Get up to $4,000 back on on a used electric vehicle

What’s old is new. And what’s new is cool.

For the first time ever, you can claim a tax credit when you buy a used electric vehicle from from a licensed car dealer.

The vehicle must be at least two years old to qualify, but, unlike new electric vehicles, it does not have to be assembled in North America. Thanks, IRA!

What’s the gist?

• How to save - Claim a tax credit of up to $4,000 or 30 percent of the vehicle price, whichever is lower, up to maximum vehicle price of $25,000.

• Who qualifies? -A single taxpayer making $75,000 or less, heads of households making $112,500 or less, and joint taxpayers making $150,000 or less.

• When is it available? - Now through the end of 2032. Beginning in 2024, you can transfer the tax credit to car dealers for an upfront “cash on the hood” discount rather than waiting to get money back during tax season.