How soft is the new EV car market? Some EV vehicles have been on their lots for so long that they’re offering lease terms so generous, they may as well be giving them away.
A Kia dealer in Virginia only gets a couple of inquiries a month for EVs. The price tag of new vehicles scares them off, says Finance Director Ramon Nawabi. He’s got a few EV 6 SUVs that have been on the lot for six months that Kia is now offering discounted leases on top of the $7,500 EV tax credit “just to move the car,” he says. “In a sense, we’re giving them away.”
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That $7500 tax credit helped dealers sell a million EVs in 2022. However, the misnamed Inflation Reduction Act severely limited how that $7500 tax credit could be applied. There are now price caps for EVs ($80,000 for SUVs and trucks; $55,000 for cars), and the batteries must be American-made. Also, the vehicles must be assembled in the U.S. There’s also a cap on the net income of the potential buyer.
But you can avoid the restrictions if you lease a new EV. “That’s allowed car companies or dealers to bundle the $7,500 tax credit savings into the lease financing cost, lowering consumers’ monthly payments,” reports Bloomberg News.
Dealers say many people shopping for an electric car today aren’t aware that the rules have changed and haven’t budgeted for higher prices. “I think the $7,500 is a must in this climate,” says Andrew Starling, dealer principal at Starling Automotive Group, which operates a Chevy dealership in Orlando and other dealerships in Florida and South Carolina.
The carmaker with the highest percentage of EV leases in the first quarter of 2024 was BMW AG, at 89%, followed by Volkswagen AG’s Audi at 87%. Tesla Inc., the biggest EV maker in the US, leases just 24% of its cars, according to Cox.
Sebastian Mackensen, BMW of North America’s chief executive officer and president, says leasing appeals to customers who like the idea of EVs but aren’t ready to make a long-term commitment to an evolving technology. “You have the flexibility to hand the car back,” he says. Buying an EV can be risky if battery technology or market demand changes and the car loses its resale value. […]
— Read More: pjmedia.com
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Hedge Fund Billionaire Threatens to Pull Out of Stock Market if Kamala Harris Wins
by Publius
In a striking revelation, Republican megadonor and hedge fund billionaire John Paulson has made it clear that a Kamala Harris presidency would send him scrambling for safety, pulling his money out of the stock market due to what he describes as “uncertainty” surrounding her economic policies. This isn’t just a…
Trump Promises to Impose ‘200% Tariffs’ on Mexican Automakers Trying to Import Cars to Us
Former President Donald Trump on Tuesday night claimed that he would impose a “200% tariff” on Mexican automakers that are trying to sell cars in the United States, if he is elected back to the White House in November. The comment occurred during a town hall event in Flint, Michigan,…
Removing Medical Debt from Credit Score a Repeat of 2008 Financial Crisis
In yet another socialist, populist move to win votes, Kamala Harris has said that she wants to remove medical debt from credit scores, claiming it will help poor working families already struggling with debt to borrow more money. However, this policy is not only harmful to those families but could…
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‘Groceries Still Too High’: Kamala Harris Undermines Her Own Economic Record
by Breitbart
Vice President Kamala Harris undermined her own economic policies on Tuesday by admitting that inflation is far too high under the Biden-Harris administration. Harris faces a conundrum: She cannot campaign on policies to fix crime, inflation, and border security without undermining the Biden-Harris administration’s policies, but she must tout the…
‘Inevitable and Foreseeable’: Grid Operators Beg Court to Nix EPA Rules to Save Electricity System From Collapse
by Daily Caller
The Biden-Harris administration says that its stringent power plant rules won’t harm long-term power reliability, but four grid operators stated the exact opposite in a legal brief filed Friday. The Environmental Protection Agency (EPA) finalized its aggressive emissions rules for America’s power plants in April, saying at the time that…
Smoke And Mirrors: What Happens After Biden’s Economic Manipulations Disappear?
(Alt-Market)—There is a popular school of thought that believes most economic stability is purely psychological; that the health of the economy relies on the population NOT knowing the true state of things. In other words, “ignorance is bliss.” I partially agree with the premise but only under certain conditions. If…
Trump Vows to Reinstate State and Local Tax Deductions: I Will ‘Get SALT Back’
by Breitbart
President Donald Trump made a pitch to voters in New York and promised to reinstate state and local tax (SALT) deductions if reelected president. In a post on Truth Social, the former president spoke about his upcoming rally in Uniondale, New York, at the Nassau Veterans Memorial Coliseum on Wednesday….
The Ruling Elites Create an Orwellian Reinterpretation of Human Rights
by Mises
Ludwig von Mises depicts the aim of revolutionary socialism as: “to clear the ground for building up a new civilization by liquidating the old one.” One of the main strategies in liquidating a civilization involves dismantling its legal and philosophical foundations. This role is fulfilled by activists who embark upon…
Pentagon Gives $1.5 Million to Dem Activist’s Fake Meat Laboratory
by Daily Wire
The Department of Defense awarded nearly $1.5 million in taxpayer money to a Democratic donor’s company, which makes fake lab-grown meat from fermented fungus. The Better Meat Company, which uses fungus protein to make fake meat in a lab, is led by CEO Paul Shapiro, an activist with a history…
US and Japan Nearing ‘Breakthrough’ Deal to Restrict Chip Tech Exports to China
by Zero Hedge
A new report from the Financial Times details how US and Japanese officials are nearing a deal to curb tech exports to China’s chip industry. This comes two weeks after Beijing threatened severe economic retaliation against Tokyo if it proceeded with new chip export curbs. FT spoke with insiders who…