WASHINGTON DC – President Joe Biden has signed a bill into law that will make used electric cars cheaper than ever — but there’s a lot that buyers should consider before purchasing a secondhand electric vehicle.
The Inflation Reduction Act revises the current tax credit for EV purchases and adds an up-to-$4,000 incentive for used cars. The program goes into effect in 2024 for vehicles that cost $25,000 or less bought by individuals who make no more than $75,000 per year. (The income cap is $112,500 for a head of household and $150,000 for joint filers.)
Here’s what you need to know about navigating a used-EV purchase, from how to judge a car’s battery health to the models to avoid.
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