Used electric vehicle price stabilization is great news because, based on price, Recurrent reports that only 12% of used EVs on the market today would qualify for the tax credits that begin in January 2023 as part of the Inflation Reduction Act (IRA).
The IRA includes a used EV credit that will be applied at 30% of the purchase price with a cap of $4,000.
All used plug-in electric vehicles with batteries that are at least 7 kWh are eligible if the model year is at least two years earlier than the calendar year in which the taxpayer acquires it and the cost of the used EV is under $25,000.