Majority of Electric Car Buyers Opting for Instant Federal EV Tax Credit at Purchase
New System Allows Immediate Discount on Electric Cars at Dealerships
According to Kiplinger, recent data from the U.S. Treasury Department shows that most Americans buying electric cars this year are getting their federal EV tax credit right when they buy the car. Since January 1, over 100,000 Americans about 90% of eligible buyers have chosen to claim the federal EV tax credit at the dealership when they get their new electric cars. Even about 75% of those buying used electric cars have picked the $4,000 federal EV tax credit at the time of purchase.
The federal EV tax credit is part of a law to help reduce inflation and encourage cleaner energy. It gives Americans up to $7,500 off their taxes for buying certain electric cars. But there are rules about how much money you can make and the car’s price. Also, the car needs to be mostly made in North America to get the full federal EV tax credit. Now, instead of waiting until tax time, Americans can get the federal EV tax credit right when they buy the car. This means they can get a discount on the car’s price immediately. But to do this the dealers need to be registered with the government. There are still rules about how much money you can make and the car’s price to get the federal EV tax credit.
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100,000 Buyers Claim Federal EV Tax Credit at Point of Sale Since January 1 – 90% of Eligible Consumers Opt for Immediate Discount! (PHOTO: Kiplinger)
Federal EV Tax Credits were Quickly Taken Up
Furthermore, the Treasury Department said it gave back over $580 million to dealers who offered the federal EV tax credit showing that lots of Americans are using it. This quick use of the point-of-sale credit means that many Americans want electric cars and are happy to get help from incentives to switch to cleaner transportation. This quick success shows that making the federal EV tax credit easier to use right away could make even more Americans choose electric cars later on.
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