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Discussion Starter #1
Hello
I have some basic questions about buying the Volt. We owe the IRS more than $7500 every year but traditionally we overpay and usually get a refund. Does this mean we will not be able to take advantage of this credit during tax time ? Or will the credit be applied to the net money owed to IRS irrespective of whether I am getting a refund or have to pay out of pocket April 2017 ?

Also the CVRP program does not show the amount of funds available


Any idea when the funding itself will be re-instantiated ?

thanks
 

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Welcome to the forum. On your questions, yes you will be able to use the credit. The credit is based solely on the amount of tax you owe. Nothing to do with the tax you paid. So if your tax bill for the year is $8500 and you've withheld $10,000, you'd get back the $1500 you've overpaid plus the $7500 credit. So $9000 total. However, note that if you lease the leasing company gets the credit. Hence in the case of a lease it doesn't matter what your tax situation is. The leasing company gets the $7500 and your lease payments are reduced by some percentage of this.

On the CVRP program, it's a political squabble between Brown who wants the program extended for a longer period and legislators who want it extended for less time. Since everyone wants it extended it seem highly likely it will be resolved. Funding is not an issue since the funding is available and doesn't come from the general budget.
 

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Hi krishk,

I am not sure if you are also interested in Used Volts or if you are just going for Gen 2 Volt. Only reason I mention it is that your cost savings are pretty good on a Used Volt and I do not think many leased Volts get purchased by the lessee. Just a thought and could not be in your consideration.

If you are also getting a Volt for CA HOV stickers, new PHEV are not eligible yet as we are awaiting resolution of AB-1964 to get the cap removed and stickers extended.

Based on your comment about paying $7500 in taxes each year, you will probably not qualify for this program:
http://www.replaceyourride.com -- this is primarily based on income requirements and trading in a car of a certain "junk" and smog generating properties.

Also, if you are looking into installing a L2 station, there are possible incentives from SCE/SCQAMD as well.

YMMV on all these programs, but a lot of them out there.

Good luck on your purchase!
 

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Incentives change month to month and vary by state as there are more incentives for CARB states like Cali...Right now for July the "lease cash" is over $7K for the CARB states so you're in good shape there...We know at least 4 dealers who are willing to go far below invoice...Search the forums and you'll find them...
 

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Discussion Starter #5
Thanks Guys
I am not sure why my earlier message is still not displayed. What does "moderated" mean here in this forum - my comments come in deferred ?

I looked at IRS and saw no income limitation for the $7500 credit. Is my understanding correct ?

I emailed and called several So-Cal dealers including ones in LA area and none of them seem to have a 2016 Volt. Looks like July 4 was the only time for the screaming deal (20% off MSRP). Any pointers to dealers still willing to entertain the 20% off deal ? If not should I wait for 1 more year ? :(
 

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Thanks Guys
I am not sure why my earlier message is still not displayed. What does "moderated" mean here in this forum - my comments come in deferred ?

I looked at IRS and saw no income limitation for the $7500 credit. Is my understanding correct ?

I emailed and called several So-Cal dealers including ones in LA area and none of them seem to have a 2016 Volt. Looks like July 4 was the only time for the screaming deal (20% off MSRP). Any pointers to dealers still willing to entertain the 20% off deal ? If not should I wait for 1 more year ? :(
Very slim pickings for the 20% off sale, you can look at chevy.com and inventory to which remaining models qualify. I dealt with a dozen L.A. area dealers and only one would play ball but it wasn't 20% off...You should still be able to get a LT for $1500 down (get that back once the incentive is funded again) and I think it's $185/mo for 10k/year miles with a private offer...

You aren't purchasing the car, you are leasing it therefore the lender GMAC gets the tax credit...Yet you still about that in incentives which was included in the above pricing...If we offset the $1500, we only have $185/mo x 35 = $6475 total for 3 years...This is a LT base and I'd imagine you'll need good credit...Dealer is Camino Real, ask for Marci but again, incentives change month to month and every deal is different so the numbers could be off...

As soon as you're read this, open up a new tab, go to http://www.chevrolet.com/camaro-sports-car/build-your-own.html and hit refresh ten times and see if you get a $1K off private offer. If not, open a new private window and repeat...
 

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Discussion Starter #7
Thanks Bacardi. I am considering a purchase now - just to not deal with buying or leasing after the 3 year lease deal is up.

I am getting quoted by LA area for a traded in 2016 Premier for $28,000 but with 4k miles.

I am assuming Federal credit is ONLY applicable for new lease or buys, correct ?
 

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In my opinion if you haven't done a test drive of the Volts, do so right away.

It's somewhat of a gamble but I am leasing to see if the value will drop to the point the bank wants to pay me a certain amount past the listed residual to buy the volt from them. We'll see, but as is my black volt 2017 is a wonderful car through and through.

Drives smooth like silk and is very pretty without being obnoxious (i'm terrified of getting keyed)

I went with Studio Motors, and a sweet guy named Thomas. They're an auto broker but before you go with one best bet is to take a test drive in it.

If you like the smooth silky quietness of EVs but you're terrified of zero range you can't go wrong with 2nd gen. I didn't expect to love my volt as much as I did, even though I was already obsessed with it since my first posting.
 

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Thanks Bacardi. I am considering a purchase now - just to not deal with buying or leasing after the 3 year lease deal is up.

I am getting quoted by LA area for a traded in 2016 Premier for $28,000 but with 4k miles.

I am assuming Federal credit is ONLY applicable for new lease or buys, correct ?
Sort of, you can only get the $7500 tax credit on new purchases, you do NOT get it when you lease. However you do get the $1500 check from the state of Cali (once funding is approved) regardless if you purchase or lease...You could lease and negotiate your payoff and most likely get a better deal than if you originally purchased outright...I have seen reports of GMAC allowing 20K/year leases yet no one has verified that can be done with the Volt...
 

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It's somewhat of a gamble but I am leasing to see if the value will drop to the point the bank wants to pay me a certain amount past the listed residual to buy the volt from them. We'll see, but as is my black volt 2017 is a wonderful car through and through.
Somewhat the opposite of the gamble...Purchase and you're locked in...Lease you have options at trade in...If you can't agree to terms, it will most likely be because resale value is far below res. value...Therefore you could still your Volt in and purchase another at a price far below the res. Others have reported turning in their lease, following the vin and buying for thousands off at a dealer but you can't count on that...
 
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