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New to the forums and deciding between two model years.

1458 Views 24 Replies 12 Participants Last post by MichBolt, 2 mo ago

Kirker

Hello,
Just registered because I'm seriously considering a Bolt. I live in the Seattle metro area and my typical driving is around the city and as far north as say, Everett or south to Tacoma and west to Bremerton. I might do a couple car camping trips to eastern WA per year. Based on my own research I'm not concerned about owning a Chevy Bolt with DC fast charging. However, I've been trying to limit my used car budget to about $20k more or less.

I recently found two options: 1) 2018 LT Bolt with 39,554 miles, replaced battery, and two owners (non-commercial) for $23,995 and 2) a 2017 Premier, 84,600 miles, replaced battery, and two owners (the first owner as a commercial vehicle that put on ~35,000 miles in one year) for $20,995. Bolt #2 is clearly in my price range, but the high mileage and commercial vehicle use give me pause, while Bolt #1 isn't a Premier but is $3,000 more. Thoughts?

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Optimusprime

· #21 · 3 mo ago

Kirker said:
I've already answered this. I either have a relatively small amount of tax or I get a refund. Prior to Covid I took the Student Loan Interest Deduction that would net me about a $500 tax return. I make ~$85 k and rent so not in a tax bracket where I owe all that much. The credit is non-refundable and can only be used once in the year the car is purchased. I would net maybe $500 or so, that's it. My savings in taxes owed is not the difference between a new and used Bolt.

Okie is almost certainly correct, I can’t imagine you not having a good bit more than $500 tax liability unless you have a large family or some other very large tax credit.

What you’re concerned with is your “Total Tax”, not whether you get a refund or not. On the 2022 1040, this would be the value on line 24.

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mwaltonga

· #22 · 3 mo ago

Optimusprime said:
On the 2022 1040, this would be the value on line 24.

Seriously, this is the answer. Check your tax form. What is on line 24 is the most important thing - it is your total tax. Most people will miss out on this tax credit because they think the amount of tax owed out-of-pocket after filing their taxes is what dictates whether they can get the full EV credit. Don’t make this mistake! Check out your line 24 now.

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MichBolt

· #23 · 3 mo ago

Kirker said:
...I took the Student Loan Interest Deduction that would net me about a $500 tax return. I make ~$85 k and rent so not in a tax bracket where I owe all that much...

Using the calculator at Income Tax Calculator:

Filing single with no dependents and using the standard deduction, the tax liability would be around $11k.

Filing married / joint with no dependents and using the standard deduction, the tax liability would be around $6700.

Dependents would reduce tax liability, so if OP has 3 dependents, the tax liability would only be around $700.

So it's completely possible that OP only has a tax liability of about $500.

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Kirker

Discussion Starter · #24 · 2 mo ago

Update to my search. #2 Bolt was sold. #1 is still available and I took it to Lee Johnson Chevrolet in Kirkland, WA for a pre-purchase inspection. They charged me $240 and gave me a useless inspection. On the way there I noticed the steering on Bolt #1 was stiff and would not return to center. I told them but Lee Johnson Chevy said it passed their inspection. I took it back to the dealer in Seattle (not a Chevy dealer) and they also were alarmed at the steering, took it to their mechanic, and it was a $2,000 repair job replacing the complete steering gear and outer tie rod ends. I'm going back to the Chevy dealer to get my money back. However, now that the steering is fixed, it could still be worth buying. I'll still need to get another pre-purchase inspection somewhere else unfortunately. Thoughts?

I also looked into new Bolts and most are about $31k without the tax credit. The tax credit is not an immediate rebate of course (apparently it will be in 2024), so my loan will likely be about $23k or more. I'm not comfortable with that despite the warranty advantages. Furthermore, this week the IRS decides the fate of the new EV tax credit for vehicles depending on where the battery was built. I'm not willing to be rushed into this kind of decision, so I'm likely to go with a used Bolt with new battery.

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MichBolt

· #25 · 2 mo ago

Kirker said:
...I'll still need to get another pre-purchase inspection somewhere else unfortunately. Thoughts?...

Is there a non-dealership mechanic you trust that you could take it to? They wouldn't be able to inspect the high voltage electrical systems, but as long as it drives and charges, those should be fine. Any mechanic can look at the steering, suspension, brakes, CV joints, etc.

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