[GM Points]

I have read some of the stories of the great deals that some of you have gotten over the years purchasing Volts so I started thinking of how someone in California could get a free Volt. So here is my best shot.

Right now in California there are several standard rebates:
Volt Cash Allowance $1,000
Tag Bonus for cars that have been on the lot for a while $1,000

I have seen dealers around me discounting Volts for $3,200 to 3,700 off.

Then there are of course other rebates like the Conquest Bonus $500 or the Farm Bureau $500.

So it should be pretty easy to get $4,200 to $6,700 off with dealer discount and rebates. Then there is the possibility of more rebates with the GM Card. The GM card max is $3,500 but there is bonus right now for up to $1,500 additional dollars. So there's another $5,000 off.

There are other possibilities for additional amounts of money with Replace Your Ride or the San Joaquin Valley Vehicle Replacement program that is similar to RYR. Replace Your Ride is up to $9,500 of additional assistance. However, RYR is income based & location based and requires an older vehicle to trade in to receive the money.

Then you have the Federal tax rebate of $7,500 and the State Rebate (CVRP) of up to $3,500 for the Volt. Then there are local rebates such as the San Joaquin Valley Drive Clean Rebate of $2,000.

So hypothetically someone could get a 2017 Volt for almost free. I am sure others will know of more rebates that are stackable like the Recent College Grad or the Military rebate to get the Volt closer to free or examples of the 20% off of MSRP that they had in the summer months. Let's here more of your great stories of how you got your Volt for almost free.

2017 Volt Lt $34,095
Dealer Discount -$3,700
Price $30,395
Conquest Bonus -$500
Volt Cash Allowance -$1,000
GM Card w/bonus -$5,000
Farm Bureau -$500
GM Tag Bonus -$1,000
Price Net Rebates $22,395
Taxes 7.75% $2,361.81
Replace Your Ride -$9,500
Fed Tax Rebate -$7,500
State Rebate -$3,500
San Joaquin Valley Rebate -2,000
Total Price OTD $2,256.61

 

[llninja]

The problem is that many of these items work orthoganal to each other. If you qualify for the low income Replace your ride deal, then there's no way you should be maxing out a GM Card rebate at $10k of spending per year through for 7 years to earn that $3500. If you carry a balance at all on the GM card, then it's game over, compounding credit card interest kills you. And if you are a low income earner, then you can't get the full $7.5k fed tax credit. Some of these other deals may not stack on top of each other.

When I bought my volt, the dealership actually had a special where they paid my state taxes. I paid $21k for my $44k volt with taxes paid, so if I factor in state taxes, my effective purchase price should be adjusted to just under $19k before taxes.

A sure fire way to get a free volt (or any GM car for that matter) is to run about $3m+ through a GM BuyPower card which gives you 2% rebate after the first $5000 spent at 5% netting $250. But if you had $3m to spend, what's another $30-35K for a car? A volt would be like loose change to someone with a giant nest egg, and they're probably be looking at Teslas, i8s, or something else anyway. Of course a regular Joe could do it, put absolutely everything on a GM Buypower card (groceries, gas, etc) and wait 20-30 years to accumulate 30+K in buypower rebates, but I'm guessing most people would pull the trigger much sooner to get a car now rather than hold until they can buy the entire car outright. It's almost no different than people borrowing to drive a new car now rather than waiting until they've saved the money to buy one later. I'd challenge all buypower card carrying forum members to prove me wrong and buy their next car completely off of points and rebates.

 

[GM Points]

Though I do agree that the stars need to align to make this happen. The truth is that all of these incentive do stack on top of each other, it is also a lot easier to qualify for the Replace Your Ride program and accumulate GM rewards than one would think.

Let's take a family of four and look at what needs to be done to qualify for the Replace Your Ride program. To qualify for the maximum amount of $9,500 they will need to earn $53,663 or less (for each additional family member add around $9,135 up to 8 family members then it is reduced to $4,570) and need to reside within the jurisdiction of the South Coast Air Quality Management District (SCAQMD), the air pollution control agency for all of Orange County and the urban portions of Los Angeles, Riverside and San Bernardino counties. I am not real familiar with the San Joaquin Valley Vehicle Replacement program but I understand it works somewhat similar to that of the Replace Your Ride program.

