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.
Photo: GM
Source: GM-Volt
Sounds great, but I live in a Condo in Chicago without access to any electricity outside of my 3rd floor unit. Any help for us urban dwellers?
Hi Heather!
Thanks for the question, and it’s a really good one. I’m going to look around and see if I can get a hold of the Volt team and see what they say. I’ve been following the progress of this car for over a year now and have been on their E-mail update list for as long. I’ll post the answer to you’re question as soon as I find out.
Thanks,
Adam Shake
“Sounds great, but I live in a Condo in Chicago without access to any electricity outside of my 3rd floor unit. Any help for us urban dwellers?”
– Sure, buy foreclosed home at auction for 60% of its value. You’ll get a convenient electricity plug, and there will be one less abandoned home weighing down the battered housing market. Everybody wins
Or GM makes $7,500 more. GM likely make more per car because it can now charge more.
It might be a good technology Adam, but tax credits don’t make the car cheaper, they just force someone ELSE to pay money $7500 towards your car.
Thanks for the comment John. You may be right. If the government offers a tax credit in for purchasing an Electric Vehicle, I for one, am all for it.
Joe,
good point, but let’s look at it like this. I would bet that if you had the opportunity to receive tax credit on solar panels for you’re house, or Energy Star rated appliances, you would take it.
Tax credits are there to help drive industry. They help drive alternate fuels and renewable energy start-ups (among other things) I’m fine with it.
$7,500 off, what does that make the base price now?
I dispute your contention that this $7500 means the Volt will now be $7500 cheaper.
GM has not announced an official final price for the Volt. I suspect that this $7500 will affect that announcement. So the buyer will not make this amount, GM will.
I don’t have a problem with this. Whatever it takes to get cars like this out there.
Стиральные машины, духовые шкафы, встраиваемая бытовая техника, малая бытовая техника, холодильники.