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.