One of the less reported aspects of the Inflation Reduction Act is a provision for tax credits up to $4,000 for the purchase of some used electric vehicles. These tax credits come with a bunch of restrictions — your adjusted gross income cannot be higher more than $75,000 for one person, or $150,000 for one general return; selling price of the car not more than $25,000; the total weight of the vehicle must be less than 14,000 pounds; and from then onwards. bHowever, no restriction is too achievable and at least you can see what the purpose is, which is to try to create a part of the electric vehicle market that can really fit in the pocket of the average person. often.
Meanwhile, in a new light, Tesla, the leader of the electric vehicle industry in the US, continue to reduce the pricepartly because there’s been a little price war going on here for new electric cars, partly because of the federal tax credit situation with new electric vehicles got a little confusedand partly because there are simply more older electric vehicles on the road today than there were five years ago, or even 10 months ago, meaning used buyers have more choices.
In other words, we are far from the days not long ago when a Used Tesla is not much cheaper than branded-New Teslabecause back then we were all convinced that electric cars were almost indestructible, because there were fewer moving parts and whatAre not. That thing is no longer the casehowever, in 2023, the used electric vehicle market is finally starting to emerge as something to think about, though don’t take my word for it.
This is Reuters from today:
Data provider Cox Automotive says sales of used electric vehicles in the United States grew 32 percent in the first three months of 2023 as prices fell.
The group says the average retail list price for used electric vehicles is around $43,400, down 4% year-on-year and significantly lower than the average new electric vehicle price of about $59,000. la.
The group said used EV prices may have dropped due to Tesla’s steep discounts on new vehicles.
“When the market leader lowers the price of new electric vehicles, used car prices fall as well,” Cox said.
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The market, it seems, is noticing, and possibly this is in part because of that used EV tax credit, though maybe it’s just because used EVs are cheaper, period. I don’t make a habit of looking at Tesla’s used inventory, because I have a life, but a search today showed a couple of used Model 3s not far from me for $31,800, which is more than $10,000 cheaper than the nearest new Model 3 in Tesla’s online inventory, a base model. One of the used ones was even a Tesla Model 3 Long Range. A search of GM Certified revealed some used Bolts for a little bit cheaper than the used Teslas, in the upper 20s. I’d suggest consulting a tax professional to see if the EV you’re looking at (and you) qualify for the used EV tax credit, but these prices are almost palatable. The market, it seems, already knows.
