[Yepsee]

I bought an SEL last month and really missed the memory seats and sound system (among many other features) that Limited offers. Trading in the SEL for a Limited now. Weird part is no one knows what's the fair trade in value of SEL (700 miles on it) is. KBB, Edmunds do not have a clue.

Could anyone share data points from their own experience or just share any thoughts?

Assume MSRP that I paid was $52,500.

Thanks,
Yepsee

 

[DaveGunter]

Not sure about trade in value but I’d wager you’re likely to get more by selling it to one of the various internet car buying/selling sites or selling it yourself privately. I have a deposit on a F150 Lightning demo, the dealer can’t sell the demo until November. I just checked last week and the best offer I got for my AWD SEL with 8K miles was $50K.

Also, if the proposed new EV tax credit law passes as written it will in effect instantly make all new I5s $7500 more expensive which would also likely make the value of used I5s go up.

 

[hpark21]

Why not just take your car to Carmax/Webuyanycar.com or others with physical locations (online only estimators are not working I think for now due to car being so new) and see how much they say will give you?
What about the dealer that you are planning to get the limited from? how much is their offer?

 

[IonicZ]

I also have an SEL and would love to get the Limited, but it is almost impossible, especially at MSRP. I would have to believe you can get MSRP or very close, even with 8,000 miles. Did you purchase the Ioniq 5 in 2022? Just wondering how your will handle the tax credit(s).

 

[Corbin]

Last quote I received from Carvana for mine with 7000 miles was $55k. That was about 3 weeks ago.

 

[ikash]

Last quote I received from Carvana for mine with 7000 miles was $55k. That was about 3 weeks ago.

Interesting, Carvana and Vroom both quoted me under 51k for a Limited AWD with 4500 miles last week. I'm just north of you in NH, so market adjustment shouldn't be particularly large.

 

[Yepsee]

I am still running on temp tags and Carvana said they will only provide an estimate when the vehicle is registered.

Vroom offered $49,000
My dealer is offering $51,500

 

[Yepsee]

I also have an SEL and would love to get the Limited, but it is almost impossible, especially at MSRP. I would have to believe you can get MSRP or very close, even with 8,000 miles. Did you purchase the Ioniq 5 in 2022? Just wondering how your will handle the tax credit(s).

I got the vehicle in July 2022. I am not sure about the tax credit either. Just trying to upgrade before the new bill is signed.

 

[hpark21]

I got the vehicle in July 2022. I am not sure about the tax credit either. Just trying to upgrade before the new bill is signed.

If you get the Limited before bill is signed (or at least sign agreement of sale) then you should be able to claim 15k. Just make sure you do your tax early next year so that you KNOW you have $15k or more in tax liabilities and if not, ready to manufacture some tax liabilities.

 

[DaveGunter]

I am still running on temp tags and Carvana said they will only provide an estimate when the vehicle is registered.

Vroom offered $49,000
My dealer is offering $51,500

For me Vroom was 47, Cars.com 49.2, carmax and carvana wanted to see the car in person so I didn't pursue them, driveway was 50.

Depending on your state the dealer trade will reduce the amount you have to pay sales tax on.

 

[Blucid]

I am still running on temp tags and Carvana said they will only provide an estimate when the vehicle is registered.

Vroom offered $49,000
My dealer is offering $51,500

Some states reduce the purchase price for sales tax by the trade-in. If your state is one that does that, you might consider sales tax on the purchase of the Limited too.

 

[IonicZ]

Some states reduce the purchase price for sales tax by the trade-in. If your state is one that does that, you might consider sales tax on the purchase of the Limited too.

I was going to state the same. Trade-in may be the way to go. In my location in Ohio, the trade-in tax offset if 7.8%, a substantial amount on $51,500. Your state may be similar.

 

[IonicZ]

If you get the Limited before bill is signed (or at least sign agreement of sale) then you should be able to claim 15k. Just make sure you do your tax early next year so that you KNOW you have $15k or more in tax liabilities and if not, ready to manufacture some tax liabilities.

