American discusses EVs at the National Mall

Is the EV tax credit enough? Americans share whether they are buying – Fox Business

The electric car tax credit under the inflation-reducing law won’t be enough to convince many drivers to buy a new car, but it would be a good bonus for those already planning to buy one, Americans in the nation’s capital told Fox News.

“We’re not going to think about it because we don’t have the income available to buy a new car, even with the incentive,” David told Fox News, adding that he thought it was a great idea for those who could afford it. “We have to get more electric cars on the road, and every little bit helps us.”

President Biden I signed the Inflation Reduction Act In Law Tuesday. It has committed $370 billion to energy and climate initiatives, including a tax credit of up to $7,500 for electric vehicles, although it is only available for Selected list of cars Assembled in North America.

Several people told Fox News that the country’s infrastructure doesn’t make driving an electric car practical.

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American discusses EVs at the National Mall

Alex said she has concerns about the range of electric cars. (Fox News Digital/John Michael Rush)

“If I want to go long distances, there aren’t enough electric charging spaces to get that far in the first place,” Alex said. “And then you have to buy all that extra stuff to put in your garage or in your driveway.”

Curran said, “There is still more … infrastructure that needs to be in place and that needs to be understood in order to be most effective.”

One man, Jane, told Fox News he tried it Buying a Tesla A few years ago, but the wait was so long that he finally gave up. But with the new tax credit, he’s considering trying again.

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Tesla at the charging station

Tesla electric car sitting at a charging station at a dealership. (AP Photo/Steven Senne/AP Images)

“With the free $7,500 added to my private deposit, I will definitely go and buy a new electrician,” Jen told Fox News. “I’m not saying I’ll buy the car within the next few months, but within the next few years.”

Sedans can cost no more than $55,000 to qualify for the credit, while SUVs and pickups are limited to $80,000. But those prices are still outside the budgets of many drivers who spoke to Fox News.

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“What really is $7,500 for an electric car?” said Kathy, from Lincoln, Nebraska. The best way, she added, is to buy an affordable car, pay for it, and own it right away.

“We have to live within our means, not live beyond our means. And I think that’s what I see our government doing,” Cathy continued. “They live above what they can bear and pretend that there is no tomorrow.”

Senate Majority Leader Chuck Schumer

Senate Majority Leader Chuck Schumer speaks during a news conference after the passage of the Inflation Reduction Act at the US Capitol. (Photo by Drew Angerer/Getty Images/Getty Images)

for some, Help the environment A motivating factor greater than any government incentive.

“It’s good that they make money, but I don’t think I would buy one because of the money,” Alexandra said. “I think I’ll do it just because it’s good for the environment.”

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“We’re very excited to have an electric car,” Christie told Fox News. “It probably won’t be next year because we’re part of the family that holds our cars down until they drop dead.”

She said she hopes the climate initiatives in the bill will make a tangible difference to the environment. The bill would impose new fees on methane emissions and provide tax credits for certain types of electricity, fuels and vehicles that are considered more environmentally friendly.

Charging station for electric vehicles

The electric car charging station lights up green in the parking lot of Ralph’s supermarket. (Photo by FREDERIC J. BROWN/AFP via Getty Images/Getty Images)

“I feel like my generation, the baby boomer generation, has benefited from all the economic increase over the years,” Christie said. “So I worry about my children and grandchildren. So I really want to see the world saved for them.”

But others expressed doubt that Legislation will help lower temperatures anytime soon.

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“We will deal with this heat for the rest of the summer and maybe for another two years,” Alana said. “I don’t think it will go down for a while.”

“Right now, the electric vehicle is a first aid for the climate issue,” Russell told Fox News.

“Electric cars in general are not sustainable,” he said. “Sustainable living would be more trains, more walkability and density in urban areas as a whole.”

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