Used plug-in hybrid electric vehicles (PHEVs) can be a cost-effective choice, as they qualify for up to $4,000 in tax credits under the Inflation Reduction Act, making them a smart option for those looking to save on hybrid technology.
Why Used Plug-in Hybrid Electric Vehicles Are a Smart Choice for Savings and Tax Credits
According to CarBuzz. if you’re eyeing a hybrid vehicle but aren’t ready to go fully electric, a plug-in hybrid electric vehicle (PHEV) might be just what you need. New PHEVs can be pricey, and right now, only the 2024 Chrysler Pacifica Hybrid qualifies for the full $7,500 tax credit. Most other new PHEVs only offer a smaller credit or none at all, making them a less attractive option without that extra financial boost.
Buying a used plug-in hybrid electric vehicle can be a more affordable option. The Inflation Reduction Act offers up to $4,000 in tax credits for used plug-in hybrid electric vehicles, as long as they meet certain conditions. They need to cost less than $25,000, be older than two years, have a battery of at least seven kWh, and be bought from a dealership that reports the sale to the IRS.
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$7,500 Tax Credit Alert: 5 Affordable Used Plug-in Hybrid Electric Vehicles (PHEVs) Under $25,000 (PHOTO: TheStreet)
Top Used Plug-in Hybrid Electric Vehicles Under $25,000 That Qualify for $4,000 Tax Credit
There are several good used plug-in hybrid electric vehicles available for under $25,000 that qualify for this tax credit. This makes plug-in hybrid electric vehicles a great choice for those who want to save money and still enjoy the benefits of hybrid technology. With the tax credit, buying a used PHEV can be a smart and cost-effective way to go green.
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