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Volt for $28,500 Net in CA after 1st Year? - Is my math right?

1954 Views 1 Reply 2 Participants Last post by  LeelaLB
If anyone has any insights into this, please chime in. My head is spinning with all the confusing and conflicting information I've seen on the Volt purchase/lease options. I understand the $7,500 federal tax credit is deducted when you FILE your taxes, NOT up-front when you purchase the vehicle. But I've heard various payment options with a separate, interest-free $7,500 loan for one year. I also heard California has a $5,000 plug-in tax credit (which many believe will expire or be used up by mid-year). So that makes the possibility of a sub-$30,000 Volt a potential reality. But the fact of the matter is, you're on the hook for the full $41k purchase price until you file your taxes for 2011. I crunched some numbers through the finance calculator, and for a 5-year loan, it came out in the neighborhood of $600+ a month. And that's with an $8-10k down payment! That may be a tough sell to the wife, who is generally tolerant of my geek early-adopter ways. Saying we'll get $12k back at the end of the year may be a sufficient sweetener, but I don't want to pull the trigger until I know how this all works.
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I also heard California has a $5,000 plug-in tax credit (which many believe will expire or be used up by mid-year).
Don't know about your math, but the Volt does not qualify for the CA tax credit since it is not an AT-PZEV. Even if it was an AT-PZEV, it would only have qualified for a $3K tax credit; the $5K credit is reserved for pure EVs only and you are right that all the money will be gone as soon as those very early Leaf purchasers apply for their credits.
 
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