Thinking about buying an EV? 2024 Is the Year
Thinking about buying an EV? 2024 Is the Year
New rules make this the very best time to buy
CNBC.com reports that new rules are proposed to make buying an EV much easier in 2024. Here’s what is exciting:
The U.S. Department of the Treasury is making it easier to claim an electric vehicle tax credit worth up to $7,500 starting in 2024, based on new guidance announced last week.
One big change is that you’ll qualify for the credit upfront when you buy a car at a dealership, rather than claiming it as part of your tax return — that means you won’t have to potentially wait months to get your money back.
The other significant change is that all eligible buyers get the full tax break, even if they don’t owe federal taxes. Currently, tax filers receive only as much of the credit as they owe in taxes.
For me, at least, this is huge. I’ve been on the edge of buying an EV, but this definitely pushes me over it.
I also did an analysis on the financial side of it, which I will publish here shortly. The upshot? If you are getting a new car, the incremental extra cost of buying an EV is totally worth it financially, not to mention for the climate.
—Anthony
Indeed it is, in fact, it already is the time to buy an EV. As a new owner of an EV myself, I can honestly say I would never switch back to ICE. The quiet ride, instant torque, and convenience of just plugging in at home is fantastic.
A lot of new cars are coming with LFP batteries, which I also recommend for their longevity and robustness: https://www.lianeon.org/p/here-come-the-iron-batteries