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Start soon:<\/strong> EV demand may surge if there’s a rush to buy this summer, and prices may rise if supply is constrained, analysts said. It’s in consumers’ 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>“Do your research to figure out what credits you’re eligible for,” Valdez Streaty said. Consumers may be able to stack subsidies from the federal government, and their state and utility company, analysts said. “Stacking of EV credits” 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> “There are a ton of great deals on used EVs,” Malmgren said. “If I were shopping for a vehicle right now, that’s what I’d be looking at.” 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. “Given all the uncertainty right now with the administration and IRS, I’d advise against doing the tax credit later,” she said. “Plus you compound your value because that’s money you don’t finance.”<\/p>\n<\/div>\n<\/div>\n\n
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