Buffalo, N.Y. (WBEN) - Time is running out for those who want to get an electric vehicle and get a federal tax credit. The credit could be in the thousands.
"There's a big push on right now," says Paul Stasiak of the NFADA. "When you lose that kind of a federal incentive and up to $7,000 it creates anxiety, excitement and opportunity. So the dealers are, in fact, reaching out to customers that expressed an interest, probably going back six months, currently in the market." He says it's a terrific opportunity for people because it creates a far lower payment. "They're trying to blend the loss of this incentive with an opportunity to move some inventory. So it's accelerating a lot of activity."
He estimates demand at about five percent of the market, but as you get near the deadline, people who were on the fence or debating it recognized it's going to go away on Tuesday, and dealers can expect more visits.
The Tax Lady Esther Gulyas of EG Tax says there's big money at stake. "It's up to $7,500 plus there's a New York State credit as well that the dealer puts on. So, it's a lot of money. So if you're somebody that wants to drive an electric vehicle, and you want to save like, $8,500 now's the time to do it," says Gulyas.
Gulyas says there's one important caveat. "If you don't pay any taxes, then you're not going to get the benefit to you. You got to make sure that if you are buying these vehicles and you want the credit, you have to make sure that it's going to cover that much of a tax liability. So be very careful to make sure that you have a tax liability for it to cover," explains Gulyas.
If you don't want an electric vehicle, there are other green credits you can take advantage of, but don't have time yet. "The doors, windows, furnace, hot water tank, insulation, solar that's also expiring on December 31st of 2025. If you were going to do energy conservation with your home, think about the energy credit, because that'll also save you up to $3,200," adds Gulyas