12.23.23
In 2024 there is going to be a big change in the rebate program. It is a technical change.
The Rebate will be given as a discount by the dealer at purchase, not as a tax return rebate 1+ years later.
However, there is another critical change.
Cars losing rebate
Due to battery component and material sources requirements, some models are going to lose their Rebate entirely on Purchase:
- Ford Mach-E
- VW ID4 (probably)
- Tesla Model 3 SR and LR
- Nissan Leaf
- Rivian (from $3750 to $0)
- Chevy Blazer EV (coming)
- Cadillac Lyriq (1k/Mo)
Cars still not qualified
Some EV's were not qualified for a rebate in 2023 and will still be disqualified in 2024:
- All Kia/Hyundai/Genesis
- All VW and subsidiaries besides ID4.
- BMW
- Mercedes
- Volvo/Polestar
- Nissan
- Lucid
- Fisker
- Basically all foreign EV's
Cars keeping full rebate on purchase:
- Tesla Model Y SR
- Tesla Model Y LR
- Tesla Model Y Performance
- Tesla Model 3 Performance
- Model X LR
- Tesla Cybertruck LR
- Ford Lightning
- Chevy Equinox EV(coming)
- Chevy Silverado EV(2025)
- Chevy Bolt (discontinued)
- Chrysler Pacifica PHEV
Some sellers would probably give their own incentive/Discount to partially or fully match the missing rebate like Hyundai/Kia/Genesis, VW corp, Volvo/Polestar, GM, Ford and German companies, as well as Tesla for the 3SR and 3LR (however, only Tesla is still profitable).
All companies and Unions are trying to change this incentive cut. There is a good chance for that due to the influence of Unions, Ford, GM in the current administration.
Any such decision would mostly benefit Tesla since their production and Sales are the highest by far.
Leasing EV's
EV's on lease are all qualified
For a $7500 rebate to the Seller without any limits,
- Not in the country built in.
- Not in the Owner's earnings.
- Not in the Components and material sources.
- Not in Purchase price.
The only problem is that the seller gets the rebate, it is hard to tell how much is passed on to the buyer.
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