Navigating the Revised Tax Credits: What Buyers Need to Know
Navigating the Revised Tax Credit Landscape for Used EVs
In 2024, with the extension of federal tax credit for electric vehicle (EV) purchases many consumers are considering the benefits of buying a used EV. The revised terms under the Inflation Reduction Act signed by President Biden now offer tax credits for qualified previously owned EVs or fuel cell vehicles purchased for $25,000 or less from licensed dealers. This means buyers could be qualify for a tax credit of the sale price up to $4,000.
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$4,000 Tax Credit – Discover the Top EV Models: A comprehensive List (PHOTO: Elec trek)
Maximizing Savings: Tips for Prospective Used EV Buyers
While the list of qualifying used EVs provided by the IRS is subject to updates it is essential for consumers to explore this option carefully. Although finding eligible models at or below threshold might be challenging, it is not impossible. Additionally, buyers are encouraged to consult with tax professionals and EV dealers to ensure eligibility and understand any additional state level incentives that may apply.
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