How to Save $4,000 on Select Used EVs and Plug-In Hybrids

Posted Wednesday, Sep 04, 2024

Used Cars for Sale in Lincoln, NE

Are you looking to save big on your next vehicle purchase? Right now, you can save $4,000 on select used electric vehicles (EVs) and plug-in hybrids. That’s not just a small discount; it’s real money back in your pocket. But how do you know if you qualify for this $4,000 savings? Let’s break it down.

Who Qualifies for the $4,000 EV Credit?

To qualify for the $4,000 credit, you need to be an individual purchasing the vehicle for personal use, not for resale or flipping. Here are the key requirements:

  • Personal Use: You must be buying the vehicle for your own use, not to resell it.
  • Original Ownership: You cannot buy back a vehicle that you originally owned or leased and claim the credit.
  • Lease Buyback: If you previously leased an EV or hybrid, you’re not eligible to buy back your lease and claim the credit.
  • Previous Claims: You cannot have claimed a used vehicle credit within the past three years.
  • Dependent Status: You cannot be claimed as a dependent on another person’s tax return.

Understanding Income Qualifications

Your eligibility for the $4,000 credit also depends on your income, specifically your Adjusted Gross Income (AGI). AGI is your income after deductions. Here’s a simple breakdown:

  • Single Filers: Your AGI should be under $75,000. For 2024, you can earn up to $86,000, with a standard deduction of $14,620.
  • Married Filers: If you’re filing as head of household, your AGI limit is $112,500. For married couples filing jointly, the limit is $150,000.

To see if you qualify, review your previous tax return or consult with your CPA or tax preparer. They can help you get an accurate estimate of your AGI and determine if you’re eligible for this credit.

Ready to Save $4,000 on Your Next EV?

If you meet the qualifications, this is a great opportunity to save big on your next used EV or plug-in hybrid. To get started, click the button below to shop our qualifying inventory and take advantage of this $4,000 savings.

If you have more questions, feel free to watch more of our videos or give us a call. We’re here to help you every step of the way. Thanks for reading!