News Home » Latest Finance News

Electric car rebates might increase

Under the new 2013 Fiscal Year budget proposed by President Barack Obama, a new provision that would increase electric car rebates is being considered.

The new provision proposed would include hybrid and electric vehicles, giving buyers of these cars a tax credit that would increase rebates to $10,000 in some cases.

The increased tax credit is a part of Obama's plan to put more than 1 million electric and hybrid vehicles on the road by 2015. Considering hybrid and electric car owners are already receiving rebates that range from $2,500 to $7,500, depending on the size of the car's battery, more Americans might be seen applying for an auto loan to purchase one of the vehicles.

The tax credit also expands the range of cars that would be eligible for a rebate and eliminates the rule that places a limit on the number of cars that are eligible for the tax credits by the manufacturer.

Potential car buyers who are interested in purchasing an electric vehicle might look at the Nissan Leaf, which won the 2011 GreenFleet "Electric Vehicle of the Year" award.

This entry was posted in Finance. Bookmark the permalink.

Comments are closed.