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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 offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information at no cost - so you can make your financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law for our loans, mortgages,, and other home lending products. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be available to you. mseidelch/Getty Images
9 min read Published 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 buy a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee
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You have money questions. Bankrate has answers. Our experts have been helping you manage your money for over four years. We are constantly striving to give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the best financial decisions. Our content produced by our editorial staff is objective, truthful and uninfluenced through our sponsors. We're honest regarding how we're able to bring quality content, competitive rates, and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products andservices or through you clicking certain links posted on our site. Therefore, this compensation may impact how, where and when products are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own proprietary website rules and whether the product is available within your region or within your self-selected credit score range could also affect the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include information about each credit or financial item or product. Driving electric is no longer only for those who own cars. In fact, the EV market has experienced dramatic growth over the past few years, and registrations have increased by 60 % through 2022, according to . In the meantime, electric vehicle options continue to diversify and now come in a range of styles, and price points. Additionally, electric vehicles come with numerous savings benefits. Apart from the obvious savings on gasoline, there are electric car tax credits available to people who buy the electric car. Depending on your home state, owning an electric vehicle could save you thousands. What is an EV tax incentive? It is the EV tax credit works as a tax incentive built by the federal government to allow you to earn cash from the back of an amount of credit, which can be as high as $7,500, if you purchase a qualified electric vehicle. Electric cars statistics The simplest way to see how much the market has expanded is to examine the most recent . Just over 7 percent of overall light-duty sales at the end of the 3rd quarter in 2022 was electric vehicles. ( ) California has the highest percentage of new EV registrations at the time of Dec. 31, 2021, at around 39 percent. ( ) In the year of 2021 there were about 16.5 million electric vehicles driving around. ( ) About 50% of Americans are interested in buying or leasing an electric vehicle increasing by 10 percent from last year. ( ) California has the most charging stations, with 14,463. then 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 of charging their vehicles. ( ) Gen Z are the first users of electric vehicles with 32 percent indicating they would like to purchase one in the next three years. ( ) Tesla made up the majority of EV registrations during the first second quarter of 2022. ( ) Fifty-nine percent of consumers are somewhat or extremely likely to buy an EV ( ).
EV tax credit requirements EV tax credit was a Federal incentive designed to encourage drivers to purchase vehicles powered by electricity. This incentive is not a check you receive after an automobile purchase, but rather the tax credit of up to $7500 that you will be eligible for. This tax credit is applicable to all electric and plug-in vehicles, however specific credits are available via the U.S. Department of Energy's website . What is the criteria for qualifying? Depending on the year of manufacture of your car, to qualify for available incentives the vehicle must meet certain specifications. If you purchased your car in 2022 or earlier: Have been purchased on or after December 31 of 2009. The vehicle must be brand new and not previously used. Must be a purchased vehicle, not leasing. The weight rating must be up to 14,000 pounds. The battery must have a capacity of at minimum four kilowatt hours (kWh). It is intended for use exclusively within the United States. To be used for your personal use, not for resale. Make use of an external recharge source. If your vehicle was purchased in 2023 of after: Buy the battery for your personal useand not to resell. It is used primarily in the U.S. Have a battery capacity of at minimum seven kWh. A vehicle's gross weight rating of less than 14,000 pounds. The vehicle must be manufactured by an . Finish assembly process within North America. MSRP less than $80,000 for vans as well as sport utility vehicles and pickup trucks. $55,000 is the limit for other types of vehicles. If your vehicle was purchased in 2023 or after the date of purchase: You must be an individual who bought the vehicle for use and not for resale. You must not be the original owner. Not be claimed as an dependent on someone else's tax return. Not claimed another clean vehicle credit within the 3 years before the date of purchase. You must have a purchase price of less than $25,000. You must have a model year that is that is at least two years older than that of the calendar at the time you purchase it. For instance, a car bought in 2023 will require to have a model year of 2021 or older. Have not been transferred between august 16, 2022 to a qualified buyer. Have a gross vehicle weight of less than 14,000 pounds. Have a valid FCV or plug-in electric vehicle with the capacity of a battery of at least 7 kWh. Be for use primarily in the United States. Purchased by an agent. Bankrate tip
To find where your vehicle was built, type in the VIN (vehicle identification number) on the website of's. It is also crucial to note that purchasing the car on its own does not guarantee you'll get an income tax deduction. You must file your tax return with IRS.
