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EV tax credit: What to know before you buy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and analyze information without cost, so that you can make decisions about your finances with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our loans, mortgages, and other home loan products. But this compensation does affect the content we publish or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be available to you. mseidelch/Getty Images

9 min read published 23rd January 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-documented information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

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There are money-related questions. Bankrate can help. Our experts have helped you understand your money for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the right financial decisions. The content we create by our editorial staff is objective, factual, and not influenced through our sponsors. We’re open about the ways we’re in a position to provide quality content, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods andservices or by you clicking on specific links on our site. This compensation could influence the manner, place and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other elements, such as our own rules for our website and whether or not a product is available within the area you reside in or is within your self-selected credit score range may also influence the manner in which products are featured on this website. Although we try to offer a wide range offers, Bankrate does not include the details of every financial or credit item or product. Electric cars aren’t only for those who own cars. It is now a reality for all types of people. EV market has experienced a massive growth over the past few years, and registrations have increased by 60 percent throughout 2022, according to . At the same time the options for electric vehicles are expanding and currently include a wide selection of styles, and pricing. Also, it comes with a variety of money-saving perks. Apart from the obvious cutting down on gasoline, there are tax credits for people who buy the electric car. It is contingent on your state of residence the electric car you own can save you thousands. What exactly is what is the EV tax credits? It is the EV tax credit is a tax incentive provided by the federal government to allow you to earn money from the back of an amount of credit, which can be as high as $7,500, if you purchase a qualified electric vehicle. Statistics on electric cars The easiest method of determining how the market has expanded is to take a look at the most the most recent . Just over 7 percent of all light-duty sales at the end of 30th of March 2022 comprised electric vehicles. ( ) California has the highest percentage of new EV registrations as of December 31, 2021, at around 39 percent. ( ) In the year of 2021 there were about 16.5 million EVs on the road. ( ) About 50% of Americans are considering buying or leasing an EV increasing by 10 percent from last year. ( ) California has the most charging stations, with 14,463. which is followed by New York, Florida and Texas. ( ) Tesla is the most popular electric vehicle among American consumers. ( ) 53 percent of those who aren’t interested in EVs are concerned about the hassle that comes with vehicle charging. ( ) Gen Z are the earliest adopters of electric vehicles with 32 percent indicating their desire to buy one within the next three years. ( ) Tesla made up 68 percent of all EV registrations in the first part of 2022. ( ) fifty-nine percent of consumers are somewhat or extremely likely to purchase an EV ( ).

EV tax credit requirements EV tax credit was a Federal incentive built to encourage drivers to purchase the electric car. The incentive isn’t a check you receive after the purchase of a car and is instead a tax credit worth up to $7,500 that you become eligible to receive. This tax credit is applicable to all plug-in or electric vehicles, however specific credits are available on the U.S. Department of Energy’s website . How to qualify Depending on the age of your vehicle and the available incentives your vehicle must meet certain specifications. If the vehicle was purchased in 2022 or before the date of purchase, it must be purchased on or after December 31, 2009. Must be a new vehicle that is not being used. The vehicle must be purchased, not leased. The weight rating must be up to 14,000 pounds. Hold a battery capacity of at minimum four kilowatt hour (kWh). It is intended for use exclusively for use in the United States. For your own usage, not to be sold. Utilize an external recharge source. If your new vehicle was bought in 2023 or the following year: Purchase the battery for your personal usage, not for resales. It is used primarily for use in the U.S. The battery must have a capacity of at minimum seven kWh. You must have a vehicle weight of less than 14000 pounds. It must be made by a . Final assembly will be completed at North America. MSRPs below $80,000 for vans, sport utility vehicles and pickup trucks and $55,000 for other vehicles. If your used vehicle was bought in 2023 or after: Be an individual who bought the vehicle to use it and not for resales. You must not be the original owner. Not be claimed as dependent on another’s tax return. Not claimed another credit for a clean vehicle in the three years prior to the date of purchase. The price must be $25,000 or less. You must have a model year that is at least two years earlier that the year at the time you purchase it. For example, a vehicle that you purchase in 2023 must have to have a model that was 2021 or more. Not have already been transferred between August 16, 2022, to a qualified buyer. Be a vehicle with a gross weight of not more than 14,000lbs. You must be a FCV-compliant plug-in electric vehicle with a battery capacity of at least seven kWh. The battery must be used primarily in the United States. Be bought by an authorized dealer. Tip for Bankrate

