Debunking Common Misconceptions About EV Tax Credits for New and Used Vehicles
3 Lies You've Been Told About EV Tax Credits
Want to buy a car in 2024? Getting EV tax credits on new or used electric vehicles could be easier than you think. Here's how.
Myth No. 1: No new electric vehicles can get EV tax credits anymore
Reality: EV tax credits for purchase of a new electric vehicle can be as much as $7,500 -- but not every EV qualifies for that full amount. The EV tax credits have gotten a bit confusing and limited for new cars in 2024.
- Many EVs do not qualify for the full $7,500 amount
- Eligibility based on manufacturing location and battery sourcing
Myth No. 2: EV tax credits make you fill out a bunch of paperwork and wait for tax season
Reality: If you buy an eligible EV in 2024, it's easier than ever to get your EV tax credit. Car dealerships handle the paperwork and provide immediate discounts at the point of sale.
- Immediate discount at the dealership
- Income limits for EV tax credits
Myth No. 3: Used EVs don't qualify for good EV tax credits
Reality: EV tax credits for pre-owned vehicles might be an even better deal than for new vehicles, offering up to $4,000 in tax credits.
- Significant cost savings on used EVs
- Wider range of eligible vehicles
Bottom line: Buying an EV in 2024 with tax credits could be more cost-effective than expected. Compare car insurance quotes to maximize savings.
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.