).
    This does promote domestic production and producing EVs at lower price points where profit margins are tighter.

    • @Anhedonis
      @Anhedonis 10 місяців тому

      Loose?

    • @bigmacdaddy1234
      @bigmacdaddy1234 10 місяців тому +1

      Yeah, let's make it even more complicated.

  • @boki23m
    @boki23m 7 місяців тому

    According to the form, if the vehicle is used and $4000 credit was received the business/personal use doesn't apply? Can you get a used vehicle and occasionally use it for rideshare driving? Mixed use, maybe 50/50 business/personal miles and deduct mileage (not actual cost)?

  • @rtm808
    @rtm808 10 місяців тому +1

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      The double sales tax is normal, because they tax it on the sale to the leasing company, then you get taxed on the sale from the leasing company to you. That makes it a second owner car and if you sell it it will be to a third owner even though you’re the only one who’s ever driven it

  • @GoldenK9Campers
    @GoldenK9Campers 10 місяців тому

    Great info.. Thanks Alex !! Always wondered how the Lease loophole worked.

  • @paulmarc-aurele5508
    @paulmarc-aurele5508 10 місяців тому +1

    Let’s say you buy a 2020 Bolt and get the credit. Your vehicle will no longer be eligible for the credit so how would that affect your value if you wanted to trade it in at a dealer? In my area the dealers are pricing the Bolts as if the rebate was theirs. Here’s what I am seeing a Bolt with a trade in of 10,600 is being offered at 19k before added fees. If you bought that at 16,500 OTD you might have a vehicle worth 7600 on a trade the next day. Any thoughts on this?

    • @normt430
      @normt430 8 місяців тому

      Yes, used values will differ a bunch.

  • @boki23m
    @boki23m 8 місяців тому

    How long do you need to keep the used EV vehicle ($4000 tax credit) and can you use it for Uber driving?

  • @JohnFromArlingtron
    @JohnFromArlingtron 10 місяців тому +1

    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."

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +2

      This sadly has been common practice since Tesla started doing it way back when

  • @Medmann48
    @Medmann48 5 місяців тому

    WE just bought a used EV from a local Ford dealer. The dealer has us sign over the EV credit to them & then he chopped the credit amount from the purchase price. My question is do I need to do anything with the IRS come tax time or am I done? I think I read where I still need to fill out the IRS form 8936 even if I did time of sale EV credit, is that correct ??

  • @robertr2637
    @robertr2637 10 місяців тому +1

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      As I understand it, at least buyouts are not eligible

    • @normt430
      @normt430 8 місяців тому

      Ask the dealership who is already setup for used clean credit if they can try to do it. Since the IRS has no record of your original purchase you might have a good chance.

  • @carloaltamirano4112
    @carloaltamirano4112 8 місяців тому +1

    I dont understand the whole tax credit, and its confusing me even more. If I normally don't owe the IRS and get a tax refund, say 2k, since they paid 7500 towards the car up front, will they keep my 2k? And even worse, will they keep my 2k and tell me I owe them $5500?

    • @TimothyTranEnjoysLife
      @TimothyTranEnjoysLife 6 місяців тому

      First, you have confused your tax liability with your tax refund. Typically your employer withholds an amount from your paycheck, you are prepaying tax for the year. When it us tax time, you calculate precisely what you are supposed to owe in total (tax liability) and either your withholdings come up short (you owe more) or in excess (you get a refund).
      Before 2024, the credit only went up to your tax liability. So if your income results in say $5000 for the year, you could only get $5000 in credit. But now, you can take the credit at POS. So, assuming you meet the requirements, your tax liabilty could be under $7500, but still receive the full $7500 at POS. For example, if you make $20k in 2024, have a tax liability of only $2.5k, you can still buy a qualify vehicle with reduced $7.5k at POS.

  • @gr8wrk
    @gr8wrk 10 місяців тому +1

    I’m leasing a Rivian R1S and received the $7500 tax credit and can buy out the lease

  • @longochu8588
    @longochu8588 10 місяців тому

    Is used EV credit subjected to the vehicle requirements of origin of battery, its source and manufacturing locations?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +3

      No, it’s not. Which is weird, but it does allow for more selection

  • @Shinjestari
    @Shinjestari 10 місяців тому +1

    Thank you for the summary. Really helpful.

  • @1997nick
    @1997nick 10 місяців тому

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +2

      Be careful with Hertz. The Teslas over 2 years old should get the used EV tax credit. But it has to have all the paperwork done right and car rental places are notorious for being lazy on the paperwork

    • @1997nick
      @1997nick 10 місяців тому

      @@AAutoBuyersGuide thank you! I think I'll check them out and see

    • @normt430
      @normt430 8 місяців тому +1

      Today it would have to be a 2021 or older.

