The $2,100 used EV

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{{ For less than $10,000, I could pick between several electric Mercedes-Benz hatchbacks, Volkswagen e-Golfs or Fiats on used car sites. For under $3,000 I found a fleet of used Nissan Leafs with around 70-mile range to cruise around town. With an upfront used EV discount at registered dealerships, I could have driven home a $2,100 car. }}

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I saw a used 2022 Tesla Model 3, AWD Long Range for just under $25,000. The $4,000 used EV tax credit at the dealership drops that to $21,000. Price new was as high as $58,000 in 2022, proving the old saying, “All things come to those who wait.” {{ LOL }}

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Does the dealer take it off the price or do you have to take it off your taxes?

Andy

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The dealer takes the $4,000 off the price at the time of sale.

If your annual income is over $70,000 when you do your Federal income taxes for the year, you have to pay back the $4,000 tax credit.

intercst

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Correction, as well as a clarification (because the law is weird).

New EVs

  • Single and married filing separately: $150,000.

  • Head of household: $225,000.

  • Married filing jointly: $300,000.

Used EVs

  • Single and married filing separately: $75,000.

  • Head of household: $112,500.

  • Married filing jointly: $150,000.

For single, it is 75k - and I find it weird that used EVs have a lower household income limit. I get the price cap difference between used and new but not the income limit difference.

5 Likes
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That’s great! – $75,000 will let a few more people take advantage of it.

intercst