Anyone has experience buying a new EV and received the federal and Nj tax credit? In the market for a car for my oldest. Was locked in on the MX-5 awd touring for 29k. The VW ID.4 awd could be within 2k of that price after 7500 federal credit and 5000 NJ credit. Thanks in advance.
OT: EV tax credit
- Thread starter Jtung230
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Between the two they're giving away $12.5K in credits? Are you serious? And this is free market? Not blaming you for taking advantage of the giveaways 230... just can't believe what we've become (and yes, I know the Gov. have always provided some incentives..but IMHO we're out of control).
And sorry. In trying to provide context to my original reaction it made it CE material..what can I say.
And sorry. In trying to provide context to my original reaction it made it CE material..what can I say.
Due to the success of the post-purchase incentive and limited funds, potential applicants must have purchased or leased their EV by December 15, 2020 to be eligible for the post-purchase incentive. Pending the approval of the Fiscal Year 2022 budget, the program will reopen with a point-of-sale incentive during Summer 2021 for vehicles purchased on/after the date of program re-launch. Learn more.
https://www.irs.gov/credits-deductions/individuals/plug-in-electric-drive-vehicle-credit-section-30d
You may be eligible for a credit under Section 30D(a), if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14,000 pounds that draws energy from a battery with at least 4 kilowatt hours and that may be recharged from an external source. You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. The credit ranges between $2,500 and $7,500, depending on the capacity of the battery. The credit begins to phase out for a manufacturer, when that manufacturer sells 200,000 qualified vehicles.
we also gave away billions to farmers to not sell their produce. The list goes on. Get them while it’s still around.
@Knight Shift
sounds like NJ credit is on pause for now. Guess I’ll wait until the very last minute before making that purchase.
sounds like NJ credit is on pause for now. Guess I’ll wait until the very last minute before making that purchase.
NO, billions was given to the farmers to get their Vote but it didn’t work.
Almost all countries are moving to EV vehicles and US needs some incentives to keep up with the world. If we just continue our path with combustion engines, we will end up producing the horse buggy while everyone will be 5-10 years ahead of us in EV technology. TSLA Wouldn’t be where it is if we didn’t give credits. Even GM said they will Only make EV cars in the future.
Not the first time politicians try to buy votes. Are the student loans canceled yet?
stay on target
Yes, and hopefully the dealer would have warned you about it. Same thing with hitting the 200,000 vehicle limit for the federal credit. Is the dealer responsible for ensuring the credits are available at the time the contract is signed, or is this like a typical manufacturer rebate/tax credit, where it is on the consumer to do the due diligence. With the federal credit, that would seem to be on the dealer, as they should know if they have hit the limit.
As far as people balking at the tax credits, such credits are spurring a new economy in research, development and manufacturing of the batteries and power for EV, which is beneficial, in addition to the environmental benefits. Just like solar panel incentives. Don't see the issue with such incentives--should be a win-win for the economy and the environment (and I ain't a tree hugger).
Those are investment credits to the manufacturers. I get that. Not to Retail purchasers. If GM is only making EV (and others follow suite) then it will be hard for folks to buy anything other than EVs and therefore don't need the incentives. People aren't buying Teslas because of incentives. They want the new best shiny toy.
Granted I am an N=1, but I bought a Model 3 last year because of the incentives. With the $5000 credit and no sales tax, it was about $35k which was in the ball park of the other cars I was considering. Great car, considering getting a Y next once the incentives come back.
The government incentivizes all sorts of things. There were all sorts of subsidies for oil and gas. Turning to another industry - agriculture is highly subsidized.
Yes I understand. And as with everything and anything they do, it never goes away either. But as I also said I was not talking about incentivizing the investment..but the retail side. The government doesn't give YOU incentives to buy gas or food. It taxes you. In fact people pay more for vegan and plant based food. If they want to be consistent they should start sending out Government funded coupons for Beyond Meat lol! ( I could use some
)(although I'll edit in they do provide rebates for higher energy efficient appliance, etc). 10 years ago my AC/Heat system broke and I wound up having to replace it all. I got a $10k interest free loan and about $2,500 in rebates. I'm no dope (unless you ask mrs. 1984 and a few friends) I took them. But here's is my point. The new system I got was so much more efficient I would have gotten it anyway. And I had the cash but why spend mine when I could borrow it and pay it back interest free over 10 years? They didn't need to incent me to do anything.
Cut the coast or rebate folks for using Mass Transit. Or provide the incentives to folks trading in a Gas Guzzler. Not JUST to buy $50k EV cars. Put the rebates on the lower end cars to make it easier for more. Seems like just a benefit to the wealthy and not necessarily tied to maximizing the improvement of things that's the target of doing in the first place. ( yup, that's a conservative saying it too
Lastly and to be clear. I am not judging anybody for taking the incentive. I would too if there. (sorry for the looong reply. )
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One of the single best benefits of electric cars is never having to go to the gas station. This may not resonate so much in New Jersey, but in every other state (except Oregon) you have to pump your own gas.
Pumping your own gas is actually preferable, imo.
As for incentives ...they put EVs on a more level playing field, helping them to hit a more competitive price point. People weren't buying them either way ...at MSRP, many buyers would have stuck with gas.
The incentives may have been on the retail side, but they rewarded the automakers more than consumers, just like other subsidies. Helped EVs get off the ground and stay afloat on the way to becoming fully competitive on price/value.