Next, let's look at how a family of four could max out the GM rewards. Just buy your food with the GM card every week and the work is done for you. The cost of feeding a family of four according to usatoday.com is somewhere between $146 to $289. These are 2013 numbers so they are probably a little low so let's take $200 a week. At $200 a week we have a $10,400 expenditure for the year. See how easy that was? Add clothes, birthday presents, doctor bills and appliance or car repairs and for those that spend less than $200 a week on food they too are easily earning the required amount to max the old GM card out.

This example would be a family or four, a father, mother and two kids. The father is the sole provider and the mother is a stay at home mother raising her two kids. The father would have a job making a little over $25 a hour. So I looked at an article on careerbuilder to see what type of jobs pay $25 an hour and this what I came up with Loan Officer, Forensic Science Technician, Radiologic Technician and Criminal Investigator. I would thing these examples are probably examples of entry level or for the first couple years of that persons career. However, I have some examples and that's all that matters for this thread.

Now, let's look at taxes to see if the family could qualify to use the $7,500 Federal tax rebate. This is a tough one since the family is probably paying little or nothing in Federal taxes. The tax liability for the family in 2017 before standard deduction ($12,700) and personal exemptions ($4,050 * 4 =$16,200) would be $7,117. So including the standard deduction and personal exemptions their taxable income is dropped to $24,763 and their tax liability is now $2,782. So they won't be able to utilize the entire amount of the $7,500 Federal tax rebate. A family of ten gets closer to utilizing the Federal tax rebate with a tax liability of $6,019 after standard deduction and personal exemptions but still no cigar.

The only thing I can think of is if the family had an IRA they could convert the needed portion of the IRA to a Roth IRA and not have any negative tax consequences. I am sure others can think of other creative means to be able to utilize the entire $7,500 Federal tax rebate. However, if the family has no usable means to utilize the Federal tax rebate then Leasing the Volt may be a better idea. A free Lease would be much easier to qualify for as well. I may have to look in to that to see how to maximize a free Lease. I am not a CPA so this is all done in the name of fun with a lot of wishful thinking.

 

[llninja]

Though I do agree that the stars need to align to make this happen. The truth is that all of these incentive do stack on top of each other, it is also a lot easier to qualify for the Replace Your Ride program and accumulate GM rewards than one would think.

Let's take a family of four and look at what needs to be done to qualify for the Replace Your Ride program. To qualify for the maximum amount of $9,500 they will need to earn $53,663 or less (for each additional family member add around $9,135 up to 8 family members then it is reduced to $4,570) and need to reside within the jurisdiction of the South Coast Air Quality Management District (SCAQMD), the air pollution control agency for all of Orange County and the urban portions of Los Angeles, Riverside and San Bernardino counties. I am not real familiar with the San Joaquin Valley Vehicle Replacement program but I understand it works somewhat similar to that of the Replace Your Ride program.

Next, let's look at how a family of four could max out the GM rewards. Just buy your food with the GM card every week and the work is done for you. The cost of feeding a family of four according to usatoday.com is somewhere between $146 to $289. These are 2013 numbers so they are probably a little low so let's take $200 a week. At $200 a week we have a $10,400 expenditure for the year. See how easy that was? Add clothes, birthday presents, doctor bills and appliance or car repairs and for those that spend less than $200 a week on food they too are easily earning the required amount to max the old GM card out.

This example would be a family or four, a father, mother and two kids. The father is the sole provider and the mother is a stay at home mother raising her two kids. The father would have a job making a little over $25 a hour. So I looked at an article on careerbuilder to see what type of jobs pay $25 an hour and this what I came up with Loan Officer, Forensic Science Technician, Radiologic Technician and Criminal Investigator. I would thing these examples are probably examples of entry level or for the first couple years of that persons career. However, I have some examples and that's all that matters for this thread.

Now, let's look at taxes to see if the family could qualify to use the $7,500 Federal tax rebate. This is a tough one since the family is probably paying little or nothing in Federal taxes. The tax liability for the family in 2017 before standard deduction ($12,700) and personal exemptions ($4,050 * 4 =$16,200) would be $7,117. So including the standard deduction and personal exemptions their taxable income is dropped to $24,763 and their tax liability is now $2,782. So they won't be able to utilize the entire amount of the $7,500 Federal tax rebate. A family of ten gets closer to utilizing the Federal tax rebate with a tax liability of $6,019 after standard deduction and personal exemptions but still no cigar.

