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Are used electric cars eligible for tax credit?
Electric cars are expensive upfront, so I’m considering buying a used one. But is that really cheaper? Are used electric cars eligible for tax credit?
Ru Chen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s a smart thing to consider tax credit when buying an electric car! Unfortunately, used electric cars are not eligible for tax credit.
If you’re in the market for a car, keep in mind that the federal
$7,500 tax credit
is only offered to certain new EVs. Incentives can also vary from state to state. However, if you buy a used EV, there are some benefits you might still be able to take advantage of.
Some states offer cheaper electric car registration, carpool lane access, and a tax credit for installing an EV charging station.
Depending on what price you can negotiate, a used electric car might be just as expensive as a new one. However, if you can find a good deal, it might be a nice idea to buy a used electric car.
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