Its a great time to buy an electric car

[JamieGeek]

https://arstechnica.com/cars/2020/11/its-a-great-time-to-buy-an-electric-car/

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[ChasingCoral]

The best time to buy an electric car is indeed now. The next best time will be 2021 or 2022.

 

[SteveUk]

Unless it's something called a "self charging" hybrid, a waste of time!

 

[mdfisher]

I am skeptical that everybody will receive the $7500 tax credit. In 2006, I bought a new Prius, and was supposed to receive $3500 from the government. However, my wife and I made about $200k that year before taxes, and only got $900 worth of the credit.

 

[highland58]

I am skeptical that everybody will receive the $7500 tax credit. In 2006, I bought a new Prius, and was supposed to receive $3500 from the government. However, my wife and I made about $200k that year before taxes, and only got $900 worth of the credit.

I bought two new EVs in 2018, I got the full credit for both of them, it was just a matter of entering the info in the tax return form, and of course having enough tax burden to subtract it from. Perhaps things worked differently in 2006.

 

[timbop]

I bought two new EVs in 2018, I got the full credit for both of them, it was just a matter of entering the info in the tax return form, and of course having enough tax burden to subtract it from. Perhaps things worked differently in 2006.

they did; the current program went into place in 2009 I believe

 

[mdfisher]

I bought two new EVs in 2018, I got the full credit for both of them, it was just a matter of entering the info in the tax return form, and of course having enough tax burden to subtract it from. Perhaps things worked differently in 2006.

I am hoping things do work differently now. Is the amount of the credit reduced based on what your adjusted gross income is, or is it just a flat credit? I could have gotten the full credit in 2006 if we had made half as much money, but the credit began being phased out after a certain amount of AGI.

 

[generaltso]

Is the amount of the credit reduced based on what your adjusted gross income is, or is it just a flat credit?

No, it's a flat credit against your tax liability up to a maximum of $7500. If you have a tax liability of at least $7500, you will get the entire credit regardless of your AGI.

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