Op-Ed: $7,500 Federal Electric Car Tax Credit Definitely Needs Reform
A well-researched, informative article on the federal tax credit for electric cars popped up over on HybridCars.com a few days ago.
It’s definitely an article that should be filed under must-read.
Titled “Does The $7,500 Plug-In Car Tax Credit Need Reform?” the article examines the credit on several fronts, including one that strikes a personal chord with this author.
I won’t rehash the article here, but I will state why it prompted me to write this brief post.
You see, I want to buy a new Chevrolet Volt this fall, I don’t want to lease one.
However, I qualify for exactly $0 of the tax credit (journalists aren’t typically rolling in the dough, you know).
“Early adopters of the 2011 Chevrolet Volt – as just one example – had average household incomes of $175,000 and other plug-in buyers have been from the six-figure league.”
Umm… that’s not me.
So, here I sit wanting a 2016 Chevy Volt, yet I’d get not one penny from the federal government if I purchased one. Therein lies the problem. Without the credit, the next-gen Volt is beyond my means. With the credit, I’d find a way to buy one.
Some may say I’m just whining because I don’t (wouldn’t) get money back. Actually, I could care less if I got the money back from the Feds. What I want is a new Volt I can afford. Preferably one that I can finance for long enough to make the payments fit my budget. I could make it work if that extra $7,500 found a way into the transaction/financing somehow, but without it, I’m stuck wanting a car that’s out of my price range.
Are there other potential buyers (Volt, LEAF, or any other plug-in) in a similar situation? Or am I making a fuss over something that’s not nearly as problematic as I’ve described above?
Feel free to let the comments flow on this one!