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Originally Posted by JSH
Which is disappointing as it has been around since 2009. However, I doubt you are alone with as many people I see saying only rich people get tax credits buying EVs.
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Of course to jump through the hoops to just get a tax credit via leasing means learning a whole new way of obtaining a vehicle. In other words, it opens up a can of questions (they might be wormy questions) that I'd need answered. Do I get to purchase the vehicle after I lease it? How would that compare to someone buying a new one and getting a full tax credit? What if I go over the mileage limit during the lease? I did over 30,000 miles the first year I had the Avalon, for an example. Does having a lease mean I get free oil changes at a dealer hundreds of miles away (or at least 70 miles to the nearest dealer)?
Quote:
Originally Posted by JSH
The difference is WHO takes the credit - a business or the individual buying the car. However, it would be FAR easier and less confusing if the incentive was just a point of sale rebate. (Which is how Oregon does ours)
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Yes, less confusing would be very welcome IMO! It sounds like an easy way to shoot yourself in the foot. For an example, I'm self employed. Knowing I'd get a large tax rebate at the end of the year might sound easier to do than to make it a point-of-sale and have to make quarterly tax payments. But if I owe $3,728 in income tax at the end of the year, then the IRS can keep the other $3,272 instead of being able to use that to pay the 15% self-employment tax (or some other payment or purchase).
But I think I got it now. Get it as a point-of-sale rebate, pay the quarterlies, and just keep swiming!
Quote:
Originally Posted by redpoint5
Making it a point of sale credit doesn't help much, because it's older, more wealthy people who purchase new cars. Most car sales are used cars. The average age of a new vehicle buyer is 54.
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In theory that should make the used car market even cheaper. There's also going to be a tax credit/point-of-sale rebate for used EV's from what I understand.