Since I'm fairly sure that you grasp the concept of leasing an EV to take advantage of the Federal credit, I have to assume that you are trolling. Please stop that now. The next warning will be official.
Can I buy 2 EVs in the same year and get the fed tax credit?
- Thread starter Ital74
- Start date
Help Support My Nissan Leaf Forum:
SageBrush said:
One BIG exception exists for EVs models that still have federal tax credits.
You missed one very logical reason to lease an EV such as a Nissan Leaf that still qualifies for tax credits. If one doesn’t have tax liability to take advantage of tax credits leasing can and often will be the least expensive way to “own” one since leasing company gets the credit. That would likely lower the cap cost. That effectively would pass on some or all of the tax credits to the lessee.
When leasing you should look at the 4 basic factors that are used to calculate true cost. MSRP, Money factor, Cap cost and residual. You also need to understand acquisition and disposition fees. I’ve helped many friends negotiate a lease. I never talk how much a month but negotiate money factor, cap cast and residual.
Flyct said:
I'm quite aware of that situation since I am in the group that does not have enough tax liability to fully take advantage of the federal tax credit. As for how big a group that is amongst the EV buying populace -- it is harder to say. Among young people the low income probably represents low net worth so they fall in the 'living off future income, above their means' group. They should be buying used cars in which the tax rebate is embedded in the market value. Among the 'asset rich, cash poor' group, which I presume are mostly retired people, the shoe fits but what fraction are buying EV econoboxes and not Tesla ?
Finally -- yes, I have noticed that you play the 'flip the car while grabbing the tax credit game'. Some of the reasons I do not are to avoid higher marginal tax brackets and much higher ACA/health-insurance costs, in addition to paying car swapping related costs.
---
I suppose part of my POV is colored by my own experience. I bought a used LEAF in 2016 for $7k. Unrelated to the current supply chain era, I'd guess the car is worth around $4k so it has cost me ~ $40 a month in total cap costs ... and going down. Due to the low car value I have inexpensive insurance of about $25 a month. THAT is a cheap EV, and I am highly skeptical the lion's share of the leasing population comes anywhere close. So it follows that those leasing have other embedded motivations.
Whatever your "take on the matter", stop with the 'me smart, you stupid' posts, if for no other reason than common courtesy. In the final analysis, you are just guessing at motivations.
Then don't accuse people of being what you imagine they are. Quotes changed to single, commonly used to paraphrase.
LeftieBiker said:
Read again. As many times as you need. And try to work on that immense inferiority complex you drag around with you everywhere.
---
Back to leases: dying with uncollectible debt is also a lease rationale.
You've been informally warned about making personal attacks. Now it's official. You have one foot out the door.
You presume wrong. I’m a retired person who is not cash poor, I pay cash for my vehicles and chose to own a Nissan Leaf vs a Tesla. I had a deposit on the model 3 when it came out and I hated getting in and out of it when I test drove it. It reminded me of getting in and out of a few Corvettes I’ve owned. The Leaf meets my mission requirement perfectly. What a great car.
I own 2 homes, 3 cars an RV, UTV etc all outright. I paid cash for both homes. Hopefully some day you too will manage your finances so that you can become debt free and enjoy the ability to make wise choices.
I don’t play any game. I’ve owned 4 Nissan Leafs because next generation had more range. I got decent trade in prices and bought the new one right. With tax credits, negotiated dealer discount, factory rebate and good trade in value the related costs were nil. Only one did I finance with Nissan only to to get finance rebate. I paid that loan off the same week.
My last “swap” was only due to my 2019 Leaf SL+ being totaled after being T-Boned by an uninsured driver with a revoked driver license who was high on meth. My insurance paid me enough for my 2019 that with dealer discount, rebates and federal tax credit I got the new car and out $2,500 in my pocket. How’s that for related costs.
My last vehicle didn’t cost me anything but earned me $700/mo. It was a 2019 F150 that had a MSRP of $44,500 and after ~$10k dealer discount, $6,500 rebate and $3k PCO it cost me $23k and 6 months ago I sold it to Carvana for $37,000 for a $14,000 profit.
BTW, I pay $41/mo for my Leaf insurance with 250k/500k/250k liability, property damage coverage, comp and collision. Gota protect my rich assets.
[/quote]
[/quote]
My browser went crazy posting multiple times. Duplicate deleted
Your concern is touching, but misdirected. May I suggest your hopes go to Lefty instead ?Flyct said:
Back to literacy 101:
Nothing I wrote precludes a retiree from being cash rich or taxable income rich. I said that I presume that the majority of asset rich but cash poor are retirees.
Lastly, I think a 500k liability policy for someone who is actually trying to protect a not-small net worth is inadequate. It is one of the things that irks me about Progressive insurance.
SageBrush said:
Agreed,. That’s why we carry an umbrella policy and we have a trust.
I had never considered a trust for asset protection, but it makes sense after reading a little more about them.Flyct said:
As for an umbrella policy -- definitely.
Progressive offers up to $5M. Not my preference, but somewhat OK.
Ital74
Well-known member
Hi All, with the new law going into effect, I believe we wont be able to no longer to buy 2 EVs in the same year.
I believe now you can by an ev once every 3 years to get the federal tax credit. Is my understanding correct from 2023 and on?
Now if I bought an EV in 2022, does that mean I would have to wait till 2025 or the law is only for cars bought from 2023 on?
Thank you
I believe now you can by an ev once every 3 years to get the federal tax credit. Is my understanding correct from 2023 and on?
Now if I bought an EV in 2022, does that mean I would have to wait till 2025 or the law is only for cars bought from 2023 on?
Thank you
DaveinOlyWA
Well-known member
Ital74 said:
Got a link to whatever it is you read that brought you to this conclusion?
Ital74
Well-known member
I thought I read it last night, but maybe I miss read it. I could not find it again, but I did find on KBB, "Purchasers of used vehicles can only qualify for one credit every three years" so maybe that is what I saw.
Thanks
Thanks
