Latest news with #carbuyers
Yahoo
2 days ago
- Automotive
- Yahoo
No grants available yet on EVs – but Hyundai adds to discounts along with MG, Alfa Romeo and Leapmotor
Two weeks after the government's surprise EV grant went live, there are still no cars listed on the official government website as being available with grant money applied to the list price. However, car makers are jumping in with their own 'EV grants' to avoid a stall in EV sales while car buyers wait to find out which cars are eligible for the government grants. The Electric Car Grant was announced on Monday July 14 and went live on Wednesday July 16. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon Science-Based Targets around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. One car company executive, speaking anonymously to The Independent, also confirmed that dealers were reporting customers cancelling orders until it was clear which cars were, and which weren't, eligible for grants. Hyundai is the latest car maker to offer its own electric grant, with the biggest discount available on Hyundai's smallest model. The Hyundai Inster – recently voted World Electric Car of the Year – gets a £3,750 'grant' bringing the entry-level car's price down to £19,755. There's still an additional £500 off if you go for Hyundai's low-rate PCP finance, too. The rest of the Hyundai electric car range, including models over £37,000, are also getting a £1,500 discount as part of the offer. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said, 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation. We'll update this story regularly as more news on cars eligible for the EV grant breaks, or we hear of more discounts from car makers on their electric cars.
The Independent
2 days ago
- Automotive
- The Independent
No grants available yet on EVs – but Hyundai adds to discounts along with MG, Alfa Romeo and Leapmotor
Two weeks after the government's surprise EV grant went live, there are still no cars listed on the official government website as being available with grant money applied to the list price. However, car makers are jumping in with their own 'EV grants' to avoid a stall in EV sales while car buyers wait to find out which cars are eligible for the government grants. The Electric Car Grant was announced on Monday July 14 and went live on Wednesday July 16. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon Science-Based Targets around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. One car company executive, speaking anonymously to The Independent, also confirmed that dealers were reporting customers cancelling orders until it was clear which cars were, and which weren't, eligible for grants. Hyundai is the latest car maker to offer its own electric grant, with the biggest discount available on Hyundai's smallest model. The Hyundai Inster – recently voted World Electric Car of the Year – gets a £3,750 'grant' bringing the entry-level car's price down to £19,755. There's still an additional £500 off if you go for Hyundai's low-rate PCP finance, too. The rest of the Hyundai electric car range, including models over £37,000, are also getting a £1,500 discount as part of the offer. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said, 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation.
Yahoo
14-07-2025
- Automotive
- Yahoo
How the "big, beautiful bill" helps car buyers save money on taxes
Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called "big, beautiful bill" that was signed into law on July 4 by President Trump. The idea of giving a tax break for auto purchasers was first floated by Mr. Trump while on the campaign trail in October, when he promised that such a measure would "make car ownership dramatically more affordable for millions and millions of working American families." That promise has now materialized as part of the One Big Beautiful Bill Act, with the new tax break taking effect for car purchases starting in 2025. But the deduction also has income limitations that narrow the number of Americans who can claim it, while used car buyers and vehicle leasers do not benefit. Still, car buyers who have bought a new vehicle this year or are planning to do so in the next four years may get some tax relief when they file their 2025 tax returns. The deduction will expire in 2028, which means car buyers can only take advantage of the benefit for four tax years. At the same time, the One Big Beautiful Act eliminates the federal tax credit for electric vehicles after Sept. 30. The tax break, which provides a $7,500 for new EVs and a $4,000 credit for used EVs, is credited with helping make electric vehicles more affordable for many buyers. Here's what to know. How much is the new auto loan deduction? The new tax cuts and spending law enables car buyers to deduct up to $10,000 in "qualified passenger vehicle loan interest during a given taxable year," beginning with 2025 purchases. While that's similar to the mortgage interest deduction available to homeowners, there is one major difference: Car buyers will be able to itemize their auto loan interest even if they take the standard deduction. By comparison, the mortgage interest deduction is only available to taxpayers who itemize. Which vehicles qualify for the deduction? The tax break applies to the purchase of new cars, motorcycles, sport utility vehicles, minivans, vans and pickup trucks weighing less than 14,000 pounds (referred to as