this post was submitted on 19 Oct 2024
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Electric Vehicles

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Why Used EV Deals Will Get Crazy On Jan. 1, 2025 (insideevs.com)
submitted 2 weeks ago by [email protected] to c/[email protected]
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Deals on used electric vehicles are plentiful right now. Lightly used Tesla Model S sedans are going for Model Y money. Subaru Solterras can be had for around $20,000. Low-mileage Lucid Airs are going for half off. All in all, there’s never been a better time to get plugged in on a budget.

But if you can wait until early next year, things are about to get much, much better. Many, many more EVs will become eligible for the federal used EV tax credit in January. According to research from battery health startup Recurrent, “this coming January, the largest ever influx of EVs to the used market gains eligibility.”

The firm, which tracks battery health in used EVs, says that 65% of EVs listed on the used market are already old enough to qualify for the credit. Thanks to booming electric sales in 2023, another 24% will meet that requirement come January 1. Say hello to a 2023 Chevy Bolt for just over $10,000.

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[–] [email protected] 11 points 2 weeks ago (3 children)

Some important points in the article:

  • Now, not every 2023 EV will instantly qualify. Used cars also need to be priced under $25,000.

  • Buyers need to meet income caps of $75,000 for an individual, $150,000 for a married couple or $112,500 for a head of household. And the car must be sold by a dealer, not a private party.

  • Meeting all those requirements gets you a credit worth $4,000 or 30% of the vehicle’s price, whichever is less.

  • Importantly, both the new and used EV tax credits are now available as an upfront discount, rather than a tax-time refund.

[–] [email protected] 3 points 2 weeks ago

Looks great for most of America. Sadly, I wouldn't qualify.

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