All articles tagged with #used evs
The article highlights the opportunity to buy affordable, high-quality used electric vehicles, especially Tesla Model 3s, before government rebates end on September 30, due to market shifts and the availability of well-maintained, warranty-backed used models at significant discounts, making now an ideal time for consumers to switch to EVs.
The $7,500 federal EV tax credit will expire on September 30 after President Trump signed the Big Beautiful Bill, making it a good time for potential buyers to purchase new electric vehicles before the incentive ends. Used EVs also qualify for a smaller tax credit, and market competition may influence prices and incentives in the future. If you're planning to buy an EV and can afford it, it's advisable to do so before the credit expires.
Startups are racing to develop and implement battery health and performance tests for used electric vehicles (EVs) to help buyers accurately assess the value of secondhand EVs. Unlike traditional combustion-engine cars, the value of EVs depends largely on the battery's driving range and ability to hold a charge. Companies like Altelium and Aviloo have developed battery tests that can quickly measure battery health, enabling more transparent and reliable transactions in the used EV market. The lack of visibility and concerns about battery life have contributed to lower used EV prices compared to fossil-fuel models. Properly valuing used EVs is crucial as the market is expected to see a significant influx of vehicles in the coming years.
The number of new electric vehicles eligible for a $7,500 federal tax credit fell by almost half on Tuesday, as new rules issued by the U.S. Department of the Treasury took effect. However, consumers in the market for an electric passenger vehicle can still access a tax break by instead buying a used EV or leasing a vehicle, experts said. The Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect in 2023, is worth $4,000 or 30% of the sale price, whichever is less.
The Inflation Reduction Act has set manufacturing requirements for new all-electric and plug-in hybrid vehicles to qualify for the full $7,500 tax credit. The final two requirements will kick in on April 18 and phase in over a few years, which may cause the current list of cars that qualify for the credit to fall in number. However, consumers can still get a tax credit by buying a used EV or leasing a new electric passenger vehicle. The used vehicle credit applies to a broad selection of cars, while the leasing tax benefit doesn't carry the manufacturing requirements attached to purchases of new cars.
Used electric vehicle (EV) sales in the US increased by 32% in Q1 2022, with analysts forecasting new EV sales to reach one million for the first time this year. The average price of a used EV was around $43,400, down 4% from last year, and well below the average cost of a new model. As new EV sales continue to climb, more used models are becoming available, and used EV sales are expected to increase rapidly. Tesla's recent price cuts have influenced much of the market, with several automakers following suit.