\n
Start soon:<\/strong> EV demand may surge if there\u2019s a rush to buy this summer, and prices may rise if supply is constrained, analysts said. It\u2019s in consumers\u2019 best interest to start sooner rather than later, they said. Ensure your dealer has registered with the IRS to provide a federal tax credit before buying, they said.<\/p>\nStack tax credits: <\/strong>\u201cDo your research to figure out what credits you\u2019re eligible for,\u201d Valdez Streaty said. Consumers may be able to stack subsidies from the federal government, and their state and utility company, analysts said. \u201cStacking of EV credits\u201d can be a strong value proposition, especially in areas where gasoline prices are high and electricity rates are low, Valdez Streaty said.<\/p>\n<\/div>\n\n
Look at used EVs:<\/strong> \u201cThere are a ton of great deals on used EVs,\u201d Malmgren said. \u201cIf I were shopping for a vehicle right now, that\u2019s what I\u2019d be looking at.\u201d Used EVs are comparable on price to used gasoline-powered cars, have far fewer maintenance issues, and have strong warranties on their batteries and drive train, she said.<\/p>\nConsider a lease:<\/strong> Buying a new EV comes with various eligibility requirements for the driver and car to qualify for a tax credit. Leasing sidesteps many of them \u2014 opening up those federal subsidies to a wider audience, Malmgren said. Check the lease agreement before signing to ensure the price reflects the tax credit.<\/p>\nOpt for upfront tax credit: <\/strong>Consumers should opt to get their tax break upfront as a discount instead of later when filing their annual tax return, Malmgren said. \u201cGiven all the uncertainty right now with the administration and IRS, I\u2019d advise against doing the tax credit later,\u201d she said. \u201cPlus you compound your value because that\u2019s money you don\u2019t finance.\u201d<\/p>\n<\/div>\n<\/div>\n\n
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