Chevy EV Tax Credit Information
Chevy EV Tax Credit Information
It’s no secret that electric vehicles have become increasingly more common on the road in recent years. As an incentive for switching to these eco-friendly vehicles, the federal government offers an enticing EV tax credit to help electric car drivers save big!
The federal EV tax incentive is often updated, so it’s important to stay informed about the latest changes to see how you may be able to save big on the Chevy EV you have your eye on. Check out our electric car tax rebate overview below, then turn to the experts at our Chevy dealership near Highland for more information.
Federal EV Tax Rebate Requirements
New all-electric vehicles and plug-in hybrids purchased in 2023 or after must meet the following requirements in order to be eligible for the federal EV tax incentive:1
- Battery capacity of at least 7 kWh
- Gross vehicle weight rating (GVWR) of less than 14,000 pounds
- Final assembly in North America
- MSRP of no more than $80,000 (SUVs, vans, trucks) or $55,000 (all other vehicles)
If your new Chevy EV of choice meets the above requirements, you may be able to save up to $7,500.1 Ask our team for further details.
Used EV Tax Rebate Overview
Have you heard that the federal EV tax rebate now extends to some used electric cars? Pre-owned EVs purchased in 2023 may be eligible for up to a $4,000 tax credit if they meet the following requirements:1
- Age: Vehicle must be at least two years older than the current calendar year.
- Price: Sale price of the vehicle must be $25,000 or less.
- Income: Income limitations may apply depending on your filing status. Visit our Clarkston Chevy dealer for more details.