EVs Eligible For Full Federal Tax Credit Through 2019

[TMC Staff]

NOT ALL ELECTRIFIED MODELS WILL BE SUBJECT TO THE FULL $7,500 CREDIT THIS YEAR. If you’re in the market for a new electric vehicle based largely on the one-time $7,500 federal tax credit enacted in 2010 to spur sales of battery-powered rides, you’ll find your choices narrowing this year. That’s because the original legislation that...
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[Vsasson]

No. No. No. Buyers of the EVs and other electrified cars listed at the end WILL NOT see an immediate reduction in the MSRP of the vehicle they buy. The credit doesn't kick in until the following tax year, and you won't earn the full $7,500 credit unless you owe $7.500 in taxes to the federal government. There even is disagreement whether you can take the credit over 2 years. So, don't go out and get a car loan for the MSRP minus the tax credit; no one will give you the car. One thing is for sure if you live in New Jersey: You won't have to pay the 7% sales tax on an EV. When I bought my Tesla Model S in 2015 for about $81,000, that was an immediate savings of about $5,700.

 

[iRia]

One thing is for sure if you live in New Jersey: You won't have to pay the 7% sales tax on an EV. When I bought my Tesla Model S in 2015 for about $81,000, that was an immediate savings of about $5,700.

When Chris Christie wasn't on the beach, he signed into law a sales tax decrease to 6.625%. But even at that slightly lower rate, it's still a good chunk of change. Don't forget that used cars in NJ also attract sales tax.

 

[RaeW]

Why isn't Karma mentioned in this article?

luxury electric cars

 

[Potpourri]

Why isn't Karma mentioned in this article?

luxury electric cars

I think because the Karma Revero (and future Revero GT) is a hybrid car, not fully electric car. The rebates are for fully electric cars. Karma has a concept all electric car, but it's not out yet.

Is $135,000 Too Much To Pay For The 2020 Karma Revero GT? @ Top Speed