Buying Conundrum - Lariat max tow - new vs. used

[Bills R Electric]

Wife finally gave green light on a lighting as I turn over my ioniq 5 to my teenagers. I'd like to do Lariat to get the blue cruise, memory seat and sunroof. The engineer in me says get max tow for the cooling, even though I have a diesel super duty that I will keep to tow our 5th wheel camping trailer. Most Extended Range lariats with max tow are over the $80K mark which prevents the tax rebate - furthermore I'm in MA where I'd get another $7,500 off a new one. I'm seeing some offers of $3-4K off of MSRP for year end. I'm in a time crunch - likely to not qualify for the fed tax credit next year due to new jobs. So new one would be about $62K - I'm seeing some used for mid to high 50s but they keep getting sold as soon as I discover them and it is hit or miss on the max tow package.

Use for truck - daily commute 25 miles each way - flat. Weekends to Rangeley Maine 200 miles each way with a net elevation gain of 1,600 ft). Based on my ioniq 5 experience (which even has a heat pump), for winter I'll need extended range to make it w/o charging due to heating loads and elevation gain.

Occasional local towing up to 5 or 6K pounds (pontoon boat). Perhaps a 2x per year 700 mile each way road trip to Cleveland OH for college drop off/pick up once superchargers are available.

So - the crux of the question - will I regret not getting max tow for my uses?

I have max tow on my ER Lariat.

I would try to get it, but it shouldn't completely dictate your decision.

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[Electric Messiah]

I'm a little confused as to any MA and/or Fed rebate for buying used. I bought my ER Lightning Lariat in N.H. for under 80K and registered it in MA. Thanks for any and all insights.

 

[TaxmanHog]

I'm a little confused as to any MA and/or Fed rebate for buying used. I bought my ER Lightning Lariat in N.H. for under 80K and registered it in MA. Thanks for any and all insights.

With regard to Mass rebate, you're truck is not eligible.

Mass MOR-EV-TRUCKS Rebate

https://mor-ev.org/trucks-pickups

Regarding the Federal credit, unless the truck you bought was very discounted, it's not likely eligible for the "USED" credit. BTW, it applies only to model year 2021 and prior, so no Lightnings are eligible at the moment.

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

 

[Electric Messiah]

Thanks for the reply!

 

[Formerly]

Either way you go. You do not need the max tow package. Just go without it. You'll be happy

 

[mefly2]

Dest & Delivery are included in Total MSRP ... at least here in MT.
The bottom line is the bottom line ... for federal tax rebate according to local accountant.

 

[The Weatherman]

Dest & Delivery are included in Total MSRP ... at least here in MT.
The bottom line is the bottom line ... for federal tax rebate according to local accountant.

Here’s the verbiage direct from the IRS…..


The sale qualifies only if:

• You buy the vehicle new
• The seller reports required information to you at the time of sale and to the IRS.
  • Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

• $80,000 for vans, sport utility vehicles and pickup trucks
• $55,000 for other vehicles

MSRP is the retail price of the automobile suggested by the manufacturer, including manufacturer installed options, accessories and trim but excluding destination fees. It isn't necessarily the price you pay.

 

[TaxmanHog]

Montana & Massachusetts regulations may have less favorable rules when it comes to "MSRP" with regard to {STATE} rebates and/or credits

-BUT-

Federal Rules exclude Delivery fee {according to retired IRS Revenue Officer}

 

[rdr854]

You may want to consider Ourisman Ford of Manassas in Northern Virginia. The website indicates that they have three Lariats in stock - two with $5K discounts off of MSRP. All have MSRPs under $80K. All are ER without Max tow package. If interested, ask for Jason or Jordan. Both are straight shooters and honest. I have worked with both on deals.

They also have experience with out of state deals.

 

[RickLightning]

Dest & Delivery are included in Total MSRP ... at least here in MT.
The bottom line is the bottom line ... for federal tax rebate according to local accountant.

You need a new accountant.

It is a non-refundable tax credit, not a rebate.

From IRS website:

Q4. How will I know what the manufacturer's suggested retail price (MSRP) is for a vehicle? (added December 29, 2022)
A4. The MSRP will be on the vehicle information label attached to each vehicle on a dealer's premises. The MSRP for this purpose is the base retail price suggested by the manufacturer, plus the retail price suggested by the manufacturer for each accessory or item of optional equipment physically attached to the vehicle at the time of delivery to the dealer. It does not include destination charges or optional items added by the dealer, or taxes and fees.

https://www.irs.gov/newsroom/topic-...-limitations-for-the-new-clean-vehicle-credit

 

[flyct]

Dest & Delivery are included in Total MSRP ... at least here in MT.
The bottom line is the bottom line ... for federal tax rebate according to local accountant.

My Lightning has a bottom line MSRP of $81, 840 AND IT QUALIFYS FOR FERDERAL TAX CREDIT because the sale price BEFORE D&D is $79,845. That’s what the dealer put on the form that they gave me and what they report to the IRS.

Most State Tax Credit’s for State Tax Income Tax credits use bottom line with D&D, so my truck wouldn’t qualify if I lived in a State that has State Income Tax. BUT I would still qualify on my Federal Tax Return.

 

[Henry Ford]

Lemon law branded 2022 Platinum with about 20k miles. It was bought back due to BlueCruise issues. This is not something I'd be afraid of. $57,499 with no deletes. Someone please buy this truck. I have nothing to do with it but would be all over it if I didn't already own a Platinum, which I paid...uh, more than that.

 

[Jarratt]

Buy new, get Max Tow, keep looking until you find one that squeaks in (no destination and delivery, my truck was $81,500 but under $80 without the d&d). You'll have a longer warranty than used, won't wonder how many times someone stoplight drag raced (these are ten-year-old-supercar fast trucks) and you'll have the peace of mind of the extra cooling, thereby preserving the battery for longer. Finally, you'll also have better resale when that time comes. Good luck, you will love the truck!

I agree. I lucked in to my Max Tow Lariat by buying a showroom mannequin @ MSRP. I had to wait 6 mos to take possession, but there were two price increases during that period that I avoided.

I SO love this truck and, truth be told, don't need the max tow, but like having the extra cooling. Occasionally I pull a couple of horse -- it's great for less than 150mi roundtrip. I have a 5.7 ltr Tundra for gooseneck hauls.

This is the best of the many pickups I've had over half a century.. The original tires were crappy, but I replaced them at 10K with Michelins.

 

[rdr854]

Salvage title 2022 Platinum with about 20k miles. It was bought back due to BlueCruise issues. This is not something I'd be afraid of. $57,499 with no deletes. Someone please buy this truck. I have nothing to do with it but would be all over it if I didn't already own a Platinum, which I paid...uh, more than that.

It’s not a Salvage Title vehicle. It is branded as a lemon law buy back.

 

[Henry Ford]

It’s not a Salvage Title vehicle. It is branded as a lemon law buy back.

Of course! Thanks for the correction, edited for accuracy.

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