[mxc0bbn]

So, the bill that just passed the senate. The "Inflation Reduction Act" will make the EV Tax credit instantaneous.

Senate improves EV tax credit in largest climate bill ever

The new electric car tax credit is easier to claim and extended to 2032 to US-built EVs, along with a new $4,000 credit on used EVs.

electrek.co

From the article:
"Also, the credit can be applied upfront at the point of sale if purchased from a dealer, rather than needing to file for it on your taxes in the following April"

And it also makes a ton of what I wrote in my last post completely irrelevant...LOL.

The tax credit is no longer a tax credit, but an actual discount on the car at the point of sale. So, if you got that VF9 fully loaded (lets guess ~$68,000), and you have the 5K discount, you will now pay (68,000 - 5,000 - 7,500)...so $55,500 at time of purchase.

The only caveat though is that you have to make less than $150,000 a year as an individual, or $300,000 if married...

When I read that I thought: Wow, first time being married saved me money...

 

[mxc0bbn]

But would VinFast still qualify? Wouldn't the old credit stop functioning the moment Biden signs the bill? VinFast cars initially won't be assembled in US.

Actually that is a great point that I hadn't thought of. Most the other cars we normally attribute this Tax Credit/Discount to are all manufactured in the US, but yeah, Vinfast will likely not qualify for this credit in the same way.

Good catch...and good explanation @s7davis

on edit: originally wrote 'All', but really should have said most since Hyundai, KIA and some others might also lose this credit.

 

[mxc0bbn]

which then will enable car companies to raise the prices of the vehicles by that amount.

Oh God, I completely forgot about this. They always find a way to screw consumers. You can totally bet they will raise prices, but it will have to be in 2-3 years because right now it would be seen as too obvious if all of a sudden their prices go up by 7k from one year to the next.