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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 mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and analyze information at no cost - so you can make decisions about your finances with confidence. Bankrate has partnerships with issuers such as, but not limited 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 may impact how and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that might be open 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 purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises
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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your money for over four years. We strive to continuously give our customers the right advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial decisions. Our content produced by our editorial staff is factual, objective, and not influenced through our sponsors. We're transparent about the ways we're able to bring quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods or services, or through you clicking certain hyperlinks on our site. This compensation could influence the manner, place and when products appear within listing categories, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own website rules and whether or not a product is offered in your area or at your self-selected credit score range may also influence how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. Driving electric is no longer only for those who own cars. In fact, the EV market has seen a dramatic growth over the past few years, and registrations have increased to 60 percent by 2022, according to . At the same time electric vehicle options continue to diversify and now offer a variety of designs, styles and price points. also comes with many benefits for saving money. Besides the obvious -- saving on the cost of gas , there are tax credits for people who buy the electric car. Based on the state you reside in having an electric car can save you thousands. What is the EV tax incentive? The EV tax credit can be described as a financial incentive provided by the federal government to allow you to earn money back in the form an amount of credit, which can be as high as $7,500, if you buy an eligible electric vehicle. Statistics on Electric Cars The easiest method of determining how the market has expanded is to examine recent . Seven percent or less of the total light-duty vehicle sales at the end of 30th of March 2022 comprised electric vehicles. ( ) California has the most new EV registrations as of Dec. 31, 2021, at around 39 percent. ( ) In the year of 2021, there would be 16.5 million EVs in circulation. ( ) Around fifty percent of Americans are considering buying or leasing an electric vehicle which is up by 10 percent over last year. ( ) California has the highest 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 consumers. ( ) fifty-three percent of those who aren't interested in EVs fear the inconvenience of charging their vehicles. ( ) Gen Z are the first to adopt electric vehicles with 32 percent indicating their desire to buy one in the coming three years. ( ) Tesla made up the majority of EV registrations in the first half of 2022. ( ) Five-thirty-nine percent people are likely to purchase an EV ( ).
EV tax credit requirements The EV tax credits are a government incentive designed in order to encourage people to purchase vehicles powered by electricity. The incentive isn't an actual check that you receive after a vehicle purchase, but rather a tax credit worth up to $7,500 that you become eligible for. This tax credit is applicable to all plug-in or electric automobiles, but exact credit amounts are available via 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 has to meet certain criteria. If you purchased your car in 2022 or before it was purchased on or after December 31 in 2009. Must be a new vehicle and not previously used. It must be a new vehicle and not lease. It must weigh upwards of 14,000lbs. Have a battery capacity of at minimum four Kilowatt hour (kWh). The battery is designed for use for use in the United States. To be used for your personal useonly, not for resale. Use an external plug-in recharge source. If your new vehicle was purchased in 2023 of after: Purchase the battery for your personal useand not to resell. It is used primarily in the U.S. The battery must have a capacity of at least seven kWh. A vehicle's gross weight rating of no more than 14000lbs. It must be made by an . Finish assembly process in North America. MSRP less than $80,000 for vans, sport utility vehicles and pickup trucks and $55,000 for other vehicles. If your used vehicle was bought in 2023 or earlier the date of purchase: You must be an individual who bought the vehicle solely for use and not to resell. Not be the original owner. Not be claimed as a dependent on another person's tax return. Not claimed another clean vehicle credit in the three years prior to the purchase date. You must have a purchase price of $25,000 or less. You must have a model year that is that is at least two years older than the calendar year when you purchase it. For example, a vehicle that you purchase in 2023 must have a model that was 2021 or more. It must not have been transferred after august 16, 2022, to a qualified buyer. Have a gross vehicle weight rating of less than 14,000 pounds. You must be a FCV-compliant plug-in EV that has a battery capacity of at least seven kWh. The battery must be used primarily inside the United States. It can be purchased through an agent. Tip for Bankrate
To determine where your car was built, type in your VIN (vehicle identification number) on 's website. It is also important to note that purchasing the vehicle alone does not ensure that you get the tax credit. It is necessary to file a tax return your tax return with IRS.
