This year, those looking at a Chevrolet Bolt EV or Chevrolet Volt may eventually miss out on the attractive $7,500 federal tax credit that comes with the vehicle purchase.
CNN Money reported on Friday that General Motors now expects it will meet the tax-credit threshold this year, which occurs after an automaker sells 200,000 electric cars. After surpassing 200,000 sales, the tax credits enter a sunset period. For the next six months, buyers will receive a $3,750 credit, and then a $1,875 credit for the next six months.
Elizabeth Winter, a GM spokesperson, said the tax credits have certainly helped attract buyers to the automaker’s electric cars, but automaker believes it’s rolling out the products with the right prices. Though, the Bolt EV’s full $37,495 MSRP will be a much tougher sell than sweetening the deal with a $7,500 tax credit.
Other automakers such as Ford and Nissan haven’t come close to reaching the cap, and the credits are available to every single automaker. The latest tax cut legislation allowed the credits to remain after some legislators called for their removal from the tax code.
If battery technology remains a more expensive option in the years to come, we may see automakers lobbying for more tax credits if electrification prominent.
Comments
I was offered a deal that was just under $10K off a Bolt counting the tax credit. Good deal if you want one but you had better not delay if you want that kind of price.
Nice car. I just wish it looked cooler.
The bolt is not supposed to be kool! It’s supposed to be effective! And it has proven that it is
If you want a “cooler” car, fill it up with ice!
So it is not a good idea to make the cars styling appeal to a wider base to attract more buyers?
I guess you are right lets keep it looking like a your failed science fair contest project and let others not be attracted to the car.
This is a good car but it still needs to attract more people in a package that will draw their attention.
This is what Americans and people around the world who want ZEV will need to consider when they go to a dealership to buy a ZEV because one other thing to remember is that Chevy is losing about $9,000 on every Bolt sold currently which translates to meaning the 2019 Chevy Bolt may have a MSRP of $46,495 which make it very difficult to sell especially when the Chevy Equinox Diesel which currently has a 2018 MSRP of $34,800 or Cruze Diesel that has a 2018 MSRP of $25,520.
Selling the 200th vehicle triggers the sunset of the CURRENT quarter and NEXT quarter at the full $7500 rate…With quarters being three months each it could be six months as the article states, it could also be three months and one day…
Back in the day… it had very little effect on the Prius when it the same threshold. Just saying.
Back in the day gas was $5/gal in CA and $4/gal elsewhere…Many had to make some tough decisions once they realized the unexpected windfall of equity in their homes was not coming back and they can longer afford their Hummer H2…
Fast forward to today and the Prius doesn’t sell well…
How about we don’t arm teachers but we do continue tax credits? The former is championed by pinheads and the latter actually helps save the lives of the kids of pinheads… which yes… makes it a questionable idea.
John thanks for bringing up tragedy for your political bent. Stiçk 2 the topic pinhead.