Was salivating over the prospect of getting a 2026 Bolt in late '25 with a $7,500 federal tax credit at time of purchase. Now that seems off the table. Looking...very reluctantly.... at alternatives to the Bolt which can be purchased by the end of '25 so as to get the rebate. Any thoughts on either the delayed Bolt or good Bolt alternatives? I would also like to stay as close as possible to the Bolt's $30k price point. Should also say that I bought a used '23 Bolt in January of this year. That's why I fell in love with it and want another one, and why I can't buy another used one and get another used-EV rebate.
Alternative to 2026 Bolt?
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dshinnick0
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For my entire career I kept my TSP money in the G fund, which is 100% government bonds. Not the highest possible return, but much safer. When I retired, I believe they put me in a different category, but as @SpicyBolt mentioned the funds are all indexed in some way so I don't have any options to select where my money is placed, other than withdrawing it entirely and investing it myself. I don't consider myself smart enough to even attempt that, so TSP will continue managing my retirement investment.
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I got a ‘23 Hertz Bolt last November. No rebate, but fantastic deal! About half price from new. Great little EV!
With The Big Orange TACO's love of constant, daily chaos and turmoil in the entire federal government (which is done purely to mask his incredible business incompetence), I recently moved all of my TSP funds from the 'C' (stock) fund to the 'G' (government bond) fund.
It will go back into the 'C' fund when he's gone.
Like the days of old with European cars.
A friend flew to Germany, bought an Audi A6, some trim level not available in the US.
Drove all over the continent and had it shipped home.
They just sold it a few months ago and bought a Lucid Air.
If you (or your retirement plan) are looking for dividends, fossil fuel majors pay among the highest. That's attractive for retirement plans. They're not growth companies, so capital gains, though likely, will be modest, and their prices flop all over the place at short notice when oil prices change. It's the current income that makes them a no-brainer ... for PART of the portfolio. I have no problem with that, from a strictly financial standpoint, and a pension plan is always focused on the financials. They certainly need that current income ... to pay pensions.I lean buy-USA; even the Bolt has a lot of foreign stuff. The Kia/Hyundai nudge is the 120vac, 3kw port on certain models... but no longer a concern for me, got a work around.
I recently and sadly found out that TSP funds invest in fossil industries, made me ill considering all the years:
Thrift Savings Plan | Fossil Free Funds
The Federal government's retirement plan has billions invested in fossil fuels putting the climate at risk.fossilfreefunds.org
I do find it amusing that GM is bringing the ICE Equinox production back to the US (sharing the KC plant with the new Bolt?), but leaving the EV production in Mexico. Tells you where the focus is for them in the current political environment. Also, Nissan has been building (assembling) the Leaf in the US for years; presumably they will do that with the new one too so if some form of the EV tax credit remains (yes, I know, not.happening) it should qualify for at least part of it.
I think what GM wants to do is provide a stable production mix at Fairfax. By adding the gas Equinox to the new Bolt, they can flex one way or the other depending on EV demand vs ICE demand. GM is also working on a PHEV Equinox and I'll bet that will be produced at Fairfax too.
Meanwhile GM has spent a considerable sum setting up the Mexico plant for EV production. They also assemble battery packs there. It would be tough to move all that EV production to the US and strand those assets.
It's not a "rebate". It's a tax credit, and not everyone qualifies.
Everyone in my world qualifies. I don't know about you rich folks.
It looks like I gotta wait three years since 11/24 to get the used EV tax credit again though. By then it will no longer exist anyway. So, we got one new EV tax credit and one used one. And, no help from Minnesota.
Game over.
I tend to agree with you, but ascthey were not specific, I also allowed that the poster may have been refering to a state or local rebate, not the federal tax credit. When I bought the Equinox EV, I got both a federal tax credit and a state rebate.
The used EV tax credit was implemented almost perfectly. Rich people can't take advantage of it, and poorer people that don't have enough tax liability to claim it as a tax credit on their taxes, can still get the full benefit by using it as a rebate at time of sale.
Mostly true, but tax credit money taken at the point of sale as a partial payment on the car is not a rebate. It is a tax credit available to the qualified buyer, which the buyer takes and immediately assigns to the dealer. The dealer gets a payment of your tax credit from the IRS; the buyer gets the dollar amount due on the car reduced. It is still a tax credit, not a rebate.
