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What will be the average annual savings on fuel and maintenance for EV owners by end of 2024?
5
Resolution / Starting Odds
$1,750 or less • 33%
$1,751 - $2,000 • 33%
More than $2,000 • 34%
Official reports from U.S. Department of Treasury or automotive industry studies
Story
U.S. Treasury Announces $1 Billion in Upfront EV Tax Credits Under Inflation Reduction Act
Jun 12, 2024, 10:47 AM
The U.S. Department of Treasury and the IRS have announced that more than $1 billion in electric vehicle (EV) tax credits have been issued upfront to buyers. This initiative, part of President Biden's Inflation Reduction Act, has resulted in significant savings for American consumers, according to the White House. Since January 1, 150,000 EVs have benefited from these tax credits, leading to $1 billion in upfront savings. Additionally, consumers are expected to save $1,750 annually on fuel and maintenance, and $21,000 over the lifetime of the car. The program also includes 25,000 used EV tax credits, which are seen as crucial for the long-term development of the used EV market. The new program allows for faster payouts.
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Similar markets
No significant change • 25%
Up to 5% increase • 25%
5%-10% increase • 25%
More than 10% increase • 25%
Significant increase in EV prices • 33%
Moderate increase in EV prices • 33%
No significant price change • 34%
Significant price increase • 33%
Moderate price increase • 33%
No significant price change • 34%
Increase significantly • 25%
Increase moderately • 25%
Remain stable • 25%
Decrease • 25%
0-25% • 25%
26-50% • 25%
51-75% • 25%
76-100% • 25%
Below $3.00 per gallon • 25%
$3.00 - $3.49 per gallon • 25%
$3.50 - $3.99 per gallon • 25%
$4.00 or higher per gallon • 25%
Yes • 50%
No • 50%
Increase in domestic production of EVs • 50%
No significant change in domestic production of EVs • 50%
Significant increase in EV prices • 50%
No significant increase in EV prices • 50%