Income and the EV tax credit Anyone who provides the necessary information for a qualified vehicle by using Form 8936 could be qualified to receive an electric vehicle tax credit. But amount of income your earn will affect the tax credits you are eligible for. If you make some amount, more than 300,000 for couples who file jointly or the heads of households and $150,000 for the rest of the taxpayers, you do not be eligible in tax-credits. State and local EV tax credits and incentives There are many states that do not provides EV tax credits and incentives. In fact, over half of the states in the country do not have any EV tax credit program. Therefore, prior to setting out to purchase the charging station you need in your garage, think about the amount you could save in your home state. EV tax credits based on vehicle brand Here are some special EV tax credits provided by the various brands of vehicles. Just as each state differs, consider the benefits from one vehicle brand to the other. Vehicle brand
Credit is available
Information collected from
Audi
From $4,502 to $7,500
BMW
$3,793 to $7,500
Chevrolet
No longer eligible
Fiat/Chrysler
$7,500
Ford
$4,007 to $7,500
Honda
$3,626 to $7,500
Hyundai
$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
$5,836 to $7,500
Nissan
$7,500
Porsche
Between $3,667 and $7,500
Subaru
Between $4,502 and $7,500
Tesla
No longer eligible
Toyota
From $2,500 to $7,500
Volkswagen
$7,500
Volvo
$4,585 to $7,500
The decision to purchase an electric vehicle is similar to buying a traditional gas car making the decision to enter the world of buying an electric car requires questioning several factors, such as cost, size and practicality. But purchasing an EV needs extra consideration. Here are a few questions to consider before you decide to purchase you should buy an electric vehicle is the right choice for you. Are there charging stations in my local area? Before you purchase an EV, it is important to verify that there are available charging stations in your area. Use resources like those offered through to research options prior to purchasing. What is the vehicle range? You'll need to verify that the range of your new car is compatible with your normal driving habits and any excursions you're thinking of. What's the planned maintenance schedule for your vehicle? While you will need to set aside some cash to cover service checks however, you will not have to worry about expenses from oil changes or other emissions equipment. How much is EV insurance? The price of EV insurance ranges so best to do some research and figure out which lender is the best fit for your needs. Check out Bankrate's guide to . Should I lease an EV? You might be able to find advantageous incentives from the manufacturer or you'd rather replace your vehicle every few years. Do I need to buy a new car or used? Take a look at incentives available and consider your budget. The future of Tax credits for electric vehicles are among the most expensive vehicles on the market, and until more are produced in the near future, they'll remain at a higher cost. However, as manufacturers are making green cars an important priority as well as the federal government trying to reward that by offering tax credits, this tax credit will not be vanishing in the near future. If you've been thinking about going green for a while, now might be the perfect time to take action. This is especially true following President Biden's executive order that stated that half of all new vehicles that are sold across the U.S. should be electric in 2030. Although that's an impressive percentage increase from the present, you might be able to take advantage of the present surge in electric vehicles and save money with the tax credit available. 2022 Inflation Reduction Act Following months of deliberation and debate, the 755-page Inflation Reduction Act passed and was signed into law by President Biden on Aug. 16. It carries the intent to "fight inflation and to invest in manufacturing and energy production, and cut carbon emissions by 40 percent in the next decade," according to a . The new legislation will likely affect tens of millions of Americans and encourage more drivers to go electric, and help reduce carbon emissions. The section of the law regarding clean vehicles suggests that the same $7,500 tax credit will be offered to those who purchase an EV however stricter requirements regarding the components of the vehicle could make finding a qualifying EV difficult. The tax credit can be split in two parts. To be eligible for the initial $3,750 amount the percentage of critical minerals used in its battery must be mined in the U.S. or a country with which the U.S. shares a free trade agreement. The second half of the $7,500 focuses on where the battery components come from. Most battery components must be made from either the U.S., Canada or Mexico. The minimum percentage of critical minerals will be increasing each year from 2024 to 2026 and then until 2028 for components. Additionally, the vehicles must be built at North America. Although this poses a challenge, many manufacturers that no longer offer incentives, like Tesla and GM are expected to return. The law eliminates the limitation on the amount of EVs sold. Previously, manufacturers that sold more than 200,000 vehicles would not be eligible for credit. Tax credits for used EV tax credits Another significant change that has occurred since the legislation was passed is in regards to the use of EV tax credit. Drivers who may 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 how the new law affects buyers of cars. "Many people who buy cars in the U.S. can now receive up to $4,000 back for a used vehicle that has a price less than $25,000," states Najman. More than that, recent research from the agency that conducts the analysis discovered that "almost 20 percent of used EVs are priced at a level that would be eligible, and that portion that is eligible for tax credits predicted to increase in the coming year," says Najman. "An positive early sign," says Najman, is that "already in January, approximately 50% of used cars that were inspected by us would get the money back." So while it could appear that tax credits have limited availability due to the recent legislation, according to Najman, "in reality, the inclusion of used car tax credits is already expanding its reach and the breadth of people who can to buy and drive an electric vehicle." When will the new legislation take force?
New used vehicle incentive rules are applicable to vehicles bought after Dec. 31, 2022. These regulations will expire on Dec. 31 2023.
The main point is that if the time to buy a new set of wheels is upon you think about buying an electric vehicle to help address climate change . Additionally, you can benefit from EV tax credits and incentives. Before you decide on a specific EV make sure you do your research and determine if there are tax credits available. It's also essential to look into the charging stations available in your region and, depending on how you plan to use the vehicle, verify that the battery's range is the same for the model you're interested in. It's time to evaluate rates and costs for buying EV over conventional. Questions about tax credits for electric vehicles Do vehicles leased by the owner qualify for tax credits for electric vehicles? Tax credit for federal residents will not apply to leased vehicles . Instead, the money goes to the lender. However, this can still lower a monthly payment in the event that the leaser decides to include the incentive into the lease agreement. Mention this during to try for savings and you could save money.Certain states have incentives that are available regardless of whether you're leasing or purchasing. Will you see the Federal EV tax credit be around? The credit is likely to remain in place for a long time, particularly when there is a push to make environmentally conscious vehicles. However, the number of vehicles that are available is always changing due to the phase-out structure of tax credits.When a particular manufacturer reaches the 200,000 electric vehicles that are sold to be used in the United States, those vehicles cannot be qualified for tax credits. Due to this, it is important to determine whether the car you plan to purchase is available for credit. Does a family be eligible for multiple EV tax credits? In the event that two household members purchase electric vehicles for themselves and then claim the credit for their individual cars. If two people purchase an EV together the credit can only be claimed one time.
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
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