[voxel]

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

1.5 months ago, a friend sold his SEL RWD for $51K… but other offers were $46-48K. May or early June was the peak time for used car prices. Wholesale auction prices are falling by nearly a percent per week now.

 

[Yepsee]

Thanks all for the input and information. I assumed that I will just claim the tax credit on the 'Limited' since I held 'SEL' for a month or two. In my mind, there was this notion that the vehicle needs to be with the original owner until end of financial year for the owner to be able to claim the credit. Silly me !!!

 

[Hodog16]

You might as well claim both tax credits--nobody else can claim the one on the SEL.

 

[DaveGunter]

how is that?

How is what?

 

[Chubella8]

Thanks all for the input and information. I assumed that I will just claim the tax credit on the 'Limited' since I held 'SEL' for a month or two. In my mind, there was this notion that the vehicle needs to be with the original owner until end of financial year for the owner to be able to claim the credit. Silly me !!!

You can claim both. Don’t let 7500 credit go waste. Congrats on being able to get 2 I5 in such short amount of time.

 

[stryker1969]

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.

Yes but if you buy and sell aren't you losing the sale tax which on $55k can be close to 5 thousand dollars ?

 

[IonicZ]

Yes but if you buy and sell aren't you losing the sale tax which on $55k can be close to 5 thousand dollars ?

Depends on if you sell outright (yes) or trade in to a dealer in a State that offers sales tax credit (no).

 

[Yepsee]

Depends on if you sell outright (yes) or trade in to a dealer in a State that offers sales tax credit (no).

Well in my state even if you buy and sell (to replace a vehicle) in separate transactions (dealer or private party) within 60 days of one another, you can claim sales tax credit from DMV and they send a check.

 

[Yepsee]

1.5 months ago, a friend sold his SEL RWD for $51K… but other offers were $46-48K. May or early June was the peak time for used car prices. Wholesale auction prices are falling by nearly a percent per week now.

Went to CarMax today and they offered $47,000.

 

[stryker1969]

Well in my state even if you buy and sell (to replace a vehicle) in separate transactions (dealer or private party) within 60 days of one another, you can claim sales tax credit from DMV and they send a check.

Why is life so complicated

 

[stryker1969]

sometimes I think life is hardly worth living then other days not so much

 

[Ioniq5 Guy]

Went to CarMax today and they offered $47,000.

I also went to Carmax last week with my 630 mile SEL and my offer was also $47k.
Pretty disappointing, considering I paid $57k otd.

 

[Chubella8]

Wondering what the new tax law would do to I5 resale once $7500 goes away. I think it might actually help used I5 price, would be interesting to see.

 

[Hodog16]

Losing the credit will definitely help with used car values because the price of entry is higher. Same phenomenon if hyundai increases msrp.

See Tesla for reference. Increasing their msrp raises all.

 

[stryker1969]

I also went to Carmax last week with my 630 mile SEL and my offer was also $47k.
Pretty disappointing, considering I paid $57k otd.

the ball is rolling fast I think the used car market is cooling

 

[Chubella8]

Losing the credit will definitely help with used car values because the price of entry is higher. Same phenomenon if hyundai increases msrp.

See Tesla for reference. Increasing their msrp raises all.

But not if new car demand drops considerably and dealers start selling them under MSRP. This will be interesting to see, how much demand is there for a 47K SE or 57K Limited I5, whereas hybrid with little 7kWh battery gets 7500 rebate but a full EV doesn't. This bill seems to be doing the opposite of what it intends to do.

 

[hpark21]

But not if new car demand drops considerably and dealers start selling them under MSRP. This will be interesting to see, how much demand is there for a 47K SE or 57K Limited I5, whereas hybrid with little 7kWh battery gets 7500 rebate but a full EV doesn't. This bill seems to be doing the opposite of what it intends to do.

I am betting it is doing EXACTLY what it intends to do.
a LOT of Japanese/US Hybrids are built in US and they are not getting full credit which this will take care of.
Now, many EV makers will scramble to build factories in US (if they want to sell it here in large # and be able to compete with Ford/GM/VW,etc). I am thinking this will please people that this rewards US building.

 

[zamafir]

I am betting it is doing EXACTLY what it intends to do.
a LOT of Japanese/US Hybrids are built in US and they are not getting full credit which this will take care of.
Now, many EV makers will scramble to build factories in US (if they want to sell it here in large # and be able to compete with Ford/GM/VW,etc). I am thinking this will please people that this rewards US building.

Yeah. There's what we'd love to see a bill do (make EV's more affordable and prevalent) and there's the goal of this bill which is more local production and assembly and to retard the adoption of EVs (Manchin).

 

[stryker1969]

I am betting it is doing EXACTLY what it intends to do.
a LOT of Japanese/US Hybrids are built in US and they are not getting full credit which this will take care of.
Now, many EV makers will scramble to build factories in US (if they want to sell it here in large # and be able to compete with Ford/GM/VW,etc). I am thinking this will please people that this rewards US building.

What the bill is doing is more than doubling the amount of agents that work at the IRS from 77 thousand to 166 thousand so it can pick the bones of the middle class business owner with gross sales under 200K. Its all just a big façade

 

[voxel]

I am betting it is doing EXACTLY what it intends to do.
a LOT of Japanese/US Hybrids are built in US and they are not getting full credit which this will take care of.
Now, many EV makers will scramble to build factories in US (if they want to sell it here in large # and be able to compete with Ford/GM/VW,etc). I am thinking this will please people that this rewards US building.

The only PHEV eligible for any new tax credit is the Ford Escape PHEV. All others are built in Japan or Korea. Regular Toyota or Hyundai hybrids are not eligible as they have smaller than 7 kWh batteries.

This bill is all about shifting production to NA and dumping Chinese made batteries.