The Inflation Reduction Act provides a tax credit of up to $7,500 for electric vehicles, which buyers can now opt to receive as an upfront discount. About 90% of eligible buyers have chosen this option, making it popular. Advance payments allow consumers to get the full credit regardless of their tax liability, which helps with affordability and reduces overall costs. However, not all car dealers offer this option, and not all EVs or buyers qualify for the tax break.
As electric and hybrid car prices fall, older EVs and hybrids are becoming collectible. Collectibility factors include rarity, design, performance, and historical significance. Notable models include the Tesla Roadster, BMW i8, and Volkswagen XL1. While EV technology advances, older models retain value due to nostalgia and history. Challenges include limited battery life, evolving charging technology, and potential maintenance difficulties. Collectors should pursue passions but be mindful that financial gains on collector vehicles are not guaranteed.
