Americans say tax credit boost will be nice bonus for buying electric vehicles

The Inflation Reduction Act's electric vehicle tax credit won't convince many drivers to buy a new car, but it will be a nice bonus for those already planning to purchase one, Americans told Fox News.

David said he thinks it is a great idea for those who can afford it because we don't have the income available to buy a new car, even though it isn't going to be a big deal. We need to get more electrical vehicles on the road, and every little bit helps. President Biden signed the Inflation Reduction Act on Tuesday. It earmarked $370 billion for energy and climate initiatives, including a tax credit of up to $7,500 for electric vehicles, but it is only available in North America.

Several people told Fox News that the nation s infrastructure does not make driving an electric vehicle practical.

If I wanted to go long distance, there isn't enough electric charging spaces to get me that far in the first place, Alyx said. You have to buy all that extra stuff to put in your garage or driveway. Coran said there is still more infrastructure that needs to be put in place and understood for it to be more effective. One man, Jean, told Fox News he tried to buy a Tesla a few years ago, but the wait was so long he gave up. He is considering trying again with the new tax credit.

Jean told Fox News that I would definitely go and buy a new electric with $7,500 free, added to my own deposit. I'm not saying I'm going to buy a car in the next few months, but I'm not saying it's going to happen within the next few years. Sedans can't cost more than $55,000 to qualify for the credit, while SUVs and pickups are restricted to $80,000. Many drivers who spoke with Fox News said that the prices are still outside the budgets of the drivers.

What is the cost of an electric car? What is the difference between $7,500 and $7,500? Cathy, from Lincoln, Nebraska, said something. She said that the best way to buy an affordable car is to pay it off and own it outright.

We have to live within our means, not above our means. Cathy continued, "I think that's what our government is doing." They're living above what they can afford and pretending there's no tomorrow. Helping the environment is a bigger motivating factor than any government incentive.

It's good that they're getting money off, but I don't think I would buy one because of the money off, Alexandra said. Kristi told Fox News: "We're very excited about getting an electric vehicle." We're the kind of family that holds onto our cars until they drop dead in the next year, so we're probably not in the next year. She hopes the bill will make a significant difference to the environment, due to the climate initiatives in the bill. The bill will provide tax credits for certain types of electric, fuel and vehicles considered environmentally friendly, as well as new fees on methane emissions.

My generation, which is the baby boomers, has had the advantage of the economic increase over the years, Kristi said. I worry about my children and grandchildren. I do want to see the world preserved for them. Some people were not sure if the legislation would help bring down temperatures soon.

We're going to be dealing with this heat for the rest of the summer, probably for a couple of more years, Alana said. Russell told Fox News: "An electric car is more of a Band-Aid for the climate issue." He said electric cars in general are not sustainable. A sustainable living would be more trains, more walkability and density in urban areas as a whole.