I’m assuming most people in this forum won’t qualify, but I think it’s a good attempt to get some of the more polluting cars off the road.
The net-net on this new program:
Max incentive up to $14k. $12k for the car, $2k for a charger.
If you don’t have a vehicle to scrap, it’s max $12k ($10k for the car, $2k for charger)
Expanded eligibility up to 300% of the federal poverty level ($45k if you live alone, $93k if you’re a family of 4)
Stackable with the federal EV rebate since this is a state program
Can’t be applied retroactively
It doesn’t specifically say you have to buy an EV, just a “more efficient” car, so a mild hybrid or PHEV works too.
Living in LA and breating this pollution on the daily, I am all for the program. Seems like a good way to get the people that truly can’t afford to be spending money on cars, a more efficient and better car. This would bring the basic Model 3 to $18.5k?
Bay Area resident here - I’m with you @MB_Fan - I’m all for lowering the pollution and wish they had these programs on a sliding scale vs hard set parameters - imo it would likely pull more people into the program - I know a lot of people making north of 120k who are pretty strapped financially and would be swayed by a % of this credit vs nothing at all
Yes concur that it doesn’t make sense financially for people who are qualified based on income level to purchase a new EV. However, for those that do qualify they can stack the incentives on the insane lease deals for the Nissan Ariya, Leaf, Chevy Blazer EV, and Ioniq 5 & 6 deals.
Hm, doubting if this makes sense/is enough of a help.
Say you make the max, $45k - that’s a take home pay of $3,045 a month in CA.
The average age of a car is 12.6 years old in the USA (according to PBS), making the car a 2012 model. In 2012, the average mpg for new cars was 23.8 (according to the environmental defense fund). The average American drives 13.7k miles (Federal Highway Administration). The average gas price today is $4.8/gal in CA (from AAA). Assuming no performance degradation, no maintenance costs, no breakdowns on a 12yr old car, etc. Pure gas cost is $2,763/year, $230/month.
Let’s say you get a Model 3. MSRP $39k. Put in the 12k CARB +7.5k Federal incentive - $19.5k. That remains a $21k to finance @3% APR for 60 mo according to the Tesla promotion. That’s $376/mo + electricity cost if you get the free install in your home.
Well, this doesn’t help as much as I thought. Maybe maintenance costs can help balance the scales on new vs 12 yr car, but spending 12% of your take home on a car payment seems rough.
Edit: The Nissan Leaf S gives you $3.5k Fed + the $12k CARB - $15.5k. I’ve seen dealers advertise $1k off on these, so that could bring this down to $266/mo including tax for 60 mo @ 5% APR. That’s more doable?
Price cap of 45k and it doesn’t look like it has dealer restrictions. Only for new incentive participants
Can this stack with replace your ride? It says you don’t have to scrap, so if you scrap with Replace Your Ride for 9k, then use this, you get 10k? So 19k CA incentive? Or am I stupid? Free money if you lease?
