Plug In Now: Drive Your New Electric Vehicle, EV, Home For $1.00

Posted by on Dec 23, 2017 in Financial planning, Income planning, Income tax saving ideas and strategies., Retirement, Taxes | 0 comments

My Plugged In Life

Hello! As a financial planner for over twenty years my job has always been to help people make really smart decisions about their money and how to achieve the quality of life they desire. In this win-win article, I have set my sights on fighting climate change – the world’s greatest existential threat of mass destruction and extinction on one hand while also helping people significantly elevate the quality of their lives. Learn how here.

Personal story: When Motor Trend chose the new Chevy Bolt as the 2017 Car of the Year[1] I was paying attention. In the aftermath of devastating serial hurricane disasters in Texas, the Gulf Coast, Florida, the Caribbean, and huge wildfires in California, Oregon and Washington State, this pilot is navigating a whole new course. As a lifetime New Englander I have seen the massive destruction of storms like hurricanes Hugo, Gloria, Diana, Edna and Super Storm Sandy, but I have never seen anything on the scale of destruction like the forces we’ve all witnessed in 2017.

Stunned, I developed a program to help people fight climate change on one hand while building a brighter future for Americans and their communities. I aspire to help one hundred people qualify for $10,000 or more in rebates, refunds and tax credits on their next new car purchase – with a catch. They have to be plug in electric and they have to be a new owner before January 1, 2018 when the federal tax credit expires! That adds up to a total benefit of one million dollars. I’ve plugged in and you can too. It’s easy, fun and even profitable. You can own a new plug in car for as little as one dollar net of your cash flows over a three year period if you act now.

Why Electric Plug In?  Economics, fun, convenience and be the future you want. The economics of electric vehicles or EVs are compelling – often surpassing internal combustion engines, ICE vehicles and without all the maintenance. Here’s why. State and federal governments are offering significant financial incentives to purchase vehicles at least partially powered by electric motors. At the top of the list is California offering up to $4,000 income capped refund on top the $7,500 federal income tax credit.[2] Imagine buying a car and getting a kicker of $11,500. That’s almost half the sticker price of some EVs! For instance a 2017 ForTwo Smart Car EV has an MSRP of $23,800. After $10,000 incentives in Massachusetts for example, your cost would be just $13,800 before sales tax for a brand new car! In addition, Mass Electric like other state utility companies offer discounted dealer deals right out of the gate. See table 1b[3] for matching cars and deals to your budget. Also, electric car prices are falling fast.

Plug In Taxes and perks: Sales tax states. Some states have the added perk of either no sales tax (MT, OR, NH) or a sales tax exemption (WA) for an EV or plug in purchase. Others like CO (2.9%) have relatively low rates. Depending on your state, other perks may include free state or municipal recharging and even free parking.[4] Also, several coastal states offer free HOV lane use. I’m in!

Fuel savings; an all electric car is about five times more fuel efficient than gas cars. So instead of $2.50 per gallon at the pumps, you’d pay a 50 cent electric bill to go the same number of miles. Also, operating costs of EVs are much lower simply because they are all electric! There’s no engine or transmission, no pistons, cam shafts, valves, fan belts or timing chains. Fewer moving parts translate to less maintenance. Considering ICE cars have 2000 versus 20 moving parts of EVs. That’s a 100 times as many parts to maintain.  Also, since EV battery life is long, manufacturers warranty the power supply for up to eight years. As the leading performance EV versus price, I limited my review to the new 2017 Chevy Bolt mostly to exemplify the best advantages of EV driving.

Performance: For the price the Chevy Bolt is a quantum leap in driving performance. “The 2017 Bolt EV is a game-changing electric vehicle that delivers long range at an affordable price,” said Steve Majoros, Marketing Director, Chevrolet Cars & Crossovers.” Moreover, after winning Motor Trend’s Car of the Year award “Green Car Journal editors selected the 2017 Bolt for its 238 mile (383 km) driving range, stylish design, pleasing driving dynamics…” https://inhabitat.com/2017-chevy-bolt-wins-coveted-green-car-of-the-year/. With available 50 kW SAE Combo DC fast charging that can add 90 mi (140 km) of range in 30 minutes or fill the battery to 80% capacity in an hour the Bolt has virtually unlimited range. The EPA fuel economy rating is 119 MPG (2L/100 km). Acceleration is a breathtaking 0-60 MPH in 6.3 seconds and attention-grabbing 266 foot pounds of torque. With no engine or transmission the Bolt accelerates smoothly. It’s also noticeably quiet. That’s refreshing in our noisy world.

