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EV tax credit: What to know before you buy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing informative and original content. We also allow you to conduct research and compare information for free - so that you can make financial decisions without trepidation. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial deals that could be available to you. mseidelch/Getty Images
9 min read published 23rd January 2023
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and well-documented information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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There are money-related questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We strive to continuously give consumers the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial choices. Our content produced by our editorial team is objective, truthful, and not influenced by our advertisers. We're honest about the ways we're able to bring quality content, competitive rates, and helpful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products andservices or when you click on specific links on our website. Therefore, this compensation may influence the manner, place and in what order products appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other elements, such as our own proprietary website rules and whether or not a product is offered in your region or within your personal credit score may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit item or product. Electric cars aren't only for those who own cars. In fact, the EV market has experienced a massive growth in the last few years, and registrations have increased to 60 percent by 2022, according to . At the same time, electric vehicle options are expanding and currently include a wide selection of designs, styles and prices. Additionally, electric vehicles come with numerous money-saving perks. Apart from the obvious saving on the cost of gas -- there are tax credits available to those who purchase the electric car. Based on the state you reside in, owning an electric vehicle can save you thousands. What exactly is the EV tax credits? It is the EV tax credit can be described as a financial incentive provided by the federal government to allow you to earn money from the back of credits, up to $7,500, if you purchase an eligible electric vehicle. Statistics on electric cars The simplest method of determining how the market is growing is to look at the most recent . Seven percent or less of all light-duty sales at the end of the third quarter of 2022 comprised electric vehicles. ( ) California has the largest percentage of new EV registrations at the time of Dec. 31, 2021 with approximately 39 percent. ( ) At the end of 2021, there were 16.5 million electric vehicles driving around. ( ) Nearly 50% of Americans are considering buying or leasing an EV, up 10 percent from last year. ( ) California has the most charging stations at 14,463, then New York, Florida and Texas. ( ) Tesla is the most popular electric car among American customers. ( ) 53 percent of those who aren't interested in EVs worry of the inconvenience that comes with vehicle charging. ( ) Gen Z are the earliest adopters of electric vehicles with 32 percent indicating their desire to buy one in the coming three years. ( ) Tesla made up 70% of all EV registrations during the first second quarter of 2022. ( ) Fifty-nine percent of people are likely to purchase an EV ( ).
EV tax credit requirements EV tax credit is a federal incentive built in order to encourage people to purchase an electric vehicle. This isn't an actual check that you receive in the mail following a vehicle purchase instead, it's the tax credit of up to $7,500 you are eligible for. This credit applies to all plug-in and electric vehicles, but specific credit amounts are available on the U.S. Department of Energy's website . How to qualify Depending on the year of manufacture of your car and the available incentives your vehicle has to meet certain criteria. If the vehicle was purchased in 2022 or prior to the date of purchase, it must be purchased on or on or after December 31, 2009. Must be a new vehicle, not used. The vehicle must be purchased and not lease. The weight rating must be between 14,000 and 14000 pounds. The battery must have a capacity of at minimum four kilowatt per hour (kWh). Be for use primarily in the United States. For your own useonly, not for resale. Utilize an external recharge source. If the vehicle you purchased was bought in 2023 or after: Buy it solely for personal useand not to resell. Make use of it mostly in the U.S. You must have a battery capacity of at minimum seven kWh. Have a gross vehicle weight of less than 14,000 pounds. It must be made by an . Finish assembly process at North America. MSRP less than $80,000 for vans, sport utility vehicles and pickup trucks, and $55,000 for all other vehicles. If your used vehicle was purchased in 2023 or later the date of purchase: You must be an individual who bought the vehicle to use it and not for resale. Not be the original owner. Not be claimed as an dependent on someone else's tax return. Not claimed another clean vehicle credit in the 3 years before the date of purchase. Have a sale price of $25,000 or less. Model year must be at least 2 years earlier than the calendar year when you purchase it. For example, a vehicle purchased in 2023 would need a model year of 2021 or older. It must not have been transferred prior to August 16, 2022 to a buyer who is qualified. Be a vehicle with a gross weight rating that is not more than 14,000lbs. Be an eligible FCV or plug-in electric vehicle with the capacity of a battery of at least seven kWh. Be for use primarily inside the United States. It can be purchased through an agent. Tip for Bankrate
To determine where your car was built, type in your VIN (vehicle identification number) on the website. It is also crucial to keep in mind that buying the vehicle on its own will not guarantee you'll get the tax credit. You must file your tax return with IRS.
