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
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?
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”?
| 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 |
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 |
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.
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.
Would like some clarity around this, as well.