Isn't there a required holding time for an EV to claim the tax credit, especially in light of purchasing another of the same vehicle in the same year? I can't believe you can simply purchase, sell, purchase, (sell again), etc. and claim tax credits.

 

[stryker1969]

Not sure about trade in value but I’d wager you’re likely to get more by selling it to one of the various internet car buying/selling sites or selling it yourself privately. I have a deposit on a F150 Lightning demo, the dealer can’t sell the demo until November. I just checked last week and the best offer I got for my AWD SEL with 8K miles was $50K.

Also, if the proposed new EV tax credit law passes as written it will in effect instantly make all new I5s $7500 more expensive which would also likely make the value of used I5s go up.

how is that?

 

[stryker1969]

WASHINGTON/SEOUL, May 20 (Reuters) - South Korea's Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.
Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.

 

[stryker1969]

Where does Hyundai get its batteries?


Hyundai's battery supplier, SK Innovation's (096770. KS) battery unit SK On, has built two adjacent plants in Georgia.

 

[hpark21]

Isn't there a required holding time for an EV to claim the tax credit, especially in light of purchasing another of the same vehicle in the same year? I can't believe you can simply purchase, sell, purchase, (sell again), etc. and claim tax credits.

I am NOT a tax advisor nor a CPA, BUT I do not remember seeing any limitation on it. Now, if the car was acquired WITH intention of resale, then yes, you may not claim it since TECHNICALLY, the "purchaser" should be the one to claim it since it is still a "new car". However, unless you are a business and is selling the car as "new car", I don't think that is the issue.

Now, do remember that IF you actually MAKE $$ selling the car, then the amount over and above your purchase price DOES need to be claimed as income. - Just letting you know.

 

[IonicZ]

I am NOT a tax advisor nor a CPA, BUT I do not remember seeing any limitation on it. Now, if the car was acquired WITH intention of resale, then yes, you may not claim it since TECHNICALLY, the "purchaser" should be the one to claim it since it is still a "new car". However, unless you are a business and is selling the car as "new car", I don't think that is the issue.

Now, do remember that IF you actually MAKE $$ selling the car, then the amount over and above your purchase price DOES need to be claimed as income. - Just letting you know.

No way to prove or disprove intent. Even if you sell at the same as your purchase price, you are still making $7,500 with the Federal tax credit. It seems like there should be a mileage or time restriction before reselling and claiming the tax credit. I'm keeping mine, but I was certainly curious on how this would work.

 

[Hodog16]

There's no hard limitations other than the "resale" clause which would be hard to enforce. I see plenty of used Ioniq 5's with less than 1000 miles which were clearly bought and sold for resale purposes and you can bet the original purchaser is claiming the tax credits.

With that said I have an SEL now and will hopefully get a Limited later this year. I can make the argument that I'm upgrading the trim, and if the limited never showed up, I'd be happy keeping the SEL. I'll have no qualms in claiming both tax credits if it works out this way. Also I bought a non-EV in March and sold it in June so it's not like it would be a new pattern of car ownership.

 

[Blucid]

No way to prove or disprove intent. Even if you sell at the same as your purchase price, you are still making $7,500 with the Federal tax credit. It seems like there should be a mileage or time restriction before reselling and claiming the tax credit. I'm keeping mine, but I was certainly curious on how this would work.

AFAIK, to date with the federal credit, as others have said, it the sole intent to buy for resale, as opposed to buying a new EV for your own use in good faith. The exact language is in the IRS guide.

However, do carefully check your state regulations. As an EV nut who has been trying different PHEVs and EVs since 2014, I have been moving on to the next one between 1 and 2 years. In NY, if you sell before 3 years, the owner needs to reimburse NYS for a prorated portion of the credit, which seems fair to me. I just send an email to NYSERDA, and they send back thanks for notifying them and shortly thereafter, a bill. Lately, the title of some of their emails is violation, but there is no penalty, and they are always very friendly throughout the process.