Is there any limit on the number of ev tax credits

[Craigeddy111]

Let’s say I have X amount of dollars to buy 10 EVs. Am I able to get 10 $7500 tax credits? I know I need enough taxable income to be able to take advantage of the credits. With the stock market in a free fall. It seems like an easy way to make 10% on your money.

This is nowhere near the same as, "I really like my Mach E, and my household was thinking of picking up another EV. Does the tax credit apply if we purchase a second car?"

Btw, this forum has had multiple threads pertaining to your initial ask, and the example I've used above. If you were looking for a simple yes or no, the threads already exist.

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[RickMachE]

My first post was a simple question. All that was needed was a simple yes or no. They should fix the tax laws to allow only 1 EV tax credit a year per individual.

Why? Should a person not be allowed to buy two EVs a year, and alternate usage of them? What's magical about one?

 

[MisterSofa]

Why? Should a person not be allowed to buy two EVs a year, and alternate usage of them? What's magical about one?

I didn’t say that you couldn’t buy more than one EV. Only 1 tax credit per year.

 

[MisterSofa]

This is nowhere near the same as, "I really like my Mach E, and my household was thinking of picking up another EV. Does the tax credit apply if we purchase a second car?"

Btw, this forum has had multiple threads pertaining to your initial ask, and the example I've used above. If you were looking for a simple yes or no, the threads already exist.

I’ll consult you before I post. You can be the official thread searcher.

 

[TonyaE]

I say buy all ~50,000 left for the full tax credit. Why stop at 10?

Good luck

 

[Mach1E]

My first post was a simple question. All that was needed was a simple yes or no. They should fix the tax laws to allow only 1 EV tax credit a year per individual.

The law is fine.

If you buy for personal use, you get a credit. Pretty straightforward. Nothing wrong with buying 4! One for each kid and your spouse.

What’s wrong is people trying to steal tax money by buying 10 cars and selling for a profit!

And you wonder why you’re getting nasty responses?

You’re asking about breaking the law and profiteering during a shortage of supply.

People who do that are scumbags. Don’t be a scumbag.

If you ask a simple question: “should I be a scumbag?”

Our answer is “NO!”

 

[MisterSofa]

Why would Vroom have over 250 Mach E for sale? Buyer's remorse? I don't think so.

 

[SpaceEVDriver]

Why would Vroom have over 250 Mach E for sale? Buyer's remorse? I don't think so.

I see 2 on Vroom and 14 (all but 2 of which are sold) on Carvana.

Nobody is stopping you from going out and spending half a million dollars on Mustangs and trying to scalp them.

Best of luck to you.

 

[Astro19]

If you have enough money and time to buy 10 mach e mustangs and resell them for POSSIBLY a 7500 gain then you would be going a different route that makes a larger profit.

Many other ways to invest money that have larger gains.

Too much of a risk IRS won't like it too. Also it is way too late even if you wanted to.

Just a silly question at this point. Maybe if you asked a year ago. Would a dealer even let you do this?

 

[MisterSofa]

I see 2 on Vroom and 14 (all but 2 of which are sold) on Carvana.

Nobody is stopping you from going out and spending half a million dollars on Mustangs and trying to scalp them.

Best of luck to you.

Sorry Car Gurus

 

[RickMachE]

Why would Vroom have over 250 Mach E for sale? Buyer's remorse? I don't think so.

Now you're confusing things.

First, you wanted to know if someone could buy 10 Mach-Es to make easy money by flipping them. The answer is sure, but you won't get 10 $7,500 tax credits without attracting attention from the IRS, because that's against the IRS rules as you were shown.

Now, you want to know why Vroom has lots of Mach-Es for sale? Well, when I check out Vroom, I find used cars with mileage on them, i.e. no one bought a bunch of them for resale. People drove them, and for whatever reason sold them. For my zip code, there's not one 2022 for sale. There are only 27 listed, not 250. If I change the zip to one 600 miles away in Valley Forge, still get 27 - the same ones. I don't see 250. Carvana has 16 by you.

Since all of these have mileage, some with a lot of miles, it's not a flipping situation for most. For many it's likely "I bought an early 2021, and then ordered a 2022". Or "ordered, and then bought a cancelled order, and now my order is in and I can breakeven or better, and get a 2nd tax credit because it's nearly a year later."

Our pre-covid retirement plan was to buy a new vehicle roughly every 2 years, and then resell it, figuring we would spend a few thousands a year and always have new vehicles. With the impact of the pandemic on the supply chain including parts shortages, that's totally upended. We will keep the 2022 Mach-E that we ordered when it comes in this month, sell the 2021, hopefully order a F-150 Lightning in the summer/fall for delivery by early 2023, and then possibly an electric Explorer in 2024/2025 to replace the Mach-E.

 

[Mach1E]

Why would Vroom have over 250 Mach E for sale? Buyer's remorse? I don't think so.

And there are 846 used 2021 and 2022
ICE Mustangs on Cargurus as well.

What’s your theory on that?

My theory on the used Mach Es? Sounds like a normal number. But yes some are buyers remorse. Some upgraded from 4X to GT. Some looked at the price they were offering and decided to sell.

And yes, some where scumbags that committed tax fraud.

Hopefully not many in the last category.

 

[MisterSofa]

I ordered only one in January. Patiently waiting for delivery. No scumbag here.

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