# Obama’s budget calls for increased EV tax credit



## Ziggythewiz (May 16, 2010)

In other news, Chevy and Nissan have announced significant upgrades to new models of the Volt and Leaf. Due to the expense of these upgrades the MSRP for both models is expected to increase slightly, by $2500.


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## Crippleicious (Feb 10, 2012)

Too bad we cant get that Tax credit for conversions


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## Ziggythewiz (May 16, 2010)

Yup, just another subsidy for big corps.


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## esoneson (Sep 1, 2008)

CHARGED EVs Magazine said:


> The yearly budget battle has begun, http://www.chargedevs.com/content/news-wire/post/obama’s-budget-calls-increased-ev-tax-credit


You make me laugh. And I appreciate that. This is pretty funny.
Feds haven't had a budget since 2008...

Anyway.....I agree with Cripple.

Eric


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## Jason Lattimer (Dec 27, 2008)

Too bad it'll never get past Congress.


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## Mark C (Jun 25, 2010)

I'd love to see a slightly different change in how the government credits the purchase of a new EV. I suggested they allow you to take the $7,500 out of your retirement plan without penalty as long as you put the money you drew out back into your retirement plan within 60 days of getting your tax credit for that year. It would be great to do that at $7,500 or even better the proposed $10,000 credit. 

If you bought a new LEAF {just as an EV example, it doesn't have to be a LEAF} for $40,000 and financed $36,000 for 60 months, the principal payment is $600/mo. Obviously, you'd have to add interest at whatever rate you qualified for. If the $7,500 credit was immediate, with the same downpayment you'd finance $28,500 and pay $475/mo. plus interest. That would be a lot easier to afford. The ability to "borrow" the money from your retirement plan makes the credit almost the same as if they gave it to you up front. As it stands now, the credit you receive later does nothing to ease the monthly payment unless you refinance your car.


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## Ziggythewiz (May 16, 2010)

One could always reduce the amount they put away for retirement for several months before purchasing the car, then put the rebate in, and accomplish the same thing.

No point saving up too much if you need loans unless your retirement interest is much larger than the loan interest.


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