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According to the Federal Trade Commission (FTC) and the state of Maryland, a local dealer network raked in millions thanks to deceptive practices. Car dealerships don’t exactly have a squeaky-clean image to begin with, and stories like this one aren’t doing the industry any favors.
Enhanced Consumer Incentives and Financing Options As governments and financial institutions recognize the importance of promoting electric mobility, more financing options, tax benefits, and rebates are being introduced to make EV ownership more accessible.
However, an industry-first initiative between Hyundai and Australian finance firm Oly has opened novated leasing to the millions of Australians employed by a small-to-medium business, meaning it’s possible to own a $60,000, brand-new electric car for the same weekly cost as a $39,000 petrol one when purchased on a five-year novated lease.
Online Financing Tools: Provide calculators that allow customers to estimate payments and apply for financing directly on your site. Highlighting Incentives: Promote government rebates and tax credits for EV purchases to encourage customers to consider electric options.
This week the Quebec Finance Minister Eric Girard tabled its 2024/2025 budget that would see the province scrap subsidies for electric vehicles in the province by 2007, with a phase out happening over several years starting in 2025. In 2024, the rebates for fully electric vehicles are $7,000.
Government Incentives: Many regions offer tax rebates and incentives for purchasing EVs, making them more attractive to buyers. Connected Cars Connected cars are enhancing the driving experience by integrating technology that enables communication between the car, the driver, and external networks.
There are still some registration discounts (Victoria offers a $100 per year rebate on EVs), but given the variability of registration and stamp duty costs, we’ve kept this out of the key cost comparison. It is and it isn’t, but with anything finance related we’d recommend you speak to a professional before making a commitment.
State Incentives: Some states provide additional rebates or credits to further incentivize used EV purchases. Public Charging Availability: Depending on your driving patterns, check local charging networks to determine if public options are accessible. Its essential to research local programs that may complement the federal credit.
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