*With the likely approval of President Biden’s game-changing Inflation Reduction Act, the expectation is that it will charge up the electric vehicle sales in both the new and used car segments.
Up until recently, Tesla and General Motors customers were no longer eligible for upwards of $7,500 in tax credits toward the purchase of a new electric or plug-in vehicle.
Being that those automakers were early adopters of the electric vehicle movement and met the government requirement of selling 200,000 vehicles, this placed both their customers and the automakers at a disadvantage.
However, under The Inflation Reduction Act, both new and pre-owned electric vehicles will be eligible for an immediate tax rebate through 2032. Hydrogen, electric and plug-in vehicles qualify for these incentives. Unlike under the current federal electric vehicle program, there will no longer be a sales cap on manufacturers.
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And as opposed to having to wait to claim the federal incentive on one’s taxes, the credit will be eligible to use at the time of purchase and act as a rebate, helping to reduce the overall price of the vehicle.
All of these measures will make the transition to electric vehicles attainable for minority car buyers.
To continue reading the pros, cons and how this instant tax credit rebate will work and impact the minority community, click here.
Auto Trends with JeffCars.com:
Jeff Fortson is the host and executive producer of Auto Trends with JeffCars.com, the only multicultural syndicated automotive program airing throughout the U.S. and Canada. The 30-minute weekly show, which is in its seventh season, airs on SiriusXM 141 and several FM radio dials. The program consists of in-depth one-on-one conversations with many of today’s industry pioneers and influencers, ranging from the ‘Hidden Figure’ and Black female who was responsible for using a mathematical formula to check the accuracy of the GPS (Global Positioning Sensor) to auto analysts to car designers to the trailblazer of LGBT auto advertising.
Shows from seasons one thru six are slowly being released to podcasting. They are available wherever you access your podcasts.
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