What is better than doing your part by purchasing an efficient pre-owned electric vehicle? Earning a huge savings for doing so! As a part of the Inflation Reduction Act of 2022, you may qualify for up to $4,000 off of your next electric vehicle from Premium Autos. Currently, most people interested in buying a pre-owned electric car would have to file to receive this credit from the IRS themselves, but at Premium Autos we are here to help. Dealers are required to register with the IRS before they can offer this up front, so other dealerships may not offer this alternative and easy way to take advantage of this tax credit. Read through the qualifying terms below and see if you can save up to 30% on an electric car's sale price!
Qualifying vehicles must meet all of these requirements:
*$25,000 sale price does not include non-vehicle costs such as tax, title, registration, service contracts, GAP waivers, or insurance.
Curious about another model and unsure if it qualifies? You can find a full list of qualifying pre-owned models at the U.S. Department of Energy's fuel economy website.
There are terms that apply to not only which vehicles apply, but which buyers too. In order to qualify for this federal tax credit, applicants must:
In other words, so long as you are buying your EV pre-owned for yourself and you are nobody's dependent, you may qualify!
There are also some restrictions on applicable income based on your modified adjusted gross income, or MAGI for short. If you're unsure what that means, you can learn more about it from the Department of Energy's website. You won't qualify for the tax credit if your MAGI exceeds:
If you still have any outstanding questions, the IRS has a helpful Frequently Asked Questions page about how to qualify for this tax credit of up to $4,000. You can also ask us at Premium Autos and our agents would be glad to help find out if you can save up to 30% off of your next electric vehicle from us!