Save on a New or Used Electric Vehicle
Go EV (Electric Vehicle)
EVs are becoming more common on the road as more car makers enter the market. This is great for the environment and lower prices. But is an EV better for your driving needs?
WorkMoney partner, Zappyride, can help you see how much you can save with an EV and what rebates, credits, and incentives are available to you. Incentives are personalized for where you live.
An electric vehicle is a car that doesn’t run on gasoline, instead, it’s battery-powered! Many today are ‘plug-in:’ meaning they can be plugged into a charging station or an outlet in your home through a special charger.
A hybrid is powered by both gasoline and electricity. Some hybrids can be plugged into a charging station or to an outlet in your home through a special charger, and others charge as you drive through the car’s braking and combustion engine.
Although electric vehicles tend to have higher sales prices, they are cheaper to drive than gasoline-powered cars and have lower repair costs–as much as 50%. They also have special tax credits, which can recover up to $7,500 of the sale price. Many states and utility companies also offer rebates and savings to EV owners, sometimes in the $1,000’s!
Of course, if you start driving your EV a lot more than you previously did, your savings may vary.
The typical range for most reasonably priced EVs is 250-350 miles on a single charge. For longer trips, there are many apps and websites that can help you locate charging stations nearby and along your route.
Absolutely! However, all cars, gas or not, are affected by sub-zero temperatures. An EV may take longer to charge when it’s cold, but it still takes a full charge.
Yes! Although it’s more carbon intensive to make EVs than gas cars, the emissions savings from driving one are so much better that they make up for the extra carbon in only one year. You can get an estimate of the emissions on an EV or plug-in hybrid that you’re considering compared to a gas car.
Buying or leasing a qualifying plug-in electric vehicle or fuel cell electric vehicle now could reduce next year’s tax burden by as much as $7,500 (if it’s new) and $4,000 (if it’s used). But if you wait until 2024, you could get that discount right when you buy the car!
To get the federal tax credit, you’ll need to:
- Make sure the car qualifies. The credit is different if you bought your new car before or after April 18, 2023, or a used car with a model year of 2021 or earlier.
- Earn below the maximum allowable income. You can use your income from the year you bought the car, or the year before–whichever is lower.
- Purchase the car from a dealership that will report the sale to the IRS.
Many states and utility companies also offer rebates and savings to EV owners, sometimes in the $1,000s!
To encourage more good jobs to come back to America! Politicians only applied this tax credit on cars that have key parts of their manufacturing process here. Over the next few years, we expect more cars to be eligible for the tax credit as more companies invest in America to meet demand for EVs.
EV chargers
Do you have or are interested in getting an electric vehicle AND want to charge it at home? There are tax credits, rebates and incentives that can help lower costs or even help you get you a charger installed for free! With the Inflation Reduction Act’s Alternative Fuel Refueling Property tax credit, you could get 30% off the cost of the hardware and installation, up to $1,000.