To find where your vehicle was built, type in the VIN (vehicle identification number) on ‘s website. It is also crucial to note that purchasing the vehicle on its own will not guarantee you’ll get the tax credit. You must file an application with IRS.

Income and the EV tax credit Any motorist who submits the necessary information for a qualified vehicle by using Form 8936 might be qualified to receive the EV tax credits. But amount of income your earn will affect the tax credits you receive. If you earn an amount that is greater than 300,000 for couples who file jointly and 225,000 for head of household and $150,000 for all other filers, you will not be eligible in tax-credits. Local and state EV incentives and tax credits However, not every state offers EV tax incentives and tax credits. In fact, more than half of states in the country do not have any EV tax incentive program. Therefore, prior to setting out to buy a charging station for your garage, consider the amount you could save in the state you live in. EV tax credits for vehicles brand Here are some particular EV tax credits offered by the various brands of vehicles. Just as each state differs, consider the benefits from one brand of vehicle versus the other. Brand name of the vehicle

Available credit

Information obtained from

Audi

Between $4,502 and $7,500

BMW

Between $3,793 and $7,500

Chevrolet

No longer eligible

Fiat/Chrysler

$7,500

Ford

$4,007 to $7,500

Honda

$3,626 to $7,500

Hyundai

From $4,543 to $7,500

Jaguar/Land Rover

From $6,295 to $7,500

Kia

From $4,543 to $7,500

Mercedes

$3,501 to $7,500

Mitsubishi

Between $5,836 and $7,500

Nissan

$7,500

Porsche

$3,667 to $7,500

Subaru

From $4,502 to $7,500

Tesla

No longer eligible

Toyota

$2,500 to $7,500

Volkswagen

$7,500

Volvo

Between $4,585 and $7,500

Making the choice to purchase an electric vehicle is similar to buying a traditional gas car, deciding to dive into the world of buying an electric car requires questioning several factors, such as price, size, and practicality. But purchasing an EV requires extra thought. Here are some questions to think about before you decide whether to buy you want to purchase an electric vehicle is the right choice for you. Is there charging available in my local area? Before you decide to purchase an EV, it is important to verify that there are charging stations in your area. Make use of resources like those provided through to explore options before buying. What is the vehicle range? You’ll need to verify that the range of your new car corresponds to your usual driving routine and any excursions you might be contemplating. What is the expected maintenance schedule for your vehicle? While you’ll have to reserve some cash to pay for checks on service however, you will not have to fret about the cost of oil adjustments or other emission equipment. How much is EV insurance? The price of EV insurance is variable, so you need to investigate and find out the lender is the best fit for your needs. Take a look at Bankrate’s guide . Should I lease an EV? You might be in a position to get beneficial manufacturer incentives or if you’d rather replace your vehicle every couple of years. Should I purchase a brand new vehicle or used? Weigh available incentives and your budget. The future of credit tax incentives Electric cars are still some of the most expensive cars available, and until they are made available in the near future, they’ll remain at a more expensive price. However, since manufacturers are making green vehicles a priority while the state is looking to reward them by offering tax credits, this tax credit will not disappear in the near future. If you’ve been considering becoming more environmentally friendly for a while, now might be the perfect time to take action. This is especially true following President Biden’s August 2021 executive order that stated that half of all new cars sold in the U.S. should be electric by 2030. Although that’s an impressive percentage increase from today, you may benefit of the current influx of electric car options and also save some money by taking advantage of an available tax credit. 2022 Inflation Reduction Act Following months of debate, the 755-page Inflation Reduction Act passed and was signed into law by Vice President Biden on August. 