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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 goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and unique content. This allows you to conduct research and analyze information without cost, so that you can make your financial decisions without trepidation. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that might be accessible to you. mseidelch/Getty Images

9 min read published on January 23, 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the details of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate promises

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four decades. We are constantly striving to give consumers the professional advice and tools required to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and accurate. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial choices. Our content produced by our editorial staff is objective, truthful, and not influenced from our advertising. We’re transparent about the ways we’re in a position to provide quality information, competitive rates and useful tools to our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain links posted on our site. So, this compensation can influence the manner, place and when products appear in listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. Other elements, such as our own rules for our website and whether a product is offered in your region or within your personal credit score could also affect the manner in which products are featured on this site. We strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial item or product. Electric vehicles are no longer only for those who own cars. It is now a reality for all types of people. EV market has experienced dramatic growth over the past few years, with registrations growing to 60 percent by 2022, according to . In the meantime the options for electric vehicles continue to diversify and now come in a range of styles, and prices. Additionally, electric vehicles come with numerous money-saving perks. Apart from the obvious savings on gas — there are tax credits for people who buy an electric vehicle. It is contingent on your state of residence the electric car you own could save you thousands. What exactly is an EV tax credit? It is the EV tax credit is a financial incentive provided by the government that will allow you to earn cash to repay in the shape of an amount of credit, which can be as high as $7,500, if you purchase an eligible electric vehicle. Statistics on electric cars The most straightforward way to see how much the market is growing is to look at recent . Just over 7 percent of the total light-duty vehicle sales at the end of the 3rd quarter in 2022 were electric vehicles. ( ) California has the most new EV registrations at the time of the end of December 2021 at around 39 percent. ( ) In the year of 2021, there would be 16.5 million electric vehicles in circulation. ( ) About half of Americans are interested in purchasing or leasing an EV which is up by 10 percent over the previous year. ( ) California has the largest number of charging stations with 14,463, which is followed by New York, Florida and Texas. ( ) Tesla is the most popular electric vehicle among American customers. ( ) Fifty-three percent of drivers uninterested in EVs worry of the inconvenience associated with charging their vehicle. ( ) Gen Z are the first users of electric vehicles, with 32 percent noting their desire to buy one in the coming three years. ( ) Tesla made up the majority of EV registrations in the first second quarter of 2022. ( ) fifty-nine percent of consumers are somewhat or extremely likely to purchase an EV ( ).

EV tax credit requirements EV tax credits are a government incentive designed in order to encourage people to purchase the electric car. The incentive isn’t an actual check that you receive after the purchase of a car, but rather an amount of tax credit that can range from to $7,500 you are eligible to receive. This credit applies to all electric and plug-in vehicles, however specific credits are available through the U.S. Department of Energy’s website . What criteria to be considered for qualifying based on the age of your vehicle and the available incentives the vehicle must meet certain requirements. If the vehicle was purchased in 2022 or earlier: Have been purchased on or after December 31, 2009. The vehicle must be brand new, not used. It must be a new vehicle that is not leasing. It must weigh up to 14,000 pounds. Hold a battery capacity of at least four kilowatt per hour (kWh). Be for use primarily in the United States. To be used for your personal use, not for resale. Utilize an external recharge source. If your new vehicle was purchased in 2023 or the following year: Purchase it for your own use, not for resale. It is used primarily within the U.S. Have a battery capacity of at minimum seven kWh. A vehicle’s gross weight of less than 14000 pounds. Be made by an . Undergo final assembly within North America. MSRPs below $80,000 for vans, sport utility vehicles and pickup trucks, and $55,000 for other vehicles. If the vehicle you are using was purchased in 2023 or later the date of purchase: You must be an individual who bought the vehicle to use it and not to resell. You must not be the original owner. It is not possible to claim as an dependent on someone else’s tax return. Not have claimed another used clean vehicle credit within the three years prior to the date of purchase. Have a sale price of less than $25,000. You must have a model year that is that is at least two years older that the year in which you purchase it. For instance, a car purchased in 2023 would need an model year of 2021 or older. It must not have been transferred between the 16th of August, 2022, to a qualified buyer. Be a vehicle with a gross weight rating of under 14,000 pounds. Be an eligible FCV or plug-in EV with an energy capacity of at least seven kWh. It is intended for use exclusively inside the United States. It can be purchased by an agent. Tip for Bankrate

To locate where your vehicle was built, type in your VIN (vehicle identification number) on the website of’s. It is important to note that purchasing the car on its own does not ensure that you get the tax credit. You have to file your tax return with IRS.

Income and the EV tax credit Any motorist who submits the required information for a qualified vehicle by using Form 8936 may be eligible to receive an EV tax credit. However, the amount your earn will affect the tax credits you get. If you make some amount in excess of $30,000 for married couple filing jointly and 225,000 for head of households and $150,000 for other filers, you will not qualify to receive tax credit. State and local EV incentives and tax credits However, not every state provides EV tax incentives and tax credits. In fact, over half the states in the country do not offer an EV tax credits program. Therefore, prior to setting out to purchase an electric charging station for your garage, consider the amount you could save in your state. EV tax credits based on vehicle manufacturer Here are some of the particular EV tax credits offered by various vehicle brands. Like every state has its own unique tax system in its tax incentives, you should consider the advantages of one vehicle brand to other. Vehicle brand

