Used Clean Vehicle Tax Credit Explained
Used Clean Vehicle Tax Credit Explained
Buy a Used Ford EV in Pennsylvania
It has never been easier to get behind the wheel of a used Ford EV! As time goes on, there continue to be more and more ways in which you can choose a vehicle that makes your life easier, and doesn’t break the bank, either. In this case, we are talking about the introduction of the Used Clean Vehicle Tax Credit. This is the type of program that is geared toward used electric or used fuel cell vehicles that come from licensed dealers, and help get more clean vehicles out on the road. Our goal at Susquehanna Ford has always been to assist our customers to the best of our abilities. In this instance, we want to share with you more information on this tax credit, and how it can make getting a clean vehicle all the easier and cheaper!
Which vehicles qualify for this type of credit?
An important factor of this entire process is figuring out the exact qualifications that you have to follow in order to save money in the first place. That’s why we are excited to share with you more information on the specific qualifications that a vehicle has to meet to get you those sweet savings. The first thing is that it has to be $25,000 or less in the price that it is being sold for. It also has to be a model year that is 2 years earlier than the current calendar year in which you are purchasing the vehicle. Other qualifications that must be met include not being transferred to another qualified buyer after August 16th, 2022, having a GVWR less than 14,000 pounds, a battery capacity of at least 7 kilowatt hours, and usage has to primarily be for the United States.
Who qualifies to get this tax credit?
Now that you are better acquainted with the vehicles that qualify for this tax credit, it’s time to figure out if you yourself are able to qualify for the credit, too! You just have to be an individual who buys the vehicle and doesn’t intend to resell it, not be the original owner, not be a dependent on someone else’s tax return, and not have claimed another vehicle of this type in the last 3 years. There is also an income aspect of this program, which means your adjusted gross income cannot exceed $75,000 for most people, $112,500 for heads of households, and $150,000 for married filing jointly. If you meet all of this criteria, then feel free to utilize the used clean vehicle tax credit!
How do I claim this credit?
In order to claim this tax credit, you have to fill out Form 8936. This is also known as the Qualified Plug-in Electric Drive Motor Vehicle Credit. You will be idling this form with your tax return for the rear that you bought the vehicle. Once that is done, this tax credit will be placed onto your account so you can save money in the long run! We know that this is a lot to consider, but who doesn’t love saving money?
Buy a Used Ford EV at Susquehanna Ford
Now that you know more about this tax credit, we hope you will consider shopping with us here at Susquehanna Ford. We have the best inventory around for clean Ford models, and we know that our used inventory will do nothing but impress you all the way through. All that’s left for you to do is stop by, and find the ride that you want the most in your life. We’ll be here to answer any questions you might have!