Either make sure the dealer will give you the benefit or specifically look into dealers advertising the offer.Ĭorrection: This story has been updated to reflect that prices for used electric vehicles fell by almost 30% between June 2022 and June 2023, according to a recent study by iSeeCars. "The only caveat there is that don't have to give you that $7,500," he added.
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Therefore, the transaction qualifies for the full $7,500 benefit and you may get it as a discount to your negotiating price, said Yoon.
This is considered a loophole where buyers can bypass requirements they would have otherwise needed to meet in order to qualify for the $7,500 tax incentive.Ī lease is considered a commercial transaction because the automaker's financing company is letting you borrow the vehicle. "The best thing to do right now is leasing an EV if you have the money and the means to do it," he said. While smaller models such as the Chevrolet Bolt cost less and qualify for the $7,500 tax credit, many car shoppers are looking for SUVs, either compact or with three rows. Yet these cars are still expensive, and they're not the car for everybody, said Yoon.
"There's a lot of ways to incentivize, it's not just purely getting the price down at the dealership," she said. The manufacturer and dealer incentives for EVs are also far higher than incentives for regular gas cars, said Krebs.
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More of Personal Finance: How to talk about job loss as you hunt for a new role Why 'tipflation' might ruin your chances for a second date Using AI to job hunt 'can backfire,' career expert saysįord Motor also slashed the price of its F-150 Lightning EV pickup truck by $10,000, lowering the starting price of its cheapest version to $50,000. Additionally, companies such as Hyundai and Kia lowered the prices of some models to qualify for the EV $7,500 tax credit from the Inflation Reduction Act. However, other manufacturers' models, such as General Motors' Chevrolet Bolt EV - which sells for about $30,000 - also factored into the decline of the average price, given the sticker price is unusually cheap for the sector. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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