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IRS LSV Tax Credits – Electric Street Legal Cars - BUYERS BEWARE
All Electric Street Legal LSV's are NOT equal. Many buyers bought them but find out later they won’t get the LSV Tax Credit they were promised. Spend a little time to understand before you purchase your New LSV Street Legal Car.
By: Kimberly Stowe
But Buyers Beware! One golf cart dealer in The Villages, Fl. says he knows it all to well. “Not all Street Legal LSV’s are equal “ say Ricky Cirluso of Villages Golf Cart Man. He continues by explaining, “Unless a LSV has been federally approved it wouldn’t receive a Tax Credit. Just because its street legal doesn’t mean it will qualify.” When explained in length I understood a lot more about the LSV Tax Credits and how they work, or don’t work. If you plan to buy a Street Legal LSV and want to make sure you get your Tax Credits then you need to know a few things. Is this dealer actually a Licensed Motor Vehicle Dealer with the state? He must be in order to sell you a new car. Is the car a 2009 model? New means never owned by a private party. This means a few dealers might have owned it and passed it off as a demo. This will not qualify for the Federal Tax Credits if it is not at least a 09’. Has this car been federally approved? If it has then they should have proof with a letter from the federal government IRS. Each manufacturer must present their car for Federal approval. You should always try to contact the manufacture of the LSV you intend to buy. The dealer is only representing the factory. All approved Street Legal Cars come from a licensed manufacturer (which cannot sell to the public unless through an approved franchise dealer). If a Street Legal LSV has been built by an individual or a small business then it does not qualify for LSV Tax Credits. These are just some of the objectives that were discussed with Mr. Ricky Cirluso. You can find more out by visting http://www.StreetLegalCar.com or http://www.VillagesGolfCartMan.com . They would be more than glad to speak with you if you have any questions. Contact Ricky or send them email online Ricky@VillagesGolfCartMan.com .
The LSV Tax Credits can be a little confusing if you’re not knowledgeable about batteries and technical information. Each vehicle qualifies for a different amount depending on the battery options you choose and if you choose to use Solar Recharging or not. Find a professional licensed dealer in your area that is willing to explain and understand your options. One red flag is anyone who is not willing to show their credentials with the state and the IRS; if they tell you to check with your accountant and offer no info, then Buyers Beware.
You will have to register and have insurance on your New LSV Street Legal Car in order to qualify for the LSV Tax Credits. Insurance expenses are not as much as a car but do range from $400 to $1000 a year. Just like anything you have to do your research to find the best deal. Experience has proven the more your know upfront the less you'll find out later. These Street Legal LSV's have replaced the automobile in some areas like The Villages, in sunny Florida. Where you can golf, shop and dine and is completely accessible by golf cart and LSV . You can read about this in Wired Magazine "Trick-out Golf Carts" by David Kushner http://www.wired.com/