The only thing I can think of is if the family had an IRA they could convert the needed portion of the IRA to a Roth IRA and not have any negative tax consequences. I am sure others can think of other creative means to be able to utilize the entire $7,500 Federal tax rebate. However, if the family has no usable means to utilize the Federal tax rebate then Leasing the Volt may be a better idea. A free Lease would be much easier to qualify for as well. I may have to look in to that to see how to maximize a free Lease. I am not a CPA so this is all done in the name of fun with a lot of wishful thinking.

And I'll come back with a family earning less than $53K per year has no business buying or leasing a new $36-42K car. It's just too much of their money tied up in an asset that drops in value. But getting it for nearly free does make it much more palitable. Part of the trouble will be floating that loan to yourself in order to wait for the rebates and tax credits. If one makes that low of income, especially in California, it's,likely not going to happen.

It reminds me of a craigslist posting I saw when I was buying my volt. Some poor volt owner bought the volt, got a huge loan, and discovered when applying for the fed tax credit that they didn't qualify and wouldn't receive most of the tax credit. They were waynin over their heads and were desperate to get out of the car without loosing their shirts. Unfortunately, they bought before the $5k price drop and were selling after the price drop, so Murphy struck again bringing his brothers broke, desperate, and stupid.

So while this is an interesting excercise, I'd be surprised if anyone could actually pull it off.

 

[GM Points]

Like I said, the stars need to align perfectly. Maybe the father lost his previous high paying job and has started a new career in the last couple years. Maybe the mother had a job but is temporarily disabled. The scenarios are unlimited.

So how about this 20% off deal that everyone talks about in the Summer months? How is that money treated? Is it a discount or a rebate? Is it only on purchases or can it be used on leases too? I know there are already CCR rebates for leases that are basically the lease company passing along the $7,500 Federal rebate.

One example of this in California is the Fiat 500e Lease. With a 10% dealer discount it is almost free here.
MSRP $32,795
Dealer Discount -$3,000
Lease Value $29,795
Fiat Lease Rebate -$7,500
Down Payment -3,500
Residual $19,349.05
Payment around $50 a month

$2,500 to $4,500 back from CVRP. With $4,500 back the cost is roughly $800 on a 36 month - 30,000 mile lease.

 

[GM Points]

Ok, so let's look at a deal similar to yours with someone that is making enough income to fully utilize the $7,500 Federal tax rebate. I found an old add from 2016 showing a 2016 Volt for 20% off plus a dealer discount of $2,500. What do we have to do to try to get it for nearly nothing? I have never purchased a vehicle mid year so I don't know if these 20% off deals are stackable with other incentives. Does anyone else know what you could stack on top of this deal?

MSRP $34,095
Dealer Discount - $2,500
Sales Price $31,595
20% Discount - $6,019
GM Rewards -$5,000
Price Net Rebates $20,576
Taxes 7.75% $2,448.61
Fed Tax Rebate -$7,500
State Rebate -$1,500
Total Cost = $14,024,61

 

[GM Points]

Let's look at a 36 month lease for someone that has an annual income $35,640 or a family of four with an annual income of $72,900 so they can qualify for the increased CVRP money. In this example I will show only a $4,500 GM reward even though $5,000 is possible.

MSRP $34,095
Dealer Discount - $3,345
Vehicle Price $30,750
CCR Rebate CA only -2,500
CCR Rebate -$4,610
Conquest Bonus -$500
Farm Bureau -$500
GM Rewards -$4,500
Price Net Rebates $18,140
Residual (50%) with 30,000 miles $17,047 or (49%) with 36,000 miles $16,706.55

Single Payment Lease Depreciation $1,093
Single Payment Lease Rent Charge ($17,047 + $34,095)*0.00001 = .51
Taxes 7.75% $977.28
Doc Fee $80
L/T $300
Tire Fee $7
Acquisition Fee $595
State Rebate -$3,500

So this individual or family would get a free 36 month 30,000 mile Lease with $447 still in their pocket after the state rebate or they could get a 36,000 miles lease per year with a little over $106 left in their pocket.

