[quasimatter]

https://cleanvehiclerebate.org/eng/income-eligibility

So as I read this:
If income less than:
Household Size 300% FPL
1 $35,640
2 $48,060
3 $60,480
4 $72,900
5 $85,320
6 $97,740
7 $110,190
8 $122,670

Rebate on Bolt $4500 - Rebate on Volt $3500 (Better by $500 compared to now)

If income higher than above BUT lower than:
$150,000 for single filers
$204,000 for head-of-household filers
$300,000 for joint filers

Your rebate is $2500 for Bolt and $1500 for Volt (Same as now)

If income higher than above:

Your rebate is $0 for Bolt and $0 for Volt (negative for 150k-250k single filers and 300k-500k joint filers).

Did I read this right?

To me this seems overall negative news (especially for Tesla buyers )

 

[Whatstreet]

Yes, your description is how I understand it. It favors the extreme low end and has no love for the extreme high end. Most people will receive the same as before.

 

[bonaire]

It offsets with those who cannot take the full $7500 ITC. It costs a lot to live in CA but then again a state running itself into the ground fiscally cannot give it all away. Smart to help out lower incomes but in CA those income levels are probably buying used cars and in that case, used Volts are a great price. Under $10k for older ones and you can still get green stickers.

 

[tim-in-ca]

I wonder how the increased rebates will affect depreciation? The fed amount is already a big impact on depreciation value (but in almost all cases, people are offsetting their taxes).

 

[Bacardi]

Most wanted this as the thoughts were "why should we give tax payer money to the rich?"...The debate is it is given as an incentive to advance EV adoption...There are many Tesla owners who could afford Ferraris...

 

[quasimatter]

Most wanted this as the thoughts were "why should we give tax payer money to the rich?"...The debate is it is given as an incentive to advance EV adoption...There are many Tesla owners who could afford Ferraris...

I would think ALL Tesla owners could afford ferraris.

But in all honesty going from 500K/250K to 300K/150K is a big drop and will impact close to 90+% of Tesla buyers ( I wonder if Tesla still will continue to "show" prices on their website assuming 10K rebate/tax-break?) and maybe 30-40% of Volt/Bolt buyers (?).

Extra incentive to low income family - I agree with others that they probably can't/won't go for new cars anyway - but I see the point of trying to make up for not being able to take full $7500 federal tax credit in those cases.

 

[Jubilee]

I would think ALL Tesla owners could afford ferraris.

But in all honesty going from 500K/250K to 300K/150K is a big drop and will impact close to 90+% of Tesla buyers ( I wonder if Tesla still will continue to "show" prices on their website assuming 10K rebate/tax-break?) and maybe 30-40% of Volt/Bolt buyers (?).

Extra incentive to low income family - I agree with others that they probably can't/won't go for new cars anyway - but I see the point of trying to make up for not being able to take full $7500 federal tax credit in those cases.

Where did you get the stats which state 90+% of Tesla buyers and 30-40% of Volt/Bolt buyers earn more than 250K

 

[quasimatter]

Where did you get the stats which state 90+% of Tesla buyers and 30-40% of Volt/Bolt buyers earn more than 250K

You caught me - that was my rough estimate (hence "maybe" and "?"). I was just basing it on people who I know own Tesla and Volts.

 

[MIKECELI]

More cali socialism.

 

[1LeeMartin1]

You caught me - that was my rough estimate (hence "maybe" and "?"). I was just basing it on people who I know own Tesla and Volts.

You are absolutely RIGHT...IF you Know 90% of the Tesla Buyers I just hope you can get them ALL to VOTE??

 

[Bacardi]

Extra incentive to low income family - I agree with others that they probably can't/won't go for new cars anyway - but I see the point of trying to make up for not being able to take full $7500 federal tax credit in those cases.

Got to remember half of all EV's are sold to expensive Cali, many do not live single family homes where they can charge...Additionally is the insurance side, $34K Volt, regardless of incentives is going to be much more expensive to insure compared to a $12K Versa...But it looks good politically and if it works out for some low earners, great!

 

[Zoder]

Depending on how much lease cash GM Financial is going to provide on the Bolt in CA, these can end up as pretty inexpensive leases for lower income Californians after you apply the $4500 as cash down. So there's also that factor to take into account.