Government Boosts Used EV Market with Cash Incentives
Download MP3Overview of EV Tax Rebates:
- $135 million in EV tax rebates distributed since the beginning of 2024 (as of February 6th).
- Rebates include $7,500 for new EVs and $4,000 for used EVs.
Used EVs as a Deal Opportunity:
- Used electric vehicles are not selling well and are piling up on dealer lots.
- Dealers are under pressure to sell quickly due to curtailments and depreciation.
- A used EV could be a great deal, especially with the $4,000 rebate.
- Many dealers can’t offer discounts but you may negotiate with rebates already applied.
Considerations for Buying a Used EV:
- Used EVs are ideal for a second car or city driving.
- Ensure the battery has a good lifespan and check for damage history.
- Damage history could affect the battery and be excluded from warranty or insurance coverage.
Key Tip for Buyers:
- Stand firm on pricing—dealers may try to push book values, but if the cars aren’t selling, you have more room to negotiate.