  • @jimmykhokhar9092
    @jimmykhokhar9092 10 місяців тому +2

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +5

      Depreciation on most EVs is not far from comparable ICE vehicles (Prior to the Hertz fire sale) as long as you factor in things like the tax credit. The moment you have $7,500 off the MSRP, the sales price will reflect this which causes the residual to look far worse since that's based off MSRP, not MSRP-tax credit. This also applies to PHEVs, but since most PHEVs don't get the full credit (1/2 for most) and lots don't get it at all except for leases it has the effect of mitigating some of that initial depreciation.

    • @jimmykhokhar9092
      @jimmykhokhar9092 10 місяців тому

      Makes sense. Thanks Alex!

    • @akc5247
      @akc5247 10 місяців тому +2

      This is precisely why I leased my R1S earlier this month. If I decide to buy tomorrowz the vehicle purchase price is already $7,500 less than whatever it was originally.

  • @npaladin2000
    @npaladin2000 10 місяців тому

    Thank you for all the detail, it's very importan, but with so much of it not indexed to the (currently high) inflaction it really seems like it's not going to be much of a gain for a lot of people.

  • @Joshsmoove
    @Joshsmoove 7 місяців тому

    Hi I read somewhere on a forum that if your married filling jointly income was less than 300k in a previous year, say 2022 vs 2023, then you could qualify for the tax credit. Is this true? Maybe this is something they did away with in 2024.

  • @Betamax84
    @Betamax84 8 місяців тому

    Thank you for this!

  • @turdyturtle
    @turdyturtle 10 місяців тому +1

    Hi Alex! It has been a nightmare working with toyota dealerships to get the used EV tax credit going. Do you have any advice on who I should be reaching out to in order to get the ball rolling?

    • @normt430
      @normt430 8 місяців тому

      Let your salesperson work through office manager. I'm working on a used PHEV through a CJDR and are having a hard time setting it up.

  • @armageddonworm
    @armageddonworm 10 місяців тому

    I added the wall charger, so that puts me at exactly 80k
    Is that a vehicle option or another ... household product?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +2

      Chargers are not included, just the price for the factory installed options less the destination charge.

    • @FuncleChuck
      @FuncleChuck 10 місяців тому

      It’s my understanding that only the MSRP matters. Destination and all those another numbers don’t, and negotiating a better deal (or dealer markup) won’t matter.

  • @ericelfner
    @ericelfner 10 місяців тому

    Alex, where is the link to IRS stmt on (non)refundable credit?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому

      Oops it’s here: www.irs.gov/pub/taxpros/fs-2023-29.pdf

  • @FARFolomew
    @FARFolomew 10 місяців тому

    Alex, at the end you mention the Used EV tax credit can't be claimed later. Do you mean to imply it can't be claimed yourself on taxes if you buy from a dealer that doesn't participate in the Used EV rebate program? If so, can you provide your source on this? Thank you

    • @FARFolomew
      @FARFolomew 10 місяців тому +2

      So I looked at the IRS website, and there is a stipulation, starting in 2024, that at the time of sale, the dealer must report the transaction to the IRS. To do this the dealer must register with the IRS web portal. This must be done even if the customer is taking the tax credit themselves on their own taxes at the end of the year. So even if the dealer doesn't support transferring the EV credit from you to them at the time of sale, they must still register and report the transaction for YOU to take the EV credit.

  • @adesin22
    @adesin22 10 місяців тому

    Which Lightning models is Ford giving a lease credit for?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      I cannot seem to get a good answer about this, but obviously the ones over $80,000 will not get it

  • @ayushmalpeddi2793
    @ayushmalpeddi2793 10 місяців тому +2

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому

      In theory yes, but so far nobody has gone there.

    • @Herlongian
      @Herlongian 9 місяців тому

      Probably. And know the dealers will work tirelessly to make sure they get the $7500 one way or another.

  • @canikissyouyes
    @canikissyouyes 10 місяців тому +1

    What about lease on a Tesla?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому

      Tesla factors some form of credit into the lease factor, but we are unclear about how much

  • @stevejung6470
    @stevejung6470 10 місяців тому

    So the 55k minimum bmw i4 doesnt qualify

  • @phlydude
    @phlydude 10 місяців тому

    Am I reading this wrong: because of the same provisions that apply to corporations on the removal of some of the limitations, a business would get the same courtesy extended to them as well? Much like the $50k 6k pounds or higher section 179 business write-off (now 80% depreciation as of tax year 2023) but they would get the credit on an EV instead? I'm just thinking how setting up a cheap LLC for purchasing a vehicle much like vehicles get the credit when leased might be worthwhile for someone...

