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Simplified Application Process: Get Your Discount Directly at the Dealership with No Extra Paperwork
Ensure Eligibility: Verify Your Income to Meet IRS Requirements for Tax Credits
According to the ascent, if you are planning to buy a new car, consider electric vehicles (EVs) for potential savings. The U.S. government offers tax credits that can lower your car’s cost. These credits give up to $7,500 off for new electric cars and up to $4,000 for used ones. Applying for these credits has become easier as you get the discount at the dealership when you purchase a qualifying vehicle without extra paperwork.
To benefit from EV tax credits, the first step is to decide which electric vehicle you want to buy and ensure it qualifies for the tax credits. Websites like FuelEconomy.gov provide comprehensive lists of eligible new and pre-owned EVs including plug-in hybrid electric vehicles (PHEVs) and fuel cell vehicles. It is essential to verify that your income falls within the qualifying limits set by the IRS to be eligible for the tax credits. Once you have chosen a vehicle and confirmed your eligibility you can visit a dealership, negotiate a purchase price and the dealership will assist you in obtaining the EV tax credit.
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Electric Vehicle Tax Credit Step-by-Step Guide Application Process – Unlock Now!(PHOTO: getty image)
No Impact on Car Insurance, But Big Savings on Purchase: EV Tax Credits Shine Bright in 2024 Car Buying Scenario
While the demand for EVs has slightly decreased in 2024, dealerships may offer better prices especially on used electric vehicles. Upon purchase the dealership will handle the paperwork to process the EV tax credits, providing you with an immediate discount on the vehicle’s price. Remember to keep the time of sale report provided by the dealership for your records, as you’ll need it when filing IRS Form 8936 with your next tax return. While EV tax credits won’t impact car insurance costs, they offer substantial savings on the purchase of new or used electric vehicles, making them an attractive option for prospective buyers in 2024.
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