In an effort to make all-electric vehicles more attractive to the everyday buyer, the U.S. federal government implemented a $7,500 EV tax credit for eligible new vehicles, of which a number of GM electric vehicles qualified for. Now, a similar incentive applies to used vehicles, albeit with notable differences.
As outlined by the Environmental Protection Agency (EPA), those who purchased a used electric vehicle or fuel-cell vehicle (FCV) from a licensed dealer may be eligible for a tax credit up to $4,000. Unfortunately, used purchases made before the 2023 calendar year do not apply for this incentive.
In order to qualify, vehicles must meet a set of requirements, including:
- Sale price less than $25,000
- Be of a model year at least two years younger than the calendar year in which it was purchased
- Not have been transferred to a qualified buyer after August 16th, 2022
- Have a Gross Vehicle Weight Rating (GVWR) less than 14,000 pounds
- Boast a battery capacity of at least seven KWh
For those who want to know if their used EV purchase qualities for this new incentive, be sure to check out the U.S. Department of Energy’s website for the full list.
This new EV tax credit now applies to quite a few used General Motors electric vehicles, including:
| Type | Model Years | |
|---|---|---|
| Cadillac CT6 PHEV | PHEV | 2017-2018 |
| Cadillac ELR | PHEV/EREV | 2014-2016 |
| Chevy Bolt EV | BEV | 2017-2022 |
| Chevy Bolt EUV | BEV | 2022 |
| Chevy Spark EV | BEV | 2014-2016 |
| Chevy Volt | PHEV/EREV | 2011-2019 |
It’s worth noting that EREV refers to an extended-range electric vehicle. More specifically, this means that the wheels are driven by electric motors, while the gasoline engine only kicks in to replenish the battery pack. In addition, although the EPA doesn’t list the Cadillac CT6 PHEV as an eligible electric vehicle, the used Caddy seemingly meets all the requirements for the tax credit.
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Comments
That’s BS, now I’m helping pay for someone else’s used car?! The EV greenies are getting desperate.
Actually Carl, you helped my dealer give me Around $4,350 MORE for my 2019 Chevy Volt as a trade in since that is the amount the next person will save – namely $4,000 plus $350 which is the sales tax at 8 3/4 %.
As such on January 10th I bought a brand spanking new BOLT EV including taxes and fees for $3,450.
Since I’ve paid so much in taxes to several local, state and federal govts during my working life – over $1 million, it’s nice to get a fraction of 1 percent ( a few crumbs ) back. Don’t feel too sorry for them because I’ll have been robbed far more than this come April 15th annually. So much, in fact, that IRS revenue only provides about less than a third of what the feds spend every year. They counterfeit the rest. Then the state and local entities take another big chunk out of my hide.
Unfortunately, counterfeiting by both repubs and Dems over the years has already sucked my savings from me as the money I have is worth far less than when I saved it in the first place from the inflation tax.
You helped pay for 30% of my rooftop PV solar system, too. I appreciate it 😘😆
Good luck finding a used EV from a dealership that’s under 25 and less than two years old.
Volts should be plentiful in that condition. It almost seems this law is tailored for them. The only problem is the battery replacements can go upwards of 30,000, which makes that $4,000 seem like nothing in comparison.
That’s another reason why I traded mine in. That is the Downside of plugin hybrids is that the battery is charged and discharged fully every day. My 2019 volt while still having a very good working battery has undergone well over 1700 chg/discharge cycles.
That same trauma on my 2023(purchased this month) bolt ev will take around 220,000 miles, and the battery should still be good merely since I have far fewer charge discharge cycles per month. Also since the battery starts charging back up at around 30% to around 70% or less daily, it’s been proven that batteries can take triple the power transfer over their lifetimes, than the life of a battery in a phev like the VOLT that sees daily 100% usage.
I know that totally dead is not exactly zero percent in the Volt and fully charged is not actually fully charged, so that just means instead of expecting 660,000 miles life in my new car I can realistically expect only 500,000 miles. If I live that long.
My 2011 Yukon Hybrid still gets the advertised mpg and my 2012 Volt with 190,000 miles still gets over 30 mile range and my 2018 Volt gets over 60 mile range. The nonsense about $30k batteries just plain silly.
The battery replacement is way less now – A 2011-2015 Chevy Volt Remanufactured Battery Pack (with 5yr warranty) is priced at $6,000 at Greentec Auto and a lot easier than an engine replacement. Both of my college kids drive 2015 Volts that we picked up cheap.
There are plenty of used BOLTS 2017 thru 2022 available. Many with with a new battery replacements thanks to the recall so they should last a long time. Even seeing GM buybacks on BOLTS for sale at a discount. They can be purchased for under $25K.
Why isn’t the Malibu Hybrid included?
The author gets the operation of the Volts and ELR wrong – amazing that for 13 years false information is still being printed.
The Generation 1 and 2 so called Erevs all have the engine driving the front wheels over 40 mph on steady state as I have explained earlier to improve gas mileage. It’s such an obvious thing to do it’s a wonder why people Stubbornly cannot accept true reality. Watching the power division flow display on the center screen shows this happening visually.
Also as I previously explained all Gen 2 vehicles, namely 2016-2019 volts have the engine Permanently Geared to the transaxle without even going through a clutch.
Quite obviously since the engine is PERMANENTLY geared to the transaxle 100% of the time, even in full electric mode, it follows that, at least occasionally the engine directly powers the wheels.
I have a new 2023 2500 Chevrolet Silverado diesel I bout in April of 2023. I went to get something out of the truck this morning and it opened but would not lock back with the fob. Upon further inspection I was unable to crank the truck as the truck batteries were dead. Not sure what the issue is to cause a dead battery but will call dealer on Monday morning an repost more after I know more. One concern I have however is the numerous post concerning dead batteries on new Chevrolet and GM products.
Anyway more later
My 2019 Traverse failed to start several times Onstar sent message may have a problem with battery or starting system. see your dealer. Took it to the dealer 4 times and the response was nothing wrong. Got rid of it.
That happened once on my wife’s 2019 Equinox. I could not find any reason for the battery discharge. I charged with my trusty battery charger and have never had another issue. Until GM gets this figured out it’s probably best to turn off automatic updates.
Sounds like the Diversity, Inclusion, and Equity teams have made It such that 95 year old low voltage charging systems don’t work right on most GM models any more. They don’t call it DIE for nothing.
When planes start falling to the ground and go boeing, the DIE programs in that firm will obviously be just a coincidence also, such as their own battery fire troubles on the 737 MAX.
Here’s an idea…….
Since GM can’t supposedly charge a Traverse battery (I believe what the commenter above said); how about just taking off the current alternator and putting in A good quality one wire alternator and have IT keep the battery charged.
The owner doing that can then claim he’s a genius and sell the idea to GM !
He could also rig up a latching relay (which draws no power except when opening or closing) to disconnect the battery when away from the vehicle, so that it is impossible to have a dead battery overnight.
The downside is putting up with 80 alarms until the computers get smart at each startup.
I bought a 2023 Bolt EUV Used for under 25,000 with only 1400 miles on it and I can’t get the used tax break or the new tax break. Hmmmmm. Sucks.