If you’re used-car shopping, check out these makes and models from $15,000 to $25,000 that are eligible for the latest credits.
If you are considering the purchase of an electric vehicle, good news: It’s now possible to get an up-front federal rebate on an EV purchase instead of filing for a tax credit, and that’s true of used EVs as well, which can net buyers up to $4000. Instead of waiting until tax time, a customer can request $4000 off the purchase price. For shoppers looking to take advantage of this federal largesse, we’ve surveyed the landscape and chosen a total of nine EV models (all of which would net buyers the full amount) at three different price points.
To satisfy the rules, a used electric car must be:
- 2022 model year or older;
- priced below the $25,000 cap;
- sold by a dealership, not a private seller.
Verify the guidelines first
https://www.irs.gov/credits-deductions/used-clean-vehicle-credit
Who Qualifies
You may qualify for a credit for buying a previously owned, qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV), including cars and light trucks, under Internal Revenue Code Section 25E.
To qualify, you must:
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your income is below the threshold for 1 of the two years, you can claim the credit.