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there was a segment on EVs on CNBC and it seems that they see it this way as well as hey we’re explaining now EV manufacturers were racing to convert orders prior to the signing
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Lucid Gravity Reservation Tracker: Add Your Gravity Reservation
Air Pure reservations
- Thread starter MorganB
- Start date
Credits for new electric vehicles purchased in 2022 or before | Internal Revenue Service
If you bought or leased a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under IRC 30D.
some more clear information that they just posted. which also has me more confused.
What Is a Written Binding Contract?
In general, a written contract is binding if it is enforceable under State law and does not limit damages to a specified amount (for example, by use of a liquidated damages provision or the forfeiture of a deposit). While the enforceability of a contract under State law is a facts-and-circumstances determination to be made under relevant State law, if a customer has made a significant non-refundable deposit or down payment, it is an indication of a binding contract. For tax purposes in general, a contract provision that limits damages to an amount equal to at least 5 percent of the total contract price is not treated as limiting damages to a specified amount. For example, if a customer has made a non-refundable deposit or down payment of 5 percent of the total contract price, it is an indication of a binding contract. A contract is binding even if subject to a condition, as long as the condition is not within the control of either party. A contract will continue to be binding if the parties make insubstantial changes in its terms and conditions.so is it either a non refundable deposit or a down payment of 5% of the total purchase or are they saying the non refundable deposit has to be 5% of the total contract price to qualify?
This is my question as well. Not worded well at all. Hopefully it's either or...Credits for new electric vehicles purchased in 2022 or before | Internal Revenue Service
If you bought or leased a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under IRC 30D.www.irs.gov
some more clear information that they just posted. which also has me more confused.
What Is a Written Binding Contract?
In general, a written contract is binding if it is enforceable under State law and does not limit damages to a specified amount (for example, by use of a liquidated damages provision or the forfeiture of a deposit). While the enforceability of a contract under State law is a facts-and-circumstances determination to be made under relevant State law, if a customer has made a significant non-refundable deposit or down payment, it is an indication of a binding contract. For tax purposes in general, a contract provision that limits damages to an amount equal to at least 5 percent of the total contract price is not treated as limiting damages to a specified amount. For example, if a customer has made a non-refundable deposit or down payment of 5 percent of the total contract price, it is an indication of a binding contract. A contract is binding even if subject to a condition, as long as the condition is not within the control of either party. A contract will continue to be binding if the parties make insubstantial changes in its terms and conditions.
so is it either a non refundable deposit or a down payment of 5% of the total purchase or are they saying the non refundable deposit has to be 5% of the total contract price to qualify?
Better to be pleasantly surprised than seriously disappointed.
LCIDdreams
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- Lucid Air Pure…eventually
In practical terms, what would be the difference between a “downpayment” and a “non-refundable deposit” in the context of a purchase contract that does not allow damages to be assessed on a buyer that backs out, beyond the amount of the “down-payment” or “deposit”?
It seems like they are just 2 different terms that describe the same thing, unless I’m missing something obvious.
I put in an order for the Pure myself, before the price increase. I'm planning on getting the AWD option and would love to get the stealth package if it was available. I also thought that the ventilated seats were still part of this model, so that's new to me? I made a spread sheet that shows the price of a Pure with all options and it comes close to the Touring price (note these are the per June prices and I included the stealth option as a like to have).
| Stealth | AWD | Destination fee | 20" Tires | Surreal Sound Pro | Paint | Dream Drive | MSRP | |
$77,400.00 | $6,000.00 | $5,000.00 | $1,500.00 | $1,500.00 | $2,900.00 | $800.00 | $9,000.00 | $104,100.00 |
$77,400.00 | $5,000.00 | $1,500.00 | $1,500.00 | $2,900.00 | $800.00 | $9,000.00 | $98,100.00 | |
$77,400.00 | $5,000.00 | $1,500.00 | $0.00 | $2,900.00 | $800.00 | $9,000.00 | $96,600.00 | |
$77,400.00 | $0.00 | $1,500.00 | $1,500.00 | $0.00 | $0.00 | $0.00 | $80,400.00 | |
$77,400.00 | $0.00 | $1,500.00 | $0.00 | $0.00 | $0.00 | $0.00 | $78,900.00 |
Nice spreadsheet! I personally am going for AWD, 19 inch wheels, Quantum gray and hoping that not adding surreal sound pro doesn’t cause build delays. Not an audiophile so as long as I can listen to my 80’s ladies I am good.