My state offers a rebate. I pay for the car, and submit a request for the rebate. If qualified and approved, the state sends me a rebate check from the state treasury. It is administered by the state EPA and has nothing to do with income taxes.
It's effectively a rebate at that point [when claimed at time of sale], as its full value is usable without needing the tax liability when you file your taxes.
www.irs.gov
Used Clean Vehicle Credit | Internal Revenue Service
If you buy a qualified used electric vehicle from a dealer for $25,000 or less, you may be eligible for a clean vehicle tax credit of up to $4,000.
The IRS can ask for the used EV tax credit money back from you if your tax return shows, based on your income, that you were not qualified for the credit. When you repay it, it is an addition to your taxes. So you say you get a rebate, but then if the IRS wants it back, they say you pay it as a tax. If you want to call it a rebate, that’s fine, but in all IRS language it is a tax credit.
From the IRS website:
What if I end up exceeding the modified AGI limitations for the year? (added Oct. 6, 2023)
A10. If your modified AGI exceeds the limitations for the taxable year, you will be required to repay the amount received for transferring the tax credit as an addition to tax for the tax year the vehicle was placed in service.
That's just called a Refundable Tax Credit. Nothing new.It's effectively a rebate at that point [when claimed at time of sale], as its full value is usable without needing the tax liability when you file your taxes.
Used Clean Vehicle Credit | Internal Revenue Service
If you buy a qualified used electric vehicle from a dealer for $25,000 or less, you may be eligible for a clean vehicle tax credit of up to $4,000.
Earned Income Tax Credit (EITC): A Primer
The Earned Income Tax Credit (EITC) is a refundable tax credit targeted at low-income workers. Learn more about the EITC and Child Tax Credit.
taxfoundation.org
Not equivalent. You earn the EITC. Zero income equals zero EITC. You need zero income to get the the full Used Vehicle Tax Credit, as long as you claim it at time of purchase. ItThat's just called a Refundable Tax Credit. Nothing new.
Earned Income Tax Credit (EITC): A Primer
The Earned Income Tax Credit (EITC) is a refundable tax credit targeted at low-income workers. Learn more about the EITC and Child Tax Credit.
The requirements for the used EV tax credit look to be essentially identical to the new EV credit, with one difference:It's effectively a rebate at that point [when claimed at time of sale], as its full value is usable without needing the tax liability when you file your taxes.
Used Clean Vehicle Credit | Internal Revenue Service
If you buy a qualified used electric vehicle from a dealer for $25,000 or less, you may be eligible for a clean vehicle tax credit of up to $4,000.
- Not have claimed another used clean vehicle credit in the 3 years before the purchase date
That's the real shame if the EV tax credits are entirely eliminated. I guess I can see it for expensive new EVs for the wealthy. AFAIK, while the wealthy can still take as many tax EV tax credits as their annual tax burden allowed, it will, theoretically, be somewhat stymied by the new income limits.
But the used EV tax credit made an EV accessible for those of substantially less means. I'm certainly seeing many, apparently used M3s parked in much lower income areas. I'm personally letting a guy with a recently purchased, obviously used M3 routinely charge at my home station. He lives in a nearby, evidently federally subsidized (Section 8) apartment complex and seems to work as a freelance handyman of sorts. I'm not certain he completely saw his purchase through before doing it, but I guess it's working out for him.
In fact, my charge station is a rather slow 16A@240v Level 2 EVSE, so he doesn't exactly get a lot of miles per charge. But since it's within walking distance, it's good enough for him to park, leave his M3 to walk home, then return later.
Note that is because the title of EITC include "Earned income". You must know there are Investment Tax Credits given to companies that have Zero (or negative) taxable income, right? Are you saying I can get EV tax credit with Zero Income regardless whether I get an EV or not? BTW, Tax Credit is right there on the title. You need to go back to school and maybe claim some Life Learning Tax Credit. LOL
Really, that's your level of reading comprehension?
If you do not transfer the credit, it is nonrefundable when you file your taxes, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
This is the cryptic line that describes the Used EV credit a rebate when claimed at time of purchase.
Call the IRS and ask them yourself. Of, you could read the actual law itself. Other than that, both the New and Used credit rules are basically the same.
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