What It's About
Today's listener is charged up by the rise in electric vehicle (EV) sales. Is he onto something?
Notes from Chris
Episode 1649
A number of years ago, when electric vehicles were very new (pre-Tesla) there was an opportunity for Oklahomans to purchase a Chinese-made electric vehicle called the Kandi Coco. The MSRP was $10,599, but the net cost was just $865 because of all the credits! You may have seen the Coco in the Tiger King with Joe Exotic … he got in on the deal. Sadly, that deal is no longer available—in Oklahoma or anywhere—but large incentives for buying RVs remain. The federal government offers a $7,500 tax credit for most electric vehicle (EV) purchases, and many states offer additional credits as well—but it’s a confusing process. Where there’s confusion, is there a way for an enterprising EV fan to make money? That’s what today’s caller wants to know."If you purchase an electric vehicle in the U.S., you get a $7,500 rebate on your taxes ... but only for certain models. Teslas are now excluded, and other manufacturers will also be excluded once they reach the cap of 200,000 vehicles sold per manufacturer. Still, there are many other automakers making electric cars—and on top of the federal rebate, many states offer additional incentives as well. It's awesome, but also confusing ... which tells me there's some way to profit from this knowledge. I'm thinking of two options: either buying and reselling cars themselves, maybe through some kind of pre-order system, or just creating an educational product to sell to people who are interested in getting the rebates. Which idea do you think is better, and how should I get started?"Listen to today's episode to learn more...
SEE ALSO:
- Off Road Enthusiast Wanders Into Profit: When a mechanical engineer and 4x4 fanatic tries to save money on his Jeep upgrades, he wrangles with local vendors for free parts—and winches himself to a new source of income.
- Car Enthusiast Races Towards Reselling Success: A former product manager sees the potential in importing specialty car parts.
- Accountant Shifts Gears To Renting Out Cars: When an Atlanta accountant discovers the sharing economy, he wheels and deals his way to owning an entire fleet of cars.
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