Bailout package contains tax credits for Chevy Volt buyers
- October 6th, 2008
- 3 Comments
The Chevy Volt, Detroit’s answer to the Toyota Prius, just became a lot more advantageous, tax-wise. That is, of course, provided you can afford the $40,000 price in the first place.
Tucked in that bailout package that Congress passed last week is a $4,000 tax credit for cars that have a 4 kWh (or greater) battery. Right now, the only car that meets that is the Volt. Such tax credits top out at $7,500.
Not everyone has reacted positively to the news. Some see it as pork—Washington trying to bail out Detroit—and others don’t see how this benefits the average citizen. You’re talking about a $40,000 car (which isn’t exactly cheap) that saves you X amount per year on gasoline. (X amount depends on where you live.) Wouldn’t a less expensive hybrid be more cost effective for the average person?
And I totally love how one of the commenters from Daily Tech’s post is all, “$7,500 to drive a Chevy? Not enough.” Not that I’ve ever driven a Chevy, but the cynicism made me snicker.
jj50 (Who am I?)
1 month ago
I love how everyone got all spun into believing that the bailout was necessary to save our economy. Hooey. It’s saving rich people from their own mistakes. Like the Volt. Suckers.
John Maszka (Who am I?)
1 month ago
This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not give the money directly to the American taxpayer? A bird in the hand is worth two in the bush administration.