Hello All
Does anyone have a list of EVs that qualify for the $7500 federal and full $4000 NJ incentives? I keep getting conflicting information.
Is the rule any car under a msrp of $45k or selling price of under $45k gets the full $4k?
Any clarity would be greatly appreciated.
If you pay to support the site by becoming a super supporter, you will get access to the super support’s
calculator. You’ll gain access to money factor and residual value, as well as manufacturer incentives
I don’t think it would show the NJ rebate though, only rebates administered thru the lenders.
It wouldn’t show state specific rebates but it would address the $7500 rebate question.
2023 Model Year
" * " may go over MSRP cap with options
MSRP cap is based on the MSRP before destination fees and added accessories, selling price is irrelevant (unfortunetly)
Is this from the manufacturer and separate from the $7500 ev rebate?
Government Commercial EV Tax Credit $7500 > Leasing Company Claims Credit > Passes it onto the Consumer in the from of a Lease Bonus
But isn’t Hyundai passing on way more than $1500?
My post is in relation to the Charge Up NJ state incentive. They do pass the full $7500 in the lease for most terms.
Thanks all for the comments. I’m still a bit confused about the NJ rebate. Let’s use the BZ4x as an example since I’m actually interested in the car. They can only apply the lease bonus or the Fed and NJ rebates? They can’t apply all three is that correct?
I visited my local Subaru dealer today, they didn’t even know what the NJ $4K was. Sales manager came out and everything, had no idea what I was talking about. They offered me a Soltarra @ $399 month/ $4k down 36 month 12k. I think that’s what the manufacture is giving at the moment.
All the rules and terms are all confusing. The $7500 New Clean Vehicle Federal Tax Credit is claimed on your taxes during tax season of the year your purchased the vehicle, this is not eligible on leases since you do to personally own the vehicle.
The lease bonus/rebates/incentives (typically $7500 lease cash, can be more or less) is in lieu of the NCV tax credit. The leasing company is able to claim a separate tax credit for themselves, the Commercial Clean Vehicle Credit, which qualifies all EVs unlike the NCV Credit that has assembly and battery origin restrictions. Any lessor is able to claim a to $7500 tax credit on eligible Plug-In vehicles (battery larger than 7kWh on vehicles less than 14,000 pounds), it is at their discretion to pass the full $7500 to the consumer. The dealer has no say in this. It is up to the banks.
The Charge Up NJ incentive is up to $4000 for vehicles <$45,000 and $1500 for vehicles >$45,000 and <$55,000. This is applied by an eligible dealer at point of sale. It MUST be applied at the time of sale, if any dealer tells you that you can apply for it after that is INCORRECT.
Let’s use the Subaru Solterra as an example. This vehicle is not eligible for NCV tax credit that you can claim if you PURCHASED it. If you LEASED it, Subaru is passing $7500 worth of lease cash to the lessee. In addition, they can also apply up to $4000 onto the lease. The Solterra Premium starts at $44,995, this means you can only get the Solterra in Galactic Black or Smoked Carbon, getting any other color will cost you $395 which will push it over the $45k threshold and reduce the incentive from $4000 to $1500. Any additional accessories like floor mats, cargo nets, etc. and the Destination Charge are not counted in the MSRP cap.
Thanks for this! makes much more sense now. I’m noticing my local dealers which all happen to be the same owners don’t recognize or refuse to recognize the additional $4000 at point of sales. This includes the Toyota/ Subaru EV and the VW ID4.
Thanks again for this. My search continues!
Here is a list of the eligible vehicles, directly from the site. Keep in mind destination fee is not part of the numbers seem on the list. When shopping for cars, some dealers will try to be slick and pocket the 4K. It happened to me quite a few times, just move on and reach out to other dealers.
Thanks for this! And you are absolutely correct, thus far the dealerships I’ve talked to play dumb with the NJ Incentive.
The Chevy Bolt should be a ridiculously cheap lease no? With the fed and NJ rebates on top of that the car itself is relatively inexpensive.
Not sure if this is the case and how exactly it works but the dealership needs to be enrolled to NJ chargeup program
Leaving this here for learning purposes.
I had a dealer tell me that NJ is no longer offering the full $4000 since they have met their allotted budget for the NJ Driven Program. Interesting if this is true. There is no way for us as consumers to find out if this is true.
Real time available founding.
Change the dealer please…
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