Road handling in my Chevy Bolt Premier is simply superb. A low position of the batteries under the floor translates into a low CG that permits my Bolt to grip the road on turns like a magnet to metal. That’s much better than most stock cars I’ve driven in my lifetime.

Price: Until July 2017, the Bolt is the only plug-in electric car with a manufacturer’s suggested retail price (MSRP) of less than US $50,000 capable of delivering an EPA-rated range of over 200 mi (320 km).[57] [5]

Convenience: Generally with a plug in electric, you park and plug at work or you tuck your car in for the night by plugging it in at your home. The next morning you are ready to go. No gas stations, no lines, no gas smell, no wait. You’re cruising. Other niceties in some models like the Chevy Bolt EV include remote seat heating and climate control options. You can also remotely check your battery and charging status. Like a superhero it can even melt the ice off your windshield while you’re sipping a morning coffee and reading the news. When you do have to brave those inevitable frigid days, your Bolt can warm you as fast as you can close the door. Safety and entertainment: the Bolt EV comes with OnStar satellite GPS, road service and a built-in Wi-Fi hotspot that connects to the Internet at 4G LTE speeds. It includes OnStar free Data Trial for 3 months or 3GB (whichever comes first). Available 4G LTE Wi-Fi requires compatible mobile device. Options include Apple Play where whatever is in your I-tunes account is playable in your Bolt: Podcasts, music, and audio books with Bluetooth streaming from your I-phone.

Best Time to Buy? When is the best time to purchase? Due to limited state funding of rebate programs the best time to purchase an EV is during the first quarter of the fiscal year. If the fiscal year ends September 30, buy your EV before Christmas and your odds of getting your rebate are generally high. Once state funds run out, the checks stop too. Some states like Massachusetts and California roll your application to their next fiscal year. Those in this category get bumped ahead of anyone who applied after them without having to re-apply.

 

Table 1B. Massachusetts Incentives by EV Make.     * Model only available in California

Make and Model

 

 

RANGE

 

 

MSRP

 

 

Mass Energy

Top 2017 Green

Discount

Fed Credit

(Expired 12/31/17)

Thank s to the GOP

 

 

Total discounts and credits Net cost before sales tax and refund
BMW i3 114  

$47,145

 

$14,000 $7,500 $21,500 $25,645
Chevrolet Bolt LT 238 $37,495 $5,500 $7,500 $13,000 $24,495
Chevrolet Bolt Premier 238 $41,780 $5,500 $7,500 $13,000 $28,780
Fiat 500e 84 $33,990 $00.00 $7,500 $7,500 $26,490
Ford Focus Electric 76 $29,120 $00.00 $7,500 $7,500 $21,620
Hyundai Ioniq Electric * 100 $31,000 $00.00 $7,500 $7,500 $23,500
Kia Optima Plug in Hybrid 27 $36,155 $4,500 $7,500 $12,000 $24,155
Smart Fortwo 70-80 $24,550 $2,000 $7,500 $9,500 $15,050
Nissan Leaf S30 105 $30,680 $00.00 $7,500 $7,500 $23,180
Chevy Volt Premier 53/400 $39,435 $6,500 $7,500 $14,000 $25,435
Chevy Volt LT 53/400 $34,095 $6,500 $7,500 $14,000 $20,095
Tesla Model S 238 $74,500 $00.00 $7,500 $7,500 $67,000
Tesla Model X Model 90D 257 $79,500 $00.00 $7,500 $7,500 $72,000

What are the deals? Incentives are packaged in Federal, state and local programs. The goal is to get you into an EV soon. Federal credits (see table) vary by car battery capacity and whether they are hybrids or pure electric vehicles. This credit will reduce your federal income tax by the same amount. If you owe IRS $6,000, for example, it will wipe out that tax. However, you cannot carry forward the remaining $1,500 to the next tax year. So plan wisely. This could be the opportunity for you to take extra income in the current tax year and pay no federal income tax on it.

State programs vary and they have their own rules. Check out your state in the accompanying table to see how much you could benefit.

Some local communities like Long Island, NY PSEG customers can qualify for an additional $10,000 rebate, but just for a new Nissan Leaf. That’s on top of a state $2,000 NYSERDA refund. Combined with the federal tax credit, that’s a $19,500 total incentive to drive an EV and cleaner air back to your community.

How do programs work? You may qualify for the state and federal benefits whether you buy or lease an EV. Check prices and programs at local dealers. Caution: They are likely to steer you away from local incentives. In fact, they’re unlikely to even mention it. Why? You guessed it. They make a lot more profit for a car sale outside these programs.

