Volt Owner pretty soon

[mr.gto]

So I know I had some threads before asking about sports cars..... well I got hired and it turns out they asked if they could put me in the store in merrillville, IN. Great store and its one of the top producers in the chi area so it has lots of corporate attention and great place to train and get promoted.

However it is 42 miles one way to work from my house so basically 80 some miles a day. Its all highway but still quite costly in gas even when trying to be fuel efficient. So went and looked at a volt the other day. I was approved for 0 percent for 72 months if I need all of them, and i get 11,500 back from the goverment for the car. I asked my boss and he said I could plug the car in at work if I wanted to when I get there. So basically its only costing me 78 cents to a dollar to drive to work a day since id only pay for 1 charge. The payment is 520 a month and im already gunna be spending 480 in gas. thats if i just drive only to work. So i think this is a wise choice for the time being since gas prices are all over the damn place

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[gnxs]

So I know I had some threads before asking about sports cars..... well I got hired and it turns out they asked if they could put me in the store in merrillville, IN. Great store and its one of the top producers in the chi area so it has lots of corporate attention and great place to train and get promoted.

However it is 42 miles one way to work from my house so basically 80 some miles a day. Its all highway but still quite costly in gas even when trying to be fuel efficient. So went and looked at a volt the other day. I was approved for 0 percent for 72 months if I need all of them, and i get 11,500 back from the goverment for the car. I asked my boss and he said I could plug the car in at work if I wanted to when I get there. So basically its only costing me 78 cents to a dollar to drive to work a day since id only pay for 1 charge. The payment is 520 a month and im already gunna be spending 480 in gas. thats if i just drive only to work. So i think this is a wise choice for the time being since gas prices are all over the damn place

The rebate used to be $7,500. Did that change? How did you get back $11,500?

 

[Yaj Yak]

man

 

[xringshooter7]

You dont get the money, it acts as a deduction against your taxable income...

 

[Shibby50]

You dont get the money, it acts as a deduction against your taxable income...

X2

 

[mr.gto]

The rebate used to be $7,500. Did that change? How did you get back $11,500?

7500 from government 4000 from illinois

And yes but when i file all this stuff it will come back to me ad a check. Im not going to owe 11 grabd in taxes it will come back to me. Im 23 that lives at home not lije i havr a lot of taxes or deductions

 

[Mike K]

You dont get the money, it acts as a deduction against your taxable income...

Are you sure it's taken against your taxable income? That wouldn't really be enticing. I thought it was like the housing rebate where it's deducted directly from what you you. I.E. You owe $8000 in taxes minus the $7500 credit and now you owe $500 in taxes.

 

[mr.gto]

Are you sure it's taken against your taxable income? That wouldn't really be enticing. I thought it was like the housing rebate where it's deducted directly from what you you. I.E. You owe $8000 in taxes minus the $7500 credit and now you owe $500 in taxes.

Huh? How wouod i owe 8000 in taxes? Usuallt i get money back each year

 

[gnxs]

You dont get the money, it acts as a deduction against your taxable income...

I realize that, my question was more about the $11,500 vs. the $7,500.

 

[gnxs]

7500 from government 4000 from illinois

Thanks.

 

[mr.gto]

Ok the ques stikl is how would i owe 8000 dollars and only get 500 from thiz?

 

[EmersonHart13]

You are still going to need gas. 42 miles is pretty optimistic for the batteries to last. Additionally at work you will be plugged in at 110? That takes forever to charge... 8+ hours if I recall correctly so you might not be driving home on a full charge.

It is awesome that he is letting you plug it in though. He'll probably make you do all the linch runs! Lol

 

[Mike K]

Huh? How wouod i owe 8000 in taxes? Usuallt i get money back each year

You're missing my point... You get money back because you pay taxes throughout the year or your employer does on their and your behalf. So if at the end of the tax year your tax liability is $8000 and the rebate is $7500 then you would only owe $500.

In your case if you don't owe more than $4000 to the state or $7500 to the fed at the end of the year you will not be able to take full advantage of the credit. So let's say last year you payed the Fed $6900 in taxes and you have the same situation this year. You'll only get $6900 worth of the credit and can't take advantage of the whole amount.

Likewise with the state. Unless you owe $4000 or more in state taxes at the end of the year you won't get the full credit. You'll just get the amount up until what you owe. Unlike the housing credit, they don't cut you a check for the difference.

So go pull up your taxes from last year. Look at what you paid the Fed and the state throughout the year. Make sure that you paid the state over 4k and make sure you paid the fed over 7.5k. If you didn't you're not going to get the full amount.

 

[mr.gto]

You are still going to need gas. 42 miles is pretty optimistic for the batteries to last. Additionally at work you will be plugged in at 110? That takes forever to charge... 8+ hours if I recall correctly so you might not be driving home on a full charge.