Taxes on income and the EV tax credit Any motorist who submits the required details to qualify a vehicle on Form 8936 might be qualified for an electric vehicle tax credit. However, the amount you make can affect what tax credits you are eligible for. If you make some amount that is greater than 300,000 for couples who file together and the heads of household and $150,000 for the rest of the taxpayers, you won't be eligible to receive tax credit. State and local EV incentives and tax credits Unfortunately, not every state provides EV tax credits and incentives. In fact, more than half of states don't offer any EV tax credit program. So, before you set out to purchase a charging station in your garage, think about how much you could save in your home state. EV tax credits for vehicles brand Here are a few particular EV tax credits provided by the various brands of vehicles. Like every state has its own unique tax system and offers different benefits, think about the benefits of one vehicle brand to another. The brand name of your vehicle
Available credit
Information collected from
Audi
$4,502 to $7,500
BMW
From $3,793 to $7500
Chevrolet
No longer eligible
Fiat/Chrysler
$7,500
Ford
From $4,007 to $7500
Honda
Between $3,626 and $7,500
Hyundai
$4,543 to $7,500
Jaguar/Land Rover
From $6,295 to $7,500
Kia
$4,543 to $7,500
Mercedes
Between $3,501 and $7,500
Mitsubishi
$5,836 to $7500
Nissan
$7,500
Porsche
From $3,667 to $7500
Subaru
From $4,502 to $7,500
Tesla
No longer eligible
Toyota
From $2,500 to $7,500
Volkswagen
$7,500
Volvo
From $4,585 to $7,500
Making the choice to purchase an EV Just as with buying a traditional gas car, deciding to dive into the world of buying an electric car will require you to consider a number of aspects, including cost, size and practicality. But buying an EV requires extra thought. Here are some questions to ask yourself before deciding whether an electric vehicle is right for you. Are there charging stations in my area? Before deciding to purchase an EV it is essential to ensure that there are available charging stations in your region. Make use of resources like those provided through to look into options before buying. What is the vehicle range? It is important to ensure that your new vehicle's range fits your typical driving routine -- and any trips you might be planning. What's the anticipated vehicle maintenance? Although you'll need to reserve some cash to pay for checks on service however, you will not have to fret about the cost of oil adjustments or other emission equipment. What is the cost of EV insurance? The cost of EV insurance varies, so it is best to research and determine the lender is the best fit for your requirements. Find Bankrate's advice on . Should I lease an EV? Consider if you are able to find advantageous incentives from the manufacturer or you would rather change your car every couple of years. Should I buy new or used? Weigh available incentives and your budget. The future of tax credits Electric vehicles remain among the most expensive cars on the market, and until more are produced and sold, they'll likely remain at a more expensive price. However, since manufacturers are making green vehicles prioritizing green vehicles, while the state is trying to reward them with tax credits, it is likely that the tax credit won't be disappearing any time soon. And if you have been thinking about becoming more environmentally friendly for a while it's an ideal time to start. This is especially the case following President Biden's executive order stating that half of all new vehicles that are sold in the U.S. should be electric in 2030. While that is quite an increase of a significant percentage from the present, you might be able to make the most of the present surge in electric vehicles and save extra money through the tax credit available. 2022 Inflation Reduction Act Following months of debate, the 755-page Inflation Reduction Act passed and was adopted in the presence of President Biden on August. 