The Inflation Reduction Act’s electric vehicle tax credit won’t be enough to convince many drivers to buy a new car, but it will be a nice bonus for those already planning to buy one, they said. Americans in the nation’s capital for Fox News.
“We won’t even think about it because we don’t have the disposable income to buy a new car, even with the incentive,” David told Fox News, adding that he thought it was a great idea for those who could afford it. that. “We need to get more electric vehicles on the road and every little bit helps.”
President Biden signed the Inflation Reduction Act into law on Tuesday. It earmarked $370 billion for energy and climate initiatives, including a tax credit of up to $7,500 for electric vehicles, though it is only available to a selected list of cars collected in North America.
Several people told Fox News that the country’s infrastructure doesn’t make driving an electric vehicle practical.
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“If I wanted to go long distances, there aren’t enough charging bays to get me that far in the first place,” Alyx said. “And then you have to buy all that extra stuff to put in your garage or driveway.”
Coran said: “There is still more … infrastructure that needs to be put in place and understood to be more effective.”
One man, Jean, told Fox News that he tried to buy a Tesla a few years ago, but the wait was so long that he eventually gave up. But with the new tax credit, he’s thinking of trying again.
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“With $7,500 free added to my deposit, I would definitely go and buy a new electric,” Jean told Fox News. “I am not saying that I will buy the car within the next few months, but within the next few years.”
Sedans cannot cost more than $55,000 to qualify for the loan, while SUVs and pickup trucks are capped at $80,000. But those prices are still out of the budgets of many drivers who spoke to Fox News.
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“What is $7,500 really worth versus the cost of an electric car?” Said Cathy, from Lincoln, Nebraska. She added that the best approach is to buy an affordable car, pay it off and own it outright.
“We should live within our means, not live above our means. And I think that’s what I see our government doing,” Cathy continued. “They’re living beyond what they can afford and pretend there’s no tomorrow.”
For some, helping the environment is a bigger motivating factor than any government incentives.
“It’s good that they’re taking money away, but I don’t think I’d buy one because of the cheap money,” Alexandra said. “I think I would just do it because it’s good for the environment.”
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Kristi told Fox News: “We’re very excited about getting an electric vehicle. Maybe not next year because we’re the kind of family that keeps our cars until they die.”
She said she hopes the climate initiatives in the bill will make a meaningful difference to the environment. The bill would impose new fees on methane emissions and provide tax credits for certain types of electricity, fuel and vehicles considered more environmentally friendly.
“I feel like my generation, which is the baby boomers, has had the advantage of all the economic growth over the years,” Kristi said. “So I worry about my children and grandchildren. So I really want to see the world preserved for them.”
But others expressed doubts that the legislation would help bring down temperatures any sooner.
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“We’re going to be dealing with this heat for the rest of the summer, maybe for a few more years,” Alana said. “I don’t think it’s going to go down for a while.”
Russell told Fox News: “Right now, an electric car is more of a Band-Aid on the climate issue.”
“Electric cars in general are not sustainable,” he said. “A sustainable life would be more trains, more just more walking, and density in urban areas as a whole.”