Is the Inflation Reduction Act's tax credit for electric cars enough? Americans share whether they're buying
Electric vehicles are too expensive even with the electric vehicle tax credit, some Americans say
Is the Inflation Reduction Act's tax credit for EVs enough? Americans share whether they're buying
The electric vehicle tax credit in the Inflation Reduction Act is not enough to convince consumers to buy a new electric car, some Americans in D.C. say.
The Inflation Reduction Act's electric vehicle tax credit won't be enough to convince many drivers to buy a new car, but it will be a nice bonus for those already planning to purchase one, Americans in the nation’s capital told Fox News.
"We're not going to even 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 can afford it. "We have to get more electrical vehicles on the road, and every little bit helps."
President Biden signed the Inflation Reduction Act into law Tuesday. It earmarked $370 billion for energy and climate initiatives, including a tax credit of up to $7,500 for electric vehicles, though it's only available for a select list of cars assembled in North America.
Several people told Fox News the nation’s infrastructure does not make driving an electric vehicle practical.
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Alyx said she has concerns about the range of electric vehicles. (Fox News Digital/ Jon Michael Raasch)
"If I wanted to go long distance, there's not enough electric charging spaces to get me that far in the first place," Alyx said. "And then you have to buy all that extra stuff to put in your garage or your driveway."
Coran said: "There's still more … infrastructure that needs to be put in place and needed to be understood for it to be more effective."
One man, Jean, told Fox News he tried to buy a Tesla a few years ago, but the wait was so long he eventually gave up. But with the new tax credit, he’s considering trying again.
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A Tesla electric car sits in a charging station at a dealership. (AP Photo/Steven Senne / AP Images)
"With $7,500 free, added to my own deposit, I would definitely go and buy a new electric," Jean told Fox News. "I'm not saying I'm going to buy the car within the next few months, but within the next few years."
Sedans can't cost more than $55,000 to qualify for the credit, while SUVs and pickups are restricted to $80,000. But those prices are still outside the budgets of many drivers who spoke with Fox News.
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"What really is $7,500 against the cost of an electric car?" Cathy, from Lincoln, Nebraska, said. She added that the best approach is to buy an affordable car, pay it off and own it outright.
"We have to live within our means, not live above our means. And I think that's what I see our government doing," Cathy continued. "They're living above what they can afford and pretending like there's no tomorrow."
Senate Majority Leader Chuck Schumer speaks during a news conference after passage of the Inflation Reduction Act at the U.S. Capitol. (Photo by Drew Angerer/Getty Images / Getty Images)
For some, helping the environment is a bigger motivating factor than any government incentive.
"It's good that they're getting money off, but I don't think I would buy one because of the money off," Alexandra said. "I think I would do it just because it's good for the environment."
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Kristi told Fox News: "We're very excited about getting an electric vehicle. Probably not in the next year because we're the kind of family that holds onto our cars until they drop dead."
She said she hopes the climate initiatives in the bill will make a meaningful difference on the environment. The bill will levy new fees on methane emissions and will provide tax credits for certain types of electricity, fuel and vehicles considered more environmentally friendly.
An Electric Vehicle charging station lights up green in the parking lot of a Ralph's supermarket. (Photo by FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
"I feel like my generation, which is the baby boomers, has had the advantage of all the economic increase over the years," Kristi said. "So I worry about my children and grandchildren. So I do indeed want to see the world preserved for them."
But others expressed doubt that the legislation would help bring down temperatures any time soon.
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"We're going to be dealing with this heat for the rest of the summer, probably for a couple more years," Alana said. "I don't think it's going to decrease for a while."
Russell told Fox News: "At the current moment, an electric car is more of a Band-Aid for the climate issue."
"Electric cars in general are not sustainable," he said. "A sustainable living would be more trains, more just more walkability and density in urban areas as a whole."