Rebates and Incentives (Vehicles)
GET A CHECK FOR UP TO $2,500!!
State EV Rebate is Back!!
Massachusetts State Rebate. For electric vehicles purchased on or after January 1, 2020, the State has reestablished the Massachusetts Offers Rebates for Electric Vehicles (MOR-EV) Program. This program helps residents save money on the purchase or lease of a qualifying BEV or PHEV. In order to be eligible, the purchase price must be under $50,000. Buyers of fully electric vehicles can claim a rebate of $2,500. For plug-in hybrids, the vehicle must have a minimum all electric range of 25 miles to qualify for a $1,500 rebate. You can apply for the MOR-EV rebate as soon as you get your car, and rebates are typically issued within 75 days. Visit the MOR-EV website to learn more fill out your application.
GET UP TO $7,500 BACK ON TAXES!!
Federal EV Tax Credit. A federal EV tax credit may reduce your net cost to buy or lease an electric vehicle by as much as an additional $7,500. Note that the federal EV tax credit is calculated as part of your tax return filing for the year of purchase and therefore is received by you typically between Feb – April of the following year as part of any tax refund you would receive. For leased vehicles, the credit is taken by the leasing company and a portion of it passed on to the consumer as a lease cost reduction.
As a non-refundable type of tax credit, like a home mortgage interest deduction, eligibility is based on your annual tax liability, and you can’t roll over the credit to subsequent years. The total amount of the credit is also based on the battery size of the vehicle, so some plug-in hybrid electric vehicles may only qualify for a partial credit amount.
The credit also phases out per manufacturer after 200,000 vehicles are sold, so it’s important to verify the brand you choose to buy is still eligible. Check on the status of the federal EV tax credit phase out by manufacturer here: https://www.fueleconomy.gov/feg/taxevb.shtml
For more information, refer to the official IRS website EV tax credit page: https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d. For definitive information on your federal electric car tax credit eligibility, consult with a qualified tax adviser.
GET THOUSAND$ MORE IN DISCOUNTS.
Local group buy and dealer incentive programs. There are additional local incentives that can lower the monthly payment costs even further, sometimes to under $200 a month and with no money down. In some cases, combined incentives can mean thousands off MSRP! To learn more about how to take advantage of each of these rebates, incentives and special offers, contact us.
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