2 min read
Buckle up because we're about to embark on a thrilling adventure into the world of 2024 taxes. Yippee! And why is this exciting? Because it's for electric vehicle tax credits and a cleaner, greener future. Okay, now we're talking.
As we enter the new year, the landscape of EV tax credits continues to evolve. Since we’re not tax advisors, you should consult your own tax professional before filing your taxes or following any advice. That said, here’s what we discovered.
Shifting EV tax credits
Until now, people have been able to claim a nonrefundable credit on their tax returns. Starting Jan 1, the IRS will let you transfer the credit to the dealer and lower the price of an EV at the point of sale. The near-instant credits are $7,500 for eligible new EVs and $4,000 for qualifying used EVs.
How to wheel and deal EV tax credits
Step 1. Buy an electric vehicle.
Step 2. The dealership subtracts the tax credit from the price.
Step 3. You're off the hook with the IRS.
These new switcharoos help EV buyers receive the full credit instead of jumping through end-of-year tax loopholes. Another perk is the IRS encourages dealerships to participate by offering them a payday within 72 hours. So, win-win.
Eligible tax credit lookouts
- Electric vehicles or plug-in cars have to be made in North America.
- $80,000 or less for new SUVs, vans, and trucks.
- $55,000 or less for new cars
- $25,000 or less for used vehicles
- Buyers can't have an annual income above $150,000 if single, $300,000 if filing jointly, and $225,000 if head of a household.
- Depending on the vehicle, some battery and component requirements are needed for a tax credit.
While these tax credits offer a financial spark, they'll also jolt to the environment. The more EVs we have on the road, the better we'll counteract all the clunkers sputtering around today. If upgrading to an electric or hybrid vehicle in 2024 has crossed your mind, consider selling your older car to Peddle.
Over 150k five-star reviews
Brian
Super easy to work with! Got way more value for my car than anyone else would offer. The online process was simple to use. The person picking up the car was professional and straightforward. Pleased with my experience! Definitely recommend.
Shanae
I've used them twice to get rid of cars either not running or not in good shape. Fair offer, you know just what you're getting. And you don't have to worry about a bunch of spam calls or waiting on competing offers like you do other places. The company partner contacted me same day and were very quick to schedule.
Adam
What a great experience! Very easy. Sad to see my car dead on the side of the road, but Peddle made everything smooth: I did the online quote, they sent a truck out the next day, and I was paid immediately. Thank you, Peddle!
Larry
Was very skeptical at first. But after using Peddle I can't believe what an amazing experience. They went above and beyond anything I could have imagined. I now sing the praises of this website to everyone I know. Thanks again for such an incredible process from start to finish. You have certainly raise the bar.
Mike
Selling my old junk car couldn't have been easier than what this was. A couple of clicks on the keyboard one or two phone calls between transport and was done!!! Happy with the price I got, trade in prices were much lower than what I got from peddle. If there is a need to use this service again I will gladly do it!!
Kevin
Peddle made the process to sell my 2007 Honda Fit super easy. Received a quote within minutes of submitting my information and their price was significantly higher than others. Their local pick-up partner was also responsive and worked with me on what could have been a logistical nightmare. Highly Recommend.
Emiliy
Awesome experience! I was apprehensive at first because everything seemed too simple. I answered a few questions, received a quote and scheduled pick up. Communication is excellent. The pick-up driver was very professional and knowledgeable. I got $685 for my 2004 Lexus ES
Laura
This has been the easiest way to take care of my car after the engine broke. They were fast, smooth, convenient and professional. Everything from scheduling to pick up to the offer and payment was a breeze. Will definitely recommend
Timothy
My mother's 2003 Nissan Xterra had a broken timing belt and was too old to consider such a costly repair. We just needed to get rid of it. Peddle was hassle-free, very responsive, and gave us same-day service with a great offer!
Julia
This was such a quick and easy service to use! I cleaned my things out of the vehicle and it was ready to be picked up. I went online last night, it was towed this afternoon. My tow driver Will, is awesome!! Thank you so much, I definitely thought this was going to be a hassle and it couldn't have been more simple!
Kelley
Peddle gave me the best offer of the four companies I contacted. The tow people (a really nice couple!) showed up as scheduled, handed over the check and towed away my terminal old Camry. I really nice experience and I would recommend Peddle wholeheartedly.
Charles
Very easy and fast process. Peddle offered me significantly more than other companies. In less than 24-hrs from clicking the "Accept Offer" button, my 2015 Toyota Highlander was picked up and check in hand. Could not have gone any better. Highly recommend!
Brian
Super easy to work with! Got way more value for my car than anyone else would offer. The online process was simple to use. The person picking up the car was professional and straightforward. Pleased with my experience! Definitely recommend.
Shanae
I've used them twice to get rid of cars either not running or not in good shape. Fair offer, you know just what you're getting. And you don't have to worry about a bunch of spam calls or waiting on competing offers like you do other places. The company partner contacted me same day and were very quick to schedule.
Adam
What a great experience! Very easy. Sad to see my car dead on the side of the road, but Peddle made everything smooth: I did the online quote, they sent a truck out the next day, and I was paid immediately. Thank you, Peddle!
Larry
Was very skeptical at first. But after using Peddle I can't believe what an amazing experience. They went above and beyond anything I could have imagined. I now sing the praises of this website to everyone I know. Thanks again for such an incredible process from start to finish. You have certainly raise the bar.
Mike
Selling my old junk car couldn't have been easier than what this was. A couple of clicks on the keyboard one or two phone calls between transport and was done!!! Happy with the price I got, trade in prices were much lower than what I got from peddle. If there is a need to use this service again I will gladly do it!!
Kevin
Peddle made the process to sell my 2007 Honda Fit super easy. Received a quote within minutes of submitting my information and their price was significantly higher than others. Their local pick-up partner was also responsive and worked with me on what could have been a logistical nightmare. Highly Recommend.
Emiliy
Awesome experience! I was apprehensive at first because everything seemed too simple. I answered a few questions, received a quote and scheduled pick up. Communication is excellent. The pick-up driver was very professional and knowledgeable. I got $685 for my 2004 Lexus ES
Laura
This has been the easiest way to take care of my car after the engine broke. They were fast, smooth, convenient and professional. Everything from scheduling to pick up to the offer and payment was a breeze. Will definitely recommend
Timothy
My mother's 2003 Nissan Xterra had a broken timing belt and was too old to consider such a costly repair. We just needed to get rid of it. Peddle was hassle-free, very responsive, and gave us same-day service with a great offer!
Julia
This was such a quick and easy service to use! I cleaned my things out of the vehicle and it was ready to be picked up. I went online last night, it was towed this afternoon. My tow driver Will, is awesome!! Thank you so much, I definitely thought this was going to be a hassle and it couldn't have been more simple!
Kelley
Peddle gave me the best offer of the four companies I contacted. The tow people (a really nice couple!) showed up as scheduled, handed over the check and towed away my terminal old Camry. I really nice experience and I would recommend Peddle wholeheartedly.
Charles
Very easy and fast process. Peddle offered me significantly more than other companies. In less than 24-hrs from clicking the "Accept Offer" button, my 2015 Toyota Highlander was picked up and check in hand. Could not have gone any better. Highly recommend!
As seen on:
Frequently Asked
TOP NOTCH CUSTOMER SERVICE
HOW CAN WE HELP?
Smooth operators are standing by with answers so you can sell your car without a hiccup.