Many of the biggest automobile sellers in the United States have announced plans to make federal tax credits for EVs visible at the point of sale.
At a meeting of White House officials, Treasury Department leaders, and auto industry insiders, numerous companies made commitments to strengthen their support of the 25E Clean Vehicle Tax Credit, the $4,000 credit that drivers who purchase used electric vehicles can claim through the Inflation Reduction Act, according to Environment+Energy Leader.
More than 13,000 auto dealerships registered to bring that $4,000 tax credit to customers upfront when they purchase used EVs, rather than making buyers wait until tax season to claim their rebates — a move that's already proved popular with drivers, as 90% of eligible purchasers indicated they'd rather take same-day cash savings than later tax credits.
Any EV purchaser who buys a used EV and makes less than $75,000 a year (or is part of a married couple that files jointly and makes less than $150,000 a year) can claim the $4,000 credit. EV buyers have already saved over $850 million from this initiative in 2024 alone, per Environment+Energy Leader.
Additionally, major companies agreed to introduce measures and features that make the tax credit more accessible and visible to customers. For example, CarMax plans to add a badge on its website that will clearly show which EVs qualify for the tax credit, and Carvana will let users see their potential savings before they finalize their purchases, according to Environment+Energy Leader.
Numerous other companies will enact similar measures to make the tax credit more noticeable and approachable for drivers.
Making the federal tax credit even easier to claim can only help the EV market — and, in turn, help the environment. EVs require substantially less maintenance, are far cheaper to refuel, and have a minuscule pollution footprint compared to their traditional gas-guzzling counterparts, which means the growing adoption of EVs is a win for both the planet and people who want to save money on transportation.
Other policies that help attract buyers to EVs are being promoted in Minnesota, Colorado, and California. For more information on how to approach an EV purchase, visit TCD's EV guide.
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June 30, 2024 at 11:00PM
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Major auto retailers make plans to offer EV tax credit at point of sale — here's how it could change car buying experience - The Cool Down
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