Hyundai Comments on Being Excluded from New EV Incentives | Hyundai Ioniq 5 | EV6 | GV60

Hyundai has finally commented on the new EV incentives and I wanted to put out a quick update video for you all. If you want to get the $7500 tax credit as it currently stands, you need to buy ASAP or get a purchase agreement somehow if you can't take delivery before the bill is signed. Be sure to let me know in the comments if you've reached out to dealers to find out what can be done for you to secure a car with the existing tax credit.

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[AeschylusShepherd]

Yeah, this new EV bill is going to hamper adoption and delay all carmakers from leveraging this $7500 discount for 2-3 years until carmakers (if they decide to do it) adhere to these restrictive new rules. Its bad for EV adoption and pricing the middle class out of getting an EV.

[nfuenmayor]

The subreddit has at least 2 dealers that will work with you on getting a dealer agreement, one in NJ and one in Memphis. They don’t charge anything over MSRP.

[jamespeterson]

I’m sick of all these greedy dealerships with their markups! And raising there msrp when they know the tax credits are coming out like Ford just did. There 40, 000 ev truck is now coincidentally up 7000 dollars for all new orders. 😡

[strykerballcrush]

As much as I love Hyundai (I have owned their vehicles for 20 years), I am waiting for the dust to clear on vehicle shortages, dealer markups, etc., before I purchase a new vehicle. I am lucky that my 2015 Sonata still runs well. I was looking at the Ioniq 5 or EV6 but with the current situation, I am holding off. Plus the market will be flooded with more EV models to choose from and hopefully more EV manufacturers will be building in the US.

[lmrad]

I purchased my Ioniq-5 a few months ago. Is the purchase contract all I need for the $7, 500 tax credit?
Thank you for sharing your knowledge.

[onesleepyazn]

MSRP dealership in MA (Mirak) said they cannot do anything without a VIN as far as guaranteeing eligibility for tax credits

[thedtrain]

So just to be clear if I already have a IONIQ 5 we will still get the tax credit or is it for current owners too?

[hikaruktyt]

I went to a dealer after they got an allocation today and they had me sign a purchasing agreement and put down a deposit, it looked like a price sheet for the model I chose (SEL RWD) and they checked my credit, I’m hoping that counts as what I need prior to Biden signing? It was assigned to a VIN

[MarkBh]

It's a total cluster. The first dealers I called on Monday didn't know about the legislation and had no interest discussing anything because all their stock is allocated and they have no new VINs to sell. Markups are at least $5k which I refuse to pay on principle. If it's that valuable to another buyer, be my guest. So, no cars available. Those that are available are allocated and marked up nullifying most of the credit. A cluster.

[barryvanorden]

It is great Hyundai is encouraging their dealerships to agree to purchase agreements. I think they can only do it for allocated units though but am not sure. Hopefully the dealerships will sell at or close to MSRP to help folks out in these crazy times.

[DadIsntMad]

It’s part bill and part dealership problem. The fact that dealerships are able to raise prices per customers is so ridiculous. One thing about Tesla and Rivian is you just order and pay the MSRP as they have it. I honestly don’t like the whole dealership experience because of this. And now they’re going to raise $7500 markup that supposed to be used for incentive? Fuck all that

[JeffDeLamater]

I just picked up my HI5 on Tuesday, so I just squeaked in under the deadline.

[ronsprunger]

I'm on waiting lists at local Hyundai and Kia dealerships. Both thought I was an idiot to ask about a purchase agreement yesterday. Not looking good there, and the wording on the Senate version is pretty clear.

[thesaucyRN]

I purchased mine in June.... am I still clear to get my 7500 credit?

[hughpearce]

FYI I am Canadian and ordered a ultimate IONIQ 5 in December 2021 (paid $500 deposit) every month since then I get emails from Hyundai Canada telling me that my order has been pushed back. The last email mentioned that delivery was expected in the second quarter of 2023. BUMMER yesterday I received a call from my local dealer telling me the delay is going to be THREE years and was asked what I wanted to do.First reaction was to cancel but I decided to hold tight as I am going to spend the winter in Portugal. That was the plan from the beginning so let’s see what happens to my order.

[moarpwr]

As confusing as this situation is, it also makes no sense why it would go down this way. Why would one incentive for purchasing EV’s be sunset before the newer updated incentive is in place. If anything, you would think the original incentive would either be grandfathered in until it met its limits, or until the updated legislation comes into play. So either it would be grandfathered in until manufacturers reached their 200k limit, or until Jan 1, 2023 whichever comes first. Hopefully some clarification is made before this bill crosses the finish line. I don’t see why the existing legislation would wipe out the previous legislation at the time of signing and not at the time of enactment of the new legislation. Also, holding off to killing the previous legislation would give a clean cut off as it would be the end of the tax year.

[zebskits]

What do you guys think, if I sign a binding contract today Saturday 8/13, can I still get the credit?

[Bum_Hip]

The car dealerships and manufacturers are probably more worried about the caps on income, and sales price. After the law takes affect, the higher priced (no car over 55k) EV‘s will no longer receive any tax credit. Most manufacturers portfolios will lose any tax credit. Today, no matter how expensive the vehicle is, or how much an individual earns, they would qualify. Follow the money people, follow the money.

[TheUsflow]

Because Kia doesn't punish dealers for markups, they lost a customer. Will be looking at Tesla and GM.

[HackAttackx]

I put a deposit down, does that count?