Quote:
Originally Posted by UFO
I've never driven anything electric, I didn't know N was an option, lol.
I agree it would be nice to get a used one and not have to pay the depreciation. I've heard buying an EV new can be very inexpensive when all the tax credits are factored in. Who knows what the future credits will be with the all the nonsense going on at the federal level, but currently $7500 federal, $5000 in Colorado, and a special rate with the electric utility might make buying new an option -- I've never bought new before.
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If you are interested in a new Bolt this is the year to buy one. Each automaker only gets 200,000 Federal EV tax credits. After they hit 200K the credit drops to $3750 for 6 months and then $1825 for 6 months, then to $0. GM has sold roughly 170,000 EVs to date so they only have 30,000 credits before the phase out period starts. GM has been selling about 40K EVs per year so they should start the phase out in the 3rd or 4th quarter of 2018.
As Redpoint5 said, you need to pay $7500 in Federal income taxes in 1 year to get the full credit. If you don't pay that much you can look at leasing the vehicle. The leasing company will collect the full $7500 and you should insist that they discount the price of the car by $7500. Then you can buy out the lease if you want or wait and see. It is more expensive than buying outright but cheaper than not getting the credit. It all comes down to your tax obligation as which method is better.