 

[Just_Jon]

Somebody has WWWWAAAAYYYY too much free time.

Maybe you need that family of 10 packed into your "free" Volt.

 

[GM Points]

Somebody has WWWWAAAAYYYY too much free time.

Maybe you need that family of 10 packed into your "free" Volt.

lol...says the guy with 155 posts to my 24 (pot meet kettle). Honestly all kidding aside, I thought this would be a fun way to share information and possibly help others with their research. This information is all from my prior research in purchasing my own 2017 Volt and helping my Girlfriend lease her own Fiat 500e. I hope it helps some and if not at least I got I kick out of your comment.

 

[llninja]

lol...says the guy with 155 posts to my 24 (pot meet kettle). Honestly all kidding aside, I thought this would be a fun way to share information and possibly help others with their research. This information is all from my prior research in purchasing my own 2017 Volt and helping my Girlfriend lease her own Fiat 500e. I hope it helps some and if not at least I got I kick out of your comment.

I've got you both beat with over 8000 posts. Maybe I should reprioritize my life...

 

[MIKECELI]

" orthoganal " Really?

 

[Redline]

I just filed the paperwork for the state rebate and it was only $1500, not $3500, FWIW.

 

[GM Points]

I just filed the paperwork for the state rebate and it was only $1500, not $3500, FWIW.

It just depends on your income level for that particular year.

Consumers with household incomes less than or equal to 300 percent of the federal poverty level are eligible for an increased rebate amount as listed below. Applicants who are claimed as dependents are not eligible for increased rebates regardless of their income. Increased rebate amounts are available for fuel-cell electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles.

Vehicle Date of Purchase/Lease* Increased Rebate
November 1 2016 – Present

Standard rebate amount increased by $2,000

March 29 2016 – October 31 2016

Standard rebate amount increased by $1,500

Prior to March 29 2016

Not Applicable

*For Tesla vehicles ordered prior to March 29, 2016, the vehicle order date will be considered the date of purchase or lease.For Tesla vehicles ordered on or after March 29, 2016, the date of first registration with the California DMV will be considered the date of purchase or lease.
For the purposes of CVRP, a household includes all family members or other unrelated persons, including the rebate applicant, who reside together and share common living expenses.

For the purposes of CVRP, gross annual household income includes that of the applicant and all other individuals in the household, ages 17 years and older, regardless of whether or not they are related to the rebate applicant. Gross income includes, but is not limited to the following:

Wages, unemployment, workers' compensation, Social Security, Supplemental Security Income, public assistance, veterans' payments, survivor benefits, pension or retirement income, interest, dividends, rents, royalties, income from estates, trusts, educational assistance, alimony, child support, assistance from outside the household, and other miscellaneous sources.

2016 Federal Poverty Level (FPL) Guidelines
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
For households with more than 8 persons, add $12,480 for each additional person.
Source data: https://aspe.hhs.gov/poverty-guidelines

 

[winchipper]

I had a customer come in and get them all. He is actually using the Volt to plow on the farm. He took the other 3 seats out and uses them in his living room. He called though to complain because his electric bill was now higher then his 52.00 car payment and the price of corn had dropped.

 

[llninja]

I had a customer come in and get them all. He is actually using the Volt to plow on the farm. He took the other 3 seats out and uses them in his living room. He called though to complain because his electric bill was now higher then his 52.00 car payment and the price of corn had dropped.

Volt as a farm plow, huh. I'd love to see a video of that. How do you get a $52 car payment?...oh wait, never mind ... I have a $0 dollar car payment.

 

[GM Points]

I couldn't find a Volt but this is as equally as funny. The Volt has the torque for it.

 

[Loiter]

I had a customer come in and get them all. He is actually using the Volt to plow on the farm. He took the other 3 seats out and uses them in his living room. He called though to complain because his electric bill was now higher then his 52.00 car payment and the price of corn had dropped.

I can't tell if he's serious or not -- but that's funny as hell if so.

 

[winchipper]

Just thought we needed a little Volt humor.

 

[GM Points]

I thought it was a joke until I looked it up on YouTube.

 

[llninja]

I can see this working well for the Audi in the video as it has AWD, but the volt will struggle with only FWD. right tool for the right job... use a John Deere tractor. I've got two of them in my barn