Tax Incentives for Electric and Clean-Fuel Vehicles

Just getting ready for taxes next year. Did you know that buying electric vehicles can get you a tax credit? They'll give you 10% of the value of the car back. I'm not talking tax deduction, but a flat out credit. The difference? A deduction is when a certain amount is deducted from your income...in essence the feds give you back about 33% of whatever is amount is deducted. A credit is when they just give you that amount as a tax refund. So a $1000 deduction would net you about $333, while a $1000 credit will net you $1000. So for my Th!nk Neighbor, the value of the car is $7800, so I get a $780 (10%) credit. For the Sparrow, the sticker price is $17000, so that's $1700 credit. That's about $2500 bucks! If I apply that towards the price of the Th!nk EV, we'll have bought the car for only $2000!! If I keep it for 3 years and sell it for 3K, I'll have made a thousand bucks and have the use of a car for 3 years AND save all of that gas that I would have spent going to the market and post office around town. Ahhh...the benefits of EV ownership :)

I was thinking about selling the Th!nk Neighbor, but I think we're just going to keep it and buy liability insurance for it. Shweeet....2 EVs for Ginger and me.