Electric vehicle tax credits aren’t just for new EVs anymore.
This photo provided by Hyundai shows the 2019 Hyundai Kona Electric, a small hatchback with an EPA-estimated 258 miles of range.
Pricing for new electric vehicles can be daunting for many shoppers. But more and more EVs are becoming available on the used vehicle market, and that’s creating greater opportunities for buying a lower-priced used EV. There’s also a further incentive to purchase a used EV that costs less than $25,000 thanks to an available federal tax credit of up to $4,000.
To qualify for the federal tax credit, the EV you’re interested in must meet these criteria: 1) It must be purchased from a licensed dealership; 2) the sale price must be $25,000 or less; and 3) it must be at least two model years old from the current year. The credit is calculated at 30% of the sale price and caps out at $4,000. To be clear, this isn’t a discount on the price, it’s a nonrefundable tax credit that can only be used if you owe federal taxes the year the EV is purchased.
To help you decide what options you have for a used EV, the car experts at Edmunds highlighted their top five picks for a used EV that can be purchased for less than $25,000. We based our list on Edmunds ratings when they were new and on their current availability. The average pricing we’ve listed is based on Edmunds July sales data.is the longest-running mass-produced electric vehicle on the market.
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