Some dealers have reported minimal instances of customers qualifying for the used EV tax credit. Volkswagen dealer John Luciano, for example, has only witnessed one transaction that met the requirements. The trade-in involved a 2014 Chevrolet Camaro for a 2017 Tesla Model 3, but it remains uncertain if the tax credit will apply.
When selling the vehicle, Luciano advised the customer to consult their certified public accountant to determine if they were eligible for the tax credit. However, Luciano’s dealership does not handle the filing process itself.
Mike DeSilva, the owner of Liberty Auto Group in New Jersey, shared a similar sentiment. He explained that they do not specialize in used EVs, and the few they do have in stock are typically priced above $25,000. Additionally, the complex requirements associated with the tax credit have made the situation even more bewildering.
These requirements include income caps for buyers and the condition that the vehicle must be sold as used for the first time since August 16, 2022. This restriction may further limit the number of eligible used EVs, particularly older models like the Nissan Leaf and Chevrolet Bolt.
DeSilva also expressed concerns about potential liability if a pre-owned car is later discovered to have been sold before the enactment of the law. The responsibility for certifying the vehicle’s history is an additional point of worry.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
