Starting next year, customers who buy an electric vehicle will be able to get an instant credit rather than waiting for a tax rebate.
This is a fantastic idea and one that makes me wonder if I'll be buying my first EV next year. Up until now, buying an electric vehicle qualified eligible buyers in the United States for a federal tax credit of up to $7,500 for new vehicles and $3,500 for used vehicles. While this has been a great way to encourage people to make the jump into an electric car, there was a big problem — you had to wait until tax season to actually get your money.
While dealers will need to trust that the government makes good on its promise to pay them their $7,500, it means that the price of entry into an EV just got even lower — at least in the monthly payments you'll have to make for one. As someone who can't pay a new car off all at once , I'll certainly appreciate getting the rebate immediately when I get the car and being able to roll those savings into the monthly payment.
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