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The State of Colorado is giving the Chevrolet Volt a $13,500 tax break from its $39,000 price tag, which equates to about $25,500. Not to mention the fact that the government is planning to increase the tax credit from $7,500 to $10,000 on alternative-energy vehicles in the near future.
So, how does the $13,500 tax credit from Colorado come about? Lets us break it down. Currently, the federal tax credit is about $7,500, and Colorado adds another $6,000 tax credit to the total purchase price of the Chevrolet Volt. The exact current price tag for the Chevy Volt is about $39,145, which drops the price to $25,645 for Colorado buyers.
“This rebate in Colorado provides an extra incentive for those that want to purchase or drive an energy-efficient and technologically advanced vehicle like the Chevrolet Volt,” said Volt Marketing Director Cristi Landy. “With the available state and federal tax credits, along with the fuel savings that many owners experience by charging daily, the Volt can fit the lifestyles and budgets of many people.”
Compare to California’s rebates and incentives, it fairs out pretty good. In California, it gets all kinds of incentives and rebates. California gives out about $1,500 for one rebate and another $2,5000 from CARB (California Air Resources Board). In addition, if you live in certain areas in California, such as Riverside and San Bernardino Counties, you could qualify for another $2,000 in air quality rebate. And there is the carpool lane incentive as well.
But don’t hold your breath just yet, dealerships are well aware of these incentives and rebates, so it will find ways to eat up your tax breaks. For instance, some dealerships are adding as much as $6,000 on top of the MSRP in the new Chevy Volt. Customers, beware!