Used Cars: Best 3-Year-Old Electric Vehicles
With passage of the landmark Inflation Reduction Act of 2022, qualifying buyers can get a $4,000 credit for the purchase of a used EV.
Landmark legislation that includes an overhaul of the tax credit structure for electric vehicles—including a first-time $4,000 credit for buying a used EV—passed the House on Friday and is headed to President Biden for his signature. Under the legislation, buyers of new EVs who make less than $150,000 a year ($300,000 for couples) would get a refundable $7,500 tax credit when they buy a qualifying vehicle.
Because of complicated rules involving production, it’s still unclear exactly which new EV models will qualify. But the used EV credit is more straightforward. The new changes, part of the larger Inflation Reduction Act of 2022, start to take effect next year.
CR can recommend a handful of used EVs that are worth your consideration from brands like Kia, Nissan, and Tesla. To help guide members in their selection, we balance our own extensive testing with surveys, in which we ask members to share their experiences with their cars.
How You Can Take Advantage of the Inflation Reduction Act
CR explains how buying a heat pump for your home could get you thousands of dollars in federal tax credits and state rebates. Plus, you might be eligible for a rebate when you buy an electric range, cooktop, or wall oven.