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Take advantage of the $4,000 savings with the used EV tax credit.
Utilize the Used Electric Vehicle (EV) Federal Tax Credit to potentially save up to $4,000 on your upcoming purchase of a pre-owned electric car.
How the Federal Used EV Tax Credit Works
To be eligible for the federal used EV tax credit, both the purchaser and the vehicle must meet certain criteria outlined by the federal government and outlined in the Inflation Reduction Act. Renaissance simplifies the process of identifying eligible vehicles by displaying the “EV Credit” badge during your search or when viewing individual vehicles.
Presently, taxpayers are required to submit Form 8936 to the IRS to claim a used EV tax credit, which can subsequently be utilized to offset their federal tax obligations.
Finding eligible EV Tax Credit vehicles on our site is simple:
Do you meet the qualifications for the EV Tax Credit?
You may not qualify for the used EV tax credit if your modified adjusted gross income (MAGI) exceeds the following thresholds:
– $112,500 for heads of household
– $150,000 for joint filers or spouses
– $75,000 for all other filers
Aside from meeting the MAGI requirements, you must also fulfill the following conditions:
– Purchase the car for personal use, not for resale
– Not be claimed as a dependent on someone else’s tax return
– Not have claimed another used EV tax credit within the last three years
– Not be the original owner of the vehicle you purchase
Buyers aiming to benefit from the federal used EV tax credit must confirm that they meet the outlined qualifications and income limits.
What Criteria Must Vehicles Meet to Qualify for the EV Tax Credit?
To be eligible for the federal used EV tax credit, the vehicle must meet the following criteria:
1. The sale price must not exceed $25,000, inclusive of non-government fees such as shipping and delivery charges.
2. The vehicle must have been manufactured at least two years before the year of purchase. For instance, for purchases made in 2024, only vehicles manufactured in 2022 or earlier qualify.
Moreover, the vehicle must satisfy the following conditions:
1. It should be a Fuel Cell Vehicle or plug-in EV equipped with a battery capacity of no less than 7 kilowatt hours.
2. The purchase must be primarily intended for use within the United States.
3. The vehicle’s gross vehicle weight rating should be under 14,000 pounds.
4. It should not have been acquired by another individual after August 16, 2022.
To view a comprehensive list of all electric vehicles currently eligible for the federal used EV tax credit, visit fueleconomy.gov.
