Post by Myra Salzer
I recently bought a second electric car (we’ve owned a Tesla Model Y named “Hendrix” for a few years). My reason for buying a car was because my old Audi of 20 years made me nervous. In the last six months, it had to be towed twice and parts were getting difficult to find, so it remained in the shop for longer periods. My reasons for buying electric were fourfold:
- I love driving Hendrix.
- We have a solar system at our home, so “fill-ups” are free.
- Electric cars have fewer moving parts than traditional internal combustion cars, and the only preventive maintenance that is required is tire rotations.
- State and federal credits are generous (or so I thought).
It is for this 4th reason that I’m writing this blog post. As it turns out, credits aren’t for everyone. The new rules are wonky. It makes a difference if the vehicle owner is a corporation or individual, if the car is made in the U.S., what the purchaser’s adjusted gross income is, and in which state the purchaser lives. As it turned out, no credit was available to me individually for this newest car purchase. However, a corporation did qualify. So… I leased my new Genesis (named “Badass Sally”) from Hyundai corporation, which did qualify for a credit. They passed the credit on to me. I’ve never recommended a client lease a car in the past, and this is certainly the first time I ever even considered it. But, I only had to lease it for six months to get the credit of $7,500. At the end of six months, I intend to purchase it outright for the remaining value.
If you’re a client and would like for us to do an analysis of the best way to purchase an electric vehicle, please be sure to let us know, and we’ll help you take advantage of the credits that may be offered.
The most gratifying part of this story is that I gave the old Audi to my brother Ronny, and he was thrilled to have it and to tow it back to North Carolina, where it will enjoy many more years of service, thanks to his good and capable care!