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      It probably wouldn’t make sense as the LLC would cost you to set up and then you’d have to get corporate car insurance which is almost always higher, and then there’s the cost of having the LLC exist, etc. it might pencil out but it’d be a pain.

  • @bcfsk88
    @bcfsk88 10 місяців тому

    Hi, great information.
    I’m in the process of buying a brand new EV however my tax liability is less than the $7500 EV credit.
    The plan is to transfer the credit to the dealer at the time of sale.
    While doing some research I found your video, I contacted the IRS and was told that I would be required to reimburse them for the balance once I file my taxes for 2024 in 2025 (assuming my liability is less than the credit at that time).
    It would not become a “refundable tax credit”.
    Could you point me in the right direction?
    Where can I find the publication or guide stating that the balance wont have to be reimbursed to the IRS?
    Thanks!

    • @travellover3373
      @travellover3373 9 місяців тому +1

      The Bearded Tesla Guy read it from the IRS website guidelines that it said if your tax liability is less than 7,500 dollars it will not be subject to recapture. However it will be subject to recapture if you earn more than what is allowed like, $150,000 individually.

  • @cheovannyoropeza9494
    @cheovannyoropeza9494 10 місяців тому

    I think if you do it through an escrow you can claim the used EV credit for private sells.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      Only if you go through a dealer. There are sites that will handle that transaction, but the reason they can is because they are dealers.

  • @mitshumarner5870
    @mitshumarner5870 4 місяці тому

    The used EV program essentially puts Tesla off the map. A 2021 Tesla Model Y or 3 with reasonable miles is not coming in under $25,000.

  • @Eqnotalent
    @Eqnotalent 6 місяців тому

    If I only paid $3500 total in taxes. Do i get $3500 or $7000 back?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  6 місяців тому

      If it's the point of sale credit, then you get $7500 credited on the purchase of the vehicle at time of sale.

  • @Rioichi4
    @Rioichi4 10 місяців тому

    Separate price limits for new cars vs SUVs/trucks.... but not for used ones? 🤔

    • @normt430
      @normt430 8 місяців тому

      No, used EV/PHEV has to be two model years old and under $25,000.

  • @dez7726
    @dez7726 10 місяців тому +1

    that tax credit it going to get a few people next tax season

    • @normt430
      @normt430 8 місяців тому

      You can adjust your taxes this year at only 4 months in.

  • @roughjc
    @roughjc 10 місяців тому

    Any info for the new Acura ZDX?

  • @ericy.2108
    @ericy.2108 10 місяців тому

    9:03 What about KeySavvy? “KeySavvy enables private party sales to qualify for the EV tax credit”

    • @jasonhillgiant
      @jasonhillgiant 10 місяців тому

      It seems possible that you could sell your car to a dealership and then have your friend buy it from the dealership and get the credit. But you would lose a chunk due to unfavorable prices that dealerships pay. It seems also possible that companies like KeySavvy could just agree to pay more for your EV because they know that they have a buyer lined up already.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      Keysavvy is a dealer, that's how they can handle the credit.

    • @ericy.2108
      @ericy.2108 10 місяців тому

      @@AAutoBuyersGuide so you can have your buddy sell you their EV (through KeySavvy) and you can get tax credit

  • @shawyonsharifi3394
    @shawyonsharifi3394 9 місяців тому

    I don’t understand why this tax credit carries an income limit for who qualifies for it. It defeats the whole purpose. Any household who makes over 300k a year doesn’t qualify which means many buyers are missing out.

    • @normt430
      @normt430 8 місяців тому

      It is $150/300K AGI so many more will qualify than you think.

  • @Anhedonis
    @Anhedonis 10 місяців тому

    Bummer that the ID4 gets it but the Q4 doesn’t.

    • @pine111
      @pine111 10 місяців тому +1

      It’s because the ID.4 is built in the US, Q4 is built in Germany

  • @tino5271
    @tino5271 10 місяців тому +1

    I'm still confused!😂

  • @stuartjohnson5173
    @stuartjohnson5173 10 місяців тому

    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?

    • @normt430
      @normt430 8 місяців тому

      For 2024 purchased you can get unlimited new but only one each used for you and spouse.

  • @jheffernan13
    @jheffernan13 10 місяців тому

    I’d have ❤’d this vid if I could. Thank you.

  • @paul528i
    @paul528i 10 місяців тому

    It's "lose", not "loose".

