This news is significant for those involved in the used electric vehicle market, whether as buyers, sellers, or dealers. A new law is in the works to extend tax credits for electric vehicles into the used car market. Presently, there is a $7,500 tax credit for new electric vehicles, significantly boosting their sales. Now, the focus is on expanding this benefit to used electric vehicles.
Incentives for Used Electric Vehicles
The proposal suggests introducing a $4,000 tax incentive for used electric vehicles. This move, if passed, could be monumental. Buyers in the used car market, especially for nearly all electric vehicles, might qualify for this $4,000 credit on their purchases. However, there could be limitations, with higher-end vehicles or those above a certain dollar amount possibly not meeting the criteria for this incentive.
Anticipating the rollout
It seems highly likely that this law will pass. Once it does, the necessary application forms for claiming this tax credit will be made available promptly. These forms can be accessed through the website, allowing individuals to download, print, and submit them electronically or via mail. This anticipated tax credit could present a lucrative opportunity for those considering purchasing a used electric vehicle, providing what essentially amounts to free money from the government. Keep an eye out for updates if you’re in the market for a used electric vehicle.