16. The legislation aims to "fight inflation and invest in domestic manufacturing and energy production, and reduce carbon emissions by roughly 40 percent in the next decade," according to a . The new legislation will likely affect tens of millions of Americans and encourage more drivers to switch to electric vehicles and lower carbon emissions. The legislation regarding clean vehicles suggests that the same $7,500 tax credit is available to buyers who buy an EV however, more strict requirements on the vehicle components may make locating a qualified EV challenging. The tax credit can be divided in two parts. To be eligible for the initial $3,750 amount and a specific percentage of critical minerals utilized in its battery have to be mined in the U.S. or a country that the U.S. shares a free trade agreement. The second part of $7,500 involves the location where the battery's components originate from. The majority of battery components have to be manufactured from either the U.S., Canada or Mexico. The required percentages of critical minerals will be increasing each year from 2024 to 2026 and then until 2028 for components. Furthermore, the cars must be manufactured at North America. While this creates a challenge, many manufacturers that no provide incentives, such as Tesla and GM, will be able to return. The legislation removes the limit on the amount of EVs sold. Manufacturers who sold 200 vehicles could no longer be eligible to offer credits. Tax credits for used EV tax credits A major shift following this legislation is in regards to used EV credits for tax purposes. Drivers who may not be in a position to buy a brand new EV can still benefit from this tax deduction. If the vehicle costs between $25,000 and $25,000, motorists get a tax deduction of up to 30 % of the purchase price with a limit of $4,000. Liz Najman, leader of policy research at , explained how the new law will impact car buyers. "Many automobile buyers across the U.S. can now receive up to $4,000 back on used electric vehicles with a purchase price below the $25,000 threshold," explains Najman. In addition, a recent analysis from the agency that conducts the analysis revealed that "almost 20 percent of used EVs have a price that would be eligible, and that segment of the market is likely to expand this season," says Najman. "An encouraging early indicator," says Najman, is that "already in January, around 50% of used cars that were inspected by us would get some amount of money in return." While it could appear that tax credits are limited in access due to recent legislation, says Najman, "in reality, the inclusion of used cars in tax credits is already expanding its coverage and the number of those who are able to own and operate an electric vehicle." What time will the new legislation take force?
Updated used vehicle incentive regulations are applicable to vehicles bought after December. 31, 2022. These regulations will expire at the end of December. 31 2023.
The final word If the time to purchase an all-new set of wheels is near think about buying an electric vehicle to help address the effects of climate change. You can also take advantage of tax credits for electric vehicles and incentives. Before deciding on a particular EV make sure you do your research and investigate whether there are tax credits that are still available. It's also important to investigate the charging stations available in your region and in relation to how you'll use the vehicle, check the battery range of the vehicle you're considering. It's time to evaluate rates and costs of buying an EV over traditional. FAQs about EV tax credits Do vehicles leased by the owner qualify for tax credits for electric vehicles? The federal tax credit does not apply to leased vehicles . Instead, the money is paid to the leaser. This can, however, lower a monthly payment -- if the lessor decides to include the incentive into your lease agreement. You can mention this in order to try for savings and you could save money.Certain states have incentives that apply regardless of whether you're leasing or buying. Will the federal EV tax credit be around? It is likely that the credit will be around indefinitely, especially with increased pushes for more climate-aware vehicles. However, the vehicles available are continuously changing because of the phase-out system of tax credits.When a particular manufacturer reaches the 200,000 electric vehicles that are sold to be used within the United States, those vehicles are not in the range of credits. Because of this rule, it's important to check whether the car you plan to purchase is available to be financed. Does a family get multiple EV tax credits? In the event that two household members purchase electric vehicles for their own, they can separately claim the credit for the cars they own. If two people purchase an EV jointly it can only be claimed once.
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to purchase an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing precise, well-studied details that cut complicated subjects into bite-sized pieces.
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