  • @TheSpectre2300
    @TheSpectre2300 10 місяців тому

    So Plug in Hybrids get no credit anymore it seems?

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      Correction on that, I was able to get an answer and yes they should get the credit. I've asked YT to blur out that section of the slide so it'll be correct in a few hours.

  • @zekew7546
    @zekew7546 10 місяців тому

    Are you sure on NO PHEVs for Used Clean Vehicle tax credit? Think PHEVs qualified last year.
    P.S. two slides had GATTWAY. Is that Al Capones long lost gun as in Gat? 😂

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      I hate that spellchecking for my fat fingers isn't well integrated into the software we use for graphics.

  • @RA-gk5zg
    @RA-gk5zg 10 місяців тому +1

    “Loose the credit “, come on you’re better than that.

  • @Alwaysthinkbeforeyouspeak
    @Alwaysthinkbeforeyouspeak 10 місяців тому +2

    Gosh, this itself just made me walk away from buying an EV🤭

    • @pine111
      @pine111 10 місяців тому +1

      You know you won’t get a tax credit like this on ANY ICE car or non-plugin hybrid, right?

  • @wpelfeta
    @wpelfeta 10 місяців тому +2

    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.

    • @KarthikVishwamitra
      @KarthikVishwamitra 10 місяців тому +4

      "For ecological purposes" sure, but remember, EV's only exist to prop up the car industry, not to save the planet. The government recognizes this and prices their tax credits appropriately.
      For new cars the sale price $55k (or $80k for SUV's) but used cars AND SUV's have to be less than half the price of new cars. Obviously, this is done to drive more new car sales and shovel more money into the hands of GM, Tesla, etc.
      Would it be better for people and the environment if the used car or AGI limits were higher? Absolutely. But the government doesn't serve the people, only corporate interests.

    • @djhams
      @djhams 3 місяці тому

      @@KarthikVishwamitra Good question and good answer!

  • @Zhenocnra
    @Zhenocnra 10 місяців тому

    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.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +2

      No traditional car company can really do direct sales because of the way franchisee agreements work in the USA. They have all tried some form or another and lost in court. Ford’s attempt at fixed pricing is just a stab in the dark since they really can’t guarantee a fixed price in a dealer model.

    • @bigmacdaddy1234
      @bigmacdaddy1234 10 місяців тому

      Don't depend on Ford for anything. Lol....

  • @rblbatb
    @rblbatb 10 місяців тому

    I am not a huge fan of these tax credits.

  • @paulavenoso899
    @paulavenoso899 8 місяців тому

    ***Corporations are people too!!! Lmfao!!! ❤ ya Alex

  • @miraphycs7377
    @miraphycs7377 10 місяців тому

    Qualifying Tesla
    Model 3 Performance
    Model X Dual Motor
    Model Y Rear-Wheel Drive
    Model Y Long Range
    Model Y Performance

  • @Yihooni
    @Yihooni 10 місяців тому

    It’s over 80k

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому +1

      55k for sedans, 80K for ovens, trucks and SUVs.

  • @mclovin6629
    @mclovin6629 10 місяців тому

    Proves EV's are for the rich but in some way the middle class can afford an EV, Just not comfortably 🤣

  • @Offensively-normal
    @Offensively-normal 10 місяців тому +1

    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.

  • @EverythingEnnett
    @EverythingEnnett 10 місяців тому +1

    Single(y)😂

  • @JC-rm6pm
    @JC-rm6pm 10 місяців тому +2

    i love how us govmt keep finding ways to take money from the medium class

  • @CarGuy11
    @CarGuy11 10 місяців тому

    Dodge Hornet PHEV gets the credit.

    • @AAutoBuyersGuide
      @AAutoBuyersGuide  10 місяців тому

      Only on leases

    • @bruddahmanmatt
      @bruddahmanmatt 10 місяців тому

      The Hornet is built in Italy alongside the Tonale fam. Lease loophole only for the tax credit.

  • @killacamfoo
    @killacamfoo 10 місяців тому +4

    I'll stick to gas.

  • @g00glechr0me8
    @g00glechr0me8 10 місяців тому

    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.

    • @th003g
      @th003g 10 місяців тому

      Shouldve just kept the old law.

    • @truckercowboyed2638
      @truckercowboyed2638 10 місяців тому

      And why is it only $7500 ?? It should be at least double that if they want people to really be able to afford EVs.....$15000 would go a long way for most people.....

    • @pine111
      @pine111 10 місяців тому +3

      And the Republicans would’ve probably gotten rid of it all together… I prefer the Democrats way.

    • @djhams
      @djhams 3 місяці тому

      @@pine111 It was probably some middle ground between the demands of D and R..