PebHmong Discussion Forum

General Category => General Discussion => Topic started by: theking on January 16, 2024, 02:09:34 PM

Title: Some brand new cars can be had for $10k in the U.S. now? Good for the poor??
Post by: theking on January 16, 2024, 02:09:34 PM

As EV sales growth slows, some drivers could buy one for as little as $10,000 this year

There are plenty of reasons not to buy an electric vehicle in 2024: Auto loan rates are high. Despite a recent wave of discounting, many EVs remain pricier than gas-burning cars. And an incomplete network of sometimes glitchy chargers has stoked drivers’ “range anxiety” about running out of juice.

But while the all-electric market is slowing, sales are forecast to keep rising. Cox Automotive expects EVs to comprise 10% of the United States’ vehicle market by the end of the year, up from 7.6% last year — when domestic sales hit a record 1.2 million — and 5.9% in 2022. And first-time EV adopters are still powering the expansion, with LexisNexis Risk Solutions telling NBC News that 3 in 4 new EVs are driven by people switching from a combustion-engine vehicle.

Here’s what to know if you’re considering buying this year.

Tax credits cover fewer models, but without the wait
Car shoppers can still expect to be rewarded for going electric, thanks to tax breaks from the Inflation Reduction Act, but the rewards won’t be as widespread.

The law’s tax incentives are limited to EVs whose batteries aren’t substantially built in certain foreign countries, particularly China, or with minerals sourced there. The number of models eligible for the full federal tax credit of $7,500, or partial $3,750 credit, shrank from 43 last year to fewer than 15 that comply with criteria on the books currently. The punted models include popular picks like the Tesla Model 3 and the Nissan Leaf.

And income caps still apply: Individuals making over $150,000 annually nor couples bringing in $300,000 qualify for the credits, which stop at electric sedans over $55,000 and SUVs and trucks over $80,000.

“Maybe you’re a person who’s overwhelmed with all the choices, and if you start with a smaller list, that helps you out,” said Alison Flores, a manager at H&R Block’s Tax Institute. But “if you’re really into the technology or certain nuances and you were looking at a certain thing, you may be disappointed,” she conceded.

Title: Re: Some brand new cars can be had for $10k in the U.S. now, good for the poor?
Post by: theking on January 16, 2024, 02:10:13 PM

I say good for the poor because my wife and I and our middle class income won't qualify... ???

Title: Re: Some brand new cars can be had for $10k in the U.S. now? Good for the poor??
Post by: Hung_Low on January 16, 2024, 03:20:23 PM

Yes, $10,000 for the EV and $60,000 for battery repair when it break... I'll stick to Hybrid or gas guzzler.

I would caution those that live in cold climate... your EV isn't going to hold much charge or having issue with your driving range.
It's estimated that your range drop 20% when temp starts hitting 32 degree F and down by 40% if them decrease by another 10 degree.
Yes, new EV have heat pump to combat this but these system still don't work well when temp drops below 14 degree...

So, if you live in states with mild temp in Winter, it's great to have EVs.