This is huge news to be on the lookout for if you’re in the used electric vehicle market whether you’re a buyer or seller or dealer.
There’s a new law being proposed that will extend the tax credits for electric vehicles into the used car market. Right now there’s a $7,500 tax credit for new electric vehicles, and that’s helped EV sales for new cars quite a bit. Getting the adoption of used electric vehicles is the next priority for manufacturers and for government agencies.
They’re proposing to add a $4,000 tax incentive for used electric vehicles. It’s going to be a big deal. If passed, which it looks like it will be, buyers of almost any electric vehicles that are in the used car market will be able to get a $4,000 tax credit for that purchase. There’ll be some limitations on some higher-end vehicles and vehicles over a certain dollar amount will not qualify.
Keep an eye on this website! As soon as this is passed and as soon as it’s available, we will put the application forms for this tax credit on here where you can easily download them, print them out, send them in, or even an electronic submission to get your tax credit. So be on the lookout if you’re in the market for a used electric vehicle, this is coming. All intentions look like this law is going to be passed and it’ll be available for free money from the government for buying a used electric vehicle.