In this blog post, we’ll delve into the details of the electric vehicle tax credit, answer these questions, and more. These are all important questions to consider before purchasing an electric vehicle. So, how does the electric vehicle tax credit work in 2023? What are the eligibility requirements? How much can you save? However, the rules are more complicated than before, and understanding your eligibility can be tricky. ![]() That means you could be eligible to save some money on your purchase of an electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV) - and not only because of a potential $7,500 rebate. ![]() Last year’s Inflation Reduction Act significantly overhauled the Electric Vehicle Tax Credit, boosting incentives to get more electric vehicles (EVs) on the road. You’re not alone the market for electric cars has expanded rapidly in recent years and is expected to continue growing dramatically over the coming decade as consumer demand surges.Īt the same time, while electric vehicles can be cheaper to own and maintain over time, the average upfront sticker price can still be well above that of a gas-powered car.įortunately, there is a way to mitigate that cost partially. Are you considering purchasing an electric vehicle in 2023?
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