light vehicles). Used cars don't qualify. To qualify for the deduction, a vehicle also must be assembled in the U.S., which further limits the tax break. The deduction also only applies to vehicles purchased for personal use, not for fleets or commercial purposes. And it excludes autos that are leased, which represent about one-quarter of all auto sales in the U.S., according to Experian. What are the income limits for the auto loan deduction? The full break can only be claimed by single taxpayers with a modified adjusted gross income (MAGI) of $100,000 or less or married couples with a MAGI of $200,000 or less. Modified adjusted gross income is your adjusted gross income, which can be found on line 11 of your 1040 tax return, with some items like savings bond interest added back in, according to the IRS. Under the new law, the auto loan deduction shrinks for people with MAGIs above those thresholds, with the amount reduced by $200 for each $1,000 in income above those levels. The deduction is completely phased out for single filers earning above $150,000 and married couples with incomes above $250,000. How many Americans will qualify for the car loan deduction? An estimated 3.5 million new vehicle loans could be eligible for the tax break this year if purchasing patterns stay the same and after excluding commercial vehicles and customers above the income cutoff, said Jonathan Smoke, chief economist at Cox Automotive. About 60% of the 15.9 million new light vehicles sold last year were financed with auto loans, according to Cox data. How much will the car loan deduction save on my taxes? That depends on the size of your auto loan and whether you fall below the income thresholds for the new tax break, but the typical car buyer could save hundreds per year on their taxes. The average new vehicle loan is about $44,000 financed over six years. Interest rates vary by customer, so the savings will, too. In general, the tax deduction will decline after the initial year because interest payments on loans are front-loaded, while principal payments grow on the back end. Car buyers who qualify for an auto loan rate of about 6.5%, typically available to consumers with high credit scores, could deduct $3,000 in the first year of owning their car and about $1,800 per year after that for the remainder of the loan, according to the American Financial Services Association, a consumer credit industry trade group. Deductions reduce a filer's taxable income, which helps lower their tax burden. For instance, someone in the 22% tax bracket could save $660 on their taxes by claiming a $3,000 auto loan deduction. At a 9.3% interest rate — typical of people with subprime credit scores — an average new vehicle buyer could save about $2,200 on taxes over four years, Smoke said. Sen. Lindsey Graham says "a turning point, regarding Russia's invasion of Ukraine, is coming" Trump pushes senators to make $9.4 trillion in spending cuts Student's unique talent that's for the birds Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
14-07-2025
- Automotive
- CBS News
Some car buyers will get a tax break this year from the "big, beautiful bill." Here's how it works.
Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called " big, beautiful bill" that was signed into law on July 4 by President Trump. The idea of giving a tax break for auto purchasers was first floated by Mr. Trump while on the campaign trail in October, when he promised that such a measure would "make car ownership dramatically more affordable for millions and millions of working American families." That promise has now materialized as part of the One Big Beautiful Bill Act, with the new tax break taking effect for car purchases starting in 2025. But the deduction also has income limitations that narrow the number of Americans who can claim it, while used car buyers and vehicle leasers do not benefit. Still, car buyers who have bought a new vehicle this year or are planning to do so in the next four years may get some tax relief when they file their 2025 tax returns. The deduction will expire in 2028, which means car buyers can only take advantage of the benefit for four tax years. At the same time, the One Big Beautiful Act eliminates the federal tax credit for electric vehicles after Sept. 30. The tax break, which provides a $7,500 for new EVs and a $4,000 credit for used EVs, is credited with helping make electric vehicles more affordable for many buyers. Here's what to know. How much is the new auto loan deduction? The new tax cuts and spending law enables car buyers to deduct up to $10,000 in "qualified passenger vehicle loan interest during a given taxable year," beginning with 2025 purchases. While that's similar to the mortgage interest deduction available to homeowners, there is one major difference: Car buyers will be able to itemize their auto loan interest even if they take the standard deduction. By comparison, the mortgage interest deduction is only available to taxpayers who itemize. Which vehicles qualify for the deduction? The tax break applies to the purchase of new cars, motorcycles, sport utility vehicles, minivans, vans and pickup trucks weighing less than 14,000 pounds (referred to as light vehicles). Used cars don't qualify. To qualify for the deduction, a vehicle also must be assembled in the U.S., which further limits the tax break. The deduction also only applies to vehicles purchased for personal use, not for fleets or commercial