Used EV Tax Credit at Premium Autos Inc
Save Up to $4,000 on a Pre-Owned Electric Vehicle with the Federal Clean Vehicle Credit
Looking to make an eco-friendly choice and save money at the same time? With the Federal Clean Vehicle Credit, you could qualify for up to $4,000 off your next pre-owned electric vehicle from Premium Autos Inc. Thanks to the Inflation Reduction Act of 2022, this program rewards buyers for choosing efficient, pre-owned electric vehicles. While most buyers would traditionally claim this credit through the IRS, Premium Autos is here to simplify the process. As a registered dealer with the IRS, we can help make it easier for you to take advantage of this valuable incentive.
Vehicle Eligibility Criteria
To qualify for the Federal Clean Vehicle Credit, your vehicle must meet the following requirements:
- Sale price must be $25,000 or less, including dealer-mandated fees but excluding taxes, title, registration, and additional costs.
- Be at least two model years older than the year of purchase (e.g., for 2024 purchases, the vehicle must be a 2022 model or older).
- Have a fuel cell or plug-in EV battery capacity of at least 7 kilowatt hours.
- Be purchased for use in the United States.
- Weigh less than 14,000 pounds.
- Not have been previously purchased by another individual since August 16, 2022.
If you’re unsure whether a specific model qualifies, you can check the U.S. Department of Energy’s website for a full list of eligible vehicles.
Buyer Eligibility Requirements
In addition to the vehicle criteria, buyers must meet the following qualifications:
- Purchase the car for personal use, not for resale.
- Not be listed as a dependent on another person’s tax return.
- Not have claimed another used EV tax credit in the past three years.
- Be a non-original owner of the vehicle.
Income restrictions also apply based on your Modified Adjusted Gross Income (MAGI):
- $150,000 for joint filers or spouses.
- $112,500 for heads of household.
- $75,000 for all other filers.
If you’re unsure about how MAGI works or other details of the credit, you can learn more from the Department of Energy’s website or the IRS Frequently Asked Questions page.
Let Premium Autos Help You Save
At Premium Autos Inc., we’re committed to helping you navigate the Federal Clean Vehicle Credit and making your EV purchase as seamless as possible. If you have questions or need assistance determining your eligibility, our knowledgeable team is here to help. Stop by today and see how much you can save—up to 30% off the sale price—on your next pre-owned electric vehicle. Make a smarter, greener choice with Premium Autos Inc!