Green Wave Used Clean Vehicle Tax Credit Program

January 9, 2024

Overview

Green Wave is offering qualified used EV purchasers the ability to use the Federal Used Clean Vehicle Tax Credit as their down payment or point of sale discount when purchasing a qualifying used EV or PHEV from Green Wave. Based on new rules from 2024 from the IRS, purchasers will be able  to use the tax credit at time of purchase to reduce the price they pay for the vehicle by up to $4,000!

The Inflation Reduction Act of 2022 provided for a Used Clean Vehicle Credit for taxpayers to receive a $4,000 tax credit for qualified purchasers of used electric vehicles with at least a 7 kilowatt hour battery that are purchased for $25,000 or less. Learn more on the IRS website or on the Green Wave article on our website.

Here is an example of how this program works:

• • Purchaser selects a 2018 Chevrolet Bolt, with a total sale price of $18,000.
  • The purchaser determines whether or not they qualify for the tax credit, and if they would like to apply it to the purchase (we can help make that determination).
  • Green Wave takes $4,000 off the purchase price.
  • The net cash or financed amount for the purchaser is $18,000 minus $4000 equals $14,000.
  • Green Wave and the purchaser complete an IRS form at time of sale, and submit that form electronically to the IRS.
  • The IRS pays Green Wave $4,000 towards the purchase.

More information

To learn more from the IRS about this program, visit their website here: https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

To learn more from Green Wave about this program, visit out blog post here: https://www.greenwaveev.com/the-4000-used-ev-tax-credit/