No more Lightning ordering waves for MY2022 !

[kWfart]

I know this is veering wildly off-topic for this thread, but I owned a 2017 Bolt for 3.5 years that I sold back to Chevy.

When I learned about the Chevy buy back program that's what spawned my plan to sell back my Bolt and buy a Lightning. Actually opened a case with Chevy and reserved a Lightning on the same day.

FWIW, Chevy was great on the buy back. Never had an issue with my battery personally, and got way more $$ than I could have otherwise for the vehicle. They even refunded any finance charges I'd paid on my loan. Living in NJ was helpful apparently due to the NJ Lemon Laws. I know other Bolt owners didn't fare as well.

Master plan is getting close to being complete <knocks wood>. Have a Lariat SR Wave 2 order. Waiting a a scheduled for production date...

I owned a 2018 Bolt and I was fortunate that Chevy bought mine back fully with all payments included. I purchased a 2021 VW ID.4 with the repurchase and plan to sell or trade in for the Lightning Lariat ER that I was able to order in wave 2

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[TaxmanHog]

I wonder if the fed will come up with an exception to the program where you end up paying short-term capital gains tax on any profit from an EV you “flipped” within a year because - they would argue - you obviously bought it for investment rather than as a long-term purchase.

Not heard of that language (YET), give the present administration time though they will probably come up with something along those lines.

 

[TaxmanHog]

Anybody able to find the correct info on how long you need to “own” an EV to get the federal tax credit? This just says you need to receive your title?!? Thoughts…

Ownership by virtue of "application for title" in the relevant tax year.
The dealer signs the MCO/MSO over to you and you apply for title

Duration of ownership is not a define time frame

time when title to the vehicle passes to the taxpayer under state law.

 

[CoyoteJim]

Not heard of that language (YET), give the present administration time though they will probably come up with something along those lines.

I was mostly joking but I kind of learned my lesson a few years back when some friends of mine and I decided to buy Bitcoin because it might be a store of value and then the Fed came out and said it was an investment subject to capital gains and you need to keep track of purchase dates, etc.

 

[Sharpster]

So you think Ford will just shut down the plant for a few weeks or so when they run out of 2022 orders to build until 2023 Job1?

Or maybe they got enough people to convert to orders from the first 5 waves to satisfy the number they planned to build.

You tell me which one sounds more plausible.

By the time they open order books for 2023, they will still have several months of MY22 production left so when they run out of MY22 to build, they just switch over to MY23 a few weeks/months earlier as the order demand and supply chain dictates it.

 

[Duckwrangler]

Guess I will keep my $100 reservation intact and hope an early 2023 shows up....

In the meantime, my wife said to order the MME for her.....

Exactly what I'm doing . Except I'm the wife doing the ordering lol.

 

[av8harrier!]

Unless your getting the $100k+ Silverado EV first edition you'll be waiting till 2024 MY for a Silverado Vaporware Edition

Yes i have a reservation for a first edition RST ? As a Boomer, at my age, this will likely be my last truck, so I’m burning up my retirement savings. Can;t take it with me. ?

 

[Pioneer74]

By the time they open order books for 2023, they will still have several months of MY22 production left so when they run out of MY22 to build, they just switch over to MY23 a few weeks/months earlier as the order demand and supply chain dictates it.

I know that. And you know that. But the poster I was replying to seems to think Ford has a grand plan to not build their hottest product in order to raise prices when they resume production.

 

[Mike G]

But unlike MME, the only "other country" Lightning will be shipped to is Canada.

 

[JWW]

Anybody able to find the correct info on how long you need to “own” an EV to get the federal tax credit? This just says you need to receive your title?!? Thoughts…

Ownership by virtue of "application for title" in the relevant tax year.
The dealer signs the MCO/MSO over to you and you apply for title

Duration of ownership is not a define time frame

I agree that duration of ownership is not a defined time frame. However, the longer the better and spanning separate tax years is even better.

The credit is only available where original use commences with the taxpayer (title transfer) AND it is acquired for use or lease (think the bank leases it to you they, get the credit), not for resale. § 30D(d)(1)(B). The "not for resale" is the thing that could catch you.