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That's a lot more detailed than my flighty decision. I originally had a pure reservation and upgraded to Touring several months back because (at least in my head) a Pure with AWD and the other options I wanted was going to be close to a Touring price anyway and I'd get my car sooner. In fairness to myself, I don't even think options pricing was available at the time I changed. My SA just told me I could change back if I wanted to later. So... here I am with a touring reservation converted to an order.
Sorry forgot to include the price of AWD and then the other options set to $0.00 except the tires.
| AWD | Destination fee | 20" Tires | Surreal Sound Pro | Paint | Dream Drive | MSRP | |
$77,400.00 | $5,000.00 | $1,500.00 | $0.00 | $0.00 | $0.00 | $0.00 | $83,900.00 |
$77,400.00 | $5,000.00 | $1,500.00 | $1,500.00 | $0.00 | $0.00 | $0.00 | $85,400.00 |
btw I see a Grand Touring and a Touring Delivery Tracker thread, but is there a Pure Delivery Tracker?
You could always start one now, but from what I've gathered from my short time here, the group usually waits for the production process to start before making a Tracker page.
I just did the math and a Touring at 95k will equal 97300 [that's 95k+1.5k+800] this is without the sound, glass, 21" wheels and dream drive. So you don't have to worry about your decision to much because it comes out to what you had thought. The only thing you have to worry about is the tax rate, which would then put you into the small 100k+ range.
rreddrop
New Member
Hello all!
Put in our reservation this week for Air Pure.
Quantum Gray, 19” Aero Range Wheels and AWD Drivetrain
Seeing all the posts, I can't imagine a confirmed order will be coming anytime soon. Plus the Pure's aren't even scheduled for first deliveries until the end of this year, is that right?
Super excited! The brand and car are awesome. Mark at the Laguna Studio was great. They were backed up with test drives but hoping to get back there to drive it around soon. Huge investment! But hoping all the hype on the longevity of EV's,it will last for decades.
Looking forward to connecting with everyone!
Put in our reservation this week for Air Pure.
Quantum Gray, 19” Aero Range Wheels and AWD Drivetrain
Seeing all the posts, I can't imagine a confirmed order will be coming anytime soon. Plus the Pure's aren't even scheduled for first deliveries until the end of this year, is that right?
Super excited! The brand and car are awesome. Mark at the Laguna Studio was great. They were backed up with test drives but hoping to get back there to drive it around soon. Huge investment! But hoping all the hype on the longevity of EV's,it will last for decades.
Looking forward to connecting with everyone!
Rreddrop, welcome. You will find a wealth of information here, especially from some of the stickies that walk you through delivery and items to cover as you are receiving your owner’s orientation. Hydbob can direct you to the them. My sales assistant, who has been awesome and is in the Newark office, recently sent this financial calculator to me which I pass along. Note it has the new pricing and not the legacy version. “Lucid Financial Services recently launched a Lucid Air Payment Calculator to help provide directional guidance on payments for your vehicle.” As far as timing of the Touring and Pure launches he also said, “I couldn’t be more eager to launch Touring and Pure later this year.” I registered my Pure - Zenith Red, 19” Wheels, and AWD, Oct 2020 and am still excited at what this car offers. If the mileage with AWD is significantly less than RWD, I will switch to RWD as I am hoping for as much range as possible for the long road trips we make to see family.
As far as NanoGauntlet’s reply re: figuring in tax rates, at least in NJ there is no sale or use tax on EVs but even the least expensive Air will not qualify for the additional $5,000 incentive. There are also incentives/rebates offered for chargers (I know they aren’t really chargers) by some NJ Utilities.
Occasionally, some of us will get grumpy on here, but the vibe is almost always respectful of differences and positive.
As far as NanoGauntlet’s reply re: figuring in tax rates, at least in NJ there is no sale or use tax on EVs but even the least expensive Air will not qualify for the additional $5,000 incentive. There are also incentives/rebates offered for chargers (I know they aren’t really chargers) by some NJ Utilities.
Occasionally, some of us will get grumpy on here, but the vibe is almost always respectful of differences and positive.
You're lucky CT hits you with a 7.75% tax over $55k and anything below that with the normal 6.35% tax plus registration fee if new or plate transfer fee, for EVs these are relatively low.
Weird how the calculator asks for your State of residence but excludes its tax.
Draco_Malfoy
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Earlier I wanted to cancel my Pure reservation and get my $300 back but I think I'll hold off a little bit. If there is any chance Lucid can deliver the Pure by 12/31/2022 I would still get the $7,500 tax credit, right?
Would like some clarity around this, as well.
