You mean 2020-2022 . Not for me I am middle class.For the most part, the middle and upper classes have done quite well the past couple of years. Things got cheaper and remained there for a long time.
Almost 13% of buyers have payments of $1,000 or more. The average payment is $700!!!
https://jalopnik.com/a-lot-of-you-are-paying-more-than-1-000-a-month-for-yo-1849620379
With manufacturers turning out "loaded" units, continued higher rates to curb inflation, and manufacturers and dealers rethinking the "loaded" lot inventory posture it's going to be quite a while before things cool down.
WRONG.....Tax credit is not cash it is a credit towards the tax you owe at the end of the year. You can show me forms all day long. I do this everyday and nothing has changed if it is a tax credit it is a credit for owing taxes at the end of the year. If you do not owe any taxes at the end of the year then you get zero.Really...the IRS begs to differ. It's a tax issue, no? And, my understanding in the new law is that the government wants to provide that credit immediately through the dealer.
Related Forms
The 30D(a) credit is claimed on Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two- or Three-Wheeled Plug-in Electric Vehicles)PDF.
The 30G(g) credit is claimed on Form 8934, Qualified Plug-in Electric and Electric Vehicle Credit PDF.
https://www.irs.gov/credits-deductions/individuals/plug-in-electric-drive-vehicle-credit-section-30d#:~:text=You must have purchased it,manufacturer sells 200,000 qualified vehicles.
All this is the result of the Inflation Reduction Act recently signed into law:WRONG.....Tax credit is not cash it is a credit towards the tax you owe at the end of the year. You can show me forms all day long. I do this everyday and nothing has changed if it is a tax credit it is a credit for owing taxes at the end of the year. If you do not owe any taxes at the end of the year then you get zero.
Nice so as I said it is not cash and cannot be used as cash it is a tax credit...Read what it says....not cash for purchase of a car only is a tax credit if you owe taxes at the end of the year. No dealership is going to use it as cash and then wait to see if you owe taxes at the end of the year. Tax credit plain and simple not cash at time of purchase. And nothing to do with new Biden law just put into effect. Was always just a tax credit now his law has taken the tax credit away so no one has to worry about it at all for now anyway. The only good thing left is if you purchase an EV in NJ and live in NJ you do not pay any sales tax at all on the new car purchase.All this is the result of the Inflation Reduction Act recently signed into law:
Discount up front. You can qualify to get your EV tax credit at the time of purchase on new 2022 and 2023 vehicles, though if the dealership does not offer it immediately, you can still request the credit on your taxes.
https://www.kbb.com/car-advice/how-do-electric-car-tax-credits-work/
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The tax credit is not refundable, which means you must have federal tax due to take advantage of it. If your tax due is less than the credit amount, you can only claim the credit up to the amount of your tax due. You cannot use excess amounts of the credit on future- or previous-year tax returns.
The fact the credit isn't refundable does not mean you have to owe taxes when you prepare and file your return. Instead, it means you must have a tax due as calculated from your taxable income reported on your tax return, after accounting for other tax credits. Payments from federal tax withholding from your paycheck and estimated tax payments go toward paying this tax liability and may get refunded to you.
https://www.capitalone.com/cars/lea...the-federal-tax-credit-for-electric-cars/1314
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BTW, I retired after 23 years as a Senior Loan Officer at a Credit Union specifically dealing with auto loans, and I worked in F&I at dealers for eight years.
Absolutely. The Federal Trade Commission even has a website to report it. We've covered this on this forum.I was told all dealers on oahu will have the same markup so no sense in shopping around. Any law on dealer price fixing and colushion.
I've been in the game a while and flipping is one of my streams of income (for what it's worth)Realize this may be a shot in the dark given the multiple variables involved, but curious nonetheless - given your experience in the industry, what would your estimate be of how long it'll take for this to start happening? Even if it's a range.
I'd like to think the rising interest rates will start scaring SOME people away, but given how atrociously slow these cars have made their way onto lots, which limits availability, I could see it taking a bit of time.
Stop with the misinformation...And nothing to do with new Biden law just put into effect. Was always just a tax credit now his law has taken the tax credit away so no one has to worry about it at all for now anyway.
It's based on what total taxes you owe based on income bracket after deductions, commonly called AGI, or Adjusted Gross Income.I will post my actual experience since I bought an electric car a few months ago. There are 4 different types of rebates going on.
1 - Tax credit from the Feds. This is a credit to your taxes. As Donalex said, if its a $5000 credit and you only owe the Feds $2500, you only get back $2500 when you do your taxes. If you owe $7500, then you get the full $5000 credited back.
It's based on what total taxes you owe based on income bracket after deductions, commonly called AGI, or Adjusted Gross Income.
It's not off of what you owe after your withholding.
Not talking about light duty trucks............and be my guest go buy an EV and tell the dealer to take the tax credit off the price of the car.....Not ever going to happen...Period.........my info is totally accurate since I do this everyday for a living. do you understand the meaning of a tax credit? No misinformation coming from me.Stop with the misinformation...
https://www.electrificationcoalition.org/work/federal-ev-policy/inflation-reduction-act/