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Are You Thinking About Cashing in on an EV

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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ShadowsPapa

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Thus the reason for the price drop for a couple of Tesla models........ get under that 55 cap.

Not looking at EV, we're in the sticks and it's a half hour or miles to anywhere at all.
But looking for a purple (reign) JLU for my wife.
She sort of frowns when I mention "hybrid" or "electric".

If it was just me - probably.
 

ShadowsPapa

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I would buy an electric vehicle that I didn't have to plug in, but until then, nope, can't do it.
Wireless charger like your phone. Drive onto a big pad in your garage, then from there, all solar powered.
 

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exfil offroad

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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.
Listen people, no electric vehicle has been around long enough to prove its worth the investment, second the damn batteries are already starting to die and no company is actually replacing them when they fail, and third they are incredibly bad for the environment. You would have to own 3 vehicles for their entire life to substantiate the emissions a battery operated vehicle makes just to fabricate it. Im not buyin this crap its a double edge sword, your gonna get cut! Dirty games people playing trying to convince you to buy some crap to line pockets not make sound finacial choices. Why do you think there is a rebate?
 

ShadowsPapa

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That bit about "emissions" and "bad for the environment" has been disproven, actually. There's a number of scientific articles that actually come from decent sources and debunk the "I hate EV" web sites.

But this thread isn't about your hate of EVs or hybrids. It's about learning some facts about credits and so on.

Besides, electric will kick your butt in the 0-60 acceleration bit.

This thread was informational, not to convince anyone. There's other I hate EV threads.
 

Free2roam

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Hell NO! It takes what to mine the earth? Electrical generation. Wind, solar, coal, diesel powered vehicles. Can't have one without the other. Why take another resource from the earth. Lithium mines are dirty just like anything else. Plus if the holding ponds break. Everything downstream is contaminated and killed off.
 

exfil offroad

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That bit about "emissions" and "bad for the environment" has been disproven, actually. There's a number of scientific articles that actually come from decent sources and debunk the "I hate EV" web sites.

But this thread isn't about your hate of EVs or hybrids. It's about learning some facts about credits and so on.

Besides, electric will kick your butt in the 0-60 acceleration bit.

This thread was informational, not to convince anyone. There's other I hate EV threads.
disproven by whom? Sometimes I wonder how many people are manipulated by articles with agenda. I don't hate them, just don't believe in the tech as it has been developed as of now. I am not a company's experimental piggy bank. Also, the condescending tone pertaining to threads and appropriate responses is not warranted.
 

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sharpsicle

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disproven by whom? Sometimes I wonder how many people are manipulated by articles with agenda. I don't hate them, just don't believe in the tech as it has been developed as of now. I am not a company's experimental piggy bank. Also, the condescending tone pertaining to threads and appropriate responses is not warranted.
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dajudge

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"Cashing in" isn't what happens. You pay twice as much money for a car that can't be used when it is cold, causes you to spend 1.5 more times getting somewhere, and has no long term track record.
 

ShadowsPapa

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"Cashing in" isn't what happens. You pay twice as much money for a car that can't be used when it is cold, causes you to spend 1.5 more times getting somewhere, and has no long term track record.
Thousands of people would disagree.
The Leaf is popular here, Tesla has been around since 2008 I believe.

But again - it's not a hate EV thread. It's to inform about the tax situation and help those who may be interested. But that's what happens....... haters pile on.
BTW - my son LOVES his Audi EV
 

chorky

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Thus the reason for the price drop for a couple of Tesla models........ get under that 55 cap.

Not looking at EV, we're in the sticks and it's a half hour or miles to anywhere at all.
But looking for a purple (reign) JLU for my wife.
She sort of frowns when I mention "hybrid" or "electric".

If it was just me - probably.
Honestly in my current living situation, if I had the extra money (emphasis on an extra 50K - props to those who have that kinda money) I wouldn't mind a hybrid wrangler. My current work commute is 3 minutes. No joke. Im just too lazy to walk when its 0 degrees. My other primary drive time is to town for dr appointments once or twice a week. It makes me cringe knowing I put a useless 150-400 miles on my JT each week just to run errands. It would seriously save needless wear on the JT and keep it for outings. As it is I try and drive the TJ to work and to do errands when possible but its not super fun to drive on nasty roads, and the tires on it currently are horrid. Being with hearing problems I also do like the idea of things being quiet. Although wind noise is a factor loud engines are now a pain in the butt as it causes migraine flair ups and brain fog. But the fact they are doing these tax credits is totally garbage. And by no means would I get one with even a twinkle of an idea that they are better for the environment. But I mean all these ‘overlanders’ with crazy powerful battery setups cant really complain. I mean, Im sure the hybrid/EV development helped to increase smaller battery capacities and functionalities.
 

dajudge

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Thousands of people would disagree.
The Leaf is popular here, Tesla has been around since 2008 I believe.

But again - it's not a hate EV thread. It's to inform about the tax situation and help those who may be interested. But that's what happens....... haters pile on.
BTW - my son LOVES his Audi EV
I didn't say people didn't like them but the thread is titled "Cash In" $4000.00 is not much money when they are so expensive. How many high mileage teslas are actually being used? I have had my Cherokee 20 years, what's a Tesla going to be like when it has been used hard for 20 years?
The model three is a small car, how much more than a Corolla is it? Until last week it was $30000, now it is $22000.00 My statement wasn't about how they drive, it was about the title of this thread and what I view as a massive inconvenience, stopping constantly, cold weather charging!
Cashing in makes it sound like you are really getting something, which you aren't.
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