Income and the EV tax credit Any motorist who submits the necessary information for a qualifying vehicle using Form 8936 might be qualified to receive an EV tax credit. The amount of money your earn will affect the tax credits you get. If you make a certain amount of money that is greater than $300,000 for married couples filing jointly and the heads of households and $150,000 for other filers, you will not qualify to receive tax credit. State and local EV tax incentives and tax credits However, not every state provides EV tax credits and incentives. In fact, more than half of the states in the country do not offer any EV tax incentive program. Before you head out to buy a charging station for your garage, determine the amount you could save in the state you live in. EV tax credits based on vehicle brand Here are a few special EV tax credits provided by the various brands of vehicles. Just as each state differs and offers different benefits, think about the benefits of one vehicle brand to another. The brand name of your vehicle
Available credit
Information obtained from
Audi
$4,502 to $7,500
BMW
Between $3,793 and $7,500
Chevrolet
No longer eligible
Fiat/Chrysler
$7,500
Ford
Between $4,007 and $7,500
Honda
$3,626 to $7,500
Hyundai
$4,543 to $7,500
Jaguar/Land Rover
From $6,295 to $7,500
Kia
Between $4,543 and $7,500
Mercedes
$3,501 to $7,500
Mitsubishi
Between $5,836 and $7,500
Nissan
$7,500
Porsche
$3,667 to $7,500
Subaru
From $4,502 to $7,500
Tesla
No longer eligible
Toyota
Between $2,500 and $7,500
Volkswagen
$7,500
Volvo
Between $4,585 and $7,500
Making the choice to purchase an electric vehicle is similar to buying a traditional gas vehicle making the decision to enter the world of buying an electric vehicle involves weighing a variety of factors like cost, size and practicality. But purchasing an EV takes extra consideration. Here are some questions to consider before you decide to purchase you want to purchase an electric vehicle. Is there charging available in my region? Before you decide to purchase an EV it is essential to ensure that there are available charging stations in your area. Use resources like those offered through to look into options before buying. What's the car's range? You'll need to verify that your new vehicle's range fits your typical driving routine -- and any trips you're thinking of. What's the anticipated maintenance of your vehicle? Although you'll need to reserve some cash to pay for checks on service, you won't have to worry about costs from oil changes or other emissions equipment. How much is EV insurance? The price of EV insurance varies, so it is best to investigate and find out which lender fits best with your needs. Check out Bankrate's guide to . Should I lease an electric vehicle? You might be capable of obtaining beneficial manufacturer incentives or if you prefer to change your vehicle every few years. Should I buy new or used? Consider incentives available and your budget. The future of EV Tax credits for electric vehicles are still some of the most expensive vehicles currently available. And until they are made available and sold, they'll likely remain at a higher cost. However, as manufacturers are making green cars a priority, as well as the federal government trying to reward them with tax credits, it is likely that the tax credit will not disappear any time soon. And if you have been interested in becoming more environmentally friendly for a while, now might be an ideal time to start. This is especially the case following President Biden's August 2021 executive order that stated that half of all new cars sold within the U.S. should be electric in 2030. While that is quite an impressive percentage increase from where you are today, you could benefit of the current surge of electric vehicles and also save some money by taking advantage of the tax credit available. 2022 Inflation Reduction Act Following months of deliberation, the 755-page Inflation Reduction Act passed and was adopted by President Biden on Aug. 16. It is designed to "fight inflation and to invest in energy production and manufacturing and cut carbon emissions by roughly 40 percent by 2030," according to a . The new legislation will likely impact tens of million of Americans and could encourage more drivers to buy electric and reduce carbon emissions. The part of the legislation regarding clean vehicles suggests that the same tax credit is available to those who buy an EV however, more stringent requirements for the car's components could make finding a suitable EV difficult. The tax credit can be divided into two components. For a vehicle to qualify for the initial $3,750 incentive and a specific percentage of critical minerals used in its battery must be mined in the U.S. or a country that there is a U.S. shares a free trade agreement. The second portion of $7,500 focuses on the location where the battery's components originate from. Most components for batteries must be manufactured within Canada, the U.S., Canada or Mexico. The percentages required of crucial minerals will increase each year from 2024 to 2026 and then until 2028 for all components. Furthermore, the cars must be assembled at North America. Although this poses a challenge however, some manufacturers who no longer offer incentives, like Tesla and GM are expected to restart. The law eliminates the limitation on the number of EVs sold. Previously, manufacturers that sold more than 200,000 vehicles would not be able to offer credits. Credits for used EV tax credits Another significant change that has occurred since the legislation was passed is in regards to used EV tax credit. Drivers who aren't financially able to purchase a new EV may still be eligible for this tax deduction. For purchases between $25,000 and $25,000, motorists get a tax deduction of up to 30 % of the cost of purchase, with a maximum of $4,000. Liz Najman, leader of the 'Policy Research' department at, discussed how the new law affects buyers of cars. "Many automobile buyers within America are now eligible for rebates. U.S. can now receive up to $4,000 in rebates on a used EV when the purchase price is less than $25,000." says Najman. Additionally, a an analysis by the agency's report discovered that "almost 20 percent of used EVs are priced at a level which is eligible and that segment in the marketplace is only likely to expand in the coming season," Najman says. Najman. "An optimistic early indicator," says Najman, is that "already in January, around 50% of used cars checked with our would receive the money back." While it may seem that tax credits are limited in access due to new legislation, says Najman, "in reality, the introduction of used car tax credits is already expanding their coverage and the number of drivers who are able to buy and drive an electric vehicle." When does the new legislation take force?
Updated used vehicle incentive regulations are applicable to vehicles bought after Dec. 31st, 2022. These regulations will end the year following at the end of December. 31 2023.
The bottom line If the time to buy an all-new set of wheels is now upon you think about buying an electric vehicle in order to tackle climate change and get tax credits for electric vehicles and incentives. Before making a decision on an EV, do your homework and determine if there are tax credits available. It's also essential to look into the availability of charging stations in your local area. Also, depending on how you intend to utilize the vehicle, confirm the battery capacity of the model you're interested in. It's time to search for and examine rates and different costs of buying an EV instead of traditional. FAQs about EV tax credits Are leased cars eligible for tax credits for electric vehicles? Tax credit for federal residents does not apply to those . Instead, the money is paid to the leaser. But this still can lower a monthly payment -- if the lessor decides to incorporate the incentive into the lease agreement. Mention this during to try for savings and you could save money.Certain states have incentives that apply regardless of whether you are leasing or purchasing. Do you think this federal EV tax credit remain in use? The credit is likely to be around indefinitely, especially with increased pushes for more environmentally conscious vehicles. However, the vehicles available are continuously changing because of the phase-out system of tax credits.When an individual manufacturer has reached 200,000 electric vehicles sold for use within the United States, those vehicles are not eligible for credits. Because of this rule, it's important to check whether the car you plan to purchase is still available to be financed. Does a family receive multiple EV tax credit? If two members of the same household buy electric vehicles for their own and then claim the credit for their own vehicles. If they purchase an EV together it can only be claimed once.
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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 ways and pitfalls of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched details that cut complicated topics into digestible pieces.
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