The $7,500 tax credit may be gone, but that isn’t stopping BMW. The Ultimate Deal Machine is rolling into the Brave New World of EVs this October with a $7,500 purchase credit off MSRP across the board (and that’s just the beginning).
The sitting administration killed off the $7,500 Federal EV tax credit abruptly after September 30th, leading many casual industry watchers to proclaim that the age of the great EV deal was over. And, while many argued that view was too cynical, it turns out it wasn’t too cynical enough with OEMs like Ford and GM turning to tricky accounting and others like Hyundai simply cutting prices to keep demand for its EVs high.
German performance brand BMW is also getting in the mix, offering a “$7,500 purchase credit off MSRP” across its electric and electrified vehicle lineup. And, while it may sound like a 1:1 sort of replacement for the Federal tax credit, there’s a few significant reasons to believe that this deal might actually be better than the one that went away.
Everyone gets the money
The EV tax credit was (advertised as) a great tool to help people overcome the higher up-front cost of EVs, but vehicles with starting price tags over $80,000 and income caps at $150,000 for individual filers meant that many Americans who were interested in a new EV were never benefitting to begin with. At the same time, Americans who didn’t have a $7,500 tax burden may have wondered how or if the tax credit would work for them.
While BMW’s latest $7,500 across-the-board discounts likely won’t move the needle much for Americans who don’t earn enough to pay $7,500 in taxes, the fact that it applies to even the lofty 2025 BMW i7 M70 with its $169,675.30 MSRP (don’t forget those thirty cents) is, at least conceptually, a move towards a more universally applied EV incentive to counter the “forgotten costs” of oil subsidies.
It’s a really nice car, you guys
If that take isn’t quite cynical enough, consider this: the rebate probably did more to convince OEMs to artificially jack up the prices of their US-bound EVs by $7,500 (give or take) than it did to reduce any supposed barriers to entry.
Time will tell if that proves to be the unexpected consequence of EVs incentives going away or not. In the meantime, BMW is pairing its lower-priced electric cars with 2.99% subsidized financing rates for up to 60 months and up to $5,000 in loyalty money as well, so if you’ve been waiting to see for yourself why the company has occupied the top spot in J.D. Power’s EV satisfaction surveys for the last few years, now might be your chance.
SOURCE | IMAGES: BMW.
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