Posted on 11/20/2024 7:49:13 AM PST by MinorityRepublican
Prospective car buyers considering an electric vehicle may need to act fast to get a Biden-era EV tax credit worth up to $7,500, due to the likelihood that President-elect Donald Trump and Republicans on Capitol Hill will axe those savings in tax negotiations next year, according to auto and legal experts.
“There’s no question there’s real risk in the EV credit going away” in 2025, said Jamie Wickett, a partner at law firm Hogan Lovells who specializes in federal tax policy, energy and the environment.
“If you’re a consumer in the market for an EV, I would without a doubt push that into 2024, if at all possible — whether an outright purchase or a lease — just to reduce the risk of the credit going away,” Wickett said.
The Inflation Reduction Act offered federal EV tax breaks through 2032 for consumers who buy or lease new or used EVs, including all-electric and plug-in hybrid electric vehicles.
The credit is worth up to $7,500 for new cars and $4,000 for used ones.
The IRA, which President Joe Biden signed in 2022, also made it easier for consumers to access the savings by allowing dealers to pay the funds upfront at purchase instead of waiting until tax season.
(Excerpt) Read more at cnbc.com ...
Winning!
Why should taxpayers help EVs compete in the market
Has Trump told Elon about this?
I wish my driving profile were better suited to electric. I drive back and forth FL/NY several times a year. If only I could afford to keep one in each location...
They could make it a 70K incentive & I still would not waste my money on an EV.
That would make the initial cost of the EV balloon by $70K. I, an EV owner, hate the EV tax credit because I hate the gubment deciding what we drive, and I hate tax credits and such artificially inflating the costs that consumers pay.
The EV tax credit is like gubment "help" in college and health care and everything else. The industries that are "helped" the most by gubment are the industries with the highest costs to consumers.
If the subsidy ends, watch for the price of electric cars to come down in pretty much the same amount.
There is no reason why every taxpayer should be forced to kick in some money to help pay for someone’s EV.
same goes for placing solar panels on rooftops.
The latest I know of....Musk promised a $25,000 EV...but has now said...forget about it...I think he has better things to do than EVs. That’s his Lemonade Stand in his world.
It might be a comparatively better idea to subsidize solar workplace charging facility construction.
That way the PRC and EU need not get upset over US made car subsidies.
EV sales are stalling because California, New York and a few other states want to make electricity very expensive.
If you believe in Al Gore’s CO2 religion, battery electric cars charged by daytime solar electricity are the way to go.
Guess I’ll hurry down and get me an EV hummer. NOT!
“leapmotor C16
Ultra-comfortable intelligent 6-seater SUV
Retail price Starting at: $22,800”
https://zhytauto.com/leapmotor-c16/
You should be able to recharge your car while you're at work.
Good. You want an electric vehicle? Fine, but PAY for it yourself!
Hertz is dumping all their used EVs.
Ones I looked at were Chevys 2022, $14,000, 287 mi available on battery info
Looked real clean inside and out, even without $4K reduced tax credit still worth looking into, I have other trucks, cars, but for a around the town runner, ok
“BYD unveiled the Sealion 7, a stylish electric SUV that the company says can charge from 10% to 80% in just 24 minutes.”
You can’t put a price on peace of mind knowing you DON’T have a ticking time bomb in your garage that may or may not spontaneously combust in the wee hours of the morning while your fast asleep.
I have a lib across the street that’s supposedly so pro EV he named one of his dogs Tesla.....his mother just passed away leaving him her house and who knows how much money but he apparently has no plans to buy an EV.....That is very telling to me.
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