![]() ![]() Beginning January 1, 2024, Coloradans purchasing an EV with an MSRP up to $35,000 will be eligible for an additional $2,500 tax credit.Įxamples of electric vehicles include the Chevy Bolt, Mustang Mach-E, Tesla Model 3, Kia Niro EV, Nissan LEAF, Hyundai Kona EV, Audi e-tron, Rivian R1T, Porsche Taycan, and Jaguar I-Pace.Įxamples of plug-in hybrid electric vehicles include Mitsubishi Outlander PHEV, Toyota Prius Prime, Toyota RAV-4 Prime, Volvo XC60 PHEV, BMW 330e, Jeep 4xe, Chrysler Pacifica PHEV, Ford Fusion Energi, Honda Clarity PHEV, and Subaru Crosstrek PHEV. Lease agreements must have an initial term of at least two years. Tax credits are available in Colorado for the purchase or lease of new electric vehicles and plug-in hybrid electric vehicles.Ĭolorado taxpayers are eligible for a state tax credit of $5,000 for the purchase or lease of a new EV on or after Jwith a manufacturer’s suggested retail price (MSRP) up to $80,000. Questions about the Colorado Electric Vehicle Tax Credit? Contact the Colorado Department of Revenue at 30. NOTE: THE COLORADO ENERGY OFFICE CANNOT PROVIDE ANY TAX-RELATED ADVICE. Colorado New Energy Improvement District.Legislative Commission on Low Income Energy and Water Assistance.Colorado Electric Transmission Authority.Inflation Reduction Act Tax Credits & Incentives.Colorado Electric Grid Resilience Funds.Weatherization Assistance Program Network Careers That base price represents a 5,700 premium over the Santa Fe Hybrid, but the plug-in hybrid version of this SUV could actually cost less than the hybrid once the federal EV tax credit and other.Colorado Cultivators Energy Management Pilot Program.Cannabis Resource Optimization Program (CROP).Carbon Capture, Utilization, & Storage Task Force Recommendations.Commercial Property Clean Energy Finance.Energy Code Adoption & Enforcement Grant Program.Microgrid for Community Resilience Program.High Efficiency Electric Heating and Appliances Grant Program.eCargo Bike Commercial Delivery Pilot Program.Local Government Electric Vehicle Readiness Planning Grants.Fleet Zero-Emission Resource Opportunity.2022 Climate Community Engagement Workshops.The story has also been updated to correct the spelling of Kelley Blue Book and to correctly reflect the name of General Motors. A previous version misstated the time period of the price drop. As of July 5, 2023, the following fully electric and plug-in hybrid vehicles are eligible for either a full or partial tax credit if delivered on or after April 18, 2023, per. Either make sure the dealer will give you the benefit or specifically look into dealers advertising the offer.Ĭorrection: This story has been updated to reflect that prices for used electric vehicles fell by almost 30% between June 2022 and June 2023, according to a recent study by iSeeCars. "The only caveat there is that don't have to give you that $7,500," he added. Therefore, the transaction qualifies for the full $7,500 benefit and you may get it as a discount to your negotiating price, said Yoon. This is considered a loophole where buyers can bypass requirements they would have otherwise needed to meet in order to qualify for the $7,500 tax incentive.Ī lease is considered a commercial transaction because the automaker's financing company is letting you borrow the vehicle. "The best thing to do right now is leasing an EV if you have the money and the means to do it," he said. While smaller models such as the Chevrolet Bolt cost less and qualify for the $7,500 tax credit, many car shoppers are looking for SUVs, either compact or with three rows. Yet these cars are still expensive, and they're not the car for everybody, said Yoon. "There's a lot of ways to incentivize, it's not just purely getting the price down at the dealership," she said. The manufacturer and dealer incentives for EVs are also far higher than incentives for regular gas cars, said Krebs. More of Personal Finance: How to talk about job loss as you hunt for a new role Why 'tipflation' might ruin your chances for a second date Using AI to job hunt 'can backfire,' career expert saysįord Motor also slashed the price of its F-150 Lightning EV pickup truck by $10,000, lowering the starting price of its cheapest version to $50,000. Additionally, companies such as Hyundai and Kia lowered the prices of some models to qualify for the EV $7,500 tax credit from the Inflation Reduction Act. However, other manufacturers' models, such as General Motors' Chevrolet Bolt EV - which sells for about $30,000 - also factored into the decline of the average price, given the sticker price is unusually cheap for the sector. ![]() Personal Loans for 670 Credit Score or Lower Some new battery electric and plug-in hybrid electric vehicles are eligible for federal tax credits of up to 7,500. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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