The Federal EV Tax Credit | 2024 Edition

The Federal EV Tax Credit is meant to incentivize the purchase of new and used electric, plug-in hybrid, and hydrogen fuel-cell electric vehicles. The rules and qualifications change each year, so here's what you need to know for the tax year 2024. #KBB

[flolou]

Can someone help me with this question on the ''used 4, 000 Federal EV tax credit''

Example: Used Chevy Bolt is advertised
at dealership for 10, 000:

but after the sales tax and
other fee's from the dealer
the cost is more like 11, 500 out the door:

but I also I also wish to purchase an extended warranty
adding another 1500.00 to the total price
bringing the final price to

13, 0000, (if I also add the extended warranty)

Can I say on the IRS EV used car credit program,
that the cost of the car was

13, 000? or do I have to use only the
10, 000 price of the car, excluding the sales tax and dealer fee's
and extended warranty cost ?

[mericok]

Can I use ev tax credit for used ($4000) and new ($7500) cars at the same year?

[Medmann]

WE just bought a used EV from a local Ford dealer. The dealer has us sign over the EV credit to them & then he chopped the credit amount from the purchase price. My question is do I need to do anything with the IRS come tax time or am I done? I think I read where I still need to fill out the IRS form 8936 even if I did time of sale EV credit, is that correct ??

[Visualhead_Spacer]

even if many cars don't qualify, manufacturers add their own 5K- 7500 discounts to compete. So don't be discourage about the Fed credits. Unless you are earning a lot of income to have tax write off then it would be better to buy with tax credit rather than out of the hood rebates.

[amy_boston]

Is it normal for a Chevrolet dealer to roll the $7500 tax credit into the residual amount of a lease deal, instead of taking it off of the MSRP? Or, is this just a way to get more money out of me?

[DanielFroman]

Thank you for the informative video. I am trying to find a dealer in the Chicago area who will lease me a 2024 Kia Niro Phev and pass on to me the full $7500 "clean vehicle tax credit". So far, I am unable to find a dealer who has any idea how to do this. Is there any central respository of participating dealers who know how this program works, or do I have to contact each dealer individually? I am not interested in trying to teach a reluctant dealer how to apply the tax credit to a lease. Any advice would be welcome. Thanks!

[SoCalFreelance]

I thought the credit is no longer tied to your tax return.

[alejandrocotilla]

Unless you’re buying a Bolt or Leaf I will never understand this. If you can afford one of these vehicles you don’t qualify for the credit because of income, unless everyone is immensely overspending.

[stephenwinter]

The ev and phev tax credit here in Canada is approximately phev $3500 & ev $5000 in Québec city it's $8000, thanks for the presentation but in Canada the rebates are dealt with through the dealership

[GWAForUTBE]

When Big oil is subsidized trillions every year and big auto bails out more, its good to see these ev subsidies go to the little guy buying his car

[ctk]

Lease deals are still terrible for EVs. The $7500 credit does not matter.

[sultanniazi]

Absolutely hogwash. If u make decent money forget it