Here’s how you can save $6K by turning in your gas guzzler for a new EV in Colorado
Starting this week, Colorado residents will have the opportunity to save an extra $6,000 toward the purchase or lease of a new electric vehicle simply by turning in their old gas guzzlers. Here’s who is eligible.
Colorado is launching the Vehicle Exchange Colorado (VXC) Program to help incentivize swapping old, air-polluting gas models for new and used electric vehicles.
Applications open on Thursday, August 31, and will help income-qualified Colorado residents partially cover the upfront cost of replacing their gas guzzlers with EVs.
Eligible residents can receive a $6,000 rebate toward the purchase of a new EV (or PHEV) or $4,000 toward a used one. The rebate can be used on top of other state and federal tax credits and rebates, including the $7,500 IRA credit, enabling over $13,500 in savings between the two incentives alone.
The $6,000 EV rebate program is designed to help Colorado meet its goal of achieving 940,000 electric cars on the road by 2030. Currently, the state has around 90,000 or about 15.7 EVs per 1K residents.
Who is eligible?
Meanwhile, there are a few restrictions that apply. After all other rebates, tax credits, and other discounts, the purchase or lease of the new electric vehicle must be under $50,000.
For example, if a new car has an MSRP of $54,000, Xcel Energy’s $5,500 EV rebate would lower the price below the threshold, allowing the buyer to also redeem the VXC credit. Add-ons, upgrades, destination charges, and other fees are not included in the purchase price.
To meet the income qualifications, the household income must be below 80% of the area’s median income (AMI).
For example, if you live in Boulder, a four-person household must make under $106,240 to be eligible for the rebate. You can see the full list of AMI requirements here.
The vehicle being turned in must also be at least 12 years old or fail an emissions test in Colorado (but is still operational). Furthermore, the vehicle must be titled in Colorado, cannot have a lien, and needs to be registered under the participant’s name.
To be eligible, you must be a resident of Colorado, over 18 years of age, income-qualified, eligible to purchase a vehicle in the state, and own a car that passes the requirements.
Those who meet the requirements can apply on the Colorado Energy Office’s Website. The program will begin at 9 a.m. MT on Thursday, August 31.
Ed Piersa, a program manager with the Colorado Energy Office, said transportation is one of the most significant GHG producers in the state (via The Denver Post), explaining the new program is “beneficial to all Coloradans.”
The program will help those who may not otherwise have been able to afford a new EV have a chance to experience the benefits. Meanwhile, the cleaner air from fewer gas guzzlers on the road will help the entire state, according to Piersa.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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