Things happen in life, you buy the Lightning and the next week you lose your job and have to sell, probably not a problem taking the credit and pay tax on the "profit". Verses being on social media (this forum) and "advertise" that you want to flip your lighting ahhhhh perhaps showing intent for resale?

You may think that you will take a chance; well if you play the audit lottery and win, your taxes just went up $7,500 from the lost credit. But because this is over $5,000 it is now considered substantial underpayment and the penalties (mandatory) just doubled to 20 percent (1,500 more) plus interest .

If you don't have the title transferred (you don't get the credit) but you just want the "profit" the question would be are you licensed to to be a New Car Dealer in your State.

But don't rely on me, talk to your Tax Advisor (or Attorney).

 

[TaxmanHog]

But don't rely on me, talk to your Tax Advisor (or Attorney).

Amen

 

[Snappy22]

Regarding the $100 reservation deposit:
I was invited to order in wave 2 but with pro sold out I let it hang (has until 3/31 to order) and today switched reservation to a dealer with no ADM. Ford CS guy does the switch and says “the $100 will be going back on your card”. I asked “don’t you need it for the reservation” to which he said it was with the dealership I transferred out of and rather than deal with moving the money, Ford is just refunding it and carrying the reservation.
While I haven’t seen the funds in the account yet, the reservation is switched to the new dealer, and I’ve now “extended” it to wait for a 23 Pro.
Not sure you can get the money without transferring dealers, but wanted to share this anecdote anyway. “Ymmv”

 

[Carlarich22]

It’s a bummer but also better to get 23 underway and probably get some out before year end. For those saying it was handled poorly… I’m not sure what you expect to do when there’s 200,000 orders for something that hasn’t had any production yet. They can’t send a daily update. All in all they’ve stayed true to the schedule they laid out at the reveal which is pretty amazing all things considered. If what you aren’t happy with is the perceived “order they went in” you’re not going to get any better with GM or anyone else new to the game. People are waiting on everything these days. They have a reason and rationale to the order they went in and it’s obviously multi factored (date, model, state, etc) it’s just near impossible to keep all 200,000 people happy. We can’t even get 4 people around my dinner table to agree on something… good luck with 200,000. Stay positive and keep watching out! If you bow out, hopefully you’re satisfied wherever you go. Have a great weekend! ?

When you reserved the first night that reservations opened, and the dealers make up priority list that doesn't go in order of reservation time, and complete opaque process, yes we are angry. People who reserved later got to order.

 

[TaxmanHog]

Regarding the $100 reservation deposit:
I was invited to order in wave 2 but with pro sold out I let it hang (has until 3/31 to order) and today switched reservation to a dealer with no ADM. Ford CS guy does the switch and says “the $100 will be going back on your card”. I asked “don’t you need it for the reservation” to which he said it was with the dealership I transferred out of and rather than deal with moving the money, Ford is just refunding it and carrying the reservation.
While I haven’t seen the funds in the account yet, the reservation is switched to the new dealer, and I’ve now “extended” it to wait for a 23 Pro.
Not sure you can get the money without transferring dealers, but wanted to share this anecdote anyway. “Ymmv”

This creates a great metric for FoMoCo analysts to measure the reservation movements due to order handling policies caused by excessive ADM at certain dealers, I hope they use the data to make strategic decisions about future allocations.

As for the logic of returning credit charges for the deposits, they will balance the ledger with all the dealers through the incentives program when they reconcile, quarterly or annually, the deposits returned to you only means a hundred dollars more to pay on check out with the final order at your new dealer the day you finally take delivery.

 

[Nick Gerteis]

I know that. And you know that. But the poster I was replying to seems to think Ford has a grand plan to not build their hottest product in order to raise prices when they resume production.

That was me. Since you’re still going on about it, let me clarify: I never stated or implied that Ford would stop production. Not sure how you got this out of my earlier post. I did, however, imply that they are moving up the MY22 to 23 changeover date. In order to be able to charge more people the presumably higher 2023 pricing. A reasonable and possibly correct assumption. As opaque, tight-lipped, and shifting as Ford has been regarding projected production numbers, I think it’s fair to say that everyone’s theory on this has equal weight at this time.

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