Capitol Subaru of Salem certainly knows the details relative to the recent Inflation Reduction Act. As this pertains to used electric vehicles (EVs), special federal-based programs work to lessen cost and incentivize sustainability. In fact, there's up to $4,000 in federal tax credits to secure at tax time or the same sum deducted at point-of-purchase.
So, there's choice to exercise upon exploring our used EV inventory with many pre-owned Subaru Solterra all-electric SUVs made available.
What to Expect
It might be quizzical why many new EVs are so expensive to purchase. Innovation should be less costly especially what it's the whole of industry that's embracing sustainability as a great leap forward. Competition between brands and the sustainable models brought to market doesn’t necessarily lower new EV asking prices for some odd reason when speaking of free-market economics.
And with remaining fuel-fired vehicles, combustion engines require much attention and upkeep as in oil changes and tune-ups. There's the cost associated with ever-fluctuating fuel prices, as well as the harm likely inflicted on the environment most noticeable by wild weather events across the globe.
So, shopping used EVs has been incentivized by way of federal-based initiatives. These are then mirrored by state-authored clean-vehicle programs and perhaps tax credits as well. In essence, the perks are building when it comes to acquiring a pre-owned EV.
2024 Instant Rebate
As of the first of January 2024, the Inflation Reduction Act took effect. While the legalese within this legislation might be convoluted, there are aspects clearly defined and offer consumers assistance when considering the prudent purchase of a pre-owned EV.
Enter the 2024 Instant Rebate.
In simple terms, the 2024 Instant Rebate offers shoppers the very fiscal convenience of up to $4,000 discounted on qualifying used EVs for equally qualified shoppers. This effectively lowers asking price as would a considerable down payment or trade of a current vehicle. You're then left to enjoy lowered monthly finance payments for the length of your purchase contract.
While the Instant Rebate is relatively new to shoppers, the Electric Vehicle Federal Tax Credit program has been in-effect for some time.
Electric Vehicle Federal Tax Credits
When seeking to purchase or lease a new EV, the federal government extends up to $7,500 in tax credits to claim during tax season. Then, the shopper in-question would have to wait for the sum of credits to be applied. And should your credit allotment not be exhausted after a year's tax filing, the remaining credits are carried over to following tax seasons.
So, shopping pre-owned EVs offers the same basic formatting. Though the credit sum to welcome is halved given the used status of your preferred electric vehicle, it remains a cost-cutting incentive to seize when the time comes.
And upon your pre-owned EV acquisition, there's a wealth of other benefits at your disposal.
Common Perks to EV Ownership
Once you've settled on that desired EV, then come the perks. These are facilitated at state and local levels, and via businesses wishing to welcome sustainably-minded customers. You may consider what's offered in combination with those federal programs as a concerted enticement. The advantages of which promote a healthier environment.
As such, within urban areas, HOV carpool-lane access is unfettered even when traveling alone. Starbucks offers parking with adjoining charging units, and many local municipalities lend free parking to EVs whether on streets or parking decks. The rewards are unmistakable and dependent upon your savvy decisioning in a pre-owned EV.
Capitol Subaru of Salem – Contact Us for More Information
It's a good approach to ask questions of our dealership professionals as they relate to shopping pre-owned EVs now onsite and available. With an ever-expanding inventory, the opportunities remain too promising to pass up.
