"2024: Instant Rebates for EV Buyers Revolutionize Car Purchases"
Starting in January 2024, car dealers will be able to offer instant rebates to buyers of eligible electric vehicles (EVs) based on new guidance from the IRS. The rebate can be up to $7,500, but certain requirements must be met, such as a minimum battery capacity of seven kilowatt hours and income thresholds. The manufacturer's suggested retail price also has specific limits, with SUVs and pickup trucks capped at $80,000 and average EVs at $55,000. The IRS aims to incentivize EV purchases and support the Biden administration's goal of 50% of new car sales being EVs by 2030.