IDK- the number of times have had gas spillage on shoes/clothes alone makes it a nuisance. In Arizona, a guy tried to rob me while I was filling the car. Not sure how serious he was, but he got close up in my face and told me twice "I want to rob you." I stayed calm, and asked him if he would rather just have some money I would give to him, and he got confused/frustrated and walked away. I'll take someone else pumping my gas, please.
See, I just find it faster and more efficient. No sitting waiting for anyone. Every time I'm back in NJ, I want to jump out, pump my gas and go ...instead of waiting for a wholly unnecessary middleman.
Didn't like the residual smell at first, but guess I got used to it.
Depends on the set up. If you have to get out of your car and and go inside the store and pay I much prefer just handing the cash to the attendant doing the pumping. Especially if it's raining. I won't pay the extra 7-10 cents per gallon to put it on a card.
True. I rarely ever go in to pay. If I do, it's to get something else along with gas or use the bathroom. No price difference at my regular stations. But that would certainly slow the whole process beyond full service.
Rain's a good point, but sheltered pumps and few rainy days make that a non-issue. Suppose if I hated the cold, I'd hate filling up in winter, but I love the cold and have yet to hit a temp so low I mind getting out of the car.
Why doesn’t the US take more market share? Is it because very few EV cars are sold in the US? Only 2.3% of new US cars sales are EV.
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Because they control a large percentage of the world lithium supply.
Electric cars with autonomous capabilities are the future. Buying a new ICE car today is a terrible investment. If you have to go with an ICE because of price, buy used.
Lithium mining has been present in America for decades, although in a minimal way. The Wall Street Journal reported last week that, although the U.S. is very rich in underground lithium resources, it currently mines and processes only about 1% of annual global lithium production. According to that report, “China, with a huge chemical industry and low costs, unearths about 10% and processes about two-thirds of what’s dug up.”
Lithium mining and production appears likely to become a much bigger enterprise in the United States as the Biden/Harris administration implements policies designed to encourage and stimulate it. In February, President Biden issued an executive orderdirecting a strategic review of supply chains of critical resources, including Lithium and other minerals that are key to the ongoing growth of the electric vehicle (EV) and renewable energy sectors of the U.S. economy.
Sounds like one step up two steps back for the environment. Those pushing EV have no idea how much energy must be consumed to prepare battery grade lithium. And that energy is not coming from battery power--it's coming from diesel engines, which emit large amounts of nitrous oxides.
" mining for lithium is an extractive industry whose activities inevitably have impacts on the environment. Interestingly, the technologies and processing methods sound quite a bit like those deployed in the coal mining and oil drilling/fracking businesses."
"In general, the process entails removing the mineral material from the earth then heating and pulverizing it.
The crushed mineral powder is combined with chemical reactants, such as sulfuric acid, then the slurry is heated, filtered, and concentrated through an evaporation process to form saleable lithium carbonate, while the resulting wastewater is treated for reuse or disposal."
The NJ program will kick up again this summer after start of new fiscal year. Remember the rebate is scaled based on the range between charges. I think it needs to be >250 miles to get the full $5k but google it there's all kinds of details.
The federal one is over for now but a new version of it is in the proposed Biden infrastructure bill. Who knows if it will make it to the final bill, lots of debate on it.
The federal one is over for now but a new version of it is in the proposed Biden infrastructure bill. Who knows if it will make it to the final bill, lots of debate on it.
Bought an Audi e-tron. No sales tax and 7500 federal tax credit is still in place
No way I was giving Comrade Murphy any more of my money
Have a connection at a local Audi dealer. 10% off sticker + all Audi rebates and incentives = 16k off sticker. Add no sales tax and it was 20k off sticker
Was concerned coming from a supercharged R R Sport re power, but the Audi hauls, especially in boost mode. 425 hp at the wheels
There is no perfect solution. While battery materials need to be extracted from the earth, there will eventually come a point where the raw materials for batteries can be sourced from recycled materials. The same cannot be said of fossil fuels, which requires continuous extraction, and then refinement.
Also, lithium does not need to be mined. It can and is being extracted from sea water.
You're making an old, tired, and already disproven argument pushed by the fossil fuel industry.
Congrats and good luck.
The notion that EVs can be just as good as ICE cars is false. EVs are WAY better!
Nothing has been disproven. The industry is in its infancy. We'll see. And the seawater extraction has a host of other issues.
You are correct!
The instant, head snapping torque cannot be replicated in an ICE vehicle
Huh? 99.5% of all automobiles sold today, including both ICEs and EVs, are terrible investments. In general, a car is a depreciating asset, not an investment.
In fact, the rapid phase out of ICEs in favor of EVs will cause the few ICE cars that actually appreciate in value, and thus aren’t necessarily terrible investments, to appreciate even more rapidly due to becoming even more rare and unobtainable.
You should examine the blue/red voting records by County in the US. See where the blue are and aren't
The tax credits, unless they have changed in the past year, are assigned and go down the more of that particular model sells. So some cars that have sold well, have no current tax credit.
It’s a car for my kid. I want to keep it under 30k. Is your connection that good?
I will consider an EV once I am able to charge it in 10 minutes and go 250 miles. If I can't take a road trip the vehicle is useless to me.