$4000 tax credit for purchase of used electric cars

In reply to Erich :

If only it happened so easily and quickly. 

Erich said:

In reply to bobzilla :

I think the bill congress passed really is less about encouraging consumers to buy EVs, no matter what the press says, and more about incentivizing car companies to build them here rather than overseas. If the only ones that are eligible for the incentive are built here, then the logic is car companies will bring production of the EV and batteries here. 

Yes, and it's likely a good idea. One of those things that both political parties would complain if the other political party proposed it, but we all know is a pretty decent idea. It's not a tariff, it's an encouragement. Given the issues we saw with globalization over the past few years, it isn't a bad idea to keep some industry here.

In reply to bobzilla :

Maybe as little as 2 years:

https://www.reuters.com/business/autos-transportation/kia-corp-produce-electric-vehicles-us-2024-reports-2022-09-20/

https://www.theverge.com/2022/9/21/23364927/kia-ev-manufacture-us-tax-credit-hyundai

https://www.torquenews.com/16317/kia-and-hyundai-plan-build-new-ev-manufacturing-plant-georgia

bobzilla said:

In reply to Erich :

So we want everyone to go to electric cars but we are going to remove the incentives. Sounds about right.

Don't see many golf-cart-esque electric cars where I live. County roads are 45mph so 25-35 would be a road hazzard. 

 

Plenty of cars qualify as long as your AGI is under the limit.

https://electrek.co/2022/08/21/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

In reply to STM317 :

We can always hope. 

Appleseed said:

In reply to 03Panther :

The berserker fodder I speak of are the select few that can take a seemingly normal thread sideways and get it locked. They won't care about an electric car thread.

Maybe, but the taxpayer subsidies will set them off

A tax credit is not money off, or a rebate, so saying "you can get a $14k car for $10k" is not reality. 

In reply to Steve_Jones :

actually the way the used car tax credit works is exactly like money off. The dealerships will provide the credit off the purchase price and recieve reimbursement from the government. 

The new car credit does not work this way though, and if you don't have the full tax liability you would lose out on some of the money. IE if you qualify for $6000 and only have $4000 in liability, you only get $4000.

STM317 said:

In reply to bobzilla :

Maybe as little as 2 years:

https://www.reuters.com/business/autos-transportation/kia-corp-produce-electric-vehicles-us-2024-reports-2022-09-20/

https://www.theverge.com/2022/9/21/23364927/kia-ev-manufacture-us-tax-credit-hyundai

https://www.torquenews.com/16317/kia-and-hyundai-plan-build-new-ev-manufacturing-plant-georgia

You would think Hyundai and Kia would have their dealerships fall in line to sell the EV's at MSRP but no they are doing above market adjustment cost still. My local Kia dealership has an Kia EV6 GT-line for sale but they are charging a $10k premium. It's been on their lot for over a month now. With the loss of tax credits until 2024 you would think they be smarter about the short game here. 

In reply to Erich :

In that case, then yes, all cars that qualify just went up $4k....

In reply to Erich :

Huh, I thought they were going direct to buyer to try and avoid that problem.

STM317 said:

In reply to bobzilla :

Maybe as little as 2 years:

https://www.reuters.com/business/autos-transportation/kia-corp-produce-electric-vehicles-us-2024-reports-2022-09-20/

https://www.theverge.com/2022/9/21/23364927/kia-ev-manufacture-us-tax-credit-hyundai

https://www.torquenews.com/16317/kia-and-hyundai-plan-build-new-ev-manufacturing-plant-georgia

Another example of investment post IRA passage. Two huge battery plants to be built in Michigan just announced.

https://www.reuters.com/business/autos-transportation/ev-battery-makers-gotion-one-plan-new-michigan-plants-2022-10-05/

Yeah, I think the IRA has actually sped up plans for some companies to manufacture EVs and batteries in the US. I was skeptical how quickly it could happen with this big of an industry but apparently money talks. 

Is there any rebate on an older Prius ?
 

I wonder if the sleazy corner used car lot is able to get in on this ?
 

In reply to californiamilleghia :

the 2016+ Prius Prime is the only Prius that would qualify

BMW now getting in on the "EVs made in the USA" front.

GREER, S.C. — BMW is upgrading the jewel in its global manufacturing crown to position the 7-million-square-foot crossover factory for the electric era.

On Wednesday, the German performance brand announced a $1.7 billion investment to build at least six battery-powered models at the facility in Greer, S.C., by 2030.

The project includes domestic sourcing of next-generation batteries and a $700 million battery-pack assembly plant to be built in nearby Woodruff, S.C. It also requires construction of a new battery-cell plant in the state by Japanese battery-maker Envision AESC, although few details on that part of the project have been disclosed.

So, looks like a discussion of the fact that there is not enough sparky things , ain't ok in a EV thread. Oh, well. 
Wish there was enough to go around, I'd love an all electric car.