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.
"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.
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.