It is awesome that he is letting you plug it in though. He'll probably make you do all the linch runs! Lol

The dealer by my house said they would let me try it out 1 day to see how it goes to work. And i thought it was 7 hours for full charge and im at work 8-830 hours so that would work fine even if the last 5 miles aee gas. Better than 80 miles a day all gas

 

[mr.gto]

my dads trying to explain it to me right now. Basically if I owe 8400 dollars to feds.... my work will take that much out over time in my check. Then when I file next year or something I will then get a check back for like 6000 or less or something whatever the difference is since they will have been taking out enough for 8500. I think im understanding that right. So in esscence ill get a check back for quite a bit of money but it will be money I already had taken out of my check I guess

 

[Bru]

I've been driving the volt for over a year an have put a few thousand miles on the car. You will max out at 42 miles on a charge in optimal weather and low speeds without using the AC and driving like a granny with the windows up, which is rare. We mostly average 30-35 miles. When it's cold you will get as low as 19 miles on a charge. When the gas engine is running you won't get more than 37 mpg, and average about 34 mpg.

You aren't guaranteed to get the full tax credit either. Read this:

http://blogs.cars.com/kickingtires/...r-chevy-volt-leasing-may-make-more-sense.html

 

[Mike K]

my dads trying to explain it to me right now. Basically if I owe 8400 dollars to feds.... my work will take that much out over time in my check. Then when I file next year or something I will then get a check back for like 6000 or less or something whatever the difference is since they will have been taking out enough for 8500. I think im understanding that right. So in esscence ill get a check back for quite a bit of money but it will be money I already had taken out of my check I guess

Honestly, I'd talk to an accountant. If this credit is your determining factor for buying (and it sounds like it is) then make sure you're going to get it. Do you have access to your 2011 taxes? Unless you paid $8000 to the Fed and $4000+ to the state you won't be able to take advantage of the entire credit.

For example, let's say that over the year you paid in $1500 to the state and the credit is for $4000. We'll they'll apply that $4000 towards your $1500 which means you'll get a check back for whatever you paid for the year ($1500 in my example). They won't then cut you a check for the additional $2500 difference and it can only be used in one year too so if you don't use it you lose it.

Likewise with the Fed. If you end up paying $3000 through the year to the Fed then at the end of the year you'll just get a check for that amount back. You won't get the difference between that and the credit amount though.

So this is a pretty sweet deal IF you are indeed paying the same (or more) per year in taxes as the credit. Just make sure that's the case and all is well.

 

[Bru]

We now have 20,000 miles on our long-term tester Volt.

 

[mr.gto]

We now have 20,000 miles on our long-term tester Volt.

and how is ur volt doing???

This is a really really tough decision I honestly dont know what to do. I mean driving this much ill spend almost the monthly payment on the volt. And the volt will be brand new with a warranty. Im really torn. I dont wana make the wrong decision but What im doing currently does not seem like the right one. i.e. keeping what im driving and spending all that on gas

 

[RICH17]

Buy a Cruze Eco instead :likes:

 

[Bru]

and how is ur volt doing???

This is a really really tough decision I honestly dont know what to do. I mean driving this much ill spend almost the monthly payment on the volt. And the volt will be brand new with a warranty. Im really torn. I dont wana make the wrong decision but What im doing currently does not seem like the right one. i.e. keeping what im driving and spending all that on gas

Right now, we are chasing an intermittent check engine light and charge door warning message that chimes randomly. In the winter, the warm battery being charged outside in the city parking garage attracted rats that ate through a stability system wiring harness. The new electrical gremlins aren't related though as the Volt forum has owners with similar issues. Our Volt is a 2011 and #16, one of the early builds.

 

[Stink Star]

I've been driving the volt for over a year an have put a few thousand miles on the car. You will max out at 42 miles on a charge in optimal weather and low speeds without using the AC and driving like a granny with the windows up, which is rare. We mostly average 30-35 miles. When it's cold you will get as low as 19 miles on a charge. When the gas engine is running you won't get more than 37 mpg, and average about 34 mpg.

You aren't guaranteed to get the full tax credit either. Read this:

Considering Nissan Leaf or Chevy Volt? Leasing May Make More Sense - KickingTires

even if he only gets lets say 30 miles on electric and his daily commute is 80 miles, thats still only 50 miles hes using gasoline at 34mpg... thats ~1.5 gallons of gasoline compared to a 40 mpg car using 2 gallons of gas on the same trip. granted that only leaves about $2.00 worth of fuel saved per commute but that also doesnt factor in driving shorther trips while hes not working and using zero gasoline

 

[Bru]

Just stating what we've observed putting 20,000 miles on our car IRL.

 

[mr.gto]

even if he only gets lets say 30 miles on electric and his daily commute is 80 miles, thats still only 50 miles hes using gasoline at 34mpg... thats ~1.5 gallons of gasoline compared to a 40 mpg car using 2 gallons of gas on the same trip. granted that only leaves about $2.00 worth of fuel saved per commute but that also doesnt factor in driving shorther trips while hes not working and using zero gasoline

my boss said I can plug it into the side of the building so i can charge while working and drive home on electric for lets say 30 miles to then..... so 20 miles on gas.

 

[Stink Star]

oh exactly, im just using bru's figures to show you the differences between this car and a gasoline alternative. in fact those real world numbers are pretty impressive, i mean how many claimed 40mpg gasoline cars achieve 40mpg IRL?