EV Loan Amortization Schedule Spreadsheet

[adoreizi]

As we all know, buying an EV can be confusing as the cost you pay the dealer is not the true cost you paid for the vehicle. After considering the incentives, your true vehicle cost is much less than the sticker price. I've been considering pulling the trigger on the Bolt and wanted to make sure all the math sits right with my bank account.

I've simulated the monthly payments from my hypothetical loan, however, it is a bit more complex due to the arrival of the incentives over the duration of the loan. Therefore, I created a spreadsheet to automatically compute my monthly payments on my hypothetical loan assuming I receive certain tax credits or rebates at a certain period in time.

Its a bit confusing to explain via text so I will let my spreadsheet do the talking. Feel free to download and manipulate however you wish. I'd also love some feedback in case you have any good ideas for improvements.

Enjoy!

View attachment EV Loan Amortization Schedule.xlsx.zip

 

[SparkE]

Have any of the regular posters here downloaded this file? Have you looked at it and is it a spreadsheet file?

 

[adoreizi]

It is just the spreadsheet in a zip file. I couldnt upload just the excel file to my post so I just compressed it as a zip.

 

[sparkyps]

I unzipped it and opened it in LibreOffice on a Mac, looks fine.

Not sure I agree with the way the $7500 federal tax credit is modeled. If you purchase the vehicle, or plan on purchasing the vehicle in 2017, you can effectively get the tax credit in 2017 by reducing your tax withholding in 2017, no need to file your 2017 return and wait for a refund check sometime in 2018.

 

[adoreizi]

I unzipped it and opened it in LibreOffice on a Mac, looks fine.

Not sure I agree with the way the $7500 federal tax credit is modeled. If you purchase the vehicle, or plan on purchasing the vehicle in 2017, you can effectively get the tax credit in 2017 by reducing your tax withholding in 2017, no need to file your 2017 return and wait for a refund check sometime in 2018.

That's a very good point. Since I plan on purchasing in the last quarter of 2017, I wasn't sure if I could split the withholding and the return so I simplified it and just left it for the return in the spring. Ultimately I will seek guidance from a tax consultant to confirm everything.