Sounds Like the EV Tax Credit Is Staying!

[ElecFan]

The tax credit remains untouched (source here).

I hope so, but the video is from december 15.

 

[Qbenjamin]

I hope so, but the video is from december 15.

The credit is still there a/o Dec 20, 2017 @ 0933 EST. If the House decides to change anything, it has to go back to the Senate for yet another vote.

 

[T34ME]

Just saw this in the new Wall Street journal article...they say the credit has been eliminated??? What!!!

WSJ could be wrong about anything? NEVER. (sarcasm)

 

[Hank101]

The tax credit is.....

 

[EXOTIC1]

EV credit stays
great job by the PUBS!

 

[TEG]

34 things you need to know about the incoming tax law

...
16. The electric car tax credit lives on.
Drivers of plug-in electric vehicles can still claim a credit of up to $7,500. Just as before, the full amount is good only on the first 200,000 electric cars sold by each automaker. GM, Nissan and Tesla are expected to reach that number some time next year.
...

 

[smak]

Ok, now how to strategize on buying a car, and then getting $10k back (CA) 12-14 months later.

What happens if you pay down your car loan by 10k a year in? It just ends earlier/

 

[ölbrenner]

34 things you need to know about the incoming tax law
16. The electric car tax credit lives on.
Drivers of plug-in electric vehicles can still claim a credit of up to $7,500. Just as before, the full amount is good only on the first 200,000 electric cars sold by each automaker.

All this time, and they still get it wrong .

 

[essaunders]

too bad drilling in ANWAR is in...

 

[insaneoctane]

Ok, now how to strategize on buying a car, and then getting $10k back (CA) 12-14 months later.

What happens if you pay down your car loan by 10k a year in? It just ends earlier/

I see this EVERYWHERE. People assume that the credit /rebate does not help their loan..... Well, just front the credit /rebate yourself and it doesn't have to go into your loan. Then replenish your account (pay yourself back) when you get the credit /rebate. Seems pretty straightforward to me. Obviously you need to have the means, but if you are buying a $60K vehicle, you likely do...

 

[ölbrenner]

All this time, and they still get it wrong .

@Ken7 - you can disagree, but you would be incorrect. Contrary to what the article states, the full $7500 tax credit DOES NOT end with the 200,000 eligible vehicle delivered from a manufacturer.

I won't explain what actually occurs since its been covered so many times before. There's a reason all those stockpiled Model 3's were waiting for the EV tax credit survival, and now for January 1st to maximize the full $7500 credit for deliveries well past the 200K mark .

 

[shrspeedblade]

When I got my tax credit for 2016 I applied it to help wipe out the remaining balance of my student loan, which was a far higher interest rate than the new car loan so it just made sense. That was a great feeling on many levels: that monkey finally being off my back, reducing my commute costs significantly, voting with my wallet for the environment, and experiencing how good an electric drivetrain can be.

See, use the credit/regional rebate for whatever reason you like best!

 

[ölbrenner]

Well, just front the credit /rebate yourself and it doesn't have to go into your loan. Then replenish your account (pay yourself back) when you get the credit /rebate.

Exactly what I am going to do.

Another tactic for those that can't front the money but can get the loan, when you get the check use it to help with the payments.

 

[smak]

I see this EVERYWHERE. People assume that the credit /rebate does not help their loan..... Well, just front the credit /rebate yourself and it doesn't have to go into your loan. Then replenish your account (pay yourself back) when you get the credit /rebate. Seems pretty straightforward to me. Obviously you need to have the means, but if you are buying a $60K vehicle, you likely do...

I would take that bet. How many people buying the model 3 can just take $10k from their pocket, and not need it for up to 15 months.

I bet it's less than 50%

 

[run-the-joules]

I would take that bet How many people buying the model 3 can just take $10k from their pocket, and not need it for up to 15 months.

I bet it's less than 50%

I mean… not out of my POCKET, but out of my brokerage, sure. But the reason it's in the brokerage fund is because I want my money working for me, and with credit as cheap as it is right now, I will be financing much more of the car than I "need" to.

 

[insaneoctane]

I would take that bet. How many people buying the model 3 can just take $10k from their pocket, and not need it for up to 15 months.

I bet it's less than 50%

You're on. I think more than 50% could lend $10k to themselves for 15 months. Create the poll and let's see who's right...

 

[ölbrenner]

I would take that bet. How many people buying the model 3 can just take $10k from their pocket, and not need it for up to 15 months.

I bet it's less than 50%

If you can't (and are likely therefore living paycheck to paycheck, and also likely can't take advantage of the full tax credit anyway), imo you have no business buying a $37k+ car. Savings account first, fancy car later.

 

[insaneoctane]

I would take that bet. How many people buying the model 3 can just take $10k from their pocket, and not need it for up to 15 months.

I bet it's less than 50%

You're on. I think more than 50% could lend $10k to themselves for 15 months. Create the poll and let's see who's right...

I created the poll:
[POLL] Do you have $10K to lend yourself?

 

[David L]

Once you're certain you qualify for the $7500 credit after buying a 3, you should adjust your payroll deductions for federal tax. Therefore, you would slowly recoup the $7500 before tax return time.

 

[CBPfromTN]

I mean… not out of my POCKET, but out of my brokerage, sure. But the reason it's in the brokerage fund is because I want my money working for me, and with credit as cheap as it is right now, I will be financing much more of the car than I "need" to.

Me too! I would feel rather foolish paying cash for my Model S that I just ordered almost 2 weeks ago. That would make NO sense whatsoever, as much as I hate having a "car note."