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

Between $3,626 and $7,500

Hyundai

From $4,543 to $7,500

Jaguar/Land Rover

From $6,295 to $7,500

Kia

$4,543 to $7,500

Mercedes

$3,501 to $7,500

Mitsubishi

Between $5,836 and $7,500

Nissan

$7,500

Porsche

Between $3,667 and $7,500

Subaru

From $4,502 to $7,500

Tesla

No longer eligible

Toyota

From $2,500 to $7,500

Volkswagen

$7,500

Volvo

From $4,585 to $7,500

The decision to purchase an EV Just as with purchasing a gas-powered vehicle and deciding to venture into the world of electric vehicle buying involves weighing a variety of factors like price, size, and practicality. But buying an EV takes extra consideration. Here are some questions you should ask yourself before deciding whether you want to purchase an electric vehicle is right for you. Are there charging stations in my local area? Before deciding to purchase an EV it is essential to confirm that there are charging stations in your region. Make use of resources like those provided through to research options prior to purchasing. What’s the car’s range? You will need to confirm that your new vehicle’s range fits your typical driving routine — and any trips you’re thinking of. What’s the planned vehicle maintenance? While you will need to set aside some cash for service checks, you won’t have to worry about expenses from oil changes or other emissions equipment. What’s the price of EV insurance? The price of EV insurance varies, so it is best to research and determine which lender will best suit your needs. Find Bankrate’s advice on . Should I lease an EV? You might be in a position to get beneficial manufacturer incentives or if you prefer to change your vehicle every couple of years. Should I purchase a brand new vehicle or used? Take a look at incentives available and consider your budget. The future of tax credits Electric vehicles remain among the most expensive cars currently available. And until there are more produced in the near future, they’ll remain at a steeper price point. But because manufacturers are making green vehicles prioritizing green vehicles and the government is trying to reward them by offering tax credits, this tax credit won’t be disappearing anytime soon. And if you have been considering making the switch to green for some time, now might be an ideal time to start. This is especially true following President Biden’s executive order stating that half of all new cars sold in the U.S. should be electric by 2030. Although that’s an increase of a significant percentage from where you are today, you could be able to make the most of the current surge of electric car options and save extra money through the tax credit available. 2022 Inflation Reduction Act Following months of debate the 755-page Inflation Reduction Act passed and was adopted by Vice President Biden on Aug. 16. It is designed to “fight inflation, invest in domestic manufacturing and energy production and reduce carbon emissions by around 40 percent in the next decade,” according to a . The new law is likely to be affecting tens of millions of Americans and encourage more drivers to go electric, and help reduce carbon emissions. The legislation concerning clean vehicles states that the same $7,500 tax credit is available to those who purchase an EV however more strict requirements on the car’s components could make finding a suitable EV difficult. The incentive can essentially be split into two parts. For a vehicle to qualify for the initial $3,750 incentive the amount of essential minerals that are used in the battery must be mined in the U.S. or a country that 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. The majority of battery components have to be produced from the U.S., Canada or Mexico. The percentages required of crucial minerals will be increasing each year from 2024 to 2026, and will continue until 2028 for the components. Furthermore, the cars must be manufactured within North America. While this creates a challenge for some companies that do not longer offer incentives, like Tesla and GM, will be able to restart. The legislation removes the limit on the number of EVs sold. In the past, companies that sold 200,000 vehicles would no longer be able to offer credits. Used EV tax credits A major change that has occurred since the legislation was passed pertains to used EV tax credit. Drivers who might not be able to afford a brand-new EV are still eligible for this tax deduction. If the vehicle costs up to $25,000, buyers are eligible for a tax credit that is up to 30 percent of the cost of purchase, with a maximum of $4,000. Liz Najman, leader of policy research at , explained the way the new legislation affects car buyers. “Many people who buy cars in the U.S. can now receive up to $4,000 for a used vehicle with a purchase price below $25,000,” says Najman. Additionally, a an analysis by the reporting agency discovered that “almost 20 percent of used EVs are priced at a level that would be eligible, and that segment that is eligible for tax credits expected to grow in the coming year,” Najman says. Najman. “An encouraging early indicator,” says Najman, is that “already in January, approximately 50% of the used vehicles tested by our agency would be eligible for some amount of money in return.” While it could appear that tax credits have limited access due to recent legislation, according to Najman, “in reality, the inclusion of used cars in tax credits has already expanded its reach and the breadth of people who can to purchase and drive an EV.” When will the new legislation take the market?

The new used vehicle incentive rules will apply to cars purchased after December. 31, 2022 and expire the following year at the end of December. 31 2023.

The main point is that if the time to purchase a new set of wheels is now upon you, consider buying a electric vehicle in order to tackle the effects of climate change. You can also take advantage of tax credits for electric vehicles and incentives. Before deciding on a particular EV make sure you do your research and determine if there are tax credits still available. It’s also essential to examine the charging stations available in your region and based on the way you intend to utilize the vehicle, verify that the battery’s range is the same for the EV you’re interested in. When it comes time to find and compare rates and differing costs for buying EV over conventional. Questions about tax credits for electric vehicles Do vehicles leased by the owner qualify for an EV tax credit? Tax credit for federal residents will not apply to leased vehicles . Instead, the money will go to the lessor. This can, however, lower the monthly installment in the event that the leaser decides to incorporate the incentive into your lease contract. Make sure to mention this when you are trying to saving money.Certain states offer incentives that apply regardless of whether you are leasing or buying. Will this federal EV tax credit be around? It is likely that the credit will be around indefinitely, especially due to the increased demand for environmentally conscious vehicles. However, the number of vehicles that are available is always changing due to the phase-out system of tax credits.When a particular manufacturer reaches the 200,000 electric vehicles that are sold for use within the United States, those vehicles cannot be eligible for credits. Due to this, it’s crucial to verify whether the car you want to purchase is available to be financed. Are families able to be eligible for several EV tax credit? If two members of the same household buy electric vehicles for their own and then claim credit for the cars they own. If they purchase an EV jointly, the credit may only be claimed one time.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to control their finances with concise, well-researched and well-organized details that cut otherwise complicated subjects into bite-sized pieces.

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