Save the environment… and some cash. Get up to $4,000 back on your EV purchase.
The benefits of electric vehicles have many of us looking into them, especially now that they’re readily available for the first time in the pre-owned market. If you’re looking to keep money in your pocket in 2023, a used EV could be perfect for you.
Thanks to a new tax credit that went into effect January 1st, 2023, you could save up to $4,000 by simply purchasing a used EV.
While there have been EV tax credits offered on new vehicles, this is the first time that used EVs have been included, meaning you can take advantage of this new tax credit today!
There are, of course, some qualifications that need to be met by both you and the used vehicle in order to receive this new credit. You can click here to get into the nitty gritty of these qualifications on the official IRS website, but here’s a quick overview of what makes a used EV eligible for this credit:
- A used EV battery capacity of at least 7-kilowatt hours (which most plug-ins are).
- The used EV must be a model year at least 2 years earlier than the year it is purchased. For example, a vehicle bought in 2023 would need to be a model year of 2021 or earlier.
- The used EV must be purchased for less than $25,000.
- The used EV must be sold by a licensed dealer.
You can even double-check if a vehicle is eligible by using this tool from Recurrent Auto. All you have to do is plug in a VIN number to check if the EV you’re interested in qualifies for this tax credit.