There's a Tax Credit for Used Electric Cars?

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By now you may already know about the Federal EV Tax Credit for new battery electric vehicles (BEV), plug-in hybrids (PHEV) and hydrogen fuel-cell vehicles (FCEV). If fully qualified, consumers can see up to $7,500 on their federal tax return for the purchase or lease of one of these kinds of vehicles, but did you know there's another tax credit for used EVs and PHEVs? Here's how it works. #KBB
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3 июл 2024

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Комментарии : 18

@ryanfrisby7389 3 месяца назад

Great video!

@jamespugh 2 месяца назад

Cool their doing it. Seen few tesla 3 that available for it in ford mustang mach e if find one sub 25k i been see them for 28k on low side.

@mybinotes3294 3 месяца назад

Suppose , I purchased used EV in 2023 and assuming I'm eligible for $4000 tax incentives , suppose if I add second used or new EV in 2024 . Do I need to wait till 2027 to get either $4000 or $7500 tax credit for the same ?. Is that right .

@JoseRodriguez-jh1rh 3 месяца назад

Is the 25,000 limit based on list price or after ttl?

@AshS85 2 месяца назад

Sale price not including taxes. Does include fees. It should be done point of sale so there's no confusion as to whether or not you're getting the credit.

@Edsters90 Месяц назад

What many of the videos don't share is if i waited until it's time to file my taxes but I am getting a tax refund, will I get that $4k as an addition to my tax refund?

@MrOscar5690 Месяц назад

That part is very unclear. It’s a credit, not a rebate. You would only get up to what you owe in taxes. If you owe nothing, you get nothing. But the 4k tax credit is weird in that you get at time of purchase, the “discount” or credit is applied at a time of sale, but is unclear if the dealer would then be the one to determine if you qualify or not, as opposed to your tax person..

@flolou8496 2 месяца назад

Can someone help me with this question? Example: Used Chevy Bolt is advertised at dealership for 10,000: but after the sales tax and other fee's from the dealer the cost is more like 11, 500 out the door: but I also I also wish to purchase an extended warranty adding another 1500.00 to the total price bringing the final price to 13,0000, (if I also add the extended warranty) _________________________________________________ Can I say on the IRS EV used car credit program, that the cost of the car was 13,000? or do I have to use only the 10,000 price of the car, excluding the sales tax and dealer fee's and extended warranty cost ?

@AshS85 2 месяца назад

Only buy from a dealer that will do the rebate as a point of sale down payment reduction.

@MrOscar5690 Месяц назад

@@AshS85 Is the dealer now responsible for determining who qualifies for the credit? Or does anyone qualify regardless of what the tax liability might be

@skterran 19 дней назад

I’m guessing that since it’s the price of the vehicle excluding dealer fees, you’d be getting 30% of the 10,000. The warranty I think would be considered a “dealer fee” since it’s not “the price of the car”. However the best way to know would be have the dealer file the report to the IRS. They should be doing this before the point of sale OR THEY ARE TAKING ADVANTAGE OF YOU.

@skterran 19 дней назад

@@MrOscar5690 the buyer is responsible for determining their eligibility. The dealer is responsible for the car’s eligibility. If you make the claim but aren’t eligible, you’ll pay it back to the IRS when you file for the year.

@flolou8496 14 дней назад

@@skterran Thanks for your guidance, I have a follow up, on something related regarding the timing of the 2023 model years: One dealership I called said theyr'e 2023 Chevy EUV Bolt did not qualify yet, because the car was not two years old, however I see plenty of other advertisements and dealership's clearly offering the 2023 model yeas of used EV's with the 4,000 price discount already priced in ????? What's going on there? Technically us as consume's don't get to buy the latest model year until the calendear year of the previous hear like in October or November: For example consume's would not have seen the 2023 model years until October of 2022 for purchase. So why than are so many 2023 used EV's advertised for sale right now with the 4K discount, (isn't it like 3 to 4 months too soon ?)