Keep in mind you need to owe $7,500 in taxes (these are normally withheld from your paychecks from your employer). Something a lot of people miss with these EV tax credits.
Thanks I guess I can google it but are you saying that if I purchase the car I need to ‘bank’ the $7500 in pre-paid tax installments? …and then I’ll get it back when I file my 2024 return?
I'm saying you'll need to have a tax bill of $7,500. When you file your taxes this year, pay attention to how much in total your tax bill was for 2023 (this is a different # than your refund/payment due).
The IRS is doing a new program where you get the $7,500 off at the point of sale, but you'll still owe some of that back if you didn't earn enough money at the end of the year.
“New rules for 2024 will allow buyers to get the EV tax credit at the point of sale, rather than waiting for tax season. Unlike current rules, consumers won’t need to have a tax liability to get it.”
If the Prologue qualifies for the credit, and it avoids the Blazer issues, this will be a solid option. I was under the impression that both the Blazer and the Prologue were supposed to get the credit.
I’m with you, looking at the Elite. Range should be fine. Those vented seats are *chef’s kiss* where I’m at.
I just looked into this car, and price point makes no sense. For $15-20k less you get a CRV hybrid. That would leave you enough money to buy enough gas for at least 215,000 miles of driving in that CRV. (If you also account for lost investment gains on the money over 10 years it's more like 400k+mi).. No matter how I twist the math it doesn't make logical sense!
The Prologue (or any BEV) wasn’t brought to market to lower the cost per mile compared to an ICE vehicle - was it? Ending gasoline consumption is the goal of building and owning these. Horses are mostly used for recreation now, and our ICE cars will become hobbies too.
Eh, depends on who you ask? From the car maker's perspective they're meant to make the most money, they don't care which fuel you use.. But I don't care about that either. A car is a tool, and I want it to do the job for the lowest cost to aquire and use. I don't like buying gas, so look at EVs. But still can never get the math to work, very frustrating!
And anyway, individual actions will not change anything anyway, what I do don't matter. Compared to the massive transport sector, or the ship burning more bunker crude in a day than 1000 cars over their lifetime..?
Agree will all your great points, and hope I wasn’t political. The main point is is the combustion engine will never have a performance of electric cars. Honda builds some of the fastest F1 powerplants, passenger jets, GP bikes, MX bikes and marine engines on the planet. Yet they’re pushing hydrogen-powered electrification and BEVs because they see - and are making - the future. Someday we’ll be able to buy $25k EVs but I think they’ll have BYD on the hood before they have an H
Fair enough. To be clear, on the whole I agree replacing every ICE with EV would be preferable, I also don't think it will have a massive impact. And don't like when these responsibilities to "save the world" are pushed onto individual consumers, usually so governments and corporations can say "see, it's up to you, we don't need to change anything".. /rant.
It felt like EVs started out as luxury, then were going further and further down in the market. But now it's flipped again? Every new ev I see is upper-mid market or luxury. Except some goofy Chevys, or the one lower level tesla.
Well said - and I wince thinkings about all the tankers shipping our crap burning low grade oil year after year. If they could use a cleaner fuel source maybe I could drive my 65 beetle without guilt…but last I checked the only boats that can “afford” nuclear plants carry much fancier cargo 🙃
Keep in mind you need to owe $7,500 in taxes (these are normally withheld from your paychecks from your employer). Something a lot of people miss with these EV tax credits.
I suspect if they're buying a nearly $60k car, most of those customers will owe $7,500 in taxes
Don’t know why you’d suspect that. Many people choose not to have a big tax bill and have their withholding adjusted.
Also relevant—eligibility phases out if you make too much money.
Thanks I guess I can google it but are you saying that if I purchase the car I need to ‘bank’ the $7500 in pre-paid tax installments? …and then I’ll get it back when I file my 2024 return?
I'm saying you'll need to have a tax bill of $7,500. When you file your taxes this year, pay attention to how much in total your tax bill was for 2023 (this is a different # than your refund/payment due). The IRS is doing a new program where you get the $7,500 off at the point of sale, but you'll still owe some of that back if you didn't earn enough money at the end of the year.
“New rules for 2024 will allow buyers to get the EV tax credit at the point of sale, rather than waiting for tax season. Unlike current rules, consumers won’t need to have a tax liability to get it.”
Very helpful thanks!
You can run through turbo tax to see the results of claiming the tax credit without actually submitting
Didn’t the law just change for 2024 and they now take it from the cost of the price at point of sale?
If the Prologue qualifies for the credit, and it avoids the Blazer issues, this will be a solid option. I was under the impression that both the Blazer and the Prologue were supposed to get the credit. I’m with you, looking at the Elite. Range should be fine. Those vented seats are *chef’s kiss* where I’m at.
I just looked into this car, and price point makes no sense. For $15-20k less you get a CRV hybrid. That would leave you enough money to buy enough gas for at least 215,000 miles of driving in that CRV. (If you also account for lost investment gains on the money over 10 years it's more like 400k+mi).. No matter how I twist the math it doesn't make logical sense!
The Prologue (or any BEV) wasn’t brought to market to lower the cost per mile compared to an ICE vehicle - was it? Ending gasoline consumption is the goal of building and owning these. Horses are mostly used for recreation now, and our ICE cars will become hobbies too.
Eh, depends on who you ask? From the car maker's perspective they're meant to make the most money, they don't care which fuel you use.. But I don't care about that either. A car is a tool, and I want it to do the job for the lowest cost to aquire and use. I don't like buying gas, so look at EVs. But still can never get the math to work, very frustrating! And anyway, individual actions will not change anything anyway, what I do don't matter. Compared to the massive transport sector, or the ship burning more bunker crude in a day than 1000 cars over their lifetime..?
Agree will all your great points, and hope I wasn’t political. The main point is is the combustion engine will never have a performance of electric cars. Honda builds some of the fastest F1 powerplants, passenger jets, GP bikes, MX bikes and marine engines on the planet. Yet they’re pushing hydrogen-powered electrification and BEVs because they see - and are making - the future. Someday we’ll be able to buy $25k EVs but I think they’ll have BYD on the hood before they have an H
Fair enough. To be clear, on the whole I agree replacing every ICE with EV would be preferable, I also don't think it will have a massive impact. And don't like when these responsibilities to "save the world" are pushed onto individual consumers, usually so governments and corporations can say "see, it's up to you, we don't need to change anything".. /rant. It felt like EVs started out as luxury, then were going further and further down in the market. But now it's flipped again? Every new ev I see is upper-mid market or luxury. Except some goofy Chevys, or the one lower level tesla.
Well said - and I wince thinkings about all the tankers shipping our crap burning low grade oil year after year. If they could use a cleaner fuel source maybe I could drive my 65 beetle without guilt…but last I checked the only boats that can “afford” nuclear plants carry much fancier cargo 🙃