I'm torn between New 2016 & New 2014 ---

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tigger19687

Well-known member
Joined
Feb 10, 2015
Messages
559
Location
MA
I have good deals on BOTH !

I can get the 2014 New for $17k. It has the USB, Locking hub bolts and back up sensors.... NONE of these I want/need. But it comes with it.

OR the 2016 no extra's for around $20k

What makes me torn is the Excise tax we have here in Mass-a-Tax-us Which is based on the MSRP of the vehicle.
Year before Manufacture 50% ($298 roughly)
Year of Manufacture 90% ($536
year after that 60% ($358
year after that 40% ($238
" " " 25% ($152
Then 10% every year

Plus the extra $3k for the car.
Sales tax is only about $260 more for the 2016
And the Insurance will be about $200 more for the 2016.

Seems like I am splitting hairs, and I am. Get a new battery and, hopefully, not have to worry about issues with it. But then again, they both would have the same warranty on it for the same time.
Payments would be about $45 difference. But you know sometimes that difference makes all the world.
I can get the Fed credit (or at least just about all of it- but will need to change my with-holdings to do it soon)
I can also get a Mass Mor-EV check for $2,500

Just putting it out there to see if I can get thoughts on it to help me make up my mind.

* I would get a used 2012 if there was one here in my state that they would sell for under/at $6000. As the 2014 would be $7k after Rebate and fed credit.
 
Resale wouldn't matter to me.
I would keep this car for 12 + years if it lasts that long.

I do have an email out to a dealer in CT that has a Raspberry one, but they want $9k+
If they sell it to me for $6,500 I would go get it today, but then I also need to test the battery.

I will be getting the OBII and CanIon for the i-MiEV --- should buy that now before I forget.
 
Amount of federal tax withheld has nothing to do with the federal tax credit. If your federal tax owed is $7,500 or more, the full tax credit will apply. If tax owed is less than $7,500, you will get the lesser amount as a credit against the taxes owed. Amount of tax withheld will be refunded to you, after the credit is applied.
 
If I am marked as Exempt, they take nothing out. I get more in my check and it ups the amount I have to pay at the end of the year.
Last year I started a business so I was able to take a large start up fee type of deductions- other wise I would have had to pay.
It's a trick that people do to take advantage of credits and such.
 
tigger19687 said:
If I am marked as Exempt, they take nothing out. I get more in my check and it ups the amount I have to pay at the end of the year.
Still doesn't matter at all - Your tax liability at the end of the year - withheld or not - Is all that matters. Changing your withholding won't make a lick of difference

Unless your 2015 tax form shows you owe the government $7500 or more, you're not going to get a $7500 tax credit to buy any EV. Sounds like you need to have a talk with your tax man and get this straightened out before you buy anything - A used EV with no tax credit just might be the cheapest way (by far) for you to go, so you need to get that ironed out before you make a buying mistake

Don
 
No, you don't understand. I owed THIS year, but got it to $0 because I had a new business write off. I won't have that write off next year.
I know I will owe next year. Maybe not the FULL 7500 but darn close to it and changing to exempt will up it a little bit.... trust me, I play with the W-4's all the time and HR hates it when they see me come in.

At anyrate, I decided to go with the 2014 New as I really don't want to pay that much in Excise tax to the state any more.
You don't even want to know what I paid for my F-350 when it was at the 90% mark .


short read, but it is kinda like what I do
http://insideevs.com/accelerating-plug-electric-vehicle-tax-credit-us/
 
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