A Few Thoughts on Car Buying this Week…

 

New Electric Car Tax Credits:

The new tax credit for electric cars is a little complicated, so I’ve included a few articles to explain:

First, take a look at this article describing how these tax credits work:

https://www.kbb.com/car-advice/how-do-electric-car-tax-credits-work/

The cars that qualify for the tax credit need to meet certain parameters. Below is an article that includes a list of makes and models that qualify for the tax credit:

https://www.cbsnews.com/news/inflation-reduction-act-ev-credits-electric-vehicle-2022/

Used Car Prices:

Many of our clients have been holding off on a car purchase in hopes that prices would finally come down a bit. Car Gurus produces an index of used-car price trends.  According to their index, used car prices have remained generally flat over the past 90 days. (+ 0.04%) and are down 0.51% over the past 30 days.

For the entire chart, click the link below.  It is very interesting, and it also shows the change in prices by car type (sedan, convertible, pickup truck, etc.) and by manufacturer:

https://www.cargurus.com/Cars/price-trends/

We feel that an important part of the value we provide clients is to help them make wise spending decisions. If that’s something you would find helpful in a relationship with a financial advisor, please reach out to me to set up a consultation.