Are Used Vehicles Eligible for the EV Tax Credit?

If you’re in the market for an electric vehicle but aren’t budgeted for the latest model year, you may be wondering if used vehicles are eligible for the EV tax credit. Yes, select models qualify for a used EV tax credit, potentially saving you a significant amount of money on your next pre-owned vehicle. And just how much tax credit do used EVs get? Find out the answer to this question and similar ones in the following overview from Porsche Novi.

How Much Tax Credit Do Used EVs Get?

Certain vehicles are eligible for the used EV tax credit as long as specific conditions are met. These factors include the following:

• The EV must be purchased from a dealer.
• It must have a sale price of $25,000 or less.
• The model year must be within two years of the current calendar year.

Additionally, the used EV tax credit requires buyers to fall within certain income guidelines. If your modified adjusted gross income does not exceed these thresholds, you can take advantage of the used EV tax credit:

• $150,000 for married filing jointly or a surviving spouse
• $112,500 for heads of households
• $75,000 for all other filers

So, exactly how much tax credit do used EVs get? The credit is equal to 30% percent of the sale price up to a maximum credit of $4,000. Keep in mind that used EVs purchased before 2023 don’t qualify for the credit.

Are Used Porsche Vehicles Eligible for the EV Tax Credit?

Now that you understand the criteria needed, you’re likely asking, “Are used Porsche vehicles eligible for the EV tax credit?” While it’s important to check with your preferred West Bloomfield or Northville dealer to ensure your EV qualifies, here is a list of Porsche models that are generally eligible:

• 2014–2016, 2018–2022 Porsche Panamera E-Hybrid (All Models)
• 2015–2022 Porsche Cayenne E-Hybrid (All Models)
• 2020–2021 Porsche Taycan (All EV Models)
• 2022 Porsche Taycan (All Models)

Find Your Next Used EV at Porsche Novi

Are used vehicles eligible for the EV tax credit? As long as specific conditions are satisfied, they do! Start searching for a used EV by checking out our pre-owned inventory in Novi. Feel free to reach out for more information, and be sure to value your trade and calculate your payments to maximize your potential savings. Let a pre-owned EV revolutionize your driving experience in Bloomfield Hills and beyond!