Is the Inflation Reduction Act tax credit for electric cars enough? Americans share whether they are shopping

The Inflation Reduction Act’s electric vehicle tax credit won’t be enough to convince many drivers to buy a new car, but it will be a nice perk for those already planning to buy one, Americans told the nation’s capital on Fox News.

“We’re not even going to think about it because we don’t have the disposable income to buy a new car, even with the incentive,” David told Fox News, adding that he thought it was a great idea for those who can allow “We need to get more electric vehicles on the road, and every little bit helps.”

President Biden signed the Inflation Reduction Act into law on Tuesday. It allocated $370 billion to energy and climate initiatives, including a tax credit of up to $7,500 for electric vehicles, although it is only available to a curated list of cars gathered in North America.

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

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Alyx said he has concerns about the range of electric vehicles. (Fox News Digital/Jon Michael Raasch)

“If I wanted to go long distance, there aren’t enough power charge slots to get me that far in the first place,” Alyx said. “And then you have to buy all this extra stuff to put in your garage or your driveway.”

Coran said, “There’s still more … infrastructure that needs to be put in place and understood to make it more effective.”

One man, Jean, told Fox News that he tried to buy a Tesla a few years ago, but the wait was so long that he finally gave up. But with the new tax credit, he’s considering trying again.

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Tesla at the charging station

A Tesla electric car sits at a charging station at a dealership. (AP Photo/Steven Senne/AP Images)

“With $7,500 free, added to my own deposit, I would definitely go buy a new electric,” Jean told Fox News. “I’m not saying I’m going to buy the car in the next few months, but in the next few years.”

Sedans can cost no more than $55,000 to qualify for the credit, while SUVs and pickups are restricted to $80,000. But those prices are still out of the budgets of many drivers who spoke to Fox News.

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“What’s $7,500 really worth versus the cost of an electric car?” Cathy, of Lincoln, Nebraska, said. He added that the best approach is to buy an affordable car, pay it off and own it outright.

“We have to live within our means, not live beyond our means. And I think that’s what I see our government doing,” Cathy continued. “They live beyond their means and pretend there’s no tomorrow.”

Senate Majority Leader Chuck Schumer

Senate Majority Leader Chuck Schumer speaks during a press conference following the passage of the Inflation Reduction Act at the U.S. Capitol. (Photo by Drew Angerer/Getty Images/Getty Images)

For some, helping the environment is a bigger motivating factor than any government incentives.

“It’s good that money is cut, but I don’t think I’d buy one because of the money,” Alexandra said. “I think I would do it just because it’s good for the environment.”

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Kristi told Fox News, “We’re very excited to get an electric vehicle. Probably not next year because we’re the kind of family that hangs on to our cars until they drop dead.”

He said he expects the bill’s climate initiatives to make a significant difference to the environment. The bill will levy new taxes on methane emissions and provide tax credits for certain types of electricity, fuel and vehicles deemed more environmentally friendly.

Charging station for electric vehicles

A charging station for electric vehicles lights up green in the parking lot of a Ralph’s supermarket. (Photo by FREDERIC J. BROWN/AFP via Getty Images/Getty Images)

“I feel like my generation, which is the baby boomers, has had the benefit of all the economic upswing over the years,” Kristi said. “So I worry about my children and grandchildren. So I really want to see the world preserved for them.”

But others expressed doubt that the legislation would help bring temperatures down any time soon.

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“We’re going to deal with this heat for the rest of the summer, probably a couple more years,” Alana said. “I don’t think it’s going to slow down for a while.”

Russell told Fox News: “At the moment, an electric car is more of a Band-Aid for the climate problem.”

“Electric cars in general are not sustainable,” he said. “Sustainable living would be more trains, more simply more walkability and density in urban areas as a whole.”

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