There's a Tax Credit for Used Electric Cars?

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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[@ryanfrisby7389]

Great video!

[@mybinotes3294]

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]

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

[@AshS85]

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.

[@jamespugh]

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.

[@flolou8496]

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]

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

[@MrOscar5690]

@@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

[@Edsters90]

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]

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..

[@user-sn3er1rh2d]

Can I use the new car credit for my business?

[@tobal0111]

Electic

[@JarmelSingsKaraoke]

👏👏👏