What is the Used Clean Car Credit?

In the bustling city of Seattle, an exceptional opportunity beckons for those intrigued by eco-friendly transportation. The used clean car credit is a remarkable chance for Bellevue buyers of used electric vehicles (EVs) or fuel cell vehicles (FCs) aiming for a greener footprint to benefit from a tax incentive. 

If the EV you’re considering is priced below $25,000 and meets the necessary qualifications, you could be rewarded with a tax credit of 30% of its purchase price, maxing out at $4,000. This initiative encourages sustainable transportation and makes it more financially viable for a wider audience. The team at BMW Seattle is eager to explain how the used clean car credit and the used EV clean car credit can make your next vehicle purchase more affordable.

Who Qualifies for the Used Clean Car Credit?

The used EV clean car credit represents a significant perk for residents of Florida, where the absence of sales tax enhances its value. Eligibility for this credit when buying a qualified pre-owned plug-in electric vehicle or fuel cell vehicle includes several criteria:

• Being the buyer of the pre-owned vehicle.
• Not being the original owner of the vehicle.
• Not being claimed as a dependent on someone else’s tax return.
• Not having benefited from another used clean car credit in the three years before this purchase.

To qualify for the tax credit when purchasing a used clean car, your modified adjusted gross income (AGI) must not surpass the following thresholds:

• $150,000 – If you are married and filing jointly or if you are a surviving spouse.
• $112,500 – If you are the head of a household.
• $75,000 – For single filers or all other types of filers.

Income thresholds also apply, aiming to ensure that the federal tax credit for the pre-owned electric vehicle reaches its intended recipients. Limits are set based on filing status.

What Used Cars Qualify For The Used EV Tax Credit?

A vehicle must satisfy several conditions to qualify for the pre-owned electric vehicle federal tax credit:

• It must be priced at $25,000 or under.
• Its model year must be at least two years before the year of purchase.
• It should not have been transferred to a qualified buyer after August 16, 2022.
• Its gross vehicle weight rating must be below 14,000 pounds.
• It needs to be a plug-in EV or FCV with a battery capacity of at least seven-kilowatt hours.
• Its primary use must be within the United States.

The BMW Seattle sales team, just a stone’s throw away from Redmond, is keen to provide more details and assist you in selecting a vehicle to help you answer, “What used cars qualify for the used EV tax credit?”

Buy a Used Clean Vehicle at BMW Seattle!

Is it time to transition to sustainable driving by exchanging your current ride for a qualifying pre-owned electric vehicle? Contact us at our dealership near Everett today. Our dedicated staff in Seattle is ready to walk you through, “What is the used clean car credit?” 

This ensures you pick one that meets your driving needs and maximizes your savings through the used EV clean car credit and the pre-owned electric vehicle federal tax credit. Choosing a used EV supports the environment and leverages significant financial incentives.