My beloved 2002 Camry is totaled, but I'm getting a check for nearly $4k to make me feel better about it. I'd like to couple that with the $4k tax credit on one of these vehicles:
https://www.irs.gov/credits-deductions/manufacturers-and-models-of-qualified-used-clean-vehicles
Since I'm cheap I really only want to finance half, so I'm looking at stuff that is $15k or less out the door. Has anyone tried to get the used EV tax credit yet? If so, how did it work?
Imagine it's the same?
There was a $10,000 adoption tax credit we got on my daughter and my accountant applied $7500 the first year and $2500 the next year.
I got an extra $7500 back on top of the $1000 I usually get and I thought my tax lady made a mistake. BAM! That's why I'm paying you $350.....(20 years ago)
Did more digging. It's just like Datsun said, you get a haircut on the taxes you own for the year you buy the car. Next year though the tax rebate can be transferred to the car dealer who can then take the $4k off the car right then.
Looking at the eligible car list a Chevy Volt or a BMW i3 REX is very tempting. Prices are less than $15k typically on them. The words "electric BMW" should make me run screaming, but my cousin has one and it has been rock solid for the last three years. His only regret it not getting the range extender, so I'd go that route. Big downside is the weirdo tire size BMW chose that run roughly a grand a set....and it eats tires.
I'm not buying anything until after 4th of July when the tax return car buying frenzy is over, but I like to plan.
You'll need to log in to post.
