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If you live in Oklahoma, you have until December 31, 2009 to buy an electric car for about $900. Through a combination of federal and state tax credits, the Kandi Coco drops from its retail price of $10,600 to a cool $865. The federal tax credit amounts to $4,435 while the state is offering a 50 percent tax credit.
Well, now let's get down to what you get for your $900. The Coco is a neighborhood electric vehicle, and trust us, you won't be leaving your neighborhood in it. The maximum speed it can reach is 25 mph. But if you've ever considered buying a golf cart for getting around, this is a much sweeter option, and with the tax credits, actually cheaper. It charges in six to seven hours, has an AM/FM radio and comes in yellow, red, blue and black.
So, while the market for such a car is limited, and the market for such a car in Oklahoma is even more limited, those who do fall into that demographic have the chance to score a pretty sweet deal.
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written by baby cribs, December 17, 2009
I have to think about this. Electric cars are cheaper in many ways and it also can help us and the environment.
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written by nony, December 17, 2009
Barney, it's a tax credit, not deduction. a buyer will be able to take the full amount off the top of his tax bill, that's the entire $4,435 if they owe that much. plus what they cut from the state tax bill. the downside is that many(45%)of workers pay no or little tax. this could be alleviated if buyers were able to carry over any left over credit.
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written by gittenlucky, December 17, 2009
An enclosed version that can be used in rain, cold weather, etc....
Why must electric cars be so much like a golf cart? They can be made usable...
Why must electric cars be so much like a golf cart? They can be made usable...
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written by BruceMcF, December 17, 2009
... a tax credit is "x% of this counts against your tax owed". A refundable tax credit means you still get if even if it makes your tax owed under $0 ... IOW, money back.
A tax deduction is what counts against your earned income to reduce your liability, where the impact depends on your income tax bracket.
Also, bear in mind that the 33% tax bracket or higher kicks in around $160,000 for singles. Over 15 in 16 households earn under $150,000, so 33%+ tax bracket is at least a little bit unusual.
A tax deduction is what counts against your earned income to reduce your liability, where the impact depends on your income tax bracket.
Also, bear in mind that the 33% tax bracket or higher kicks in around $160,000 for singles. Over 15 in 16 households earn under $150,000, so 33%+ tax bracket is at least a little bit unusual.
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written by Timetrvlr, December 17, 2009
Gotta be the perfect vehicle for Golfers, those in gated communities, urban dwellers, and seniors for recreation (I'm one of those). I have a Chinese-made electric scooter of about equal capabilities that I paid $1900. for last spring. It's not particularly useful to me but I enjoy cruising the neighbourhood with it. I'd live the opportunity to buy one of these little carts at that price.
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written by Doc Rings, December 17, 2009
... perfect for over here! The top speed is 60 km/hr (or about 37 mph). Most streets you could easily get away with 25 mph for urban traffic. I commute exactly two miles to work, and two miles back home.
Heck, you can't even get a decent 75cc scooter new for under $2000.
Heck, you can't even get a decent 75cc scooter new for under $2000.
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written by Bruce, December 17, 2009
I own ElectricCars.com... Things that are too good to be true are usually false! The reason to buy an electric car are to help the earth, end oil dependancy, reduce cancers, clean the air, end the 700 billion we're sending open each year, stop the "drill drill drill" chants, etc etc These credits bring out the "moocher mentality". As far as I know the fed credit is $2500 and OK is already fighting EV credit claims in court cases and winning. Many EV sallers are making promises that may not be true and their customers will be p'ev'd when they don't get their cars for almost nothing (serves them right). From my standpoint I sell people on the "real" reasons to buy these cars not the promise of something for nothing. If people need to buy EVs for nothing, they just dont get it. They will though... in about 3 years gas will skyrocket again. and again. and again.
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written by jim stack, December 18, 2009
This is a rip off. It's just a golf cart and have old lead acid batteries. It's an abuse of the funds to make cars cleaner.
This ends 12-31-2009,thank goodness some one stopped the rip off from continuing
This ends 12-31-2009,thank goodness some one stopped the rip off from continuing
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written by Electric, December 19, 2009
Oh? hues, I wish we have such problems. We hane no any electric car at all in Ukraine
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written by Anon, December 20, 2009
Bruce, I just checked out your website. The majority of the EVs you sell are almost exactly like this little car. They are only licensed to be driven in neighborhoods. How, exactly, do you justify telling your customers that an electric -golf cart- will "help the earth, end oil dependancy, reduce cancers, clean the air..." etc? Oh, and you point out the FEDERAL tax credit on your website so I'm sure if you were in Oklahoma you'd be trying to cash in on the state credit as well.
That said, the Oklahoma retailer selling these cars has already put a guarantee in place with regards to the state tax credit:
So, in an effort to raise our customer’s comfort level, we are going to guarantee these credits by way of a written agreement stating that if you do not receive the 50% state tax credit then we will repay you the 50% of your purchase.
The guarantee is their current splash page, for goodness sakes.
That said, the Oklahoma retailer selling these cars has already put a guarantee in place with regards to the state tax credit:
So, in an effort to raise our customer’s comfort level, we are going to guarantee these credits by way of a written agreement stating that if you do not receive the 50% state tax credit then we will repay you the 50% of your purchase.
The guarantee is their current splash page, for goodness sakes.
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written by Joe, December 23, 2009
Barney, a tax credit is a direct reduction of the taxes you pay, not a deduction from income.
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written by Armny, December 23, 2009
About 14 or more years ago a similar vehicle was offered for sale in Phoenix, AZ. With all the discounts and tax incentives it was about the same price. It was a neat vehicle but, because of it's maximum speed, it could only be used on roads with a 35mph or less speed limit. Interestingly, the salesman's modified model could hit 70mph. The top speed of the standard vehicle was limited because of safety and licensing requirements!
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written by Wall MIrror Gall, October 02, 2010
I wonder if there are similar tax credits and discounts offered this year for an electric car.
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I'm a little fuzzy on your math. Since the state and federal monies are tax credits you will get some money back when you file in the spring. Therefore, when you buy it you must come up with $10600 (plus other fees such as title fees).
OK, now you're out $10600 for your street legal golf cart. Now the feds will allow you to deduct $4435 in the spring. If you are in the 33% tax bracket (not unusual) you will actually pay $1478 less on your fed taxes as a result of this purchase. The state benefit of 50% is also a tax credit, but state tax is probably a small % (7%??). So 7% of $5300, or $371. So you'll get back $1478 + $371 = $1849 in the spring, after laying down $10600 in December. Not exactly the $900 car you were expecting. Perhaps there is an error in the text of the article?