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Why are Bolt's cheaper everywhere except NJ? Is there anything I need to consider if buying a Bolt in another state and registering it in NJ?
Bolt EV prices
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There shouldn't be anything, I've done it before.
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Sure, open the Pandora's box for Jersey jokes....10 points extra if you can slam Chris Christie in the process!!!!
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If I were you I would do everything online short of signing the paper work, and see if they will supply you a temporary tag to get it home. Some of the Maryland dealers are offering up to $4,500.00 off MSRP.
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I've bought in MD to register in another state many times, have gotten a temp tag each time and no sales tax paid in MD and gets paid to home state - is very easy and for the OP I say go for it, have fun!
Bolt EV is exempt from NJ sales tax.
http://www.state.nj.us/treasury/taxation/zevnotice.shtml
http://www.drivegreen.nj.gov/zev.html
http://www.drivegreen.nj.gov/zev/Treasury2017ModelYearZEVlisting.pdf
KNS
http://www.state.nj.us/treasury/taxation/zevnotice.shtml
http://www.drivegreen.nj.gov/zev.html
http://www.drivegreen.nj.gov/zev/Treasury2017ModelYearZEVlisting.pdf
KNS
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The sales tax exemption should apply even if you buy out-of-state, as you are supposed to pay sales tax on the state where you register it (at least that's what I've done the last two cars I bought out-of-state).
The Bolt prices are slowly coming down, but they are coming down sooner and faster in the states that had Bolts earlier like CA, MD, and OR.
The Bolt prices are slowly coming down, but they are coming down sooner and faster in the states that had Bolts earlier like CA, MD, and OR.
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If you can possibly hold out until fall of 2018 when 2019 models are out and Tesla model 3s are in large volumes, the supply might outstrip demand and prices could drop. On the other hand if Tesla falls flat on their face with deliveries, there might be a shortage of BEVs driving the Bolt price up. Plus there are other PHEVs and BEVs in the pipeline all vying for your cvehicle purchasing dollars. volvo, Ford, Jaguar, VW, etc. are coming.
I am from Northeast NJ and brought my 2013 Volt from a CA Dealer. I will not buy a vehicle from NJ again when I know I can get better deals of of state. I would probably be driving a Bolt right now but am an early Model 3 reservation holder 10:30AM after waiting in line pre-announcement and prefer the look of the Model 3. I am not knocking the Bolt as I think Chevy did a good job with it, but it is just a bit too tiny for my liking. The only issue you may have is some states require the vehicle to be registered in that state first, if driven off the lot. If you have it shipped you should have no issue. The other issue will be it may take up to 30 days to get the car registered in NJ, if financed because you are not aloud to touch the title. You will need to send the registration forms to the finance company and keep on them to let you know when they sent the information to the NJ DMV. You will then need to go into that DMV office to get the car registered and they will send the new title back to the finance company. It was worth the month wait for the amount saved. I kept on top of the finance company to move the process along.
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Does anyone know if any dealers have, or would, include the $7500 federal tax credit in the price of the car? For example, if the car is $37,500, you would pay the dealer $30,000.
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No, if you bought the car, you would pay $37.5k (plus tax, title, license) minus any dealer/manufacturer discounts you might be able to qualify or haggle for. If you buy it this year, then when tax season comes, you can subtract $7500 from your tax burden, assuming you earned enough to have $7500 taxes. This is taxes owed in the 1040 form, before you take into account withholdings. If you want/need the money earlier, you can go to your employer and turn off your withholdings and pocket the cash now, just don't forget to turn it back on when yo've collecetef about $7500, and make sure you put that extra money on the car and not a bass boat or dining room set. Usually you need to earn about $58K or more to qualify for the full tax credit.
That said, if you lease the car, you cannot get the tax credit, the leasing company does. Sometimes, dealerships will advertise their car price to be $7500 cheaper assuming that you qualify for the tax credit, but the burden is still on you to check that you truly qualify. This is kind of shady as they still want you to pay the full price. When I was shopping for a volt, I stumbled onto some poor soul who was way in over their heads in a volt, thinking they'd save so much money on fuel savings only to discover 1) Gm dropped the price by $5K (they paid $5K too much), 2) they didn't qualify for the full tax credit and 3) gas prices dropped leaving them in a horribly upside down position where they needed to find some other idiot with no clue about the tax credit or price cut would overpay to bail them out - an impossible situation. They lost their shirts and felt ripped off by the stealership.
