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
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[@flolou8496]

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 ?

[@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!

[@stephenwinter8892]

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

[@ryanfrisby7389]

Great video!

[@mrpogi23]

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.

[@jamespugh]

Ok that helps .

[@nailpink678]

What about Volvo EVs?

[@TexasTuckers]

I was wondering the same thing. Looks like they don’t qualify since they aren’t built/assembled in the US, Canada or Mexico.

[@alejandrocotilla2899]

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.

[@expsterm1]

Do hybrids get this?

[@BTC909]

Nope.

[@blackwhirlwind1245]

Some PHEVs do

[@sultanniazi2394]

Absolutely hogwash. If u make decent money forget it

[@ctk4949]

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