Upcoming Incentives for Used Vehicles
If you are in the market for a used vehicle, electric vehicle, or even a gas vehicle, you might want to wait another month or two until the beginning of 2025, January 1st. Here’s why: some of the laws that have been passed will be enacted at the beginning of the year. These new laws will introduce huge incentives, tax credits, and discounts on electric vehicles, including used electric vehicles—not just new ones. Many more vehicles that didn’t qualify previously might now get up to $4,000 towards the purchase of that vehicle. This could be a huge benefit to used vehicle buyers.

Popularity of Used EVs and Tax Credits
Used EVs are now starting to become more popular. Up until a few years ago, there weren’t that many new EVs sold. Now that EVs have been on the market for four or five years, a lot more used EVs are entering the marketplace. The fact that they’re not quite as popular as gasoline vehicles means that their market value is cheaper. Depreciation was greater, and now, with the added tax credit, it might be irresistible. If you can get a very cheap commuter-type car—maybe as your second vehicle or even a third vehicle for a student in the family—it could be an excellent choice.

Choosing the Right EV for Your Needs
You probably don’t want to make it your primary vehicle since you still want to take long trips and need cargo capacity. However, for a little commuter car around town or as a second vehicle, a used EV could be very economical. With the tax credit and less maintenance, you might be in good shape. Hold off on your used vehicle purchase for now, or at least start looking at used EVs to see if they make sense for your needs. Make sure to buy the right kind of vehicle that serves your purpose. Even if you’re not an EV person, it’s worth considering. It might even help you negotiate the price of a gasoline vehicle.