As more electric vehicles come to market, we’re seeing more used EVs at Scott Lot, and that’s good news. Electric cars are ideal for reducing your environmental impact and saving on fuel costs, and purchasing pre-owned is an excellent way to fit them within your budget. Learn more about how used EV models can work for your needs at Scott Lot today.
Tax Credits for EV Models
One of the benefits of purchasing an EV is access to federal credits and incentives. Until recently, however, those credits were only available for brand-new EV purchases, which meant the upfront costs of purchasing an EV could be very high.
However, the conditions and requirements surrounding EV tax credits are changing, including pre-owned EV models. A new tax credit of up to $4,000 is now available for pre-owned EV models priced below $25,000. The vehicle must be older than two years, weigh less than 14,000 pounds, and be used primarily in the United States. It must also have a battery capacity of at least 7 kWh.
How Do I Qualify?
In addition to setting requirements for the vehicles themselves, these new guidelines also specify requirements for the owners of the pre-owned EV models. First, you’re not allowed to buy the car for resale, meaning you must use it as the owner for a specific time. You cannot be the original owner and must not have filed for a clean vehicle credit in the last three years.
Lastly, you cannot be claimed as a dependent on someone else’s tax return, and you must fall below a certain annual income to qualify. For individuals, that is $75,000, $112,500 for heads of household, and $150,000 for joint returns.
Find Your Used EV at Scott Lot Today
There are already so many benefits to purchasing an EV model, and now you have one more. Visit Scott Lot to find your used EV today and begin enjoying the advantages of electric vehicle ownership.