![]() Vehicles must be purchased for personal use and not for resale.Vehicles must be purchased through a dealership.Vehicles must be at least 2 model years older than the calendar year in which they are purchased.As could off-rental vehicles, he added, noting an uptick in rental agencies such as Hertz ordering EVs.įor now, the tax credit's $25,000 threshold is "going to hinder the subset of vehicles that it's applicable to but also to the subset of consumers that find a vehicle that actually fits their needs," Drury said.įor the first time, consumers buying used electric vehicles may be eligible for a tax credit of up to $4,000 - or 30% of the price of the vehicle, whichever is less - starting in 2023 as long as certain requirements are met. ![]() Off-lease EVs - despite an overall industry decline in leasing - also may eventually help to fuel inventory and put downward pressure on prices, Drury said. The 2023 Bolt EV starts at $26,595 and the Bolt EUV at $28,195, both with shipping. In time, vehicles such as the newly price-slashed Chevrolet Bolt could become a larger part of the pool. The average model year for a used EV priced at $25,000 or less is 2016, and for those more than $25,000, the average model year is 2020 - a "completely different cast of characters," he noted. Of the more than 1 million used vehicles Edmunds had listed for sale from its dealer partners in late August, Drury said 0.04 percent were battery-electric vehicles priced below $25,000. "You're going to have a lot of 'compliance cars.'" " going to be hard to find a 200-mile EV - very hard, if not impossible - that qualifies for this credit right now," Drury told Automotive News.
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