Sdctcher
Well-known member
- First Name
- Mike
- Joined
- Jun 18, 2021
- Threads
- 34
- Messages
- 574
- Reaction score
- 780
- Location
- Anywhere-Everywhere
- Vehicles
- 2016 Ford Escape, 2022 Ford Lightning Lariat ER
- Occupation
- EV Gypsy
- Thread starter
- #1
Trying to factor 2022 available state and federal cash or tax credits into my decision to buy the Lightning F-150 has been like hiking knee deep through a swamp. It could be nothing (federal) or as low as $3,750 or as high as $12,500 in 2022. Based on my current cash and credit my truck could be anywhere from unaffordable to my being able to buy the premium trims.
I am not getting into adding state schemes because my state (KY) offers me nothing, but if I had stayed in California credits would have been much more available.
Under existing federal law which would be in effect if Congress passes nothing, Ford would qualify for a $7,500 tax credit (for those who would owe that much in taxes in 2023) or as low as $3,750 if Ford surpasses more than 200,000 total EV units sold by the time I buy. Up to June,, 2020, Ford had sold 123,000 EV units.
https://evadoption.com/ev-sales/federal-ev-tax-credit-phase-out-tracker-by-automaker/
https://www.cjponyparts.com/resources/mustang-sales-throughout-years
In 2021 Ford sold 41,000 2021 Ford Mustang Mach-E and GT units. Adding these together gives a total EV sales to date of 165,000, giving them about another 35,000 left before they exhaust the 200,000 allocation. That should cover any EV cars or Lightnings they might sell before I get my Lightning (my early reservation puts me about 11,000th in line). After the 200,000th the tax credit decreases by 50%.
It gets a lot harder if I try to guess what Congress does in the next month or so. Since they are being forced to cut back the proposed EV credit changes, my bet is that they punt until after the next election and just extend or increase the allocation to all EVs, and perhaps change it from a tax credit to a cash rebate.
There is just too much lobbying by manufacturers to do nothing.
If you are interested in the various current proposals see:
https://www.voltequity.com/post/the-clean-energy-for-america-act-and-its-potential-impact-on-tesla
I hope this post may educate members on a subject that is screwing up many of our purchasing plans and stressing us out. Perhaps someone may post a poll on how important EV credits are to our purchasing plans?
I am not getting into adding state schemes because my state (KY) offers me nothing, but if I had stayed in California credits would have been much more available.
Under existing federal law which would be in effect if Congress passes nothing, Ford would qualify for a $7,500 tax credit (for those who would owe that much in taxes in 2023) or as low as $3,750 if Ford surpasses more than 200,000 total EV units sold by the time I buy. Up to June,, 2020, Ford had sold 123,000 EV units.
https://evadoption.com/ev-sales/federal-ev-tax-credit-phase-out-tracker-by-automaker/
https://www.cjponyparts.com/resources/mustang-sales-throughout-years
In 2021 Ford sold 41,000 2021 Ford Mustang Mach-E and GT units. Adding these together gives a total EV sales to date of 165,000, giving them about another 35,000 left before they exhaust the 200,000 allocation. That should cover any EV cars or Lightnings they might sell before I get my Lightning (my early reservation puts me about 11,000th in line). After the 200,000th the tax credit decreases by 50%.
It gets a lot harder if I try to guess what Congress does in the next month or so. Since they are being forced to cut back the proposed EV credit changes, my bet is that they punt until after the next election and just extend or increase the allocation to all EVs, and perhaps change it from a tax credit to a cash rebate.
There is just too much lobbying by manufacturers to do nothing.
If you are interested in the various current proposals see:
https://www.voltequity.com/post/the-clean-energy-for-america-act-and-its-potential-impact-on-tesla
I hope this post may educate members on a subject that is screwing up many of our purchasing plans and stressing us out. Perhaps someone may post a poll on how important EV credits are to our purchasing plans?
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