purposes. And it excludes autos that are leased, which represent about one-quarter of all auto sales in the U.S., according to Experian. What are the income limits for the auto loan deduction? The full break can only be claimed by single taxpayers with a modified adjusted gross income (MAGI) of $100,000 or less or married couples with a MAGI of $200,000 or less. Modified adjusted gross income is your adjusted gross income, which can be found on line 11 of your 1040 tax return, with some items like savings bond interest added back in, according to the IRS. Under the new law, the auto loan deduction shrinks for people with MAGIs above those thresholds, with the amount reduced by $200 for each $1,000 in income above those levels. The deduction is completely phased out for single filers earning above $150,000 and married couples with incomes above $250,000. How many Americans will qualify for the car loan deduction? An estimated 3.5 million new vehicle loans could be eligible for the tax break this year if purchasing patterns stay the same and after excluding commercial vehicles and customers above the income cutoff, said Jonathan Smoke, chief economist at Cox Automotive. About 60% of the 15.9 million new light vehicles sold last year were financed with auto loans, according to Cox data. How much will the car loan deduction save on my taxes? That depends on the size of your auto loan and whether you fall below the income thresholds for the new tax break, but the typical car buyer could save hundreds per year on their taxes. The average new vehicle loan is about $44,000 financed over six years. Interest rates vary by customer, so the savings will, too. In general, the tax deduction will decline after the initial year because interest payments on loans are front-loaded, while principal payments grow on the back end. Car buyers who qualify for an auto loan rate of about 6.5%, typically available to consumers with high credit scores, could deduct $3,000 in the first year of owning their car and about $1,800 per year after that for the remainder of the loan, according to the American Financial Services Association, a consumer credit industry trade group. Deductions reduce a filer's taxable income, which helps lower their tax burden. For instance, someone in the 22% tax bracket could save $660 on their taxes by claiming a $3,000 auto loan deduction. At a 9.3% interest rate — typical of people with subprime credit scores — an average new vehicle buyer could save about $2,200 on taxes over four years, Smoke said.
Al Bawaba
10-07-2025
- Automotive
- Al Bawaba
Volkswagen Oman announces exclusive benefits for Certified Used Car buyers at Premium Motors
Volkswagen Oman, represented by Premium Motors, is making the purchase of a pre-owned Volkswagen more rewarding than ever with a series of exclusive benefits for customers. With a strong reputation for quality, reliability, and durability, Volkswagen Certified Used Cars offer exceptional value, and now, buyers can enjoy added perks when purchasing from official Volkswagen showrooms in part of this offer, customers who purchase a used Volkswagen from Premium Motors will receive free registration, free insurance for the first year, and free window tinting, enhancing both convenience and cost savings. Additionally, every customer will enjoy free paint protection, ensuring their Volkswagen retains its pristine look for longer.A wide variety of certified used Volkswagen models are currently available, catering to different preferences and budgets. Among the available selections is the elegant 2021 Passat, with an affordable monthly EMI of OMR 55, combining classic design with premium comfort. Sportier options include the 2022 GTI P2, available at an EMI of OMR 99, and the high-performance 2023 Golf R, available for OMR 127 per month, both delivering exhilarating driving experiences for those seeking a practical yet stylish SUV, several Tiguan variants are offered, including the 2023 Tiguan 1.4 Life, with two models available at an EMI of OMR 58 each, and the more powerful 2023 Tiguan 2.0 Life, offered at a monthly EMI of OMR 57. Families in search of space and comfort may gravitate toward the 2023 Teramont RL, which comes with a manageable EMI of OMR 107, or consider stepping up to the refined 2023 Touareg at OMR 125 per month. For the ultimate in sophistication, the 2024 Touareg Elegance, with a monthly EMI of OMR 163, represents the pinnacle of Volkswagen's luxury SUV about the advantages of buying a Volkswagen Certified Used Car from an official dealership, Mr Christian Nehme, General Manager of Premium Motors, emphasized the reliability and trust that comes with purchasing from an authorised showroom. 'Every Volkswagen is built with high-quality German engineering, making it a durable and safe choice. When you buy a Certified Used Car from our showroom, you get the added peace of mind that the vehicle has been thoroughly inspected and meets our high standards. Along with these exclusive benefits, customers get even more value from their purchase.'Volkswagen Oman continues to provide unmatched value and peace of mind for customers looking to own a pre-owned Volkswagen. The special benefits ensure that every customer enjoys a high-quality, worry-free ownership experience. For those interested in purchasing a used Volkswagen, visiting a Volkswagen Oman showroom is the best way to explore the available options and take advantage of these limited-time benefits.
