Chevy Volt Now $7,500 Cheaper Thanks to Economic Bailout
The 700 Billion dollar bailout bill just passed the house, and automakers got $25 billion in low interest government loans, and plug-in tax credits have now been passed by both the House and the Senate, making the Chevy Volt $7,500 cheaper.
The bill passed by the House 263 to 171, and is certain to be signed by Bush. What this means to future Volt buyers is what’s called the Transportation and Domestic Fuel Security Provision.
This provision provides a tax credit for buyers of plug-in electric vehicles and provides a base of $2,500 plus an additional $417 per kwh for batteries greater than 4 kwh. For the Chevy Volt, that works out to $7,500 per car.
But act quick, the credit will be applied to the first 250,000 plug-in cars sold in the US and will be phased out to 50% for the following two quarters, and 25% for the two quarters after that before ending. The total cost of the credits will be $758 million.