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The EV Tax Credit: Buy Now or Wait Until 2024?

EV Life

The Treasury Department just released new guidance that will enable consumers to use their $7500 EV tax credits more like an upfront rebate starting in January 2024. However, new vehicle requirements are also taking effect that raise questions about which vehicles will still qualify for tax credits in the new year.

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Proposed Changes to Federal EV Tax Credit – Part 2: End of the Manufacturer Sales Phaseout

EV Adoption

Arguably the biggest flaw in the Plug-In Electric Drive Vehicle Credit ( IRC 30D ) regulations is the triggering of a phaseout schedule of the tax credit when a manufacturer sells 200,000 total EVs (BEV and PHEV). What is less clear is how Tesla and GM will handle leases.

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GM confirms it will reach EV tax credit ceiling this year—then phaseout begins

Green Car Reports

Beginning next April, buyers of General Motors’ electric vehicles and plug-in hybrids won’t be getting the same break on their purchase as those who buy those vehicles from any other brand. GM has confirmed to Green Car Reports that it will reach 200,000 deliveries of vehicles eligible for the.

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Ford reportedly eliminates lease-to-buy option on electric vehicles

Teslarati

As of June 15, 2022, Ford will no longer offer the opportunity to purchase its three all-electric vehicles, the F-150 Lightning, Mustang Mach-E, and E-Transit Van, for new leases. Ford informed dealers in a letter that it was discontinuing the end-of-lease purchase option for the E-Transit van, Mustang Mach-E, and F-150 Lightning.

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Everyone’s EV

Electric Auto Association

To spread that message, she chose to purchase a new Chevrolet Bolt. “My Fellows set out to purchase the new car in December, when, like now, EVs were difficult to come by. “I GM to the rescue “I attended the LA Auto Show and found that the best EV-buying tips came from Chevrolet,” Fellows recalled.

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Fisker Automotive to Buy Shuttered GM Assembly Plant for Project NINA Production

Green Car Congress

Fisker Automotive has selected the GM Wilmington Assembly plant in Wilmington, Delaware for production for Project NINA, the development and build of a family-oriented plug-in hybrid sedan costing about $39,900 after federal tax credits. to purchase the Wilmington plant for $18 million after a routine four-month evaluation period. (MLC),

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Chevrolet Volt MSRP Starts at $41,000, $33,500 Net of Full Federal Credit; 3-year Lease Program with Option to Buy

Green Car Congress

GM will introduce the Chevrolet Volt extended range electric vehicle with a starting MSRP of $41,000; after applying the Federal income tax credit of $7,500, the price drops to $33,500. For the launch, GM decided to go with the lowest cost, national package: the core Volt being rolled out later this year.

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