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Thanks. I'm not very good in taxes but if I owe $7500 in federal tax at the end of the year and do purchase a BEV, that would mean I essentially owe $0 in federal tax?
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Yes, depending on the size of the battery in the car. some cars don't qualify for the full tax credit (Ford Fusion energi). But the Volt, Bolt, and CT6 Plugin do. Also, if you withheld enough from your paycheck so you didnt' owe anything come April 15th, then the government cuts you a $7500 check. I bought my Volt at the end of the year, so there really wasn't enough time to adjust my withholdings, so I was set to get a $2500 tax refund, the new volt purchase caused that to become a $10k tax refund.
There might be some wonky situations that could cause you to not get the tax credit, maybe if you went and bought a bunch of high efficiency appliances, added solar panels to the house, or adopted a child causing your tax burden to drop below $7500. Since you are self proclaimed to not be good at taxes, either get good at them by researching this more or see a tax pro. I am not one, just got lucky that I didn't make a $7500 mistake when buying my volt. I did make the mistake of also buying my EVSE during the same tax year. By doing that and also hitting AMT, I didn't qualify for the 30% I could have gotten on my EVSE purchase and installation by an electrician. Had I waited 2 more months, I might have gotten that.
The bottom line, if you are in a position to be able to afford the full price of the car and view this tax credit as gravy, then do it. It can be a smart thing to do. If you are depending on this tax credit to be able to afford the car, then maybe you living too close to the edge and should be shopping for a cheaper or used car. Alas, I'm the ultimate cheapskate. I got my $44k volt for $21k including state taxes. Bolt prices are high right now because it's new, just became available in all states, and dealerships are chomping st the bit to make full profit on motivated first adopters. I would wait until the model 3 is shipping in numbers and seleveral other ev competitors are in the marketplace driving demand down and inventories up where dealerships are practically giving these cars away. We saw that with gen1 volts in 2013-15. We are starting to see that with gen2 volts now. We saw that with 2014 model ELRs in 2015-16, but not with 2016 model ELRs (caddy kept the inventories low so they didn't overrun demand). I predict we will see big discounts on Bolts either late 2018 or sometime in 2019, unless the model 3 falls flat on its face and all these model 3 registration holder give up and buy bolts.
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Very informative, thanks. I've made $72K so far this year so I should be good, I think.
Is it possible this dealership is using smoke and mirrors with the Bolt being advertised at $31K? You know the saying, if it's good to be true then it probably is.
Is it possible this dealership is using smoke and mirrors with the Bolt being advertised at $31K? You know the saying, if it's good to be true then it probably is.
I would at least check a Bolt out in person before you completely write it off. The Bolt looks small on the outside, but its interior space is surprisingly spacious. The Bolt actually has a larger interior cabin space (EPA wise) than a Model S.
"owe 7,500" as in have a tax liability of at least $7,500 as listed on line 63 of your form 1040 (line 39 for 1040A), then yes, you should be eligible for the full tax credit.
Note that just because you do not have to pay up $7,500 after filling out your tax return DOES NOT mean you are not eligible for the full tax credit. You could be getting a return of $20k after filling out your tax forms and still be eligible for the $7.5k EV tax credit as well. It's all about TAX LIABILITY, not what the flashy number on Taxslayer or TurboTax says you owe (or are owed).
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Have the dealer give you an itemized quote to see what all the incentives are to get to $31K. Or look for the asterisk that says "includes Federal EV Tax Credit, see your tax professional to make sure you qualify"
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If you think the Bolt is too tiny, you might be surprised when you get into the Model 3. I cancelled my Model 3 reservation when I realized it wasn't much bigger than the Volt. You lose the spacious and utility of the hatchback, gain a bit of cabin space without the battery hump, gain a Frunk, but it is a mid-sized car. If you could put the Model 3 and the Bolt side-by-side, you might find the Bolt more useful with it's square-ish shape. Alas, I'm not in the market for a Bolt either as it looks like a bigger Honda Fit to me. I'm holding out for an EV or PHEV CUV or SUV (Subyukonade!!!!)
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Many retired people draw an income from some sort of pension or retirement investment plan. The the extent that they pay taxes on that income the credit will be of value to them. I'm retired, and I still pay plenty of income tax.
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