Qualifying for New and Used EV Tax Credits: What You Need to Know in 2024
Tuesday, 21 May 2024, 09:30
Reality: Lots of cars qualify for new EV tax credits
Some EVs qualify for tax credits up to $7,500, but certain criteria must be met.
- The list of qualifying vehicles is longer than expected
- Not all makes and models qualify
- Some car makers offer discounts even if their vehicles don't qualify
Reality: Used EV tax credits might be a better deal
Consider buying a used EV to potentially get up to $4,000 in tax credits.
You have more options and no restrictions on where the car was made.
Reality: You can get EV tax credits immediately at the dealership
The process of claiming EV tax credits is easy and can be done at the dealership on the day of purchase.
It's a beneficial way to save money and help the environment.
(Terms apply; income restrictions for qualifying)
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.