[Bolt Action]

The $7,500 Federal tax credit applies for both the standard and itemized deductions, no? [Edit: Answer is yes, as a tax credit lowers tax liability, while deductions lower the taxable income.]

I still owe $17,000 on the 2017 Premier, with 23,000 miles. KBB says the trade in value for my area is between $25,000 and $27,000, so maybe $9,000 in equity.

The new $36,000 car then becomes a $27,000 car (not including all the extra fees).

My current 60 month loan is set at 2.99% annual interest with 3 1/2 years left on the loan, while the dealer today offers 0% interest for 72 months. I might save $50 a month on payments, but will be making monthly payments for an additional 2 1/2 years beyond what I am currently paying.

California might still offer a $2,500 rebate check, and SMUD likewise might still offer a $500 check.

But I am hoping to retire in another 1 1/2 years, but can always sell the car if the daily commute ends.

Are there any additional details I am missing?

 

[XJ12]

The $7,500 Federal tax credit applies for both the standard and itemized deductions, no?

I still owe $17,000 on the 2017 Premier, with 23,000 miles. KBB says the trade in value for my area is between $25,000 and $27,000, so maybe $9,000 in equity.

The new $36,000 car then becomes a $27,000 car (not including all the extra fees).

My current loan is set at 2.99% annual interest with 3 1/2 years left on the loan, while the dealer today offers 0% interest for 72 months. I might save $50 a month on payments, but will be making monthly payments for an additional 1 1/2 years beyond what I am currently paying. This amounts to a $2,100 is payment savings for the next 42 months, but an additional $6,700 in payments for the additional year and a half, with a total added loan payment cost of $4,600.

California might still offer a $2,500 rebate check, and SMUD likewise might still offer a $500 check.

But I am hoping to retire in another 1 1/2 years, but can always sell the car if the daily commute ends.

Are there any additional details I am missing?

line 54 of my 2017 taxes for the credit is below line 40 where one enters either itemized or standard deduction. Appears it doesn't matter based on that. As long as tax owed on line 47 is greater than 7500. Just looked at my 2018 tax form and all the lines are numbered different. Line 8 is the deduction, either standard or itemized. Refundable credits is line 17. Total tax owed is line 15 and must be greater than 7500 for the full credit.

Better to be debt free when you retire!

 

[Bolt Action]

Better to be debt free when you retire!

Thanks! I'll have to pass on this rush on 2019 (right before the 2020's arrive), because of the debt/retirement issue, as well as the unrealized fact that I would then have 2 car loans to pay off if I were to trade in the old one.

 

[Nemy]

Thanks! I'll have to pass on this rush on 2019 (right before the 2020's arrive), because of the debt/retirement issue, as well as the unrealized fact that I would then have 2 car loans to pay off if I were to trade in the old one.

But didn't you forget to factor in the $7500 + CA ($2500). With that, you'd be getting $10,000 next year that you can apply towards your new car loan. After you remove the $10,000 plus your normal payments over the next year, you come out with the same loan balance a year from now in both situations but you have a 2019.

 

[PA Bolt]

Just back from Ourisman in Baltimore. All went as planned.

Fyi, going from '17 LT with almost 20,000 miles to a loaded '19 Premier will increase our insurance $122/year, comprehensive (250 ded.) and collision (100 ded.).

 

[fbitz777]

Interesting to see pricing next week

https://insideevs.com/chevy-bolt-price-tax-credit/

 

[grayber]

We have two 2017 Bolt leases, with another 1.5 years on the leases.

Both the wife and I like the car, and I'm considering dumping one of the leases and buying a 2019 brand new to keep long term. I've always been against the idea of buying an EV just because the tech is constantly changing. I mean in 2014 when I first leased my Fiat 500e, there were only a few full BEVs to choose from, and zero 100+ mile range EVs at the time (Except for Teslas). Now you have the Soul EV, Leaf, i3, egolf, ford focus, ioniq, kona and niro all hitting 100 mile plus range. Plus the vaporware $35k (actually $36.2k with destination) Model 3 looks like it might finally appear in the coming months. Way more choices today compared to 5 years ago, especially amongst PHEVs too.

However, I feel that the Bolts 238 epa range has held up very well the past 1.5 years, and should continue to do so into the near future. Even into the long term, I can't imagine (today at least) that the 238 mi range to be a detriment as we charge once a week as it is. I don't plan on doing long distance road trips in the Bolt as we have an ICE for that, so I can't see a scenario in the future where I'll be regretting buying a Bolt instead of continually leasing EVs. But again, I'm preaching to the choir here on this board, but just my thoughts.

Anyways, I'm thinking about getting the 2019 because of the current incentives from dealer and the pending expiration of the full fed tax credit. Local dealers are doing close to $10k off for an LT, net of all credits and rebates, I'm looking at around $21-21.5k (incl crazy CA tax and registration) out the door for a 2019 Bolt. At that price, even if there is a huge change in EV technology in 5-10 years, I feel like I'm okay with the purchase since the cost is so low. I just am not entirely sure I want to commit at this point. A couple other considerations:

1. Nobody knows what the future holds for anything tax related, but I wonder if future legislation might bring back the tax credit
2. Nobody knows how manufacturers will react to the expiration of the tax credit - we saw Tesla reduce the price pretty heavily to compensate for the halving of the tax credit. But Tesla is not GM - GM looks like it will keep MSRP as is but play with backend incentives at the dealer level. But who knows if the net OTD price will be higher or lower.
3. Is the Bolt a compliance car? Will it get shelved once the new CUV comes out? I went to an auto survey, which I presume was paid for by GM, to review a variety of EV CUVs, including sitting in a clay model of what I presume to be the next GM EV. The design looked to be more SUV-like vs. hatchback-like, which I would prefer as the rear trunk space was longer vs. the tall but small depth Bolt trunk.
4. Long term reliability - looking pretty good right now, especially with those who drive for Maven racking up miles like madmen. But still a lingering question in the back of my head

Anyways, just my rambling thoughts. I have 3 days to make up my mind.

 

[fbitz777]

Got it ...240 miles each way...what a pain to find DC chargers, there was a section of over 100 miles without any.

I did the 240 miles back without recharge, scary as I arrived with 1 precent left...Was going 65-70 the whole time but had no AC/Heat and did some drafting behind trucks

AND that Criswell Chevy was the greatest...was in /out in less than 30 minutes

There are opened tomorrow and have only a few left.

 

[Nemy]

So I pulled the trigger today. Managed to get $24k trade-in on my '17 with 40k miles. Factoring in the $9300 dealer incentives and $10k in tax credits I ended up paying about $1000 + fees. I justified that with the warranty (2 years+40,000 extra warranty) and I would've needed new tires in the next month or so anyways.

For anyone still interested, call around. The first dealer I called only offered 20k on the trade-in.