Our Mach-E, ordered in April 2022, is now built and will arrive in January. It’s a RWD Select, as basic as it gets. When I ordered, I had calculated TCO with the $7500 tax credit.
What I get now is $3000 off (difference between 2022 and 2023 pricing) as well as a $2000 state EV incentive.
I haven’t looked into how “flippable” it is - do folks usually receive MSRP when selling, in which case there might be a bit of profit to be had? Otherwise, I guess I’ll just refuse delivery.
Any other options? I’d hate to just say No Thanks after waiting for so long, but the lack of tax credit kinda changes everything.
Unless you look into how “flippable” they are in your local market, your guess is as good as anyone’s is. IMO, if you’re looking to flip for a quick buck and not planning on keeping, I’d pass in this environment. Lots are starting to fill back up, interest rates are rising and people aren’t buying as quick as they were last year, so the days of overpaying for a used car are quickly drying up as well. What happens if you’re stuck with it, or are faced with selling at a loss?
Buy it and drive it? If you’re looking at another angle to flip for profit, you’re outta luck unless you find someone to fleece and overpay you.
Thanks for your input! Certainly would never want to “fleece” anybody, was more thinking selling to dealer or national company.
What kind of purchase agreement do you have? You may trigger the transition rule for the IRA and still be able to claim $7500.
I have a signed and dated purchase order from the dealership. I had read that the only way to claim the $7500 would be to take delivery in 2022. Has the IRS issued any more guidance in regards to vehicles ordered before the implementation of the IRA, but delivered in 2023?
There is absolutely nothing in the IRA language that specifies that
If you having a binding contract signed before the law changed in August, you can get the full $7,500 even if you do not take delivery of the car until 2023.
@mllcb42 I haven’t read the actual legislation, that’s beyond my pay grade. Just gathered info from this forum, and that’s what the consensus seemed to be. In your view, would we be able to claim the tax credit on 2022 taxes?
No, youd claim it on your 2023 (or whatever year you take delivery) taxes most likely.
However, if you can simply walk away from the deal with no penalty, you may not have a binding contract that would allow you to claim the tax credit. Nobody really knows how this will work or how strict the IRS will be on the binding contract issue.
Probably not very strict considering how decimated the IRS has become. I’m also guessing the administration doesn’t want to look like a bunch of anti-EV penny pinchers, especially after they changed the tax credit rules.
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