You don’t have to spend a fortune to get the rebate.
If you’re looking to save some extra cash by purchasing a used vehicle, you’re in luck as you can still get a credit worth up to $4,000. For complete details visit here.
Similar to the new vehicle credits, there are limits on used EVs. They are:
- Income requirements: Consumers qualify if their modified adjusted gross income is less than $150,000 for married couples or $75,000 for single filers
- Vehicle price: The sale price can’t exceed $25,000
- Sale qualifications: Buyers only get the credit if it’s the first sale of the used vehicle. They can also only get the credit once every three years
- Vehicle qualifications: The car model must be at least two years old
How electric vehicle tax credits work in the US
The benefits will not last forever, but to further EV adoption in the US, the federal government and its respective state entities offer several perks to consumers looking to go all-electric. With the newly signed Inflation Reduction Act, we know federal tax credits for electric vehicles are extended for another decade, but state credits and rebates move at an entirely different pace.
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