Federal Rebate on Electric Vehicles?

Im thinking of buying a Tesla Model S, im only 18 and i pay my way though college but i figured if i start paying for a Model S now, by the time im 23 ill be more than half way done and ill have a job as a radiologic tech, then when im 26 i would have a fully paid electric car and i would never have to worry about gas again

i just have no idea what the federal rebate is when you buy an electric car, does this mean the gov't pays $7.5k towards my car? or that they take out less money from my pay check?

someone please help, im from new york.

2 Answers

  • Eric P
    Lv 6
    6 years ago
    Favorite Answer

    The government compensation for electric vehicle purchase is a tax credit. When you complete your taxes for the year of the purchase, you'll include that you purchased the vehicle that year and then you will receive the amount of the tax credit, plus or minus any additional tax rebates or amounts due. It's completely separate from your paycheck.

    It's a great idea to gradually put money away for a car. That way, you're collecting interest instead of paying it. Don't limit yourself to the one car model, though. Eight years from now, there will likely be completely different (likely less-expensive) electric vehicles (and other technologies) available.

  • 6 years ago

    I'm sorry but you do realize the car is $90K+ right?

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