WHEEGO ELECTRIC CARS ANNOUNCES TRADE-UP PROGRAM
ATLANTA (October 19, 2009) – WHEEGO ELECTRIC CARS, manufacturer of all-electric cars, today announced it has finalized a ground-breaking Trade-Up Program for customers to move from Low Speed Vehicles (LSVs) which they are selling now, to the Full Speed Vehicles (FSVs) expected next year.
Anytime within 24 months of their purchase of the Wheego LSV, a customer may trade up their Wheego LSV for a full speed Wheego (when available) and receive a trade-up credit of 50% of the original purchase price of their LSV toward the purchase of a full speed Wheego.
Any Federal or State tax credits that the customer received on their purchase of the LSV or on a new full speed car are theirs to keep and are not deducted from the trade-up value.
The trade-in value is 50% of the gross purchase price of the LSV, including options but excluding freight, dealer fees, taxes and license fees.
Example (for illustration only; prices may vary):
| Customer purchase price of Wheego LSV |
$22,000 |
| Fed Tax Credit |
-$7,500 |
| Net customer price for LSV |
$14,500 |
|
Customer Sample price of Full-Speed Wheego |
$30,000 |
| Wheego LSV Trade-up allowance |
-$11,000 |
| Fed Tax Credit |
-$ 7,500 |
| Net Customer price of Full-Speed Wheego |
$11,500 |
Wheego Dealers will have full program details.
“We want to take care of our pioneering customers who are purchasing the LSV Wheego Whip now,” said Wheego CEO Mike McQuary. “They are excited to drive an environmentally friendly, all-electric car. This Trade-Up path lets them get behind the wheel of our LSV today, and protects their investment in the future. They will be able to seamlessly move into the Wheego FSV when it’s ready.”
By not deducting Federal or State Tax Credits, Wheego enables customers in some cases to receive more in Trade-Up credits than they paid for the car. “For example in Oklahoma, with the progressive State Tax Credit of 50% of the price of the car combined with the current $7,500 Federal Tax Credit, Oklahomans can currently drive home a $22,000 car for a net cost of $3,500”, explains McQuary. “Then they will still receive a Trade-Up credit of $11,000 for that car toward the price of their new Wheego FSV when it is available next year.”
Wheego President Jeff Boyd, a 30-year auto industry veteran, is excited about introducing the innovative program. “I’ve never seen anything like it in the industry,” said Boyd. “We are breaking new ground with both the Wheego Whip and the Trade-Up program. There is a lot of anticipation surrounding the FSV due out next year, and this program lets consumers drive our current LSV offering while they wait. In some cases, they may decide the LSV suits their needs perfectly for an around-the-neighborhood errand-running car. In others cases, they will be ready to move to the Wheego FSV as their primary car, and we’ll make that transition easy with the Trade-Up path.”
The initial Wheego offering is the Whip, available now. The Whip is an all-electric LSV which can drive on roads with posted speed limits of 35 miles per hour or less. The Wheego full-speed all-electric car is expected in 2010. The Wheego Whip LSV is a fully-loaded two-seat compact car with fit, finish and features that compete with any other subcompact car on the market. Features include remote keyless entry, air conditioning, and MP3 stereo system. The all-electric Wheego Whip runs on sealed lead-acid batteries and can be charged from a standard household outlet.
About Wheego Electric Cars
Wheego Electric Cars is an innovation-driven and environmentally-conscious manufacturer of Electric Vehicles (EVs). Under the leadership of Mike McQuary, CEO and former MindSpring entrepreneur, Wheego Electric Cars has become a leader in the integration of advanced technology components. Wheego Electric Cars is one of the first EV companies to deliver affordable fully capable, street legal LSV electric cars for everyday consumer use.
For more information about Wheego, visit the company website at www.wheego.net.
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If the trade-up is only 50% of purchase price then using the example above to get a highway legal car my out of pocket expense is $14,500 + $11,500=$26,000. If I wait to buy just the full speed vehicle then the out of pocket is $30,000 – $7,500=$22,500. Why would I buy the LSV Wheego if I can pay out less by waiting? The reward should be equal or more to purchase a LSV Wheego now.
How long do the batteries last before needing replacement and how much do replacement batteries cost?
I’ve read somewhere else that your trade up program had a 2% per month depreciation also figured in on the Wheego LSV that you trade in for the FSV??? Or is a flat 50% of the original sticker price? What if you did any simple additions or modifications to the LSV – like removing the electric cord graphic or the Wheego name from the doors, adding pin striping or additional paint … would any of this nullify the LSV for the trade up program? Could you please get back with me ASAP,
I’m going to order somebody’s electric car either Nov. 18 or 19. I have to receive the car, title & tag it buy the end of this year. Thanks.
P.S. If I don’t order air conditioning, does the LSV still come with a heater? A back seat option? A LSV with your same body design on Electriccars.com has this option – they also have a glass top option (does not open).
We just received our Wheego a few days ago and love the car! We can’t wait for the full speed vehicle to come out, but the trade-up program does not make any sense. Why would i purchase a vehicle which costs me $14,500 out of pocket today (after the $7,500 fed tax credit), then six months later pay an additional $11,500 for the full speed vehicle. This would put me out $26,000 in 6 months when I could just wait 6 months and pay only $22,500 out of pocket. There is absolutely no incentive to participate in the program; it will actually cost more money to participate in your trade-up program rather than save money.