If you’re in the market for a new vehicle in Washington State, you could save when buying an Electric Vehicle. Here are a few of the ways Korum Ford customers can save when they buy a new EV.
Washington EV Instant Rebate Program
Buying or leasing an electric vehicle (EV) in Washington may make you eligible for an instant rebate. The program is funded through June 2025 or until the funds run out.
New EVs
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- Purchase or lease for 24-35 months: $5,000
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- 36+ month lease: $9,000
Used EVs
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- Purchase or lease: $2,500
Eligibility for this program has three criteria to qualify. The first is to be a Washinton resident making 300 percent or below the federal poverty level in household income. The second vehicle must be a full battery electric vehicle with a manufacturer’s retail price of $90,000 or less. Motorcycles, scooters, and low/medium speed vehicles like golf carts are not eligible. Nor are plug-in hybrids or hydrogen fuel cell vehicles.
Tax Exemptions
In Washington state, new passenger cars, light-duty trucks, and medium-duty passenger vehicles that are dedicated alternative fuel vehicles under $45,000 are exempt from state motor vehicle sales and use taxes. Used vehicles under $30,000 are eligible. Some conditions and limitations apply. The total tax exemption cannot exceed $975.
Federal Tax Credit
Buying an EV in Washington not only gets you state tax benefits, but you also get federal tax benefits. Vehicles that only meet the critical minerals requirement are eligible for $3,750 in federal tax rebates. Vehicles that only meet the mattery components requirement also qualify for $3,750 in tax credits. A vehicle meeting both requirements is eligible for $7,500 in tax credits. There are restrictions, but the IRS website can answer all your questions.
Stop In, Ask Questions
If you have any questions about possible tax incentives and rebates, please call or stop by to talk to our sales staff or someone from our Finance Center.
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