Best deal: use a car loan to purchase your EV, take your tax refund and state refund and pay down loan. If you traded or sold your old ICE car, you may come out ahead with no debt and a little extra cash in your pocket. You can save big with our BUY A NEW CAR AND MAKE MONEY WITHOUT ANXIETY OR CONFUSION program.

Table: Plug-in electric/gas hybrids Fed Tax Credit (Expires on 31 Dec, 2017).

Table 3. Federal Tax Credit by auto make.

One of many financial incentives to buy an EV

Audi A3 e-tron $4,205
BMW i3 (with range extender) $7,500
BMW i8 $3,793
Chevrolet Volt $7,500
Chrysler Pacifica $7,500
Ford C-Max Energi $4,007
Ford Fusion Energi $4,007
Hyundai Sonata Plug-In Hybrid $4,919
Kia Optima Plug-In $4,919
Toyota Prius Prime $4,502
Volvo XC90 T8 $4,585

 

Table 4. Top Plug In EV incentives by State.

State Max Credit or Refund Tax rate Free charging Local website State web link
MA $2,500 6.25% Yes http://massenergywebservices.com/drivegreen/table-all.php#bolt_pre https://mor-ev.org/
CO $5,000 2.9% Yes https://www.chargepoint.com/drivers/incentives/ www.chargeaheadcolorado.com/
LA $2,500 4% Limited https://www.chargepoint.com/drivers/incentives/ www.chargeaheadcolorado.co
NY $2,000 4% Yes https://www.chargepoint.com/drivers/incentives/

How Do You Qualify? The first five hundred get this deep discount car buying system absolutely 100% free of charge. But you must act now. Congress is working hard to repeal the $7,500 federal tax credit after the 2017 tax year. Don’t lose out. Download your BUY A NEW CAR AND MAKE MONEY WITHOUT ANXIETY OR CONFUSION Strategy now and you too can save 25-50% off your next car purchase with just a few hours of your time. To give yourself enough time to research your next purchase and to execute the system I created, the BUY A NEW CAR AND MAKE MONEY WITHOUT ANXIETY OR CONFUSION for you, please respond by midnight E.T. December 27. You have nothing to lose. Consider it my holiday gift to you. It likely will be the biggest gift by far you’ll receive in 2017!

Conclusion: Electric automobiles are a leap forward in driving experience for three very big reasons: First, buyers may get state and company financial incentives. Second, employers, cities and states offer free plugin refueling and last but certainly not least, they deliver cleaner air for our planet and make our driving experience, well, electrifying. You can lead others to this experience and pump cleaner air and thousands of dollars back into your community just by following the steps listed on “BUY A NEW CAR AND MAKE MONEY WITHOUT ANXIETY OR CONFUSION” Register to be the first in the know about great money tips and be one of the first 500 to download whitepaper. You have a very limited time to act. I will close this free offer to drive you EV plug in home after 500 downloads of this free whitepaper. To get your free copy explaining exactly how to land your own deeply discounted plugin deal sign up at info@WomenWealthWisdom.com  I’ll send a free copy to the first 500 who register. Please include your full name, contact phone and email address. Note: This article was originally written in October, 2017. Plug In Vehicles became $7,500 more expensive as of January 1, 2018 because our congress and Whitehouse cut it in  the 2018 tax bill. That said, you can still save with discounts of 4-5 digit figures with my step by step white paper.

Last, it’s important to view car buying is a five year cycle and not a single event. Here’s why: The average car is driven about 15,000 miles per year. More and more of today’s cars are making the 150,000 marker. For planning purposes, I’m using a five year cash planning cycle. That means that your car purchase is NOT a separate event in one month or one year. It’s different for plugins purchased in 2017. For them I’m looking at it from the perspective of a three year cycle because of the state and federal financial incentives which dramatically reduce the cost of ownership. For 2018 and beyond it is best to use a five year cost. Simply extend the three year annual costs and savings in my article to spread them over a five year time period to disclose your actual costs. When you do this, you may find some models that will cost you very little – if anything – over the five year analysis. Don’t loose out. Act now and claim your prize. Happy cruising!

[1] http://www.motortrend.com/news/chevrolet-bolt-ev-2017-car-of-the-year

[2] https://cleanvehiclerebate.org/eng/eligibility-guidelines

[3] Dealer prices may vary by model year and the date you decide to make your car buying deal.

[4] Varies by state and city.

[5] https://en.wikipedia.org/wiki/Chevrolet_Bolt

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