I was looking at used Evs and I keep seeing 1 or 2 yr old VW id4s with very little miles for like $25-30k. Is there a reason why they lose their value so quickly? I even saw a 2022 Pro S with 2k miles for $28k. Someone basically lost $20k driving it off the lot 😓
In Massachusetts, an ID.4 has $11,000 in tax credits. The vehicle will immediately lose that amount in value, since new cars are available to anyone who wants it.
That means deprecation starts from there, so they didn’t lose $20,000 they lose $9,000 which is a lot less weird
Actually, can’t you get the Massachusetts specific state tax rebate on any electric car, whether it’s new or used?
https://mor-ev.org/eligibility
Yes, but the used program has additional income restrictions that does not apply to the new program.
So your mate buys a car, he gets tax credit.
You buy it from him, you get tax credit.
Your mate buys it back, he gets another tax credit.
Repeat as needed.
It seems you’d have to give back your tax credit when selling for that to work.
If you read the fine print you are supposed to keep the car for 36 months. I bought in 2021 and am coming up on 3 years of ownership in March. I have emailed mor-ev multiple times and they have told me different stories when I asked about claiming additional credits before the 36 months pass.
The first time they told me they were understaffed and to just submit another claim for the credit if I bought a new car and to not worry about the 36 month requirement, because no one is checking it.
The second time they told me you are only eligible for the credit every 36 months.
I guess you’d have to roll the dice and see lol
Not everyone qualifies for the $7500, so there are buyers who would buy above that.
Partly why I leased my Model 3 in Feb- it was $45k new and now that is down to $36k, plus the $11k in incentives.
Throw in interest, lost opportunity cost on the down payment, it’ll end up being a wash after 36 months.