16. The legislation aims to “fight inflation and invest in domestic manufacturing and energy production and reduce carbon emissions by around 40 percent by 2030,” according to a . The new legislation will likely affect tens of millions of Americans and could encourage more drivers to switch to electric vehicles and lower carbon emissions. The section of the law on clean vehicles indicates that the same tax credit is available to those who purchase an EV however stricter requirements regarding the components of the vehicle could make finding a suitable EV difficult. The incentive is divided into two components. For a vehicle to qualify for the initial $3,750 amount, a certain proportion of the minerals that are that are used in the battery must be extracted in the U.S. or a country with which the U.S. shares a free trade agreement. The second half of the $7,500 involves the location where the battery’s components originate from. Most battery components must be made in Canada, the U.S., Canada or Mexico. The minimum percentage of critical minerals will be increasing each year , from 2024 to 2026, and will continue until 2028 for all components. In addition, the vehicles have to be assembled in North America. While this creates a challenge however, some manufacturers who no are offering incentives, like Tesla and GM will be able to resume. The law eliminates the limitation on the number of EVs sold. Manufacturers who sold 200,000 vehicles would no longer be eligible to offer credits. Used EV tax credits Another major shift following this legislation pertains to used EV tax credit. Drivers who might not be financially able to purchase a new EV are still eligible for the tax credit. If the vehicle costs up to $25,000, buyers are eligible for a tax credit of up to 30 % of the cost of purchase, with a maximum of $4,000. Liz Najman, leader of policy research at , outlined the way the new legislation affects buyers of cars. “Many people who buy cars across America are now eligible for rebates. U.S. can now receive up to $4,000 in rebates for a used vehicle that has a price less than the $25,000 threshold,” states Najman. Additionally, a recent research from the agency that conducts the analysis discovered that “almost 20 percent of used EVs have a price which is eligible and that segment of the market is likely to expand in the coming year,” says Najman. “An positive early sign,” says Najman, is that “already in January, approximately 50% of cars tested by our agency would be eligible for some amount of money back.” So while it might appear that tax credits have limited access due to new legislation, says Najman, “in reality, the introduction of used car tax credits is already expanding their coverage and the number of people who can to purchase and drive an EV.” When does the new legislation go into the market?

New used vehicle incentive rules will be applicable to vehicles purchased after December. 31st, 2022 and expire the following year on Dec. 31 2023.

The final word If the time to purchase new wheels is upon you look into purchasing an electric vehicle in order to tackle the effects of climate change. You can also benefit from EV tax credits and incentives. Before making a decision on an EV, do your homework and determine if there are tax credits available. It’s also essential to investigate the availability of charging stations in your region and based on the way you plan to use the vehicle, check the battery range of the vehicle you’re considering. When the time comes to evaluate rates and costs for buying EV instead of traditional. FAQs about EV tax credits Do leased vehicles qualify to receive tax credits for electric vehicles? Tax credit for federal residents will not apply to leased vehicles . Instead, the funds goes to the lender. This can, however, lower the monthly installment in the event that the leaser chooses to factor that incentive into your lease contract. Make sure to mention this when you are trying to and save money.Certain states have incentives that apply regardless of whether you are leasing or buying. Do you think the federal EV tax credit be around? The credit is likely to remain in place for a long time, particularly with increased pushes for more environmentally conscious vehicles. But the available vehicles are continuously changing because of the phase-out structure of tax credits.When a particular manufacturer reaches 200 electric vehicles manufactured to be used within the United States, those vehicles cannot be eligible for credits. This is why it is important to determine whether the car you want to buy is still eligible to be financed. Can a household get several EV tax credits? If two members of the same household buy electric vehicles for themselves, they can separately claim credit for the cars they own. If they purchase an EV jointly, the credit may only be claimed once.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-organized information that breaks down otherwise complex topics into manageable bites.

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