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Are tax credits available for used electric cars?
I’ve just bought a used electric car and I want to see if there are any tax credits available in my state. Are tax credits available for used electric cars? What tax credits are available?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
No, federal tax credits for electric vehicles can only be claimed by the original registered owner. This means that a pre-owned electric vehicle come with no tax credits, even if the original owner didn’t apply for the tax credit for some reason.
In some cases, it might be a better deal to buy a new electric car with the federal tax credit than to buy a used electric car, if the tax credit significantly lowers the overall price.
There are some state tax credits, rebates or reduced registration fees for buying electric or hybrid vehicles that apply to you if you’re buying used, but not all of these apply to individual consumers.
Some federal and state tax credit funds are also expiring as top electric car companies reach the required sales numbers, so be aware of
which car models still have tax credits
attached to them.Jerry
can help you find affordable car insurance for your electric car. The app sources quotes from over 50 top insurance providers in just a few seconds, all without any annoying spam emails or phone calls.View full answer
- Gregory R.
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